The Sustainable Development of Financial Inclusion: How Can Monetary Policy and Economic Fundamental Interact with It Effectively?

Yin, Xuluo; Xu, Xuan; Chen, Qi; Jian-gang, Peng

doi:10.3390/su11092524

Cited by 30 publications

(36 citation statements)

References 40 publications

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“…This is an indication that it becomes imperative to investigate the influence of financial inclusion on the achievement of sustainable development in developing countries, most especially Sub-Saharan African (SSA) countries which is noted for having a large share of the world's vulnerable population. In reference to "sustainable development goals" (SDG), provision of financial inclusion will give support to vulnerable populations to have equal opportunities, assist them in reducing poverty which will bring about reduction in social inequality and eventual achievement of sustainable development (Yin et al, 2019).…”

Section: Introductionmentioning

confidence: 99%

Investigating the causality between financial inclusion, financial development and sustainable development in Sub‐Saharan Africa economies: The mediating role of foreign direct investment

Odugbesan

Ike

Olowu

et al. 2020

Journal of Public Affairs

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In developing economies, the role of the financial sector and foreign capital in the stimulation of sustainable production practices has not been very clear cut. In a bid to obtain a much clearer empirical perspective, the present study investigates the causal relationship between financial development, financial inclusion, foreign direct investment (FDI) and sustainable development in a panel of 33 Sub-Saharan African (SSA) economies within the 2004-2018 study periods. Panel cointegration tests uncover the presence of a long-run relationship among the variables in the model.Prior to determining the direction of causality, panel estimation procedures show the magnitude and signs of the long run coefficients. Panel Granger causality tests uncover bidirectional causality between financial inclusion and FDI as well as between financial development and FDI. Also uncovered is unidirectional causality from FDI towards sustainable development and resource rents. This study suggests that the policymakers in SSA should optimize the level of financial development which requires a vigorous improvement so as to ensure higher potential benefits for the sustainability of SSA region through financial sector.

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Section: Introductionmentioning

confidence: 99%

Investigating the causality between financial inclusion, financial development and sustainable development in Sub‐Saharan Africa economies: The mediating role of foreign direct investment

Odugbesan

Ike

Olowu

et al. 2020

Journal of Public Affairs

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“…As evidenced in our results, a mature and effective financial development would encourage women to be meaningfully engaged in economic activities by giving them access to useful and affordable financial products and services that meet their needs, including effective payment system, savings, credit and insurance services in a responsible and sustainable way. Meanwhile, for financial inclusion to be more meaningful and to improve the level of African women economic participation, the development of financial inclusion sustainability would deserve more attention (Yin, et al, 2019). This is because most African regions are without sufficient financial resources, and financial inclusion can play an important role in income growth and industrial gender balance that would enhance female labour force participation.…”

Section: Research Resultsmentioning

confidence: 99%

Financial Inclusion and Labour Market Participation of Women in Selected Countries in Africa

Ajide

2021

Economics and Culture

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Research purpose: This study investigates the impact of financial inclusion on female labour force participation in Africa. It also complements the existing studies by evaluating how advancement in information and communication technology (ICT) and Trade openness (TO) modulate the relationship between financial inclusion and female economic participation in selected African countries. Design/methodology/approach: The study focuses on twelve African countries while the empirical evidence is based on Fixed Effects, Random Effects and Generalised Least Square estimators (GLS). Data over the period of 2005-2016 are sourced from the World Bank Development database and IMF international Financial Statistics. Findings: The results show that financial inclusion has a non-monotonic relationship with female labour force participation. The study establishes that if the level of financial inclusion can be increased to the range of 33-57 per cent, it would improve the level of women participation in economic activities. The results further show that ICT moderates the nexus between financial inclusion and female economic participation at a threshold level of 38.17 per cent. These findings persist when the TO is used as the moderating factor at a threshold value of 80.90 per cent. The results are robust enough to suggest an alternative proxy for female labour force participation and alternative estimation techniques. Originality/value/practical implications: Ending gender inequality has become one of the priorities in the global development policies in which most African nations domesticate the same for their national planning. There are voices at every corner in Africa demanding the possibility of achieving gender equality in employment, among others. This article is one of the few articles that evaluate whether financial inclusion can be used to accelerate female economic participation in Africa.

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“…Further, Kim et al (2018) reported the relationship of economic growth in the Organization of Islamic Cooperation Countries (OIC) with financial inclusion. Ninth, in a recent study, Yin et al (2019) reported that financial inclusion had debated into two different segments of academia: several studies have been done on the measurement of financial inclusion index with state- or territorial-level data (Adalessossi and Kaya, 2015; Ambarkhane et al , 2016; Kumari, 2017; Sarma, 2008); and other scholars explored the relationship between financial inclusion and economic development factor (Boukhatem, 2016; en et al , 2012; Hassan et al , 2011; Kim et al , 2018; Naceur and Ghazouani, 2007; Peach et al , 2013; Pearce, 2011; Pradhan et al , 2016; Sarma and Pais, 2011). …”

Section: Literature Reviewmentioning

confidence: 91%

Cross-country income variations and inclusive financing

Safdar

Tian

Amin

2020

JFEP

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Purpose This study, a symposium, aims to explore the determinants of financial inclusion, impact of cross-country income-variations on financial inclusion, do high-income countries really uplift the financial inclusion and does the higher financial inclusion index indicate the larger economy? Design/methodology/approach This study adopts the panel data model to investigate the impact of high-income countries and low- and middle-income countries on financial inclusion. However, this study further adopts the principal component analysis rather than Sarma’s approach to calculate the financial inclusion index. Findings Based on the Data of World Bank, United Nations, International Monetary Fund, World Development Indicators, this study concludes that there is no nexus between income variations and financial inclusion, as the study reveals that some low- and middle-income countries have greater financial inclusion index such as Thailand (2.8538FII), Brazil (1.9526FII) and Turkey (0.8582FII). In low- and middle-income countries, the gross domestic product per capita, information technology and communication, the rule of law, age dependency ratio and urbanization have a noteworthy impact on financial inclusion that accumulatively describe the 83% of the model. Whereas, in high-income countries, merely, information technology and urbanization have a substantial influence on the growth of financial revolution and financial inclusion that describes the 70% of the total. Research limitations/implications The biggest limitation is the availability of data from different countries. Originality/value The originality of this paper is its technique, which is used in this paper to calculate the financial inclusion index. Furthermore, this study contributes to 40 different countries based on income, which could help to boost financial inclusion, and ultimately, it leads them toward economic growth.

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The Sustainable Development of Financial Inclusion: How Can Monetary Policy and Economic Fundamental Interact with It Effectively?

Cited by 30 publications

References 40 publications

Investigating the causality between financial inclusion, financial development and sustainable development in Sub‐Saharan Africa economies: The mediating role of foreign direct investment

Investigating the causality between financial inclusion, financial development and sustainable development in Sub‐Saharan Africa economies: The mediating role of foreign direct investment

Financial Inclusion and Labour Market Participation of Women in Selected Countries in Africa

Cross-country income variations and inclusive financing

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