Financial Inclusion Measurement in the Least Developed Countries in Asia and Africa
Tóm tắt
The purpose of this paper is to examine the determinants of financial inclusion in the least developed countries in Asia and Africa. We used World Bank data to estimate the probit econometric technique in the studied countries. The results show that young people and women are groups excluded from financial inclusion and that education and income are two of the key pillars for increasing financial inclusion. Furthermore, the results reveal that a higher level of financial inclusion increases the level of official savings in countries, which in turn promotes their development. The findings of this study are beneficial for policymakers in the least developed countries to promote innovative approaches to enhance the involvement of excluded people in formal finance.
Tài liệu tham khảo
Abdu, M., Buba, A., Adamu, I., & Muhammad, T. (2015). Drivers of financial inclusion and gender gap in Nigeria. The Empirical Econometrics and Quantitative Economics Letters (EEQEL), 4(4), 186–199.
Abel, S., Mutandwa, L., & Le Roux, P. (2018). A review of determinants of financial inclusion. International Journal of Economic and Financial Issues, 8(3), 1–8.
Abubakar, A. M., Daneji, B. A., Muhammed, A. I., & Chekene, I. A. B. (2020). Driving faster financial inclusion in developing nations. Technology audit and production reserves, 2/4(52), 35–40.
Al‐Tamimi, H. A. H. (2009). Financial literacy and investment decisions of UAE investors. The Journal of Risk Finance.
Aliber, M. (2015). The importance of informal finance in promoting decent work among informal operators: a comparative study of Uganda and India. International Labour Office, Social Finance Programme–Geneva: ILO (Social Finance Working Paper, 66).
Asteriou, D., & Hall, S. G. (2015). Applied econometrics. Macmillan International Higher Education.
Asuming, P. O., Osei-Agyei, L. G., & Mohammed, J. I. (2019). Financial inclusion in sub-Saharan Africa: Recent trends and determinants. Journal of African Business, 20(1), 112–134.
Atakli, B. A., & Agbenyo, W. (2020). Nexus between financial inclusion, gender and agriculture productivity in Ghana. Theoretical Economics Letters, 10(03), 545.
Atieno, R. (2001). Formal and informal institutions’ lending policies and access to credit by small-scale enterprises in Kenya: an empirical assessment.
Avais, M. (2014). Financial innovation and poverty reduction. International Journal of Scientific and Research Publications, 4(1), 2250–3153.
Bajtelsmit, V. L., & Bernasek, A. (1996). Why do women invest differently than men?. Financial Counseling and Planning, 7.
Cabeza-García, L., Del Brio, E. B., & Oscanoa-Victorio, M. L. (2019). Female financial inclusion and its impacts on inclusive economic development. In Women's Studies International Forum (Vol. 77, p. 102300). Pergamon.
Cetindamar, D., Gupta, V. K., Karadeniz, E. E., & Egrican, N. (2012). What the numbers tell: The impact of human, family and financial capital on women and men’s entry into entrepreneurship in Turkey. Entrepreneurship & Regional Development, 24(1–2), 29–51.
Chen, R., & Divanbeigi, R. (2019). Can regulation promote financial inclusion?. The World Bank.
Chibba, M. (2009). Financial inclusion, poverty reduction and the millennium development goals. The European Journal of Development Research, 21(2), 213–230.
Choo, E. K., Byington, C. L., Johnson, N. L., & Jagsi, R. (2019). From# MeToo to# TimesUp in health care: can a culture of accountability end inequity and harassment? The Lancet, 393(10171), 499–502.
Chowdhury, K. (1994). A structural analysis of external debt and economic growth: some evidence from selected countries in Asia and the Pacific. Applied Economics, 26(12), 1121–1131.
Demirgüç-Kunt, A., & Klapper, L. (2012). Financial inclusion in Africa: an overview. The World Bank. Working paper 6088.
Demirgüç-Kunt, A., & Klapper, L. (2013). Measuring financial inclusion: explaining variation in use of financial services across and within countries. Brookings Papers on Economic Activity, 2013(1), 279–340.
Demirgüç-Kunt, A., & Levine, R. (2008). Finance and economic opportunity. The World Bank.
Demirgüç-Kunt, A., Klapper, L., Singer, D., Ansar, S., Hess, J. (2018). Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution. Washington, DC: World Bank. Available at: https://openknowledge.worldbank.org/handle/10986/29510 License: CC BY 3.0 IGO.”
Flory, J. A. (2018). Formal finance and informal safety nets of the poor: evidence from a savings field experiment. Journal of Development Economics, 135, 517–533.
Ghosh, J. (2013). Microfinance and the challenge of financial inclusion for development. Cambridge journal of economics, 37(6), 1203–1219.
Hannig, A., & Jansen, S. (2010). Financial inclusion and financial stability: Current policy issues.
Hendriks, S. (2019). The role of financial inclusion in driving women’s economic empowerment. Development in Practice, 29(8), 1029–1038.
International Monetary Fund (2015a). Financing for development – revisiting the Monterrey Consensus. Washington: IMF Policy Paper. Available at: http://www.imf.org/external/np/pp/eng/2015/061515.pdf
International Monetary Fund (2015b). Nigeria – Selected Issues Paper. IMF Country Report 15/85. Washington. Available at: https://www.imf.org/external/pubs/ft/scr/2015/cr1585.pdf
Kairiza, T., Kiprono, P., & Magadzire, V. (2017). Gender differences in financial inclusion amongst entrepreneurs in Zimbabwe. Small Business Economics, 48(1), 259–272.
Kim, D. W., Yu, J. S., & Hassan, M. K. (2018). The influence of religion and social inequality on financial inclusion. The Singapore Economic Review, 1746003.
Kim, J. H. (2016). A study on the effect of financial inclusion on the relationship between income inequality and economic growth. Emerging Markets Finance and Trade, 52(2), 498–512.
Le, T. H., Chuc, A. T., & Taghizadeh-Hesary, F. (2019a). Financial inclusion and its impact on financial efficiency and sustainability: Empirical evidence from Asia. Borsa Istanbul Review, 19(4), 310–322.
Le, T. T., Dang, N. D. L., Nguyen, T. D. T., Vu, T. S., & Tran, M. D. (2019b). Determinants of financial inclusion: comparative study of Asian countries. Asian Economic and Financial Review, 9(10), 1107.
Léon, F., & Zins, A. (2020). Regional foreign banks and financial inclusion: evidence from Africa. Economic Modelling, 84, 102–116.
Lotto, J. (2020). Understanding financial inclusion in East Africa: how does Tanzania compare?. International Journal of Finance & Economics.
Loukoianova, M. E., Yang, Y., Guo, M. S., Hunter, M. L., Jahan, M. S., Jamaludin, M. F., & Schauer, J. (2018). Financial Inclusion in Asia-Pacific. International Monetary Fund.
Mader, P. (2018). Contesting financial inclusion. Development and Change, 49(2), 461–483.
Manij, A. (2010). Eliminating poverty?‘Financial inclusion’, access to land, and gender equality in international development. The Modern Law Review, 73(6), 985–1004.
Meunier, F., Krylova, Y., & Ramalho, R. (2017). Women’s entrepreneurship: how to measure the gap between new female and male entrepreneurs?. The World Bank.
Mzobe, N. (2015). The role of education and financial inclusion in Africa: the case of selected African countries (Doctoral dissertation, Stellenbosch: Stellenbosch University).
National Financial Inclusion Strategy (2018). Central Bank of Nigeria. Available at: https://www.cbn.gov.ng/out/2019/ccd/national%20financial%20inclusion%20strategy.pdf
Olaniyi, E., & Adeoye, B. (2016). Determinants of financial inclusion in Africa: a dynamic panel data approach. Published in: University of Mauritius Research Journal, 22(2016), 310–336.
Özşuca, E. A. (2019). Gender gap in financial inclusion: evidence from MENA. Economics and Business Letters, 8(4), 199–208.
Park, C. Y., & Mercado, R. (2015). Financial inclusion, poverty, and income inequality in developing Asia. Asian Development Bank Economics Working Paper Series, (426).
Peng, T. C. M., Bartholomae, S., Fox, J. J., & Cravener, G. (2007). The impact of personal finance education delivered in high school and college courses. Journal of family and economic issues, 28(2), 265–284.
Ramji, M. (2009). Financial inclusion in Gulbarga: finding usage in access. Center for Micro Finance Working Paper, 26.
Sahay, R., Čihák, M., N'Diaye, P. M. B. P., Barajas, A., Mitra, S., Kyobe, A., & Yousefi, S. R. (2015). Financial inclusion: can it meet multiple macroeconomic goals?.
Sanderson, A., Mutandwa, L., & Le Roux, P. (2018). A review of determinants of financial inclusion. International Journal of Economics and Financial Issues, 8(3), 1.
Sankaramuthukumar, S., & Alamelu, K. (2012). Financial inclusion: African scenario. Insight on Africa, 4(2), 121–135.
Sarma, M., & Pais, J. (2011). Financial inclusion and development. Journal of international development, 23(5), 613–628.
Shafi, M., & Medabesh, A. H. (2012). Financial inclusion in developing countries: evidences from an Indian State. International Business Research, 5(8), 116.
Sharma, A., & Kukreja, S. (2013). An analytical study: relevance of financial inclusion for developing nations. International journal of engineering and science, 2(6), 15–20.
Sharma, D. (2016). Nexus between financial inclusion and economic growth. Journal of financial economic policy.
Shihadeh, F. H. (2018). How individual’s characteristics influence financial inclusion: evidence from MENAP. International Journal of Islamic and Middle Eastern Finance and Management.
Siddik, M. N. A. (2017). Does financial inclusion promote women empowerment? Evidence from Bangladesh. Applied Economics and Finance, 4(4), 169–177.
Singareddy, R. R., Ranjan, P., Annamalai, B., & Chandrasekaran, S. (2019). Financial inclusion remodeling: including the excluded masses. Space and Culture India, 6(5), 178–188.
Son, T. H., Liem, N. T., Ly, H. T. N., & Son, T. H. (2019). Understanding financial inclusion in Vietnam. Research in World Economy, 10(3), 382–390.
Susilowati, E., & Leonnard, L. (2019). Factors influence financial inclusion: evidence from Indonesian micro data. Etikonomi, 18(1), 121–132.
Vossenberg, S. (2013). Women entrepreneurship promotion in developing countries: what explains the gender gap in entrepreneurship and how to close it. Maastricht School of Management Working Paper Series, 8(1), 1–27.
World Bank (2014). Global Financial Development Report 2014: financial inclusion. Washington: World Bank. Available at: https://openknowledge.worldbank.org/handle/10986/16238
Zhang, Q., & Posso, A. (2019). Thinking inside the box: a closer look at financial inclusion and household income. The Journal of Development Studies, 55(7), 1616–1631.
Zins, A., & Weill, L. (2016). The determinants of financial inclusion in Africa. Review of Development Finance, 6(1), 46–57.