The Impact of Financial Inclusion and Stability on Economic Growth in African Countries

Yıl 2024, Cilt: 6 Sayı: 2, 69 – 81, 30.06.2024

Abebe Girma

https://doi.org/10.54821/uiecd.1471840

Öz

This study investigates the effect of financial inclusion and financial stability on economic growth in a panel study of 30 African countries over the period between 2004 and 2020. Data were analyzed using the panel ARDL model. The panel ARDL estimation results demonstrate that financial inclusion has a statistically significant positive long-term effect on economic growth, though its short-term impact is insignificant. The study also found that the effects of financial inclusion on economic growth vary across different income levels. Specifically, there is a positive association in low-income countries, a negative association in lower-middle-income countries, and a positive but insignificant effect in upper-middle-income countries. On the other hand, the financial stability measured by the bank Z-score has a significant negative impact on long-run economic growth and a positive one in the short run. The effect is negative for low-income countries, positive for lower-middle-income countries, and negative but insignificant for upper-middle-income countries. Thus, the study findings suggest financial inclusion and financial stability policies should be tailored to the country’s income level in African countries.

Anahtar Kelimeler

Financial Inclusion, Financial Stability, Economic Growth, Panel ARDL, Africa

Kaynakça

  • Afrin, S., Haider, M.Z., & Islam, M.S. (2017). Impact of financial inclusion on technical efficiency of paddy farmers in Bangladesh. Agricultural Finance Review, 77 (4), 484–505.
  • Ajide, F.M. (2020). Financial inclusion in Africa: Does it promote entrepreneurship? Journal of Financial Economic Policy, 12 (4), 687–706.
  • Ali, M., Hashmi, S.H., Nazir, M.R., Bilal, A., & Nazir, M.I. (2021). Does financial inclusion enhance economic growth? Empirical evidence from the ISDB member countries. International Journal of Finance & Economics, 26 (4), 5235–5258.
  • Alsamara, M., Mrabet, Z., Jarallah, S., & Barkat, K. (2019). The switching impact of financial stability and economic growth in Qatar: Evidence from an oil-rich country. The Quarterly Review of Economics and Finance, 73(1), 205–216.
  • Anayiotos, G., & Toroyan, H. (2009). Institutional factors and financial sector development: Evidence from Sub-Saharan Africa. IMF working paper, No. WP/09/258.
  • Anyanwu, J.C. (2014). Factors affecting economic growth in Africa: Are there any lessons from China? African Development Review, 26 (3), 468–493.
  • Ardic, O.P., Heimann, M., & Mylenko, N. (2011). Access to financial services and financial inclusion agenda around the world: A cross-country analysis with a new data Set. World Bank Policy Research Working Paper, No. 5537.
  • Banday, U.J., Murugan, S., & Maryam, J. (2021). Foreign direct investment, trade openness and economic growth in BRICS countries: Evidence from panel data. Transnational Corporations Review, 13 (2), 211–221.
  • Bazarbash, M., & Beaton, K. (2020). Filling the gap: Digital credit and financial inclusion. IMF Working Papers, No. WPIEA2020150.
  • Beck, T., Maimbo, S.M., Faye, I., & Triki, T. (2011). Financing Africa: Through the crisis and beyond. World Bank Group, Washington DC.
  • Bhatia, S., & Singh, S. (2019). Empowering women through financial inclusion: A study of urban slum. Vikalpa, 44(4), 182-197.
  • Boachie, R., Aawaar, G., & Domeher, D. (2023). Relationship between financial inclusion, banking stability, and economic growth: A dynamic panel ARDL approach. Journal of Economic and Administrative Sciences, 39 (3), 655–670.
  • Carbó-Valverde, S. & Sánchez, L.P. (2013). Financial stability and economic growth. Part of the book series: Palgrave Macmillan Studies in Banking and Financial Institutions ((SBFI)), Palgrave Macmillan, London.
  • Chang, T. (2002). Financial development and economic growth in mainland China: A note on testing demand-following or supply-leading hypothesis. Applied Economics Letters, 9 (13), 869–873.
  • Chauvet, L., & Jacolin, L. (2017). Financial inclusion, bank concentration, and firm performance. World Development, 97, 1–13.
  • Chen, Z., & Jin, M. (2017). Financial inclusion in China: Use of credit. Journal of Family and Economic Issues, 38 (4), 528–540.
  • Chibba, M. (2009). Financial inclusion, poverty reduction, and the millennium development goals. The European Journal of Development Research, 21 (2), 213–230.
  • Creel, J., Hubert, P., & Labondance, F. (2015). Financial stability and economic performance. Economic Modelling, Vol. 48, 25–40.
  • Demetriades, P.O., & Hussein, K.A. (1996). Does financial development cause economic growth? Time-series evidence from 16 countries. Journal of Development Economics, 51 (2), 387–411.
  • Demirgüç-Kunt, A., Klapper, L., Singer, D., & Ansar, S. (2021). Financial inclusion, digital payments, and resilience in the age of COVID-19 (English). World Bank Group, Washington D.C.
  • Demirguc-Kunt, A., Klapper, L., Singer, D., & Van- Oudheusden, P. (2015. The Global Findex database 2014: Measuring financial inclusion around the World. World Bank Group Policy Research Working Paper, No. 7255.
  • Dickey, D.A., & Fuller, W.A. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American Statistical Association, 74 (366), 427–431.
  • Domeher, D., Konadu-Yiadom, E., & Aawaar, G. (2022). Financial innovations and economic growth: Does financial inclusion play a mediating role? Cogent Business & Management, 9(1), P. 2049670.
  • Fayissa, B., & Nsiah, C. (2013). The impact of governance on economic growth in Africa. The Journal of Developing Areas, 47 (1), 91–108.
  • Feghali, K., Mora, N., & Nassif, P. (2021). Financial inclusion, bank market structure, and financial stability: International evidence. The Quarterly Review of Economics and Finance, Vol. 80, 236–257.
  • Greenwood, J., & Smith, B.D. (1997). Financial markets in development, and the development of financial markets. Journal of Economic Dynamics and Control, 21 (1), 145–181.
  • Guha Deb, S., Mishra, S., & Banerjee, P. (2019). Stock market, banking sector, and economic growth. Studies in Economics and Finance, 36 (3), 348–364.
  • Gyimah-Brempong, K. (2002). Corruption, economic growth, and income inequality in Africa. Economics of Governance, 3 (3), 183–209.
  • Gyimah-Brempong, K., Paddison, O., & Mitiku, W. (2006). Higher education and economic growth in Africa. The Journal of Development Studies, 42 (3), 509–529.
  • Hidayat, P., & Sari, R.L. (2022). Linkage between financial inclusion and Indonesian welfare: Recent evidence. Cogent Business & Management, 9 (1), P. 2108299.
  • Hu, Y., Liu, C., & Peng, J. (2021). Financial inclusion and agricultural total factor productivity growth in China. Economic Modelling, Vol. 96, 68–82.
  • Im, K.S., Pesaran, M.H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115 (1), 53–74.
  • Inoue, T. (2019). Financial inclusion and poverty reduction in India. Journal of Financial Economic Policy, 11 (1), 21–33.
  • Jima, M.D., & Makoni, P.L. (2023). Financial inclusion and economic growth in Sub-Saharan Africa: A panel ARDL and granger non-causality approach. Journal of Risk and Financial Management, 16 (6), p. 299.
  • Johansen, S. (1988). Statistical analysis of co-integration vectors. Journal of Economic Dynamics and Control, 12 (2), 231–254.
  • Kablana, A.S., & Chhikara, K.S. (2013). A theoretical and quantitative analysis of financial inclusion and economic growth. Management and Labor Studies, 38 (2), 103–133.
  • Kao, C. (1999). Spurious regression and residual-based tests for cointegration in panel data. Journal of Econometrics, 90 (1), 1–44.
  • Khan, N., Zafar, M., Okunlola, A.F., Zoltan, Z., & Robert, M. (2022). Effects of financial inclusion on economic growth, poverty, sustainability, and financial efficiency: Evidence from the G20 countries. Sustainability, 14 (19), p. 12688.
  • Kim, D.-W., Yu, J.S., & Hassan, M.K. (2018). Financial inclusion and economic growth in OIC countries. Research in International Business and Finance, 43, 1–14.
  • 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.
  • Kling, G., Pesqué-Cela, V., Tian, L., & Luo, D. (2022). A theory of financial inclusion and income inequality. The European Journal of Finance, 28 (1), 137–157.
  • Kulu, E., Brafu-Insaidoo, W.G., Amoo Bondzie, E., & Atta Peprah, J. (2022). Inefficiency and gaps in financial stability in Sub-Saharan Africa. Cogent Economics & Finance, 10 (1), p. 2111056.
  • Lainez, N. (2016). Microfinance, debt and over-indebtedness: Juggling with money. Journal of Economic Issues, 50 (3), 900–903.
  • Lenka, S.K., & Sharma, R. (2017). Does financial inclusion spur economic growth in India? The Journal of Developing Areas, 51 (3), 215–228.
  • Levin, A., Lin, C.F., & James Chu, C.S. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108 (1), 1–24.
  • Lucas, R.E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22 (1), 3–42.
  • Manu, L.P., Adjasi, C.K., Abor, J., & Harvey, S.K. (2011). Financial stability and economic growth: A cross-country study. International Journal of Financial Services Management, 5 (2), p. 121.
  • Mohieldin, M., Hussein, K., & Rostom, A. (2019). Financial development and economic growth in Egypt. Journal of Humanities and Applied Social Sciences, 1 (2), 70–86.
  • Mosley, P. (2001). Microfinance and poverty in Bolivia. Journal of Development Studies, 37 (4), 101–132.
  • Mu, Y., & Lin, J. (2016). Financial inclusion and stability in Africa’s middle-income countries, Africa on the move: Unlocking the potential of small middle-income states. International Monetary Fund, 107–129.
  • Nandru, P., Chendragiri, M., & Velayutham, A. (2021). Examining the influence of financial inclusion on financial well-being of marginalized street vendors: Empirical evidence from India. International Journal of Social Economics, 48 (8), 1139–1158.
  • Neaime, S., & Gaysset, I. (2018). Financial inclusion and stability in MENA: Evidence from poverty and inequality. Finance Research Letters, Vol. 24, 230–237.
  • Nguyen, T.T.H. (2021). Measuring financial inclusion: A composite FI index for the developing countries. Journal of Economics and Development, 23 (1), 77–99.
  • Odhiambo, N.M., & Ntenga, L. (2016). Research publications and economic growth in South Africa: An empirical investigation. International Journal of Social Economics, 43 (7), 662–675.
  • Omar, M.A., & Inaba, K. (2020). Does financial inclusion reduce poverty and income inequality in developing countries? A panel data analysis. Journal of Economic Structures, 9 (1), p. 37.
  • Owusu-Manu, D.G., Jehuri, A.B., Edwards, D.J., Boateng, F., & Asumadu, G. (2019). The impact of infrastructure development on economic growth in sub-Saharan Africa with special focus on Ghana. Journal of Financial Management of Property and Construction, 24 (3), 253–273.
  • Ozili, P.K. (2020). Social inclusion and financial inclusion: International evidence. International Journal of Development Issues, 19 (2), 169–186.
  • Ozili, P.K., Ademiju, A., & Rachid, S. (2023). Impact of financial inclusion on economic growth: Review of existing literature and directions for future research. International Journal of Social Economics, 50 (8), 1105–1122.
  • Patrick, H.T. (1980). Financial development and economic growth in underdeveloped countries. Money and Monetary Policy in Less Developed Countries, 37–54.
  • Patwardhan, A. (2018). Financial inclusion in the digital age. Handbook of Blockchain, Digital Finance, and Inclusion, 1, 57–89.
  • Qamruzzaman, & Wei. (2019). Financial innovation and financial inclusion nexus in South Asian countries: Evidence from symmetric and asymmetric panel investigation. International Journal of Financial Studies, 7 (4), p. 61.
  • Rahman, A. (1999). Micro-credit initiatives for equitable and sustainable development: Who pays? World Development, 27 (1), 67–82.
  • Revell, J.R., & Goldsmith, R.W. (1970). Financial structure and development. The Economic Journal, 80 (318), p. 365.
  • Sakyi, D., Commodore, R., & Opoku, E.O. (2015). Foreign direct investment, trade openness and economic growth in Ghana: An empirical investigation. Journal of African Business, 16 (2), 1–15.
  • Sandberg, J. (2012). Mega‐interest in Microcredit: Are lenders exploiting the Poor? Journal of Applied Philosophy, 29 (3), 169–185.
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Afrika Ülkelerinde Finansal Kapsayıcılık ve İstikrarın Ekonomik Büyüme Üzerindeki Etkisi

Yıl 2024, Cilt: 6 Sayı: 2, 69 – 81, 30.06.2024

Abebe Girma

https://doi.org/10.54821/uiecd.1471840

Öz

Bu çalışma, 2004-2020 yılları arasında 30 Afrika ülkesinde finansal kapsayıcılığın ve finansal istikrarın ekonomik büyüme üzerindeki etkisini araştırmaktadır. Veriler panel ARDL modeli kullanılarak analiz edilmiştir. Panel ARDL tahminlerinin sonuçlarına göre, finansal kapsayıcılığın uzun vadeli ekonomik büyüme üzerinde önemli bir pozitif etkisi olduğu, ancak kısa vadede anlamlı bir etkisinin olmadığı gözlemlenmiştir. Çalışmada ayrıca, finansal kapsayıcılığın ekonomik büyüme üzerindeki etkilerinin farklı gelir düzeylerine göre değiştiği tespit edilmiştir. Özellikle düşük gelir düzeyinde pozitif bir ilişki, alt-orta gelir düzeyinde ise negatif bir ilişki ve üst-orta gelirli ülkelerde pozitif olmakla birlikte istatistiksel olarak anlamlı olmayan bir etki gözlenmiştir. Diğer taraftan, finansal istikrarın (banka Z-skorunun) ekonomik büyüme üzerindeki etkisi uzun vadede negatifken, kısa vadede pozitif olduğu bulunmuştur. Bu etkinin düşük gelirli ülkeler için negatif, alt-orta gelirli ülkeler için pozitif ve üst-orta gelirli ülkeler için ise negatif ancak istatistiksel olarak anlamlı olmadığı ortaya konmuştur. Dolayısıyla, çalışmanın bulguları, Afrika ülkelerinde finansal kapsayıcılık ve finansal istikrar politikalarının ülkenin gelir düzeyine göre şekillendirilmesi gerektiğini önermektedir.

Anahtar Kelimeler

Finansal Kapsayıcılık, Finansal İstikrar, Ekonomik Büyüme, Panel ARDL, Afrika

Kaynakça

  • Afrin, S., Haider, M.Z., & Islam, M.S. (2017). Impact of financial inclusion on technical efficiency of paddy farmers in Bangladesh. Agricultural Finance Review, 77 (4), 484–505.
  • Ajide, F.M. (2020). Financial inclusion in Africa: Does it promote entrepreneurship? Journal of Financial Economic Policy, 12 (4), 687–706.
  • Ali, M., Hashmi, S.H., Nazir, M.R., Bilal, A., & Nazir, M.I. (2021). Does financial inclusion enhance economic growth? Empirical evidence from the ISDB member countries. International Journal of Finance & Economics, 26 (4), 5235–5258.
  • Alsamara, M., Mrabet, Z., Jarallah, S., & Barkat, K. (2019). The switching impact of financial stability and economic growth in Qatar: Evidence from an oil-rich country. The Quarterly Review of Economics and Finance, 73(1), 205–216.
  • Anayiotos, G., & Toroyan, H. (2009). Institutional factors and financial sector development: Evidence from Sub-Saharan Africa. IMF working paper, No. WP/09/258.
  • Anyanwu, J.C. (2014). Factors affecting economic growth in Africa: Are there any lessons from China? African Development Review, 26 (3), 468–493.
  • Ardic, O.P., Heimann, M., & Mylenko, N. (2011). Access to financial services and financial inclusion agenda around the world: A cross-country analysis with a new data Set. World Bank Policy Research Working Paper, No. 5537.
  • Banday, U.J., Murugan, S., & Maryam, J. (2021). Foreign direct investment, trade openness and economic growth in BRICS countries: Evidence from panel data. Transnational Corporations Review, 13 (2), 211–221.
  • Bazarbash, M., & Beaton, K. (2020). Filling the gap: Digital credit and financial inclusion. IMF Working Papers, No. WPIEA2020150.
  • Beck, T., Maimbo, S.M., Faye, I., & Triki, T. (2011). Financing Africa: Through the crisis and beyond. World Bank Group, Washington DC.
  • Bhatia, S., & Singh, S. (2019). Empowering women through financial inclusion: A study of urban slum. Vikalpa, 44(4), 182-197.
  • Boachie, R., Aawaar, G., & Domeher, D. (2023). Relationship between financial inclusion, banking stability, and economic growth: A dynamic panel ARDL approach. Journal of Economic and Administrative Sciences, 39 (3), 655–670.
  • Carbó-Valverde, S. & Sánchez, L.P. (2013). Financial stability and economic growth. Part of the book series: Palgrave Macmillan Studies in Banking and Financial Institutions ((SBFI)), Palgrave Macmillan, London.
  • Chang, T. (2002). Financial development and economic growth in mainland China: A note on testing demand-following or supply-leading hypothesis. Applied Economics Letters, 9 (13), 869–873.
  • Chauvet, L., & Jacolin, L. (2017). Financial inclusion, bank concentration, and firm performance. World Development, 97, 1–13.
  • Chen, Z., & Jin, M. (2017). Financial inclusion in China: Use of credit. Journal of Family and Economic Issues, 38 (4), 528–540.
  • Chibba, M. (2009). Financial inclusion, poverty reduction, and the millennium development goals. The European Journal of Development Research, 21 (2), 213–230.
  • Creel, J., Hubert, P., & Labondance, F. (2015). Financial stability and economic performance. Economic Modelling, Vol. 48, 25–40.
  • Demetriades, P.O., & Hussein, K.A. (1996). Does financial development cause economic growth? Time-series evidence from 16 countries. Journal of Development Economics, 51 (2), 387–411.
  • Demirgüç-Kunt, A., Klapper, L., Singer, D., & Ansar, S. (2021). Financial inclusion, digital payments, and resilience in the age of COVID-19 (English). World Bank Group, Washington D.C.
  • Demirguc-Kunt, A., Klapper, L., Singer, D., & Van- Oudheusden, P. (2015. The Global Findex database 2014: Measuring financial inclusion around the World. World Bank Group Policy Research Working Paper, No. 7255.
  • Dickey, D.A., & Fuller, W.A. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American Statistical Association, 74 (366), 427–431.
  • Domeher, D., Konadu-Yiadom, E., & Aawaar, G. (2022). Financial innovations and economic growth: Does financial inclusion play a mediating role? Cogent Business & Management, 9(1), P. 2049670.
  • Fayissa, B., & Nsiah, C. (2013). The impact of governance on economic growth in Africa. The Journal of Developing Areas, 47 (1), 91–108.
  • Feghali, K., Mora, N., & Nassif, P. (2021). Financial inclusion, bank market structure, and financial stability: International evidence. The Quarterly Review of Economics and Finance, Vol. 80, 236–257.
  • Greenwood, J., & Smith, B.D. (1997). Financial markets in development, and the development of financial markets. Journal of Economic Dynamics and Control, 21 (1), 145–181.
  • Guha Deb, S., Mishra, S., & Banerjee, P. (2019). Stock market, banking sector, and economic growth. Studies in Economics and Finance, 36 (3), 348–364.
  • Gyimah-Brempong, K. (2002). Corruption, economic growth, and income inequality in Africa. Economics of Governance, 3 (3), 183–209.
  • Gyimah-Brempong, K., Paddison, O., & Mitiku, W. (2006). Higher education and economic growth in Africa. The Journal of Development Studies, 42 (3), 509–529.
  • Hidayat, P., & Sari, R.L. (2022). Linkage between financial inclusion and Indonesian welfare: Recent evidence. Cogent Business & Management, 9 (1), P. 2108299.
  • Hu, Y., Liu, C., & Peng, J. (2021). Financial inclusion and agricultural total factor productivity growth in China. Economic Modelling, Vol. 96, 68–82.
  • Im, K.S., Pesaran, M.H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115 (1), 53–74.
  • Inoue, T. (2019). Financial inclusion and poverty reduction in India. Journal of Financial Economic Policy, 11 (1), 21–33.
  • Jima, M.D., & Makoni, P.L. (2023). Financial inclusion and economic growth in Sub-Saharan Africa: A panel ARDL and granger non-causality approach. Journal of Risk and Financial Management, 16 (6), p. 299.
  • Johansen, S. (1988). Statistical analysis of co-integration vectors. Journal of Economic Dynamics and Control, 12 (2), 231–254.
  • Kablana, A.S., & Chhikara, K.S. (2013). A theoretical and quantitative analysis of financial inclusion and economic growth. Management and Labor Studies, 38 (2), 103–133.
  • Kao, C. (1999). Spurious regression and residual-based tests for cointegration in panel data. Journal of Econometrics, 90 (1), 1–44.
  • Khan, N., Zafar, M., Okunlola, A.F., Zoltan, Z., & Robert, M. (2022). Effects of financial inclusion on economic growth, poverty, sustainability, and financial efficiency: Evidence from the G20 countries. Sustainability, 14 (19), p. 12688.
  • Kim, D.-W., Yu, J.S., & Hassan, M.K. (2018). Financial inclusion and economic growth in OIC countries. Research in International Business and Finance, 43, 1–14.
  • 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.
  • Kling, G., Pesqué-Cela, V., Tian, L., & Luo, D. (2022). A theory of financial inclusion and income inequality. The European Journal of Finance, 28 (1), 137–157.
  • Kulu, E., Brafu-Insaidoo, W.G., Amoo Bondzie, E., & Atta Peprah, J. (2022). Inefficiency and gaps in financial stability in Sub-Saharan Africa. Cogent Economics & Finance, 10 (1), p. 2111056.
  • Lainez, N. (2016). Microfinance, debt and over-indebtedness: Juggling with money. Journal of Economic Issues, 50 (3), 900–903.
  • Lenka, S.K., & Sharma, R. (2017). Does financial inclusion spur economic growth in India? The Journal of Developing Areas, 51 (3), 215–228.
  • Levin, A., Lin, C.F., & James Chu, C.S. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108 (1), 1–24.
  • Lucas, R.E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22 (1), 3–42.
  • Manu, L.P., Adjasi, C.K., Abor, J., & Harvey, S.K. (2011). Financial stability and economic growth: A cross-country study. International Journal of Financial Services Management, 5 (2), p. 121.
  • Mohieldin, M., Hussein, K., & Rostom, A. (2019). Financial development and economic growth in Egypt. Journal of Humanities and Applied Social Sciences, 1 (2), 70–86.
  • Mosley, P. (2001). Microfinance and poverty in Bolivia. Journal of Development Studies, 37 (4), 101–132.
  • Mu, Y., & Lin, J. (2016). Financial inclusion and stability in Africa’s middle-income countries, Africa on the move: Unlocking the potential of small middle-income states. International Monetary Fund, 107–129.
  • Nandru, P., Chendragiri, M., & Velayutham, A. (2021). Examining the influence of financial inclusion on financial well-being of marginalized street vendors: Empirical evidence from India. International Journal of Social Economics, 48 (8), 1139–1158.
  • Neaime, S., & Gaysset, I. (2018). Financial inclusion and stability in MENA: Evidence from poverty and inequality. Finance Research Letters, Vol. 24, 230–237.
  • Nguyen, T.T.H. (2021). Measuring financial inclusion: A composite FI index for the developing countries. Journal of Economics and Development, 23 (1), 77–99.
  • Odhiambo, N.M., & Ntenga, L. (2016). Research publications and economic growth in South Africa: An empirical investigation. International Journal of Social Economics, 43 (7), 662–675.
  • Omar, M.A., & Inaba, K. (2020). Does financial inclusion reduce poverty and income inequality in developing countries? A panel data analysis. Journal of Economic Structures, 9 (1), p. 37.
  • Owusu-Manu, D.G., Jehuri, A.B., Edwards, D.J., Boateng, F., & Asumadu, G. (2019). The impact of infrastructure development on economic growth in sub-Saharan Africa with special focus on Ghana. Journal of Financial Management of Property and Construction, 24 (3), 253–273.
  • Ozili, P.K. (2020). Social inclusion and financial inclusion: International evidence. International Journal of Development Issues, 19 (2), 169–186.
  • Ozili, P.K., Ademiju, A., & Rachid, S. (2023). Impact of financial inclusion on economic growth: Review of existing literature and directions for future research. International Journal of Social Economics, 50 (8), 1105–1122.
  • Patrick, H.T. (1980). Financial development and economic growth in underdeveloped countries. Money and Monetary Policy in Less Developed Countries, 37–54.
  • Patwardhan, A. (2018). Financial inclusion in the digital age. Handbook of Blockchain, Digital Finance, and Inclusion, 1, 57–89.
  • Qamruzzaman, & Wei. (2019). Financial innovation and financial inclusion nexus in South Asian countries: Evidence from symmetric and asymmetric panel investigation. International Journal of Financial Studies, 7 (4), p. 61.
  • Rahman, A. (1999). Micro-credit initiatives for equitable and sustainable development: Who pays? World Development, 27 (1), 67–82.
  • Revell, J.R., & Goldsmith, R.W. (1970). Financial structure and development. The Economic Journal, 80 (318), p. 365.
  • Sakyi, D., Commodore, R., & Opoku, E.O. (2015). Foreign direct investment, trade openness and economic growth in Ghana: An empirical investigation. Journal of African Business, 16 (2), 1–15.
  • Sandberg, J. (2012). Mega‐interest in Microcredit: Are lenders exploiting the Poor? Journal of Applied Philosophy, 29 (3), 169–185.
  • Savvides, A. (1995). Economic growth in Africa. World Development, 23 (3), 449–458.
  • Sehrawat, M. & Giri, A.K. (2015). Financial development and economic growth: Empirical evidence from India. Studies in Economics and Finance, 32 (3), 340–356.
  • Sethi, D., & Acharya, D. (2018). Financial inclusion and economic growth linkage: Some cross-country evidence. Journal of Financial Economic Policy, 10 (3), 369–385.
  • Son, T.H., Liem, N.T., & Khuong, N.V. (2020). Corruption, nonperforming loans, and economic growth: International evidence. Cogent Business & Management, 7 (1), p. 1735691.
  • Stern, N. (1989). The Economics of development: A survey. The Economic Journal, 99 (397), p. 597.
  • Swamy, V. (2014). Financial inclusion, gender dimension, and economic impact on poor households. World Development, 56 (1), 1–15.
  • Tram, T.H., Lai, T.D., & Nguyen, T.T. (2023). Constructing a composite financial inclusion index for developing economies. The Quarterly Review of Economics and Finance, 87 (2), 257–265.
  • Uhde, A., & Heimeshoff, U. (2009). Consolidation in banking and financial stability in Europe: Empirical evidence. Journal of Banking & Finance, 33 (7), 1299–1311.
  • Van, L.T.-H., Vo, A.T., Nguyen, N.T., & Vo, D.H. (2021). Financial inclusion and economic growth: International evidence. Emerging Markets Finance and Trade, 57 (1), 239–263.
  • Verma, A., & Giri, A.K. (2022). Does financial inclusion reduce income inequality? Empirical evidence from Asian economies. International Journal of Emerging Markets, 28(3), 23-38.
  • Yakubu, Z., Loganathan, N., Mursitama, T.N., Mardani, A., Khan, S.R., & Hassan, A.G. (2020). Financial liberalization, political stability, and economic determinants of real economic growth in Kenya. Energies, 13 (13), 3426.
  • Younsi, M., & Nafla, A. (2019). Financial stability, monetary policy, and economic growth: Panel data evidence from developed and developing countries. Journal of the Knowledge Economy, 10 (1), 238–260.

Toplam 77 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Panel Veri Analizi , Büyüme
BölümAraştırma Makaleleri
Yazarlar

Abebe Girma Khazar university Azerbaijan

Yayımlanma Tarihi30 Haziran 2024
Gönderilme Tarihi22 Nisan 2024
Kabul Tarihi21 Haziran 2024
Yayımlandığı Sayı Yıl 2024 Cilt: 6 Sayı: 2

Kaynak Göster

APAGirma, A. (2024). The Impact of Financial Inclusion and Stability on Economic Growth in African Countries. International Journal of Business and Economic Studies, 6(2), 69-81. https://doi.org/10.54821/uiecd.1471840

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