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- W51880298 abstract "In the recent past the financial inclusion was one of the key policy priorities among developed and developing countries. The theories of development economics suggested that the financial inclusion promotes efficient allocation of economic resources which potentially reduce the cost of capital, minimizing risk through structured financing, improving opportunities and income distribution. Therefore it facilitates in reducing poverty and eliminating the use of informal financing thus promotes economic development. Although many researchers have conducted empirical studies on financial development and its impact on economic growth over the years, there have not been much of empirical studies to assess the impact of financial inclusion on economic development. Therefore this paper tried to fill the gap through assessing the impact of financial inclusion on economic development through empirical study in OECD countries. In my empirical model the economic development, the dependent variable, is measured by GDP per capita. The level of financial inclusion is measured by variables which assess the dimension of availability, accessibility and usage of electronic banking such as branch penetration, presence of ATMs, domestic credit and house hold with internet. I also used government expenditure, unemployment and inflation as control variables. The overall result confirms that the financial inclusion has greater impact on economic development specially through availability of financial product and services and the usage of electronic banking. Importantly the usage of electronic banking measured by internet penetration level has highly contributed to economic development compared with other dimensions of financial inclusion as its impact on economic development on average is $322.03 and statistically significant in all four scenarios. In addition this paper helped to assign the weights to some of the indicators in multidimensional Financial Inclusion Index (FII). The empirical evidence shows that the weights for availability (branch penetration), accessibility (domestic credit) and usage of electronic banking (internet) can be assigned as 26.45%, 10.41% and 63.14%, respectively. However the incorporation of ATMs as an indicator of availability of financial products and services in the FII should be reconsidered as this empirical study shows that there is a negative relationship between ATMs and economic development and the effect is also not statistically significant at 10% level." @default.
- W51880298 created "2016-06-24" @default.
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- W51880298 date "2012-11-02" @default.
- W51880298 modified "2023-09-27" @default.
- W51880298 title "The impact of financial inclusion on economic development" @default.
- W51880298 hasPublicationYear "2012" @default.
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