An asymmetric analysis of overall globalization on financial inclusion

IF 1.3 Q3 ECONOMICS Journal of Financial Economic Policy Pub Date : 2024-07-19 DOI:10.1108/jfep-01-2024-0006
Muhammed Ashiq Villanthenkodath, Shreya Pal
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Abstract

Purpose

Financial inclusion is acknowledged as a critical facilitator of the United Nations Sustainable Development Goals agenda for 2030. Therefore, this study aims to examine the asymmetric role of overall globalization on financial inclusion by controlling economic growth, urbanization and population for the selected South Asian countries.

Design/methodology/approach

Applying the nonlinear autoregressive distributed lag approach to cointegration explores the impact of overall globalization on financial inclusion in the presence of additional variables like economic growth, urbanization and population in the designed financial inclusion function.

Findings

The estimated econometric outcomes show that increasing overall globalization fosters financial inclusion while decreasing overall globalization reduces financial inclusion. Furthermore, a positive (negative) change in economic growth leads to an increase (decrease) in financial inclusion while varying short-run findings. Moreover, both positive and negative changes increase financial inclusion in the long run in connection with urbanization. Although the short-run results are not significant, the study finds that an increase (decrease) in population leads to a decrease (increase) in financial inclusion. Finally, to support the promotion of financial inclusivity throughout South Asia, several policies pertaining to financial inclusion are suggested.

Originality/value

To the best of the authors’ knowledge, this is the first study to examine the asymmetries related to overall globalization on financial inclusion by controlling economic growth, urbanization and population.

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整体全球化对金融包容性的不对称分析
目的 普惠金融被认为是联合国 2030 年可持续发展目标议程的重要促进因素。因此,本研究旨在通过控制选定的南亚国家的经济增长、城市化和人口,研究整体全球化对金融包容性的非对称作用。研究结果计量经济学的估计结果表明,整体全球化的增加促进了金融包容性,而整体全球化的减少则降低了金融包容性。此外,经济增长的正向(负向)变化会导致金融包容性的增加(减少),而短期结果则各不相同。此外,从长期来看,正负变化都会提高与城市化相关的金融包容性。虽然短期结果并不显著,但研究发现,人口的增加(减少)会导致金融包容性的减少(增加)。最后,为支持在整个南亚促进金融包容性,提出了几项与金融包容性有关的政策建议。 原创性/价值 据作者所知,这是第一项通过控制经济增长、城市化和人口来研究与整体全球化有关的金融包容性不对称问题的研究。
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来源期刊
CiteScore
2.80
自引率
8.30%
发文量
13
期刊介绍: The Journal of Financial Economic Policy publishes high quality peer reviewed research on financial economic policy issues. The journal is devoted to the advancement of the understanding of the entire spectrum of financial policy and control issues and their interactions to economic phenomena. Economic and financial phenomena involve complex trade-offs and linkages between various types of risk factors and variables of interest to policy makers and market participants alike. Market participants such as economic policy makers, regulators, banking and competition supervisors, corporations and financial institutions, require timely and robust answers to the contemporary and emerging policy questions. In turn, such answers require thorough input by the academics, policy makers and practitioners alike. The Journal of Financial Economic Policy provides the forum to satisfy this need. The journal publishes and invites concise papers to enable a prompt response to current and emerging policy affairs.
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