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Effects of Financial Inclusion on Economic Growth and Economic Development in Six Asian Countries

Author

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  • Ali Akbar

    (School of Accountancy and Finance, City Campus, University of the Lahore)

Abstract

A comprehensive financial plan is a prerequisite for both developed and developing nations, as every nation has to enhance economic growth and economic development at the same time. This study analyzes the impacts of financial inclusion on economic growth and economic development in six Asian countries. Time series data from 1997 to 2016 is used for empirical analysis. Data is collected from the Central Banks of selected countries, World Bank and IMF databases. Gross domestic product, human development index, credit to private Sector, and income inequality, loan to rural areas, broad money, and foreign direct investment are selected indicators for the study. Panel methodologies are used for empirical analysis. The results of the study show that financial inclusion has a deeprooted impact on economic growth as well as economic development in the case of selected Asian countries. The study recommends that strong financial inclusion can be helpful for poverty reduction in developing countries.

Suggested Citation

  • Ali Akbar, 2019. "Effects of Financial Inclusion on Economic Growth and Economic Development in Six Asian Countries," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 8(1), pages 16-33, March.
    • Handle: RePEc:rfh:bbejor:v:8:y:2019:i:1:p:16-33
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    More about this item

    Keywords

    : Financial Inclusion; Economic Growth and Development;

    JEL classification:

    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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