Financial Inclusion Index and its Determinants among Asian Countries
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Author: Rohtash Bhall, Kavita Berwal, Monika Bisla and Joginder Kumar
Author Address: Department of Management, Parul Univesity, Vadodara-391 760, Gujarat, India Haryana School of Business, Guru Jambheshwar University of Science and Technology, Hisar-125001 (India) and Department of Economics, Chaudhary Charan Singh Haryana Agricultural Un
Keywords: Access and usage of banking services, bank penetration, fixed effect model, Wroclaw taxonomy method.
JEL Codes: G21, G28, O11, C33.
Abstract
The study assessed financial inclusion level and its determinants across 30 Asian countries from 2010 to 2020 using the Wroclaw taxonomy method (WTM). A comparative analysis of financial inclusion indexes was conducted, and a panel fixed-effect model was employed to explore influencing factors. Findings revealed high financial inclusion levels in China, Israel, Japan, Singapore, and South Korea, contrasting with low levels in Azerbaijan, Bangladesh, Kyrgyz, Pakistan, Tajikistan, and Timor-Leste. Fourteen countries ranked in the high-middle category, with six in the low category, and only five achieved high financial inclusion in 2020. GDP and bank credit positively impact financial inclusion, while broad money, population, and density contribute positively but insignificantly. Conversely, literacy rate, inflation rate, employment, female ratio, rural ratio, and internet access showed negative effects on financial inclusion.
Description
Indian J Econ Dev, 2024, 20(2), 347-355
https://doi.org/10.35716/IJED-22479