Issues and Misconceptions of Financial Inclusion Indices: Evidences from Selected Asian Economies |
ALI, Jamshed
(Department of Management Sciences, COMSATS University)
KHAN, Muhammad Arshad (Department of Economics, COMSATS University, Pakistan Institute of Development Economics) KHAN, Usman Shaukat (Department of Management Science, COMSATS University) WADOOD, Misbah (Department of Business Administration, Faculty of Management Sciences, International Islamic University Islamabad) |
1 | Amidzic, G., Massara, M. A., & Mialou, A. (2014). Assessing countries' financial inclusion standing-A new composite index (Working Paper No14/36). Washington DC: International Monetary Fund. https://www.imf.org/external/pubs/ft/wp/2014/wp1436.pdf |
2 | Bandiera, O., Caprio, G., Honohan, P., & Schiantarelli, F. (2000). Does financial reform raise or reduce saving? Review of Economics and Statistics, 82(2), 239-263. https://www.jstor.org/stable/2646818 DOI |
3 | Demirguc-Kunt, A., Klapper, L. F., Singer, D., & Van Oudheusden, P. (2015). The global index database 2014: Measuring financial inclusion around the world (World Bank Policy Research Working Paper No. 7255). Washington DC: World Bank. https://thedocs.worldbank.org/en/doc/681361466184854434-0050022016/original/2014GlobalFindexReportDKSV.pdf |
4 | Fungacova, Z., & Weill, L. (2015). Understanding financial inclusion in China. China Economic Review, 34, 196-206. https://doi.org/10.1016/j.chieco.2014.12.004 DOI |
5 | Geweke, J. (1977). The dynamic factor analysis of economic time series. In: D. J. Aigner & A. S. Goldberger (Eds), Latent variables in socio-economic models (pp. 412-454) North-Holland, Amsterdam. |
6 | Honohan, P. (2008). Cross-country variation in household access to financial services. Journal of Banking & Finance, 32(11), 2493-2500. https://doi.org/10.1016/j.jbankfin.2008.05.004 DOI |
7 | Khan, M. A., & Qayyum, A. (2007). Trade, financial and growth nexus in Pakistan (Working Paper No. 2007, 14). Munich, Germany: Munich Personal RePEc Archive. https://mpra.ub.uni-muenchen.de/6523/1/Trade_FinancialGrowth_nexus_in_Pakistan.pdf |
8 | Nguyen, Y. H. D., & Ha, D. T. T. (2021). The effect of institutional quality on financial inclusion in ASEAN Countries. The Journal of Asian Finance, Economics, and Business, 8(8), 421-431. https://doi.org/10.13106/jafeb.2021.vol8.no8.0421 DOI |
9 | Demirguc-Kunt, A., Klapper, L., Singer, D., Ansar, S., & Hess, J. (2018). The global findex database 2017: Measuring financial inclusion and the fintech revolution. Washington DC: The World Bank. |
10 | Mialou, A., & Amidzic, G. (2017). Assessing countries' financial inclusion standing: A new composite index. Journal of Banking and Financial Economics, 2(8), 105-126. https://doi.org/10.7172/2353-6845.jbfe.2017.2.5 DOI |
11 | Park, C. Y., & Mercado, R. (2018). Financial inclusion, poverty, and income inequality. The Singapore Economic Review, 63(01), 185-206. https://doi.org/10.1142/S0217590818410059 DOI |
12 | Pina, G. (2018). Macro and micro-financial liberalizations, savings, and growth. Journal of Financial Economic Policy, 10(2), 290-309. https://doi.org/10.1108/JFEP-09-2017-0080 DOI |
13 | Rahman, A., Khan, M. A., & Charfeddine, L. (2021). Regime-specific impact of financial reforms on economic growth in Pakistan. Journal of Policy Modeling, 43(1), 161-182. https://doi.org/10.1016/j.jpolmod.2020.10.006 DOI |
14 | Sargent, T. J., & Sims, C. A. (1977). Business cycle modeling without pretending to have too much a priori economic theory. New Methods in Business Cycle Research, 1, 145-168. https://www.minneapolisfed.org/research/common/pub_detail.cfm?pb_autonum_id=516 |
15 | Sarma, M. (2008). Index of financial inclusion (Working Paper No. 215). New Delhi: Indian Council for Research on International Economic Relations. https://www.icrier.org/pdf/Working_Paper_215.pdf |
16 | Sarma, M. (2015). Measuring financial inclusion. Economics Bulletin, 35(1), 604-611. accessecon.com/Pubs/EB/2015/Volume35/EB-15-V35-I1-P64.pdf |
17 | Demirguc-Kunt, A., & Klapper, L. (2013). Measuring financial inclusion: Explaining variation in the use of financial services across and within countries. Brookings Papers on Economic Activity, 20(1), 279-340. https://www.brookings.edu/wpcontent/uploads/2016/07/2013a_klapper.pdf DOI |
18 | Koong, S. S., Law, S. H., & Ibrahim, M. H. (2017). Credit expansion and financial stability in Malaysia. Economic Modelling, 61, 339-350. https://doi.org/10.1016/j.econmod.2016.10.013 DOI |
19 | Sarma, M. (2016). Measuring financial inclusion for Asian economies: Financial Inclusion in Asia. UK, London: Palgrave Macmillan. |
20 | Stock, J. H., & Watson, M. W. (1998). Diffusion indexes (Working Paper No. w6702). Cambridge, MA: National Bureau of Economic Research. https://www.nber.org/system/files/working_papers/w6702/w6702.pdf |
21 | Na'im, H., Subagiarta, I. W., Wibowo, R., & Wardhono, A. (2021). An empirical study of financial inclusion and financial system stability in ASEAN-4. The Journal of Asian Finance, Economics, and Business, 8(7), 139-150. https://doi.org/10.13106/jafeb.2021.vol8.no7.0139 DOI |
22 | Ratnawati, K. (2020). The impact of financial inclusion on economic growth, poverty, income inequality, and financial stability in Asia. The Journal of Asian Finance, Economics, and Business, 7(10), 73-85. https://doi.org/10.13106/jafeb.2020.vol7.no10.073 DOI |
23 | Sha'ban, M., Girardone, C., & Sarkisyan, A. (2020). Cross-country variation in financial inclusion: a global perspective. The European Journal of Finance, 26(4-5), 319-340. https://doi.org/10.1080/1351847X.2019.1686709 DOI |
24 | Swaiss, A. (2017). The World Bank's goal of universal financial access and financial inclusion is achievable by 2020. Munich, Germany: GRIN Publishing. |
25 | Ali, J., & Khan, M. A. (2020). Micro and macro-financial inclusion and their impacts on economic growth: Evidence from Asian economies with alternative approaches. International Transaction Journal of Engineering, Management, & Applied Sciences & Technologies, 11(5), 1-15. https://doi.org/10.14456/ITJEMAST.2020.101 DOI |
26 | Camara, N., & Tuesta, D. (2014). Measuring financial inclusion: A multidimensional index (Working Paper No. 14/26). Mexico: BBVA Research. https://www.bbvaresearch.com/wp-content/uploads/2014/09/WP14-26_Financial-Inclusion2.pdf |
27 | Gupte, R., Venkataramani, B., & Gupta, D. (2012). Computation of financial inclusion index for India. Procedia-Social and Behavioral Sciences, 37, 133-149. https://doi.org/10.1016/j.sbspro.2012.03.281 DOI |
28 | Kim, D. W., Yu, J. S., & Hassan, M. K. (2020). The influence of religion and social inequality on financial inclusion. The Singapore Economic Review, 65(01), 193-216. https://doi.org/10.1016/j.jce.2011.07.002 DOI |
29 | Park, C. Y., & Mercado, R. (2015). Financial inclusion, poverty, and income inequality in developing Asia (Working Paper Series No.426). Tokyo, Japan: Asian Development Bank Economics https://www.adb.org/sites/default/files/publication/153143/ewp-426.pdf |
30 | Sarma, M. (2012). Index of financial inclusion: A measure of financial sector inclusiveness (Working Paper No. 07/2012). Berlin: Hochschule fur Technik und Wirschaft Berlin University of Applied Sciences https://finance-and-trade.htwberlin.de/fileadmin/HTW/Forschung/Money_Finance_Trade_Development/working_paper_series/wp_07_2012_Sarma_Index-of-Financial-Inclusion.pdf |
31 | World Bank. (2008). Banking the poor: Measuring banking access in 54 economies. Washington, DC: World Bank. |
32 | Stock, J. H., & Watson, M. W. (2002). Macroeconomic forecasting using diffusion indexes. Journal of Business & Economic Statistics, 20(2), 147-162. https://www.princeton.edu/~mwatson/papers/Stock_Watson_JBES_2002.pdf DOI |