Financial Inclusion and Macroeconomic Stability in Eight Southeast Asian Economies
(1) Department of Economics, Faculty of Economics and Business, Universitas Indonesia
Abstract
Keywords
Full Text:
PDFReferences
Abdul Karim, Z. et al. (2022). Does Financial Inclusiveness Affect Economic Growth? New Evidence Using a Dynamic Panel Threshold Regression. Finance Research Letters, 46(May), 102364. Available at: https://doi.org/10.1016/j.frl.2021.102364.
Abel, S., Mutandwa, L. & Roux, Le (2018). A review of determinants of financial inclusion. International Journal of Economics and Financial Issues, 8(3), 1–8. Available at: http://www.econjournals.com/index.php/ijefi/article/view/5458.
Agung, J. et al. (2016). Managing monetary and financial stability in a dynamic global environment: Bank Indonesia’s policy perspectives. BIS Paper, 88, 157–188.
Ahamed, M.M. & Mallick, S.K. (2019). Is financial inclusion good for bank stability? International evidence. Journal of Economic Behavior and Organization, 157, 403–427. Available at: https://doi.org/10.1016/j.jebo.2017.07.02.
Ames, B. et al. (2001) Macroeconomic Policy and Poverty Reduction. Available at: https://www.imf.org/external/pubs/ft/exrp/macropol/eng/#2.
Arora, R. (2018). Financial inclusion: understanding concept, barriers and measurement. in E. Mohammed and Z. Uraguchi (eds) Financial inclusion for poverty alleviation: issues and case studies for sustainable development. London: Routledge. Available at: https://www.routledge.com/Financial-Inclusion-for-Poverty%02Alleviation-Issues-and-Case-Studies-for/Mohammed-Uraguchi/%0Ap/book/9781138102767.
Arshad, M.U. et al. (2021). Financial inclusion and monetary policy effectiveness: A sustainable development approach of developed and under-developed countries. PLoS ONE, 16(12 December), 1–19. Available at: https://doi.org/10.1371/journal.pone.0261337.
Aziz, T.A. & McConaghy, (2014) Promoting Financial Inclusion for Growth and Development in Iraq, World bank (MENA knowledge and learning). Available at: https://openknowledge.worldbank.org/bitstream/handle/10986/18154/875490BRI0QN110VC000knowledge0notes.pdf?sequence= (Accessed: 10 September 2022).
Baltagi, B. H. (2021) Econometric Analysis of Panel Data. Sixth, Springer. Sixth. New York: Springer.
Banerjee, R., Donato, R. & Maruta, A. A. (2020) The effects of financial inclusion on development outcomes: New insights from ASEAN and East Asian countries. 342. Available at: https://www.eria.org/publications/the-effects-of-financial-inclusion-on-development-outcomes-new-insights-from-asean-and-east-asian-countries/.
Barik, R. & Pradhan, A. K. (2021). Does financial inclusion affect financial stability: Evidence from BRICS nations?. The Journal of Developing Areas, 55(1). Available at: https://doi.org/10.1353/jda.2021.0023.
Bhattacharyay, B. N. & Bhattacharyay, M. (2022). Financial Sector Development in Brunei Darussalam : Depth , Access , and Efficiency : A Comparative Analysis. 9960. Munich.
Bourainy, M. El, Salah, A. & Sherif, M. El (2021). Assessing the Impact of Financial Inclusion on Inflation Rate in Developing Countries. Open Journal of Social Sciences, 09(01), 397–424. Available at: https://doi.org/10.4236/jss.2021.91030.
Camara, N. & Tuesta, D. (2018). Measuring Financial Inclusion: A Muldimensional Index. in The role of data in supporting financial inclusion policy. IFC Bulletin No. 47, 460–483. Available at: https://www.bis.org/ifc/publ/ifcb47p.pdf.
Cavoli, T., Gopalan, S. & Rajan, R. S. (2020). Does Financial Inclusion Amplify Output Volatility in Emerging and Developing Economies?. Open Economies Review, 31(September), 901–930. Available at: https://doi.org/https://doi.org/10.1007/s11079-019-09568-0.
Cavoli, T. & Shrestha, R. (2020). The Nature and Landscape of Financial Inclusion in Asia. 340. Available at: https://www.eria.org/publications/the-nature-and-landscape-of-financial-inclusion-in-asia/.
Cihak, M., Mare, D.S. & Melecky, M. (2016). The nexus of financial inclusion and financial stability. 7722.
Ekananda, M. (2016). Analisis Ekonometrika Data Panel. 2nd edn. Jakarta: Mitra Wacana Media.
Gálvez-Sánchez, F.J. et al. (2021). Research advances on financial inclusion: A bibliometric analysis. Sustainability (Switzerland), 13(6), 1–19. Available at: https://doi.org/10.3390/su13063156.
Garcia, M.J.R. (2016). Can financial inclusion and financial stability go hand in hand?. Economic Issues, 21(2), 81–103.
Hanivan, H. & Nasrudin, N. (2019). A financial inclusion index for Indonesia. Buletin Ekonomi Moneter dan Perbankan, 22(3), 351–366. Available at: https://doi.org/10.21098/bemp.v22i3.1056.
Hsiao, C. (2022) Analysis of Panel Data, Fourth Edition. 4th edn. Cambridge: Cambridge University Press.
Huang, R. et al. (2021). The nexus between financial inclusion and economic development: Comparison of old and new EU member countries. Economic Analysis and Policy, 69, 1–15. Available at: https://doi.org/10.1016/j.eap.2020.10.007.
Jollife, I. T. & Cadima, J. (2016). Principal component analysis: A review and recent developments. Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences, 374(2065). Available at: https://doi.org/10.1098/rsta.2015.020.
Jungo, J., Madaleno, M. & Botelho, A. (2022). The Relationship between Financial Inclusion and Monetary Policy: A Comparative Study of Countries’ in Sub-Saharan Africa and Latin America and the Caribbean. Journal of African Business, 23(3), 794–815. Available at: https://doi.org/10.1080/15228916.2021.1930810.
Kammoun, S., Ben Romdhane, Y. & Fakhfakh, M. B. S. (2020). Effects of Economic and Political Risks on Foreign Direct Investment. 226–240. Available at: https://doi.org/10.4018/978-1-7998-1730-7.ch012.
Khera, et al. (2021) Measuring Digital Financial Inclusion in Emerging Market and Developing Economies: A New Index. WP/21/90. Available at: https://r.search.yahoo.com/_ylt=AwrKAhFzoG1jr18VroHLQwx.;_ylu=Y29sbwNzZzMEcG9zAzQEdnRpZAMEc2VjA3Ny/RV=2/RE=1668157684/RO=10/RU=https%3A%2F%2Fwww.imf.org%2F-%2Fmedia%2FFiles%2FPublications%2FWP%2F2021%2FEnglish%2Fwpiea2021090-print-pdf.ashx/RK=2/RS=Ezd6WCx.
Le, T. T. et al. (2019). Determinants of financial inclusion: Comparative study of Asian countries. Asian Economic and Financial Review, 9(10), 1107–1123. Available at: https://doi.org/10.18488/journal.aefr.2019.910.1107.1123.
Marcelin, I. et al. (2022). Financial inclusion, bank ownership, and economy performance: Evidence from developing countries. Finance Research Letters, 46(June), 102322. Available at: https://doi.org/10.1016/j.frl.2021.102322.
Matsebula, V. & Sheefeni, J. (2022). Financial Inclusion and Macroeconomic Stability in South Africa. International Journal of Economics and Financial Issues, 12(4), 56–64. Available at: https://doi.org/10.32479/ijefi.13053.
Mehrotra, A. & Yetman, J. (2014) Financial inclusion and optimal monetary policy, BIS Working Papers.
Mialou, A. & Amidzic, G. (2017). Assessing Countries’ Financial Inclusion Standing — A New Composite Index. Journal of Banking and Financial Economics, 2/2017(8), 105–126. Available at: https://doi.org/10.7172/2353-6845.jbfe.2017.2.5.
Morgan, & Pontines, V. (2014). Financial Stability and Financial Inclusion. SSRN Electronic Journal [Preprint], (488). Available at: https://doi.org/10.2139/ssrn.2464018.
Nandi, B. K., Hasan, G. Q. & Kabir, M. H. (2022). A tale of the financial inclusion-growth nexus and the degree of financial inclusion: a dynamic panel approach on selected developing countries. Journal of Financial Economic Policy, 14(3), 381–402. Available at: https://doi.org/10.1108/JFEP-03-2021-0071.
Ngo, A. L. N. (2019). Index of financial inclusion and the determinants: An investigation in Asia. Asian Economic and Financial Review, 9(12), 1368–1382. Available at: https://doi.org/10.18488/journal.aefr.2019.912.1368.1382.
Nguyen, T. D. & Du, Q. L. T. (2022). The effect of financial inclusion on bank stability: Evidence from ASEAN. Cogent Economics and Finance, 10(1). Available at: https://doi.org/10.1080/23322039.2022.2040126.
Nguyen, T. T. H. (2021). Measuring financial inclusion: a composite FI index for the developing countries. Journal of Economics and Development, 23(1), 77–99. Available at: https://doi.org/10.1108/jed-03-2020-0027.
OECD. (2008) Handbook on constructing composite indicators, OECD. Available at: http://www.oecd-ilibrary.org/docserver/download/5lgmz9dkcdg4.pdf?expires=1471336777&id=id&accname=guest&checksum=158391DADFA324416BB9015F3E4109AF.
Omar, M. A. & Inaba, K. (2020). Does financial inclusion reduce poverty and income inequality in developing countries? A panel data analysis. Journal of Economic Structures, 9(1). Available at: https://doi.org/10.1186/s40008-020-00214-4.
Park, C.Y. & Mercado, R. V. (2015). Financial Inclusion, Poverty, and Income Inequality in Developing Asia. 426. Available at: https://www.adb.org/sites/default/files/publication/153143/ewp-426.pdf.
Park, C.Y. & Mercado, R. V. (2018) Financial Inclusion: New Measurement and Cross-Country Impact Assessment. 539. Available at: https://www.adb.org/publications/financial-inclusion-new-measurement-cross-country-impact-assessment.
Park, C. Y. & Mercado, R. V. (2021) Understanding Financial Inclusion: What Matters and How It Matters. 1287. Available at: https://www.adb.org/publications/understanding-financial-inclusion-what-matters-and-how-it-matters.
Pham, M. H. & Doan, T. P. L. (2020). The impact of financial inclusion on financial stability in Asian countries. Journal of Asian Finance, Economics and Business, 7(6), 47–59. Available at: https://doi.org/10.13106/JAFEB.2020.VOL7.NO6.047.
Saha, M. & Dutta, K. D. (2020). Nexus of financial inclusion, competition, concentration and financial stability: Cross-country empirical evidence. Competitiveness Review, 31(4), 669–692. Available at: https://doi.org/10.1108/CR-12-2019-0136.
Sahay, R. et al. (2015) Financial Inclusion: Can It Meet Multiple Macroeconomic Goals? Available at: https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2016/12/31/Financial-Inclusion-Can-it-Meet-Multiple-Macroeconomic-Goals-43163.
Sainani, K. L. (2014). Introduction to principal components analysis. PM and R. Elsevier Inc., 275–278. Available at: https://doi.org/10.1016/j.pmrj.2014.02.00.
Sarma, M. (2008). Index of Financial Inclusion. 215.
Sarma, M. (2012). Index of Financial Inclusion-A measure of financial sector inclusiveness. 07.
Sarma, M. & Pais, J. (2011). Financial inclusion and development. Journal of International Development, 23(5), 613–628. Available at: https://doi.org/10.1002/jid.1698.
Schinasi, G. J. (2004). Defining Financial Stability. Available at: https://www.imf.org/external/pubs/ft/wp/2004/wp04187.pdf (Accessed: 10 November 2022).
Thathsarani, U., Wei, J. & Samaraweera, G. (2021). Financial inclusion’s role in economic growth and human capital in south asia: An econometric approach. Sustainability (Switzerland), 13(8), 1–18. Available at: https://doi.org/10.3390/su13084303.
Tram, T. X. H., Lai, T. D. & Nguyen, T. T. H. (2021). Constructing a composite financial inclusion index for developing economies. Quarterly Review of Economics and Finance [Preprint]. Available at: https://doi.org/10.1016/j.qref.2021.01.003.
Vo, A. N. H. T. H. E. et al. (2019). Financial inclusion and macroeconomic stability in emerging and frontier markets. Annals of Financial Economics, 14(2). Available at: https://doi.org/10.1142/S2010495219500088.
World Bank Global Financial Development Report. (2014). Financial Inclusion. Available at: https://doi.org/10.1596/978-0-8213-9985-9.
Refbacks
- There are currently no refbacks.
This work is licensed under a Creative Commons Attribution 4.0 International License.