The impact of socioeconomic variables on financial inclusion in Asian countries: A comparative study, 2010–2022

Anas Iswanto Anwar, Sabbar Dahham Sabbar, Nur Imam Saifulloh, Hasan Basri Umar, Muhammad Yunus Amar, Andi Aswan

Article ID: 2857
Vol 8, Issue 1, 2024

VIEWS - 577 (Abstract) 333 (PDF)

Abstract


The financial inclusion program in Asia has begun to be carried out intensively, focusing on increasing public access, especially for people who have yet to enjoy banking services. This makes financial inclusion one of the development focuses in the financial sector in various countries, especially in the Asian region. This study compares the financial inclusion level and socioeconomic variables’ influence on financial inclusion in Asian countries in 2010–2022. To compare the level of financial inclusion in several Asian countries, the Index of Financial Inclusion (IFI) analysis method was used, while to examine the relationship between socioeconomic variables on financial inclusion, the Ordinary Least Square (OLS) method was used with an estimation technique, in the Fixed Effects Model approach. The results of this study indicate that, in general, financial inclusion in several Asian countries is mainly influenced by the usability dimension. In addition, only the variable GDP per capita is partially influential. While other variables, namely, the unemployment rate and population in rural areas, significantly influence the financial inclusion index.


Keywords


financial inclusion; index of financial inclusion; socioeconomic variables; Asian region

Full Text:

PDF


References


Abbas K, Li S, Xu D, et al. (2020). Do socioeconomic factors determine household multidimensional energy poverty? Empirical evidence from South Asia. Energy Policy 146: 111754. doi: 10.1016/j.enpol.2020.111754

Ahmad M, Satrovic E (2023). How do fiscal policy, technological innovation, and economic openness expedite environmental sustainability? Gondwana Research 124: 143–164. doi: 10.1016/j.gr.2023.07.006

Ahmad M, Beddu S, binti Itam Z, Alanimi FBI (2019). State-of-the-art compendium of macro and micro energies. Advances in Science and Technology Research Journal 13(1): 88–109. doi: 10.12913/22998624/103425

Ahmad M, Ali M, Turi JA, et al. (2022). Potential use of recycled materials on rooftops to improve thermal comfort in sustainable building construction projects. Frontiers in Built Environment 8: 1014473. doi: 10.3389/fbuil.2022.1014473

Ali M, Ullah S, Ahmad MS, et al. (2022). Assessing the impact of green consumption behaviour and green purchase intention among millennials toward a sustainable environment. Environmental Science and Pollution Research 30(9): 23335–23347. doi: 10.1007/s11356-022-23811-1

Anser MK, Shabbir MS, Tabash MI, et al. (2021). Do renewable energy sources improve clean environmental-economic growth? Empirical investigation from South Asian economies. Energy Exploration & Exploitation 39(5): 1491–1514. doi: 10.1177/01445987211002278

Azam A, Rafiq M, Shafique M, et al. (2021). Analyzing the effect of natural gas, nuclear energy and renewable energy on GDP and carbon emissions: A multi-variate panel data analysis. Energy 219: 119592. doi: 10.1016/j.energy.2020.119592

Aziz A, Naima U (2021). Rethinking digital financial inclusion: Evidence from Bangladesh. Technology in Society 64: 101509. doi: 10.1016/j.techsoc.2020.101509

Beddu S, Abd Manan TSB, Mohamed Nazri F, et al. (2022). Sustainable energy recovery from the Malaysian Coal Bottom Ash (CBA) and the effects of fineness in improving concrete properties. Frontiers in Energy Research 10: 940883. doi: 10.3389/fenrg.2022.940883

Bibi U, Safia Shaukat H (2023). The interaction effect crisis communication on emotional exhaustion: A study on the banking sector of Pakistan. International Journal of Management Thinking 1(1): 20–40. doi: 10.56868/ijmt.v1i1.10

Chen Y, Wang Z, Zhong Z (2019). CO2 emissions, economic growth, renewable and non-renewable energy production and foreign trade in China. Renewable Energy 131: 208–216. doi: 10.1016/j.renene.2018.07.047

Cooke FL, Schuler R, Varma A (2020). Human resource management research and practice in Asia: Past, present and future. Human Resource Management Review 30(4): 100778. doi: 10.1016/j.hrmr.2020.100778

Dam MM, Sarkodie SA (2023). Renewable energy consumption, real income, trade openness, and inverted load capacity factor nexus in Turkey: Revisiting the EKC hypothesis with environmental sustainability. Sustainable Horizons 8: 100063. doi: 10.1016/j.horiz.2023.100063

Darazi MA, Khoso AK, Mahesar KA (2023). Investigating the effects of ESL teachers’ feedback on ESL undergraduate students’ level of motivation, academic performance, and satisfaction: Mediating role of students’ motivation. Pakistan Journal of Educational Research 6(2). doi: 10.52337/pjer.v6i2.807

Darazi MA, Khoso AK, Mahesar KA (2022). Impact of EFL teachers teaching style on students academic performance and satisfaction: An evidence from public sector universities of Karachi. Benazir Research Journal of Humanities and Social Sciences 1(1).

Destek MA, Sinha A (2020). Renewable, non-renewable energy consumption, economic growth, trade openness and ecological footprint: Evidence from organization for economic co-operation and development countries. Journal of Cleaner Production 2020; 242: 118537. doi: 10.1016/j.jclepro.2019.118537

Dharmadasa C (2023). Macroeconomic determinants of income inequality in Sri Lanka. International Journal of Management Thinking 1(1): 51–71. doi: 10.56868/ijmt.v1i1.9

Dogan E, Madaleno M, Taskin D (2021). Which households are more energy-vulnerable? Energy poverty and financial inclusion in Turkey. Energy Economics 99: 105306. doi: 10.1016/j.eneco.2021.105306

Ehlert A (2021). The socio-economic determinants of COVID-19: A spatial analysis of German county level data. Socio-Economic Planning Sciences 78: 101083. doi: 10.1016/j.seps.2021.101083

Esposito G, Clement J, Mora L, Crutzen N (2021). One size does not fit all: Framing imaginative city policy narratives within regional socioeconomic contexts in Brussels and Wallonia. Cities 118: 103329. doi: 10.1016/j.cities.2021.103329

Fang W, Liu Z, Surya Putra AR (2022). Role of research and development in green economic growth through renewable energy development: Empirical evidence from South Asia. Renewable Energy 194: 1142–1152. doi: 10.1016/j.renene.2022.04.125

Gao C, Cheng L (2020). Tourism-driven rural spatial restructuring in the metropolitan fringe: An empirical observation. Land Use Policy 95: 104609. doi: 10.1016/j.landusepol.2020.104609

Gu J, Ming X (2020). Perceived social discrimination, socioeconomic status, and alcohol consumption among Chinese adults: A nationally representative study. International Journal of Environmental Research and Public Health 17(17): 6043. doi: 10.3390/ijerph17176043

Huang D, Yang S, Liu T (2020). Life expectancy in Chinese cities: Spatially varied role of socioeconomic development, population structure, and natural conditions. International Journal of Environmental Research and Public Health 17(18): 6597. doi: 10.3390/ijerph17186597

Liu H, Zhu Q, Muhammad Khoso W, Khalique Khoso A (2023). Spatial pattern and the development of green finance trends in China. Renewable Energy 211: 370–378. doi: 10.1016/j.renene.2023.05.014

Makhdoom ZH, Gao Y, Song X, et al. (2023). Linking environmental corporate social responsibility to firm performance: The role of partnership restructure. Environmental Science and Pollution Research 30(16): 48323–48338. doi: 10.1007/s11356-023-25776-1

Majeed A, Khoso AK, Darazi MA, Fatima S (2022). The impact of writing anxiety, writing achievement motivation, writing self-efficacy and reading habits on Pakistani undergraduate English major students’ writing performance. International Journal of Early Childhood Special Education 14(4).

M, Abbass K, Rashid S (2021). Modelling renewable energy adoption across south Asian economies: Empirical evidence from Bangladesh, India, Pakistan and Sri Lanka. International Journal of Finance & Economics 26(4): 5425–5450. doi: 10.1002/ijfe.2073

Naseer A, Su CW, Mirza N, Li JP (2020). Double jeopardy of resources and investment curse in South Asia: Is technology the only way out? Resources Policy 68: 101702. doi: 10.1016/j.resourpol.2020.101702

Nawarat N, Nasee P, Saenghong N (2022). Unspoken inequalities: Effects of online learning responses to Covid-19 on migrant children and their families, Chiang Mai, Thailand. Journal of Advances in Humanities Research 1(1): 9–16. doi: 10.56868/jadhur.v1i1.13

Nguyen KLP, Chuang YH, Chen HW, Chang CC (2020). Impacts of socioeconomic changes on municipal solid waste characteristics in Taiwan. Resources, Conservation and Recycling 161: 104931. doi: 10.1016/j.resconrec.2020.10493

Noor M, Khan D, Khan A, Rasheed N (2023). The impact of renewable and non-renewable energy on sustainable development in South Asia. Environment, Development and Sustainability. doi: 10.1007/s10668-023-03210-3

Ozili PK (2021). Financial inclusion research around the world: A review. Forum for Social Economics 50(4): 457–479. doi: 10.1080/07360932.2020.1715238

Rahman MM, Velayutham E (2020). Renewable and non-renewable energy consumption-economic growth nexus: New evidence from South Asia. Renewable Energy 147: 399–408. doi: 10.1016/j.renene.2019.09.007

Rana A, Gróf G (2022). Assessment of the electricity system transition towards high share of renewable energy sources in South Asian Countries. Energies 15(3): 1139. doi: 10.3390/en15031139

Safdar S, Khan A, Andlib Z (2022). Impact of good governance and natural resource rent on economic and environmental sustainability: An empirical analysis for South Asian economies. Environmental Science and Pollution Research 29(55): 82948–82965. doi: 10.1007/s11356-022-21401-9

Ullah S, Khan U, Begum A, et al. (2023). Indigenous knowledge, climate change and transformations of Gwadar fishing community. International Journal of Climate Change Strategies and Management. doi: 10.1108/IJCCSM-06-2022-0069

Wang X, Chen Y, Li Z, et al. (2020). Development and utilization of water resources and assessment of water security in Central Asia. Agricultural Water Management 240: 106297. doi: 10.1016/j.agwat.2020.106297

Wang Y, Wang J (2020). Modelling and prediction of global non-communicable diseases. BMC Public Health 20(1): 822. doi: 10.1186/s12889-020-08890-4

Yang T, Yu N, Yang T, Hong T (2023). How do urban socioeconomic characteristics shape a city’s social recovery? An empirical study of COVID-19 shocks in China. International Journal of Disaster Risk Reduction 90: 103643. doi: 10.1016/j.ijdrr.2023.10364

Yuan Z, Hu W (2023). Urban resilience to socioeconomic disruptions during the COVID-19 pandemic: Evidence from China. International Journal of Disaster Risk Reduction 91: 103670. doi: 10.1016/j.ijdrr.2023.103670

Zhou M, Ma H, Wu J, Zhou J (2023). Metro travel and perceived COVID-19 infection risks: A Hong Kong case study. Cities 137: 104307. doi: 10.1016/j.cities.2023.104307




DOI: https://doi.org/10.24294/jipd.v8i1.2857

Refbacks

  • There are currently no refbacks.


Copyright (c) 2023 Anas Iswanto Anwar, Sabbar Dahham Sabbar, Nur Imam Saifulloh, Hasan Basri Umar, Muhammad Yunus Amar, Andi Aswan

License URL: https://creativecommons.org/licenses/by/4.0/

This site is licensed under a Creative Commons Attribution 4.0 International License.