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Does Financial Inclusion Enhance Economic Output? Evidence from North Africa

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  • Mohamed Hossameldin Khalifa
  • Hassan El-Sady
  • Vasilya Sultanova

Abstract

The aim of this study was to investigate the impact of two dimensions of financial inclusion -namely availability of banking services and usage of banking services- on national economic output in four North African economies; Egypt, Algeria, Tunisia and Morocco. Availability of banking services was proxied by number of commercial bank branches. Usage of banking services was proxied by the sum of outstanding deposits and outstanding loans with commercial banks. National economic output was proxied by real gross domestic product. Using panel data for the years 2004-2020, panel regression analysis results revealed significant positive effects of both, availability and usage of banking services on national economic output when no time-lagging of the predictors was used, and also when the predictors were one and two year lagged. Theoretical contributions, practical implications and study limitations are discussed.

Suggested Citation

  • Mohamed Hossameldin Khalifa & Hassan El-Sady & Vasilya Sultanova, 2023. "Does Financial Inclusion Enhance Economic Output? Evidence from North Africa," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 12, March.
    • Handle: RePEc:bjz:ajisjr:2364
    DOI: https://doi.org/10.36941/ajis-2023-0031
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    References listed on IDEAS

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    3. Nasir Khan & Mahwish Zafar & Abiodun Funso Okunlola & Zeman Zoltan & Magda Robert, 2022. "Effects of Financial Inclusion on Economic Growth, Poverty, Sustainability, and Financial Efficiency: Evidence from the G20 Countries," Sustainability, MDPI, vol. 14(19), pages 1-19, October.
    4. Shreya Pal & Indranil Bandyopadhyay, 2022. "Impact of financial inclusion on economic growth, financial development, financial efficiency, financial stability, and profitability: an international evidence," SN Business & Economics, Springer, vol. 2(9), pages 1-29, September.
    5. Salome Musau & Stephen Muathe & Lucy Mwangi, 2018. "Financial Inclusion, GDP and Credit Risk of Commercial Banks in Kenya," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 10(3), pages 181-195, March.
    6. Huang, Ruixian & Kale, Seenaiah & Paramati, Sudharshan Reddy & Taghizadeh-Hesary, Farhad, 2021. "The nexus between financial inclusion and economic development: Comparison of old and new EU member countries," Economic Analysis and Policy, Elsevier, vol. 69(C), pages 1-15.
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