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Financial Accessibility and Economic Growth

Author

Listed:
  • Boldbaatar, Myagmarsuren

    (National University of Mongolia)

  • Lee, Choong Lyol

    (Korea University of Sejong)

Abstract

This paper investigates the empirical evidence on the relationship between financial accessibility and economic growth to test the conventional hypothesis that improved financial accessibility leads to financial development and economic growth. First, we built a dynamic panel model on the relationship between financial accessibility and economic growth with a set of controlled variables. We then used several financial access indicators from 165 countries, collected from 2004 to 2011, applying the generalized method of moments (GMM) estimators to estimate their relationship. From these estimations, we found that high financial accessibility leads to high income in general. In addition, we found that an increase in financial access indicators had a greater impact on economic growth in low-income countries than it did on economic growth in high-income countries.

Suggested Citation

  • Boldbaatar, Myagmarsuren & Lee, Choong Lyol, 2015. "Financial Accessibility and Economic Growth," East Asian Economic Review, Korea Institute for International Economic Policy, vol. 19(2), pages 143-166, June.
    • Handle: RePEc:ris:eaerev:0026
    DOI: 10.11644/KIEP.JEAI.2015.19.2.294
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    Cited by:

    1. Ngasuko, Tri Achya, 2018. "Peningkatan Keuangan Inklusif Melalui Program Keluarga Harapan [Increasing Financial Inclusion Through Indonesian Conditional Cash Transfer Programme (Program Keluarga Harapan)]," MPRA Paper 98335, University Library of Munich, Germany.
    2. Ngasuko, Tri Achya, 2017. "Level Keuangan Inklusif Indonesia 2015: Studi Kasus Data Susenas 2015 [2015 Indonesia Financial Inclusion Level: Case Study On 2015 Susenas Data]," MPRA Paper 99151, University Library of Munich, Germany, revised 01 May 2017.
    3. Van Acker, Rene & Cici, S. Zahra H. & Lohuis, Michael & Ryan, Camille & Sachs, Eric, 2015. "Gaining Societal Acceptance of Biotechnology: The Case for Societal Engagement," GMCC-15: Seventh GMCC, November 17-20, 2015, Amsterdam, the Netherlands 211639, International Conference on Coexistence between Genetically Modified (GM) and non-GM based Agricultural Supply Chains (GMCC).

    More about this item

    Keywords

    Economic Growth; Financial Accessibility; Financial Services; Financial Systems; GMM;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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