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Determinants of Financial Inclusion in Africa and OECD Countries

Author

Listed:
  • Evzen Kocenda

    (Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague; Institute of Information Theory and Automation of the CAS, Prague; CESifo Munich; IOS Regensburg.)

  • Samuel Fiifi Eshun

    (Institute of Economic Studies, Charles University, Prague, Czech Republic.)

Abstract

Using a dynamic panel data analysis, we explore the factors influencing financial inclusion in Sub-Saharan Africa (SSA) and countries belonging to the Organization for Economic Co-operation and Development (OECD). We employ the System Generalized Method of Moments (GMM) estimator and assess 31 SSA and 38 OECD countries from 2000-2021. We found that the differences in trade openness, banks' efficiency, income, and remittances are some macro-level factors that explain the variation in financial inclusion levels. We highlight the importance of quality literacy policies, trade improvement with restrictions on cross-border capital flows, and a more efficient financial system to promote financial inclusion.

Suggested Citation

  • Evzen Kocenda & Samuel Fiifi Eshun, 2023. "Determinants of Financial Inclusion in Africa and OECD Countries," Working Papers IES 2023/18, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised May 2023.
    • Handle: RePEc:fau:wpaper:wp2023_18
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    File URL: https://ies.fsv.cuni.cz/en/veda-vyzkum/working-papers/6769
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    Cited by:

    1. Kosmas Njanike & Raphael T. Mpofu, 2024. "Factors Influencing Financial Inclusion for Social Inclusion in Selected African Countries," Insight on Africa, , vol. 16(1), pages 93-112, January.

    More about this item

    Keywords

    Financial Inclusion; Financial Inclusion Index; Sub-Saharan Africa (SSA); Organization for Economic Co-operation and Development (OECD); System Generalized Methods of Moments (GMM);
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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