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Universal Financial Inclusion and Economic Growth Linkage – Evidence from Emerging Indian Economy

Author

Listed:
  • PANDEY , ANAND

    (National Institute of Technology Tiruchirappalli, India)

  • MURUGESAN , R.

    (National Institute of Technology Tiruchirappalli, India)

  • KUMAR , NITIN

    (Indira Gandhi Institute of Development Research (IGIDR), India)

Abstract

This paper examines the linkages of various financial inclusion parameters on economic growth for an emerging economy viz., India to review the policy measures implemented in this sphere. In this context, in addition to standard measures of financial inclusion, this study incorporates auxiliary indicators also like mobile and card statistics, usage of electronic channels, pension and insurance subscribers to obtain a comprehensive assessment of the impact of financial inclusion on economic growth in the Indian economy. Bayesian vector autoregression is applied that is established to provide robust results even in small sample sizes and examines the role played by individual measures of financial inclusion separately on overall growth. It is evidenced that factors like branch network, electronic remittance services, and insurance schemes display a significant role in affecting economic growth in India

Suggested Citation

  • Pandey , Anand & Murugesan , R. & Kumar , Nitin, 2024. "Universal Financial Inclusion and Economic Growth Linkage – Evidence from Emerging Indian Economy," Journal of Economic Development, The Economic Research Institute, Chung-Ang University, vol. 49(1), pages 97-123, March.
    • Handle: RePEc:ris:jecdev:0082
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    More about this item

    Keywords

    Financial Inclusion; Economic Growth; Bayesian Vector Autoregression;
    All these keywords.

    JEL classification:

    • C30 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - General
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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