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Investigating the Causality between Economic Growth and Financial Inclusion: An Application of Bootstrap Panel Granger Causality Test

Author

Listed:
  • Balunezhad, Rouzbeh

    (Assistant Professor of Economics, Economic Affairs Research Institute, Tehran)

  • Shajaripour, Shaghayegh

    (Ph.D in Financial Economics, Allameh Tabataba'i University)

Abstract

policymakers and researchers worldwide in recent years is the issue of financial inclusion. This is due to the vital role that financial inclusion can play in boosting economic growth, reducing poverty and inequality and improving the welfare of communities. Therefore, in this study, the causal relationship between economic growth and financial inclusion was examined. For this purpose, in the first step, the required index for financial inclusion is calculated using the multidimensional index for the ECO Countries over the period 2004-2018. then utilizing the Bootstrap Granger causality test, the issue was examined. The results show that in Iran, there is a two-way relationship between economic growth and financial inclusion. In Azerbaijan, the cause of economic growth is financial inclusion while in Afghanistan, Kazakhstan and Turkey, financial inclusion is the cause of economic growth

Suggested Citation

  • Balunezhad, Rouzbeh & Shajaripour, Shaghayegh, 2022. "Investigating the Causality between Economic Growth and Financial Inclusion: An Application of Bootstrap Panel Granger Causality Test," Quarterly Journal of Applied Theories of Economics, Faculty of Economics, Management and Business, University of Tabriz, vol. 8(4), pages 225-252, March.
    • Handle: RePEc:ris:qjatoe:0253
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    More about this item

    Keywords

    Financial Inclusion; Economic Growth; Financial Institutions; Bootstrap.;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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