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Quality of Institutions and Inclusive Financial Development in the Muslim World

In: Financial Inclusion and Poverty Alleviation

Author

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  • Muhammad Tariq Majeed

    (Quaid-i-Azam University)

Abstract

This chapter explores the linkages between financial development and quality of institutions with poverty using cross-sectional and panel data sets for Islamic countries. The empirical findings show that financial inclusion and development significantly alleviate poverty in the Muslim world. However, poverty-reducing effect of financial development is not robust to the use of different measures of financial development. In contrast, the poverty-reducing effect of institutional quality remains robustly negative and significant in all models. Corruption turns out to be the most significant predictor of poverty in the Muslim world. This study concludes that both inclusive financial development and institutions are important to address the issue of widespread poverty. Nevertheless, these are the institutions, which are prerequisite to eradicate the poverty because institutions also play a mediating role to ensure poverty-reducing effect of financial development.

Suggested Citation

  • Muhammad Tariq Majeed, 2017. "Quality of Institutions and Inclusive Financial Development in the Muslim World," Palgrave Studies in Islamic Banking, Finance and Economics, in: Muhamed Zulkhibri & Abdul Ghafar Ismail (ed.), Financial Inclusion and Poverty Alleviation, chapter 0, pages 3-40, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-3-319-69799-4_1
    DOI: 10.1007/978-3-319-69799-4_1
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    Citations

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    Cited by:

    1. Majid Ali & Muhammad Tariq & Muhammad Azam Khan, 2022. "Economic Growth, Financial Development, Income Inequality and Poverty Relationship: An Empirical Assessment for Developing Countries," iRASD Journal of Economics, International Research Alliance for Sustainable Development (iRASD), vol. 4(1), pages 14-24, March.
    2. Thanh Tam Le & Nguyen Dieu Linh Dang & Thi Dieu Thu Nguyen & Thanh Son Vu & Manh Dung Tran, 2019. "Determinants of Financial Inclusion: Comparative Study of Asian Countries," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 9(10), pages 1107-1123, October.

    More about this item

    Keywords

    Poverty; Financial development; Financial inclusion; Quality of institutions; Muslim world;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • G2 - Financial Economics - - Financial Institutions and Services
    • I32 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Measurement and Analysis of Poverty
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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