A Study on the Effect of Financial Inclusion on the Relationship between Income Inequality and Economic Growth
Abstract
In this article, we attempt to estimate whether financial inclusion, expressed as financial accessibility, has a positive effect on reducing income inequality. Furthermore, we estimate the effect of such financial inclusion on economic growth by reducing income inequality. From the results of our empirical analysis, we can draw the following three conclusions. First, income inequality has a very negative effect on GDP growth. The negative relationship between income inequality and GDP growth is strong in low-income countries. In addition, income inequality has a stronger effect on reducing economic growth in high-fragility countries. Second, progressivity is not a major factor in reducing income inequality in low-income countries or in high-fragility countries. Finally, financial inclusion improves the relationship between income inequality and economic growth. The reduction in income inequality through financial inclusion changes the negative relationship between income inequality and economic growth into a positive relationship. This trend is stronger in high-fragility countries than in low-fragility countries.
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Access to financial services is critical to mobilising financial resources, promoting investments, and thereby value creation for start-ups and small businesses, with positive spillover effects on socioeconomic development.
“Access to financial services is critical to mobilising financial resources, promoting investments, and thereby value creation for start-ups and small businesses, with positive spillover effects on socioeconomic development (Park and Mercado 2015; Kim 2016; Nanda and Kaur 2016).”
From Financial Inclusion and Economic Growth in Sub-Saharan Africa—A Panel ARDL and Granger Non-Causality Approach (2023) · cites this paper as Kim 2016
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- Authors
- Kim, J.-H.
- Affiliations
- Jeonbuk National University (KR)
- Corresponding author
- Kim, Jong-Hee
- ORCID
- Kim, Jong-Hee
- Venue
- Emerging Markets Finance and Trade
- Publisher
- Informa UK Limited
- Published
- 2015-12-21
- Volume
- 52
- Issue
- 2
- Pages
- 498-512
- ISSN
- 1061-2009 (ISSN-L)
- 1540-496X
- 1558-0938
- OpenAlex
- W2262696096
- Cited by
- 305
- References
- 31
- Citations by year
- 2026: 19 · 2025: 32 · 2024: 51 · 2023: 56 · 2022: 52 · 2021: 33 · 2020: 29 · 2019: 21 · 2018: 8 · 2017: 3 · 2016: 1
- FWCI
- 10.79
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Emerging Markets Finance and Trade (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Physical Sciences › Computer Science › Information Systems › Economic Growth and Development
- Social Sciences › Sociology and Political Science › Income, Poverty, and Inequality
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Microfinance and Financial Inclusion
- Keywords
- financial inclusion, income inequality, economic growth, financial accessibility, progressivity, fragility, low-income countries, GDP growth
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