Financial Inclusion and Development as Catalysts for Human Development: Insights from Selected Asian Economies

Authors

Rihaab Fareed(1) Rihaab Fareed Affiliation Research Scholar & A-level Student Froebel's Intl. School Other articles by this author , Yasir Karim(2) Yasir Karim Corresponding author Affiliation Islamabad Model Postgraduate College of Commerce H-8/4 Islamabad Email addressdryasirkarim777@gmail.com Other articles by this author , Iram Ashraf(3) Iram Ashraf Affiliation MPhil Scholar University of the Punjab Lahore Other articles by this author , Shafiq Ahmad(4) Shafiq Ahmad Affiliation Business Head (North Zone), National Insurance Company Ltd. Other articles by this author , Iqra Mehmood(5) Iqra Mehmood Affiliation MPhil Scholar IIUI Pakistan Other articles by this author

  1. Research Scholar & A-level Student Froebel's Intl. School
  2. Islamabad Model Postgraduate College of Commerce H-8/4 Islamabad
  3. MPhil Scholar University of the Punjab Lahore
  4. Business Head (North Zone), National Insurance Company Ltd.
  5. MPhil Scholar IIUI Pakistan

https://doi.org/10.36923/jcmi.v5i2.601

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Abstract

The current study reveals that financial inclusion and financial development are important determinants of human development in a few selected Asian nations. The authors have contributed panel data for 8 economies for the years starting from 2005 to 2018. The human development index is considered a dependent variable. It also checks for the impact of the number of commercial bank branches and the number of ATMs separately, taking the latter as a proxy for financial inclusion. Further, in this research, an attempt is also made to analyse the impact of financial inclusion on the human development index. It is found, by using fixed and random effect method, that the financial inclusion with all the other explanatory factors has significantly boosted up the human development of the Asian economies. Our results suggested the maximum monetary approach and services to promote human development in an economy. Much focus shall be made on better provision for education to brighten up the standard of living. It also suggests from the study a stable environment for more production, growth, and development.

Article information

Keywords
financial inclusionhuman developmentAsian economies
Section
Articles
Issue
Vol. 5 No. 2 (2024)
Submitted
November 22, 2024
Accepted
December 9, 2024
Published
December 9, 2024
Corresponding author
Yasir Karim
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