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A REVIEW ON THE RECENT TRENDS IN FINANCIAL INCLUSION: THE RESEARCH JOURNEY SO FAR
Corresponding Author(s) : P. Subhashree
Humanities & Social Sciences Reviews,
Vol. 8 No. 4 (2020): July
Abstract
Purpose of the study: This paper tries to review the existing literature on financial inclusion and to discuss the various definitions of financial inclusion, its diverse dimensions comprehensively - demand side and supply side - and multiple explanatory variables (economic, demographic, behavioural, and social factors) to explain the level of financial inclusion.
Methodology: From various databases and e-journals, the papers were retrieved on the topic of financial inclusion during the time span of the last 15 years (2005-2019). After reading the abstract of totally collected 140 research papers, the researchers have chosen 84 articles for the present study based on the relevance of the content to the topic under study. The collected information was classified as per the major themes.
Main Findings: Much research has been conducted on the measurement and impact assessment of financial inclusion, But the studies on the explanatory variables are comparatively fewer. Among the various factors influencing the financial inclusion level, no much emphasis has been laid on the usage dimension; the key role of behavioural, psychological, and sociological factors on the financial inclusion level still remains unexplored.
Applications of this study: This paper will be useful for theoretical researchers who prefer to explore the factors that influence the usage dimension of financial inclusion. The policymakers and practitioners in the area of financial inclusion will be able to improve the effectiveness of their policies and implementation strategies of financial inclusion.
Novelty/Originality of this study: This review paper explores the juncture at which the current research on financial inclusion has arrived. It would serve as a starting point for further in-depth explorations in the various segments of financial inclusion. Also, the present study points out and suggest potential areas for further research in the field of financial inclusion.
Keywords
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- Aduda, J., &Kalunda, E. (2012). Financial inclusion and financial sector stability with reference to Kenya: A review of literature. Journal of Applied Finance and Banking, 2(6), 95.
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- Beck, T., Demirgüç-Kunt, A., & Levine, R. (2007). Finance, inequality and the poor. Journal of economic growth, 12(1), 27-49.https://doi.org/10.1007/s10887-007-9010-6 DOI: https://doi.org/10.1007/s10887-007-9010-6
- Beck, T., Demirguc-Kunt, A., & Martinez Peria, M. S. (2006). Banking services for everyone? Barriers to bank access and use around the world. Policy research working paper; No. WPS 4079, Washington, DC: World Bank.https://doi.org/10.1093/wber/lhn020 DOI: https://doi.org/10.1093/wber/lhn020
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References
Aduda, J., &Kalunda, E. (2012). Financial inclusion and financial sector stability with reference to Kenya: A review of literature. Journal of Applied Finance and Banking, 2(6), 95.
Aker, J., Boumnijel, R., McClelland, A., & Tierney, N. (2013). How do electronic transfers compare? Evidence from a mobile money cash transfer experiment in Niger. Tufts University.
Aker, Jenny C., and Isaac M. Mbiti. 2010. "Mobile Phones and Economic Develop.https://doi.org/10.2139/ssrn.1693963 DOI: https://doi.org/10.2139/ssrn.1693963
Allen, F., Carletti, E., Cull, R., Qian, J. Q., Senbet, L., & Valenzuela, P. (2014). The African financial development and financial inclusion gaps. Journal of African economies, 23(5), 614-642. https://doi.org/10.1093/jae/eju015 DOI: https://doi.org/10.1093/jae/eju015
Allen, F., Demirguc-Kunt, A., Klapper, L., &Peria, M. S. M. (2012). The foundations of financial inclusion: Understanding ownership and use of formal accounts. Policy research working paper; No. WPS 6290. Washington, DC: World Bank Group. https://doi.org/10.1596/1813-9450-6290 DOI: https://doi.org/10.1596/1813-9450-6290
Ambarkhane, D., Singh, A.S., &Venkataramani, B. (2016).Measuring financial inclusion of Indian states.International Journal of Rural Management, 12(1), 72-100. https://doi.org/10.1177/0973005216633940 DOI: https://doi.org/10.1177/0973005216633940
Anand, S., &Chhikara, K. S. (2013). A theoretical and quantitative analysis of financial inclusion and economic growth, Management and Labour Studies,38(1-2), 103-133. https://doi.org/10.1177/0258042X13498009 DOI: https://doi.org/10.1177/0258042X13498009
Aportela, F. (1999). Effects of financial Access on savings by low-income people.
Arora, R. U. (2010). Measuring financial access. Griffith Business School Discussion Papers Economics, (7).
Ashraf, N., Karlan, D., & Yin, W. (2010). Female empowerment: Impact of a commitment savings product in the Philippines. World development, 38(3), 333-344. https://doi.org/10.1016/j.worlddev.2009.05.010 DOI: https://doi.org/10.1016/j.worlddev.2009.05.010
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Beck, T., Demirgüç-Kunt, A., & Levine, R. (2007). Finance, inequality and the poor. Journal of economic growth, 12(1), 27-49.https://doi.org/10.1007/s10887-007-9010-6 DOI: https://doi.org/10.1007/s10887-007-9010-6
Beck, T., Demirguc-Kunt, A., & Martinez Peria, M. S. (2006). Banking services for everyone? Barriers to bank access and use around the world. Policy research working paper; No. WPS 4079, Washington, DC: World Bank.https://doi.org/10.1093/wber/lhn020 DOI: https://doi.org/10.1093/wber/lhn020
Beck, T., Demirguc-Kunt, A., and Martinez Peria, M.S. (2005). Reaching out: Access to and use of banking services across countries. Journal of Financial Economics, 85(1): 234-66. https://doi.org/10.1016/j.jfineco.2006.07.002 DOI: https://doi.org/10.1016/j.jfineco.2006.07.002
Bhanot, D., Bapat, V., &Bera, S. (2012). Studying financial inclusion in north-east India. TheInternational Journal of Bank Marketing, 30(6): 465-484. https://doi.org/10.1108/02652321211262221 DOI: https://doi.org/10.1108/02652321211262221
Bihari, S. (2011). Growth through financial inclusion in India. Journal of International Business Ethics, 4(1): 28-41.
Busch, M. O., Koetter, M., Krause, T., &Tonzer, L. (2017). Broadening the G20 financial inclusion agenda to promote financial stability: The role for regional banking networks. G20 Insights, April, 4.
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Chibba, M. (2009). Financial inclusion, poverty reduction and the millennium development goals. The European Journal of Development Research, 21(2), 213-230. https://doi.org/10.1057/ejdr.2008.17 DOI: https://doi.org/10.1057/ejdr.2008.17
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CRISIL (2015). CRISIL Inclusix: An Index to Measure India's Progress on Financial Inclusion, Vol. 3.
Cull, R., Ehrbeck, T., &Holle, N. (2014). Financial inclusion and development: Recent impact evidence. Focus Note, 92, 1-12.
Demirguc-Kunt, A., & Klapper L. (2012). Measuring financial inclusion: The global findex database. Policy research working paper; No. WPS 6025. Washington, DC: World Bank Group. https://doi.org/10.1596/1813-9450-6025 DOI: https://doi.org/10.1596/1813-9450-6025
Demirguc-Kunt, A., & Klapper, L. (2013). Measuring financial inclusion: Explaining variation in use of financial services across and within countries. Brookings Papers on Economic Activity, 2013(1), 279-340. https://doi.org/10.1353/eca.2013.0002 DOI: https://doi.org/10.1353/eca.2013.0002
Demirguc-Kunt, A., Klapper, L., & Singer, D. (2017). Financial inclusion and inclusive growth: A review of recent empirical evidence. Policy research working paper; No. 8040. Washington, DC: World Bank.https://doi.org/10.1596/1813-9450-8040 DOI: https://doi.org/10.1596/1813-9450-8040
Devlin, J. F. (2009). An analysis of influences on total financial exclusion. The Service Industries Journal, 29(8), 1021-1036. DOI: https://doi.org/10.1080/02642060902764160
Dixit, R., &Ghosh, M. (2013). Financial inclusion for inclusive growth of India-A study of Indian states. International Journal of Business Management & Research, 3(1), 147-156.
Dupas, P., Green, S., Keats, A., & Robinson, J. (2012). Challenges in banking the rural poor: Evidence from Kenya's western province (No. w17851). National Bureau of Economic Research. https://doi.org/10.3386/w17851 DOI: https://doi.org/10.3386/w17851
Farazi, S. (2014). Informal firms and financial inclusion: Status and determinants. Journal of international commerce, Economics and policy, 5(03). Policy research working paper; No. 6778. Washington, DC: World Bank. https://doi.org/10.1142/S1793993314400110 DOI: https://doi.org/10.1142/S1793993314400110
Ghosh, S. (2012). Determinants of banking outreach: An empirical assessment of Indian states. The Journal of Developing Areas, 46, 269-295. https://doi.org/10.1353/jda.2012.0034 DOI: https://doi.org/10.1353/jda.2012.0034
Gupte, R., Venkataramani, B., & Gupta, D. (2012). Computation of financial inclusion index for India. Procedia - Social and Behavioral Sciences, 37, 133-149. https://doi.org/10.1016/j.sbspro.2012.03.281 DOI: https://doi.org/10.1016/j.sbspro.2012.03.281
Hannig, A., & Jansen, S. (2010). Financial inclusion and financial stability: Current policy issues. Working paper series; No. 259. Tokyo: Asian Development Bank Institute.https://doi.org/10.2139/ssrn.1729122 DOI: https://doi.org/10.2139/ssrn.1729122
Honohan, P. (2005). Measuring micro finance access: Building on existing cross-country data. Policy research working paper; no. WPS 3606. Washington, DC: World Bank. https://doi.org/10.1596/1813-9450-3606 DOI: https://doi.org/10.1596/1813-9450-3606
Jain, A., & Jain, A. (2013). Achieving financial inclusion under MGNREGA in a tribal hill district: A study of Chamba (HP). Journal of Land and Rural Studies, 1(2), 173-198. https://doi.org/10.1177/2321024913513382 DOI: https://doi.org/10.1177/2321024913513382
Karpowicz, I. (2014). Financial inclusion, growth and inequality: a model application to Colombia. IMF Working Papers. 14. https://doi.org/10.5089/9781498344838.001 DOI: https://doi.org/10.5089/9781498344838.001
Kaur, H., & Singh, K. N. (2015). PradhanMantri Jan Dhan Yojana (PMJDY): a leap towards financial inclusion in India. International Journal of Emerging Research in Management &Technology, 4(1), 25-29.
Kendall, J., Ponce, A., &Mylenko, N. (2010). Measuring financial access around the world, Policy research working paper; no. WPS 5253. Washington, DC: World Bank. https://doi.org/10.1596/1813-9450-5253 DOI: https://doi.org/10.1596/1813-9450-5253
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