Research has shown that financial inclusion is positively linked to economic growth and poverty reduction. However, little has been said about its influence on social indicators of development. Moreover, the age of digitalization, coupled with the impact of the COVID-19 pandemic, has opened new frontiers for increased financial inclusion. This study aims to explore the connection between financial inclusion and social progress by introducing a novel composite index that reflects the evolving landscape of finance. This comprehensive index incorporates both demand and supply-side data to capture the multidimensional nature of financial inclusion. The association between the two concepts is investigated using bivariate correlation analysis. The link is also examined in regard to the distinct institutional and economic contexts of transition economies. The study's findings reveal a substantial global increase in financial inclusion, particularly in developing countries. A few of the transition economies have shown notable improvements as well. Moreover, the analysis demonstrates a significant correlation between financial inclusion and social progress. However, the strength of this relationship is slightly weaker for transition economies. These findings carry significant implications. Firstly, they call for a reevaluation of the conventional measures of financial inclusion prevalent in the literature. Secondly, the study highlights the transformative potential of financial inclusion in empowering marginalized populations and facilitating positive social outcomes.
Anotace v angličtině
Research has shown that financial inclusion is positively linked to economic growth and poverty reduction. However, little has been said about its influence on social indicators of development. Moreover, the age of digitalization, coupled with the impact of the COVID-19 pandemic, has opened new frontiers for increased financial inclusion. This study aims to explore the connection between financial inclusion and social progress by introducing a novel composite index that reflects the evolving landscape of finance. This comprehensive index incorporates both demand and supply-side data to capture the multidimensional nature of financial inclusion. The association between the two concepts is investigated using bivariate correlation analysis. The link is also examined in regard to the distinct institutional and economic contexts of transition economies. The study's findings reveal a substantial global increase in financial inclusion, particularly in developing countries. A few of the transition economies have shown notable improvements as well. Moreover, the analysis demonstrates a significant correlation between financial inclusion and social progress. However, the strength of this relationship is slightly weaker for transition economies. These findings carry significant implications. Firstly, they call for a reevaluation of the conventional measures of financial inclusion prevalent in the literature. Secondly, the study highlights the transformative potential of financial inclusion in empowering marginalized populations and facilitating positive social outcomes.
Klíčová slova
Financial inclusion, social progress, transition economies
Klíčová slova v angličtině
Financial inclusion, social progress, transition economies
Rozsah průvodní práce
74
Jazyk
AN
Anotace
Research has shown that financial inclusion is positively linked to economic growth and poverty reduction. However, little has been said about its influence on social indicators of development. Moreover, the age of digitalization, coupled with the impact of the COVID-19 pandemic, has opened new frontiers for increased financial inclusion. This study aims to explore the connection between financial inclusion and social progress by introducing a novel composite index that reflects the evolving landscape of finance. This comprehensive index incorporates both demand and supply-side data to capture the multidimensional nature of financial inclusion. The association between the two concepts is investigated using bivariate correlation analysis. The link is also examined in regard to the distinct institutional and economic contexts of transition economies. The study's findings reveal a substantial global increase in financial inclusion, particularly in developing countries. A few of the transition economies have shown notable improvements as well. Moreover, the analysis demonstrates a significant correlation between financial inclusion and social progress. However, the strength of this relationship is slightly weaker for transition economies. These findings carry significant implications. Firstly, they call for a reevaluation of the conventional measures of financial inclusion prevalent in the literature. Secondly, the study highlights the transformative potential of financial inclusion in empowering marginalized populations and facilitating positive social outcomes.
Anotace v angličtině
Research has shown that financial inclusion is positively linked to economic growth and poverty reduction. However, little has been said about its influence on social indicators of development. Moreover, the age of digitalization, coupled with the impact of the COVID-19 pandemic, has opened new frontiers for increased financial inclusion. This study aims to explore the connection between financial inclusion and social progress by introducing a novel composite index that reflects the evolving landscape of finance. This comprehensive index incorporates both demand and supply-side data to capture the multidimensional nature of financial inclusion. The association between the two concepts is investigated using bivariate correlation analysis. The link is also examined in regard to the distinct institutional and economic contexts of transition economies. The study's findings reveal a substantial global increase in financial inclusion, particularly in developing countries. A few of the transition economies have shown notable improvements as well. Moreover, the analysis demonstrates a significant correlation between financial inclusion and social progress. However, the strength of this relationship is slightly weaker for transition economies. These findings carry significant implications. Firstly, they call for a reevaluation of the conventional measures of financial inclusion prevalent in the literature. Secondly, the study highlights the transformative potential of financial inclusion in empowering marginalized populations and facilitating positive social outcomes.
Klíčová slova
Financial inclusion, social progress, transition economies
Klíčová slova v angličtině
Financial inclusion, social progress, transition economies
Zásady pro vypracování
Research has shown that financial inclusion is often positively linked to pro-poor growth and economic empowerment of marginalized populations. Moreover, the age of digitalization has opened new frontiers for increased financial inclusion, especially amongst the most vulnerable parts of the population. While there is considerably less research on the economic and social impacts of digitalization at large, it is still suggested to have a substantial effect on reducing inequality and propelling economic growth. The role of both financial inclusion and digitalization in relation to development has been a topic of substantial academic interest, but little has been said about the particularity of examining the impact of these phenomena in the distinct institutional and economic contexts of transition economies. Moreover, most research has largely been directed at exploring the economic consequences of increased financial inclusion and digitalization, while most of the social and non-economic impacts have gone largely unaccounted for.
This paper will focus on exploring the link between financial inclusion and socio-economic development in transition countries with a particular focus on investigating the cross-country differences between the diverse set of countries that fall under this description. Additionally, the paper will investigate the variability in the level of digitalization between various transition economies and the possible opportunities and underlying obstacles in utilizing digitalization to ensure socio-economic development.
Zásady pro vypracování
Research has shown that financial inclusion is often positively linked to pro-poor growth and economic empowerment of marginalized populations. Moreover, the age of digitalization has opened new frontiers for increased financial inclusion, especially amongst the most vulnerable parts of the population. While there is considerably less research on the economic and social impacts of digitalization at large, it is still suggested to have a substantial effect on reducing inequality and propelling economic growth. The role of both financial inclusion and digitalization in relation to development has been a topic of substantial academic interest, but little has been said about the particularity of examining the impact of these phenomena in the distinct institutional and economic contexts of transition economies. Moreover, most research has largely been directed at exploring the economic consequences of increased financial inclusion and digitalization, while most of the social and non-economic impacts have gone largely unaccounted for.
This paper will focus on exploring the link between financial inclusion and socio-economic development in transition countries with a particular focus on investigating the cross-country differences between the diverse set of countries that fall under this description. Additionally, the paper will investigate the variability in the level of digitalization between various transition economies and the possible opportunities and underlying obstacles in utilizing digitalization to ensure socio-economic development.
Seznam doporučené literatury
Demirgüç-Kunt, A., Hu, B., & Klapper, L. (2019). Financial inclusion in the Europe and Central Asia region: Recent trends and a research agenda. World Bank Policy Research Working Paper, (8830).
Esses, D., Csete, M.S., & Németh, B. (2021). Sustainability and digital transformation in the Visegrad group of Central European countries. Sustainability, 13, 5833.
Ghosh, J. (2013). Microfinance and the challenge of financial inclusion for development. Cambridge journal of economics, 37(6), 1203-1219.
Koomson, I., Villano, R. A., & Hadley, D. (2020). Effect of financial inclusion on poverty and vulnerability to poverty: Evidence using a multidimensional measure of financial inclusion. Social Indicators Research, 149(2), 613-639.
Nanda, K., & Kaur, M. (2016). Financial inclusion and human development: A cross-country evidence. Management and Labour Studies, 41(2), 127–153.
Ozili, P. K. (2021). Financial inclusion research around the world: A review. In Forum for social economics (Vol. 50, No. 4, pp. 457-479). Routledge.
Sarma, M. (2008). Index of financial inclusion (No. 215). Working paper.
Sarma, M., & Pais, J. (2011). Financial inclusion and development. Journal of international development, 23(5), 613-628.
Seznam doporučené literatury
Demirgüç-Kunt, A., Hu, B., & Klapper, L. (2019). Financial inclusion in the Europe and Central Asia region: Recent trends and a research agenda. World Bank Policy Research Working Paper, (8830).
Esses, D., Csete, M.S., & Németh, B. (2021). Sustainability and digital transformation in the Visegrad group of Central European countries. Sustainability, 13, 5833.
Ghosh, J. (2013). Microfinance and the challenge of financial inclusion for development. Cambridge journal of economics, 37(6), 1203-1219.
Koomson, I., Villano, R. A., & Hadley, D. (2020). Effect of financial inclusion on poverty and vulnerability to poverty: Evidence using a multidimensional measure of financial inclusion. Social Indicators Research, 149(2), 613-639.
Nanda, K., & Kaur, M. (2016). Financial inclusion and human development: A cross-country evidence. Management and Labour Studies, 41(2), 127–153.
Ozili, P. K. (2021). Financial inclusion research around the world: A review. In Forum for social economics (Vol. 50, No. 4, pp. 457-479). Routledge.
Sarma, M. (2008). Index of financial inclusion (No. 215). Working paper.
Sarma, M., & Pais, J. (2011). Financial inclusion and development. Journal of international development, 23(5), 613-628.
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Aiym Introduced the topic “The Associations Between Financial Inclusion and Socio-economic Development in Transition Economies”. She explained the background of transition economies and described the vital terminology of her thesis. The student was able to consistently present indices she had worked with and the in-depth research methodology. After the conclusion of her thesis, reviewers read their opinions and questions. The committee selected several questions and the student answered all of them with ease.