Original scientific paper
https://doi.org/10.1080/1331677X.2023.2212028
The role of financial inclusion in achieving financerelated sustainable development goals (SDGs): a cross-country analysis
Shen Yap
Hui Shan Lee
Ping Xin Liew
Abstract
Financial inclusion is critical for the achievement of the Sustainable
Development Goals (SDGs). Therefore, as there is a lack of extant
studies linking financial inclusion to the SDGs, this present study
used a panel regression model to examine the individual and combined
effects of financial inclusion on the SDGs in selected countries
between 2017 to 2020. As most extant studies have only examined
specific SDGs individually, this present study is the first to examine
the correlation between financial inclusion and finance-related
Sustainable Development Goals (SDGs). The findings indicate that
financial inclusion positively correlates to the 2nd, 5th, and 8th SDGs
but not significantly enough to the 1st, 3rd, 9th, and 10th SDGs.
A significant and positive correlation was also identified between
financial inclusion and sustainable development in its entirety
(finance-related SDG index). As financial inclusion may not directly
affect all the SDGs, the uniqueness of this present study is that it
examines seven finance-related aspects of SDGs, as outlined by the
World Bank. The findings could encourage policymakers to increase
efforts to raise the extent of financial inclusion to enhance the
finance-related SDGs.
Keywords
Financial inclusion; sustainable development goals; financial inclusion index; SDG index; World Bank
Hrčak ID:
314883
URI
Publication date:
2.6.2023.
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