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Development Economics

Financial inclusion and inclusive growth in Africa: What is the moderation role of financial stability?

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Article: 2267857 | Received 22 May 2023, Accepted 03 Oct 2023, Published online: 13 Oct 2023

Figures & data

Table 1. Variables and the sources of data

Figure 1. In-country Human Development Index, 2004–2020.

Note: This figure shows the average of human development (inclusive growth) for each country from 2004 to 2020. It helps to measure the inclusive growth performance for each country.
Figure 1. In-country Human Development Index, 2004–2020.

Table 2. Descriptive summary

Figure 2. In-country inclusive finance index, 2004–2020.

Note: The figure depicts the financial inclusion of the countries under study.
Figure 2. In-country inclusive finance index, 2004–2020.

Figure 3. In-country bank’s Z-score, 2004–2020.

Note: This figure is a reflection of how on average the financial system of each country is stable.
Figure 3. In-country bank’s Z-score, 2004–2020.

Table 3. GMM results of financial inclusion and inclusive growth

Table 4. GMM results of the moderation role of financial stability on financial inclusion-inclusive growth nexus

Table A1. Level of persistence

Table A2. Principal component and eigenvalues for financial inclusion index

Table A3. Contribution of each variable to a components

Table A4. Sampling adequacy and sphericity

Table A5. Pairwise correlation matrix

Table A6. Variance inflation factor

Figure A1. Scree plot for the eigenvalues.

Note: This figure illustrates the distribution of eigenvalues and identifies the corresponding levels at which an index can be generated.
Figure A1. Scree plot for the eigenvalues.

Data availability statement

The authors did not include the availability of data; however, it can be provided upon request.