Financial inclusion, information and communication technology diffusion, and economic growth: a panel data analysis

References

• Amatus, H., & Alireza, N. (2015). Financial inclusion and financial stability in Sub-Saharan Africa. The International Journal of Social Sciences, 36, 1.
   Google Scholar
• Andrianaivo, M., & Kpodar, K. (2011). ICT, financial inclusion, and growth: Evidence from African countries. IMF Working Paper WP/11/73.
   Google Scholar
• Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: MonteCarlo evidence and an application to employment equations. Review of Economic Studies, 58(2), 277–297.
   Web of Science ®Google Scholar
• Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29–51.
   Web of Science ®Google Scholar
• Babajide, A. A., Adegboye, F. B., & Omankhanlen, A. E. (2015). Financial inclusion and economic growth in Nigeria. International Journal of Economics and Financial Issues, 5(3), 629–637.
   Google Scholar
• Bacache, M., Bourreau, M., & Gaudin, G. (2013). Dynamic entry and investment in new infrastructures: Empirical evidence from the fixed broadband industry. Review of Industrial Organization, 43, 1–31.
   Web of Science ®Google Scholar
• Bahrini, R., & Qaffas, A. A. (2019). Impact of information and communication technology on economic growth: Evidence from developing countries. Economies, 2019(7), 21. doi: 10.3390/economies7010021
   Web of Science ®Google Scholar
• Bassant, S. (2011). Profitable models for financial inclusion. Compendum II; Layout 1, BANCON Review papers.
   Google Scholar
• Beck, T., Demirguc-Kunt, A., & Levine, R. (2007). Finance, inequality and the poor. Journal of Economic Growth, 12(1), 27–49.
   Web of Science ®Google Scholar
• Beck, T., & Levine, R. (2004). Stock markets, banks, and growth: Panel evidence. Journal of Banking & Finance, 28(3), 423–442.
   Web of Science ®Google Scholar
• Beck, T., Levine, R., & Loayza, N. (2000). Finance and the source of growth. Journal of Financial Economics, 58(1–2), 261–300.
   Web of Science ®Google Scholar
• Beck, T., Pamuk, H., Ramrattan, R., & Uras, B. R. (2018). Payment instruments, finance and development. Journal of Development Economics, 133, 162–186.
   Web of Science ®Google Scholar
• Bencivenga, V. R., & Smith, B. D. (1991). Financial intermediation and endogenous growth. Review of Economic Studies, 58(2), 403–440.
   Web of Science ®Google Scholar
• Benhabib, J., & Spiegel, M. (2000). The role of financial development in growth and investment. Journal of Economic Growth, 5(4), 341–360.
   Web of Science ®Google Scholar
• Bertschek, I., Cerquera, D., & Klein, G. J. (2013). More bits- more bucks? Measuring the impact of broadband internet on firm performance. Information Economics and Policy, 25, 190–203.
   Web of Science ®Google Scholar
• Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 97(1), 115–143.
   Web of Science ®Google Scholar
• Bojnec, S., & Ferto, I. (2012). Broadband availability and economic growth. Industrial Management and Data Systems, 112(9), 1292–1306.
   Web of Science ®Google Scholar
• Bond, S., Hoeffler, A., & Temple, J. (2001). GMM estimation of empirical growth models. Economics Papers, 2001-W21, Economics Group, Nuffield College: University of Oxford.
   Google Scholar
• Bonnefond, C. (2014). Growth dynamics and conditional convergence among Chinese provinces: A panel data investigation using system GMM estimator. Journal of Economic Development, 39(4), 1–25.
   Google Scholar
• Bouras, C., Giannaka, E., & Tsiatsos, T. (2009). Identifying best practices for supporting broadband growth: Methodology and analysis. Journal of Network and Computer Applications, 32(2), 795–807.
   Web of Science ®Google Scholar
• Brewer, E., Demmer, M., Du, B., Ho, M., Kam, M., Nedevschi, S., et al. (2005). The case of technology in developing regions. Computer Society, 38(6), 25–38.
   Web of Science ®Google Scholar
• Crandall, R., Lehr, W., & Litan, R. (2007). The effects of broadband deployment on output and employment: A cross-sectional analysis of US data. Issues in Economic Policy, 6, 1–34.
   Google Scholar
• Czernich, N., Falck, O., Kretschmer, T., & Woessmann, L. (2011). Broadband infrastructure and economic growth. The Economic Journal, 121(552), 505–532.
   Web of Science ®Google Scholar
• Dabla-Norris, E., Ji, Y., Townsend, R., & Unsal, D. (2015). Indentifying constraints to financial inclusion and their impact on GDP and inequality: A structural framework for policy. IMF Working papers 15/22.
   Google Scholar
• Datta, A., & Agarwal, S. (2004). Communications and economic growth: A panel data Appoarch. Applied Economics, 36(15), 1649–1654.
   Web of Science ®Google Scholar
• Demirgüç-Kunt, A., Klapper, L., Singer, D., Ansar, S., & Hess, J. (2018). The global Findex database 2017: Measuring financial inclusion and the Fintech revolution. Washington, DC: World Bank.
   Google Scholar
• Dewan, S., & Kraemer, K. L. (2000). Information technology and productivity: Preliminary evidence from country-level data. Management Science, 46(4), 548–562.
   Web of Science ®Google Scholar
• Ghosh, S. (2016). Does mobile telephony spur growth? Evidence from Indian states. Telecommunications Policy, 40, 1020–1031.
   Web of Science ®Google Scholar
• Ghosh, S. (2018). Biometric identification, financial inclusion and economic growth in India: Does mobile penetration matter? Information Technology for Development, 25, iii–xxiii. doi: 10.1080/02681102.2018.1540390
   Web of Science ®Google Scholar
• Greenwood, J., & Jovanovic, B. (1990). Financial development, growth and the distribution of income. Journal of Political Economy, 98(5), 1076–1107.
   Web of Science ®Google Scholar
• GSMA. (2019). 2018 state of the industry report on mobile money. Retrieved March 1, 2019, from https://www.gsma.com/mobilefordevelopment/resources/2018-state-of-the-industry-report-on-mobilemoney/
   Google Scholar
• Gurley, J. G., & Shaw, E. S. (1960). Money in a theory of finance. Washington, DC: Brookings Institution.
   Google Scholar
• Hariharan, G., & Marktanner, M. (2012). The growth potential from financial inclusion. ICA Institute and Kennesaw State University. Retrieved from http://www.frbatlanta.org/documents/news/conferences/12intdev/12in tdev_Hariharan.pdf
   Google Scholar
• Hassan, M. K. (2005). FDI, information technology and economic growth in the MENA region. 10th ERF paper.
   Google Scholar
• Holtz-Eakin, D., Newey, W., & Rosen, H. (1988). Estimating vector autoregressions with panel data. Econometrica, 56(6), 1371–1395.
   Web of Science ®Google Scholar
• Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115, 53–74.
   Web of Science ®Google Scholar
• Ishida, H. (2015). The effect of ICT development on economic growth and energy consumption in Japan. Telecommunications Policy, 32, 79–88.
   Google Scholar
• ITU. (2014). Retrieved from http://www.itu.int/en/Pages/default.aspx
   Google Scholar
• Jack, W., & Suri, T. (2014). Risk sharing and transaction costs: Evidence from Kenya’s mobile money revolution. American Economic Review, 104(1), 183–223.
   Web of Science ®Google Scholar
• Jack, W., & Suri, T. (2016). The long-run poverty and gender impacts of mobile money. Science, 354(6317), 1288–1292.
   PubMed Web of Science ®Google Scholar
• Jerven, M. (2013). Poor numbers: How we are misled by African development statistics and what to do about it. Ithaca: Cornell University Press, Cornell Studies in Political Economy.
   Google Scholar
• Kathuria, R., Uppal, M., & Mamta, M. (2009). An econometric analysis of the impact of mobile. In India: The impact of mobile phones (pp. 5–20). Moving the Debate Forward, The Policy Paper Series.
   Google Scholar
• Khan, H. R. (2011). Financial inclusion and financial stability: Are they two sides of the same coin?, Address at BANCON 2011, organized by the Indian Bankers Association and Indian Overseas Bank, Chennai.
   Google Scholar
• Kim, D.-W., Yu, J.-S., & Hassan, M. K. (2018). Financial inclusion and economic growth in OIC countries. Research in International Business and Finance, 43, 1–14.
   Web of Science ®Google Scholar
• Kumar, N. (2013). Financial inclusion and its determinants: Evidence from India. Journal of Financial Economic Policy, 5(1), 4–19.
   Google Scholar
• Lee, J. W., & Brahmasrene, T. (2014). ICT, CO2 emissions and economic growth: Evidence from a panel of ASEAN. Global Economic Review: Perspectives on East Asian Economies and Industries, 43(2), 93–109.
   Google Scholar
• Lee, S. Y. T., Gholami, R., & Tong, T. Y. (2005). Time series analysis in the assessment of ICT impact at The aggregate level – lessons and implications in The New economy. Information and Management, 42(7), 1009–1022.
   Web of Science ®Google Scholar
• Levine, R. (2005). “Finance and growth: Theory and evidence”, Handbook of economic growth, 865–934. Amsterdam: Elsevier, Chapter 12, 1(1).
   Google Scholar
• Levine, R., Norman, L., & Beck, T. (2000). Financial intermediation and growth: Causality and causes. Journal of Monetary Economics, 46(1), 31–77.
   Web of Science ®Google Scholar
• Matyas, L., & Sevestre, P. (2008). The Econometrics of panel data: Fundamentals and recent developments in theory and practice. Berlin: Springer.
   Google Scholar
• McKinnon, R. I. (1973). Money and capital in economic development. Washington, DC: Brookings Institution.
   Google Scholar
• Munyegera, G. K., & Matsumoto, T. (2016). Mobile money, remittances, and household welfare: Panel evidence from rural Uganda. World Development, 79(C), 127–137.
   Web of Science ®Google Scholar
• Nasab, E., & Aghaei, M. (2009). The effect of ICT on economic growth: Further evidence. International Bulletin of Business Administration, 10(5), 46–56.
   Google Scholar
• Norton, S. W. (1992). Transaction costs, telecommunications, and the microeconomics of macroeconomic growth. Economic Development and Cultural Change, 41(1), 175–196.
   Web of Science ®Google Scholar
• Odeniran, S. O., & Udeaja, E. A. (2010). Financial sector development and economic growth: Empirical evidence from Nigeria. Central Bank of Nigeria Economic and Financial Review, 48(3), 91–124.
   Google Scholar
• Onaolapo, A. R. (2015, September). Effects of financial inclusion on the economic growth of Nigeria (1982–2012). International Journal of Business and Management Review, 3(8), 11–28.
   Google Scholar
• Pohjola, M. (2001). Information technology and economic growth: A cross-country analysis. Oxford University Press.
   Google Scholar
• Pradhan, R. P., Arvin, M. B., Hall, J. H., & Bennett, S. E. (2018a, June). Mobile telephony, economic growth, financial development, foreign direct investment, and imports of ICT goods: The case of the G-20 countries. Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, 45(2), 279–310.
   Google Scholar
• Pradhan, R., Arvin, M., Nair, M., Bennett, S., & Bahmani, S. (2017a). ICT-finance-growth nexus: Empirical evidence from the next-11 countries. Cuadernos de Economía, 40, 115–134.
   Web of Science ®Google Scholar
• Pradhan, R. P., Arvin, M. B., Nair, M., Mittal, J., & Norman, N. R. (2017b). Telecommunications infrastructure and usage and the FDI–growth nexus: Evidence from Asian-21 countries. Information Technology for Development, 23(2), 235–260. doi: 10.1080/02681102.2016.1217822
   Web of Science ®Google Scholar
• Pradhan, R. P., Arvin, M. B., Norman, N. R., & Bele, S. K. (2014). Economic growth and the development of Telecommunications infrastructure in the G-20 countries: A panel-VAR approach. Telecommunications Policy, 38(7), 634–649.
   Web of Science ®Google Scholar
• Pradhan, R. P., Arvin, B. M., Norman, M. R., Nair, M., & Hall, J. (2016). Insurance penetration and economic growth nexus: Cross country evidence from ASEAN. Research in Internaitonal Business and Finance, 36, 447–458.
   Web of Science ®Google Scholar
• Pradhan, R. P., Arvin, M., & Norman, B. M. (2015). The dynamics of information and communications technologies infrastructure, economic growth, and financial development: Evidence from Asian countries. Technology in Society (Elsevier), 42(42), 135–149.
   Google Scholar
• Pradhan, R., Mallik, G., & Bagchi, T. P. (2018b). Information communication technology (ICT) infrastructure and economic growth: A causality evinced by cross-country panel data. IIMB Management Review, 30, 91–103.
   Web of Science ®Google Scholar
• Pradhan, R., Mallik, G., Bagchi, T. P., & Sharma, M. (2018c). Information communication technology (ICT) penetration and stock markets-growth nexus: Evidence from cross-country panel data. International Journal of Services and Technology Management (Inderscience), 24(4), 307–337.
   Web of Science ®Google Scholar
• Riley, E. (2019). Hiding loans in the household using mobile money: Experimental evidence on microenterprise investment in Uganda. Working paper, Retrieved February 12, 2020, from https://novafrica.org/wpcontent/uploads/2019/05/Hiding_loans_in_the_household_using_mobile_money__Experimental_evidence_on_microenterprise_investment_in_Uganda-4.pdf
   Google Scholar
• Rohman, I. K., & Bohlin, E. (2014). Decomposition analysis of the telecommunications sector in Indonesia: What does the cellular era shed light on? Telecommunications Policy, 38(3), 248–263.
   Web of Science ®Google Scholar
• Roller, L., & Waverman, L. (2001). Telecommunications infrastructure and economic development: A Simultaneous approach. American Economic Review, 91(4), 909–923.
   Web of Science ®Google Scholar
• Roodman, D. (2009). A note on the theme of too many instruments. Oxford Bulletin of Economic and Statistics, 71(1), 135–158.
   Web of Science ®Google Scholar
• Sarma, M. (2008). Index of financial inclusion. Working Paper No.215, Indian Council For Research On International Economic Relations.
   Google Scholar
• Sarma, M., & Pais, J. (2011). Financial inclusion and development. Journal of International Development, 23(5), 613–628.
   Web of Science ®Google Scholar
• Sassia, S., & Goaied, M. (2012). Financial development, ICT diffusion and economic growth: Lessons from MENA region. Telecommunications Policy, 37(2013), 252–261.
   Google Scholar
• Schumpeter, J. A. (1911). The theory of economic development. Cambridge, MA.
   Google Scholar
• Seo, H. J., Lee, Y. S., & Oh, J. H. (2009). Does ICT investment widen the growth gap? Telecommunications Policy, 33(8), 422–431.
   Web of Science ®Google Scholar
• Sepehrdoust, H. (2018). Impact of information and communication technology and financial development on economic growth of OPEC developing economies. Kasetsart Journal of Social Sciences. doi: 10.1016/j.kjss.2018.01.008
   Google Scholar
• Shahiduzzaman, M., & Alam, K. (2014). The long-run impact of information and communication technology on economic output: The case of Australia. Telecommunications Policy, 38(7), 623–633.
   Web of Science ®Google Scholar
• Shaw, E. S. (1973). Financial Deepening in economic development. New York: Oxford University Press.
   Google Scholar
• UN. (2005). Core ICT indicators: Partnership on ICT for measuring development. Printed in UN-ESCWA, Beirut 05-0552.
   Google Scholar
• Vu, K. M. (2011). ICT as a source of economic growth in the information age: Empirical evidence from the 1996–2005 period. Telecommunications Policy, 35(4), 357–372.
   Web of Science ®Google Scholar
• Waverman, L., Meschi, M., & Fuss, M. (2005). The impact of telecoms on economic growth in developing Markets. The Vodafone Policy Paper Series, (2), 10–23.
   Google Scholar
• Windmeijer, F. (2005). A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics, 126(1), 25–51.
   Web of Science ®Google Scholar
• World Bank. (2017). Retrieved from http://www.worldbank.org/en/topic/financialinclusion/overview
   Google Scholar
• Zhang, J., Wangb, L., & Wang, S. (2012). Financial development and economic growth: Recent evidence from China. Journal of Comparative Economics, 2012, 40(3), 393–341.
   Google Scholar