Financial inclusion - economic growth nexus: traditional finance versus digital finance in Sub-Saharan Africa

References

• Abramova, M., Artemenko, D., & Krinichansky, K. (2022). Transmission channels between financial deepening and economic growth: Econometric analysis comprising monetary factors. Mathematics, 10(2), 1–30. https://doi.org/10.3390/math10020242
   Web of Science ®Google Scholar
• Achim, M. V., Borlea, S. N., & Văidean, V. L. (2021). Does technology matter for combating economic and financial crime? A panel data study. Technological and Economic Development of Economy, 27(1), 223–261. https://doi.org/10.3846/tede.2021.13977
   Web of Science ®Google Scholar
• Adedokun, M. W., & Ağa, M. (2021). Financial inclusion: A pathway to economic growth in Sub-Saharan economies. International Journal of Finance and Economics, 1–17. https://doi.org/10.1002/ijfe.2559
   Google Scholar
• Ahmad, M., Majeed, A., Khan, M. A., Sohaib, M., & Shehzad, K. (2021). Digital financial inclusion and economic growth: Provincial data analysis of China. China Economic Journal, 14(3), 291–310. https://doi.org/10.1080/17538963.2021.1882064
   Web of Science ®Google Scholar
• Alhassan, T. F., Guryanov, S. A., & Kouadio, A. J. (2021). The impact of mobile money, remittances, and financial development on innovative growth in sub-Saharan Africa. Economy of Region, 17(1), 276–287. https://doi.org/10.17059/ekon.reg.2021-1-21
   Web of Science ®Google Scholar
• Ali, M. A., Azad, M. A., Centeno, M. P., Hao, F., & van Moorsel, A. (2019). Consumer-facing technology fraud: Economics, attack methods and potential solutions. Future Generation Computer Systems, 100, 408–427. https://doi.org/10.1016/j.future.2019.03.041
   Web of Science ®Google Scholar
• Ali, M., Hashmi, S. H., Nazir, M. R., Bilal, A., & Nazir, M. I. (2021). Does financial inclusion enhance economic growth? Empirical evidence from the IsDB member countries. International Journal of Finance and Economics, 26(4), 5235–5258. https://doi.org/10.1002/ijfe.2063
   Web of Science ®Google Scholar
• Anarfo, E. B., Abor, J. Y., Osei, K. A., & Gyeke-Dako, A. (2020). Financial inclusion and financial sector development in Sub-Saharan Africa: A panel VAR approach. International Journal of Managerial Finance, 15(3), 549–572. https://doi.org/10.1108/IJMF-07-2018-0205
   Google Scholar
• Ang, J. B. (2008). A survey of recent developments in the literature of finance and growth. Journal of Economic Surveys, 22(3), 536–576. https://doi.org/10.1111/j.1467-6419.2007.00542.x
   Web of Science ®Google Scholar
• Appiah‐Otoo, I., & song, N. (2022). Finance-growth nexus: New insight from Ghana. International Journal of Finance and Economics, 27(3), 2682–2723. https://doi.org/10.1002/ijfe.2294
   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), 29–52. https://doi.org/10.1016/0304-4076(94)01642-D
   Web of Science ®Google Scholar
• Bara, A., Mugano, G., & Roux, P. L. (2016). Financial innovation and economic growth in the SADC. African Journal of Science, Technology, Innovation and Development, 8(5–6), 483–495. https://doi.org/10.1080/20421338.2016.1226705
   Web of Science ®Google Scholar
• Beck, N., & Katz, J. N. (1995). What to do (and not to do) with time-series cross-section data. American Political Science Review, 89(3), 634–647. https://doi.org/10.2307/2082979
   Web of Science ®Google Scholar
• Bekele, W. D. (2022). Determinants of financial inclusion: A comparative study of Kenya and Ethiopia. Journal of African Business, 1–19. https://doi.org/10.1080/15228916.2022.2078938
   Google Scholar
• Blancher, N., Appendino, M., Bibolov, A., & Fouejieu, A. (2019). Financial inclusion of small and medium-sized enterprises in the Middle East and Central Asia. In Middle East and Central Asia Departmental Paper No (Vol. 19/02). International Monetary Fund.
   Google Scholar
• Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8
   Web of Science ®Google Scholar
• Camara, N., & Tuesta, D. (2014). Measuring financial inclusion: A multidimensional index. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2634616
   Google Scholar
• Chatterjee, A. (2020). Financial inclusion, information and communication technology diffusion, and economic growth: A panel data analysis. Information Technology for Development, 1–29. https://doi.org/10.1080/02681102.2020.1734770
   Web of Science ®Google Scholar
• Chen, W., Yuan, X., & Gang, J. (2021). Financial inclusion in China: An overview. Frontiers of Business Research in China, 15(4), 1–21. https://doi.org/10.1186/s11782-021-00098-6
   Web of Science ®Google Scholar
• Chirwa, T. G., & Odhiambo, N. M. (2018). Exogenous and endogenous growth models: A critical review. Comparative Economic Research, 63–84. https://doi.org/10.2478/cer-2018-0027
   Google Scholar
• Cihak, M., Mare, D. S., & Melecky, M. (2016). The nexus of financial inclusion and financial stability a study of trade-offs and synergies. Policy Research Working Paper, 7722, World Bank.
   Google Scholar
• Dahiya, S., & Kumar, M. (2020). Linkage between financial inclusion and economic growth: An empirical study of emerging Indian economy. Vision: The Journal of Business Perspective, 1–10. https://doi.org/10.1177/0972262920923891
   Google Scholar
• Demirguc-Kunt, A., & Klapper, L. (2012). Measuring financial inclusion: The Global Findex database (No. 6025). The World Bank, available at: https://www.bbvaresearch.com/wp-content/uploads/2014/09/WP14-26_Financial-Inclusion.pdf
   Google Scholar
• Demirgüç-Kunt, A., Klapper, L., Singer, D., Ansar, S., & Hess, J. (2018). Global Findex database 2017: Measuring financial inclusion and the Fintech revolution. World Bank. https://openknowledge.worlbank.org/handle/10986/29510
   Google Scholar
• Demirgüç-Kunt, A., Klapper, L., Singer, D., & Van Oudheusden, P. (2015). The Global findex database 2014: Measuring financial inclusion around the world. Policy Research Working Paper 7255, World Bank, Washington D.C. https://openknowledge.worldbank.org/handle/10986/21865
   Google Scholar
• Domar, E. D. (1946). Capital expansion, rate of growth, and employment. Econometrica, 14(2), 137–147. https://doi.org/10.2307/1905364
   Web of Science ®Google Scholar
• Emara, N., & Said, A. E. (2021). Financial inclusion and economic growth: The role of governance in selected MENA countries. International Review of Economics and Finance, 75, 34–54. https://doi.org/10.1016/j.iref.2021.03.014
   Web of Science ®Google Scholar
• Espinosa-Vega, M., Shirono, K., Villanova, H. C., Chhabra, E., Das, B., & Fan, Y. (2020). Measuring financial access - 10 years of the IMF financial access survey. IMF Departmental Paper 20/08, International Monetary Fund, Washington. https://www.imf.org
   Google Scholar
• Fernandes, A. M., Mattoo, A., Nguyen, H., & Schiffbauer, M. (2019). The internet and Chinese exports in the pre-ali baba era. Journal of Development Economics, 138, 57–76. https://doi.org/10.1016/j.jdeveco.2018.11.003
   Web of Science ®Google Scholar
• Fouejieu, A., Sahay, R., Cihak, M., & Chen, S. (2020). Financial inclusion and inequality: A cross-country analysis. The Journal of International Trade & Economic Development, 29(8), 1018–1048. https://doi.org/10.1080/09638199.2020.1785532
   Web of Science ®Google Scholar
• Fu, J., Liu, Y., Chen, R., Yu, X., & Tang, W. (2020). Trade openness, internet finance development and banking sector development in China. Economic Modelling, 91, 670–678. https://doi.org/10.1016/j.econmod.2019.12.008
   Web of Science ®Google Scholar
• Gogolin, G. (2010). The Digital Crime Tsunami. Digital Investigation, 7(1–2), 1–3. https://doi.org/10.1016/j.diin.2010.07.001
   Web of Science ®Google Scholar
• Gourène, G. A. Z., & Mendy, P. (2019). Financial Inclusion and economic growth in WAEMU: A multiscale heterogeneity panel causality approach. Theoretical Economics Letters, 9(3), 477–488. https://doi.org/10.4236/tel.2019.93033
   Google Scholar
• Greene, W. H. (2002). Econometric analysis (5th) ed.). Prentice Hall.
   Google Scholar
• GSMA. (2021). State of the industry report on mobile money 2021. GSM Association. https://www.gsma.com/mobilefordevelopment/wp-content/uploads/2021/03/GSMA_State-of-the-Industry-Report-on-Mobile-Money-2021_Full-report.pdf.
   Google Scholar
• Holtz-Eakin, D., Newey, W., & Rosen, H. (1988). Estimating vector autoregressions with panel data. Econometrica, 56(6), 1371–1395. https://doi.org/10.2307/1913103
   Web of Science ®Google Scholar
• Honglei, G. (2021). Internet finance innovation and entrepreneurship based on classification algorithm. In V. Sugumaran, Z. Xu, & H. Zhou (Eds.), Application of intelligent systems in multi-modal information analytics. MMIA 2020. Advances in Intelligent Systems and Computing, Vol. 1234. Springer. https://doi.org/10.1007/978-3-030-51556-0_111
   Google Scholar
• Huang, Y., & Zhang, Y. (2019). Financial inclusion and urban-rural income inequality: Long-run and short-run relationships. Emerging Markets Finance and Trade, 1–15. https://doi.org/10.1080/1540496X.2018.1562896
   Google Scholar
• Ibrahim, M., & Alagidede, P. (2018). Effect of financial development on economic growth in sub-Saharan Africa. Journal of Policy Modeling, 40(6), 1104–1125. https://doi.org/10.1016/j.jpolmod.2018.08.001
   Web of Science ®Google Scholar
• Ifediora, C., Offor, K. O., Eze, E. F., Takon, S. M., Ageme, A. E., Ibe, G. I., Onwumere, J. U. J., & Read, R. (2022). Financial inclusion and its impact on economic growth: Empirical evidence from sub-Saharan Africa. Cogent Economics & Finance, 10(1), 1–27. https://doi.org/10.1080/23322039.2022.2060551
   Web of Science ®Google Scholar
• IMF. (2020) . Financial Access Survey 2020. The International Monetary Fund.
   Google Scholar
• Ismael, D. M., & Ali, S. S. (2021). Measuring digital and traditional financial inclusion in Egypt: A new index. International Journal of Applied Research in Management and Economics, 4(2), 13–34.
   Google Scholar
• Jack, W., & Suri, T. (2014). Risk sharing and transactions cost: Evidence from Kenya’s mobile money revolution. American Economic Review, 104(1), 183–223. https://doi.org/10.1257/aer.104.1.183
   Web of Science ®Google Scholar
• Jolliffe, I. T. (2002). Principal component analysis. Springer. https://doi.org/10.1007/b98835
   Google Scholar
• Khera, P., Ng, S., Ogawa, S., & Sahay, R. (2021). Is digital financial inclusion unlocking growth? IMF Working Paper no. 21/167, International Monetary Fund (IMF). https://doi.org/10.5089/9781513584669.001
   Google Scholar
• Kim, J. H. (2016). A study on the effect of financial inclusion on the relationship between income inequality and economic growth. Emerging Markets Finance and Trade, 52(2), 498–512. https://doi.org/10.1080/1540496X.2016.1110467
   Web of Science ®Google Scholar
• Kim, D., Yu, J., & Hassan, M. K. (2017). Financial inclusion and economic growth in OIC countries. Research in International Business and Finance, 43(C), 1–14. https://doi.org/10.1016/j.ribaf.2017.07.178
   Google Scholar
• Klapper, L., El-Zoghbi, M., & Hess, J. (2016). Achieving the sustainable development goals: The role of financial inclusion. CGPA working paper for the united nations secretary general’s special advocate for inclusive finance for development (UNSGSA), Washington DC. https://www.cgap.org/sites/default/files/researches/documents/Working-Paper-Achieving-Sustainable-Development-Goals-Apr-2016_0.pdf.
   Google Scholar
• Law, S., & Singh, N. (2014). Does too much finance harm economic growth? Journal of Banking & Finance, 41, 36–44. https://doi.org/10.1016/j.jbankfin.2013.12.020
   Web of Science ®Google Scholar
• Lenka, S. K. (2021). Relationship between financial inclusion and financial development in India: Is there any link? Journal of Public Affairs, e2722. https://doi.org/10.1002/pa.2722
   Google Scholar
• Lenka, S. K., & Sharma, R. (2017). Does financial inclusion spur economic growth in India? The Journal of Developing Areas, 51(3), 215–228. https://doi.org/10.1353/jda.2017.0069
   Google Scholar
• Li, C., & Wong, J. C. (2018). Financial development and inclusion in the Caribbean. IMF working paper WP/18/53, International Monetary Fund, Washington. https://www.imf.org.
   Google Scholar
• Li, J., Wu, Y., & Xiao, J. J. (2019). The impact of digital finance on household consumption: Evidence from China. Economic Modelling, 86, 317–326. https://doi.org/10.1016/j.econmod.2019.09.027
   Web of Science ®Google Scholar
• Love, I., & Zicchino, L. (2006). Financial development and dynamic investment behaviour: Evidence from panel VAR. The Quarterly Review of Economics and Finance, 46(2), 190–210. https://doi.org/10.1016/j.qref.2005.11.007
   Google Scholar
• Lu, Z., Wu, J., Li, H., & Nguyen, D. K. (2022). Local bank, digital financial inclusion and SME financing constraints: Empirical evidence from China. Emerging Markets Finance and Trade, 58(6), 1712–1725. https://doi.org/10.1080/1540496X.2021.1923477
   Web of Science ®Google Scholar
• Manyika, J., Lund, S., Singer, M., White, O., & Berry, C. (2016). Digital finance for all: Powering inclusive growth in emerging economies. McKinsey Global Institute.
   Google Scholar
• Maruta, A. A., Banerjee, R., & Cavoli, T. (2020). Foreign aid, institutional quality and economic growth: Evidence from the developing world. Economic Modelling, 89, 444–463. https://doi.org/10.1016/j.econmod.2019.11.008
   Web of Science ®Google Scholar
• Mawejje, J., & Lakuma, P. (2019). Macroeconomic effects of Mobile money: Evidence from Uganda. Financial Innovation, 5(23), 1–20.
   Google Scholar
• McAfee. (2018). The economic impact of cybercrime – no slowing down. Retrieved July 28, 2022, from https://www.mcafee.com/enterprise/en-us/assets/executive-summaries/es-economic-impact-cybercrime.Pdf
   Google Scholar
• Mckinnon, R. I. (1973). Money and capital in economic development. Brookings Institution Press.
   Google Scholar
• Meifang, Y., He, D., Xianrong, Z., & Xiaobo, X. (2018). Impact of payment technology innovations on the traditional financial industry: A focus on China. Technological Forecasting and Social Change, 135, 199–207. https://doi.org/10.1016/j.techfore.2017.12.023
   Web of Science ®Google Scholar
• Menyelim, C. M., Babajide, A. A., Omankhanlen, A. E., & Ehikioya, B. I. (2021). Financial inclusion, income inequality and sustainable economic growth in Sub-Saharan African countries. Sustainability, 13(4), 1780. https://doi.org/10.3390/su13041780
   Web of Science ®Google Scholar
• Myovella, G., Karacuka, M., & Haucap, J. (2020). Digitalization and economic growth: A comparative analysis of Sub-Saharan Africa and OECD economies. Telecommunications Policy, 44(2), 1–12. https://doi.org/10.1016/j.telpol.2019.101856
   Web of Science ®Google Scholar
• Nan, W. V. (2019). Mobile money and socioeconomic development: A cross-country investigation in Sub-Saharan Africa. Journal of International Technology and Information Management, 27(4), 36–65. https://scholarworks.lib.csusb.edu/jitim/vol27/iss4/3
   Google Scholar
• Nanda, K., & Kaur, M. (2016). Financial inclusion and human development: A cross-country evidence. Management and Labour Studies, 41(2), 127–153. https://doi.org/10.1177/0258042X16658734
   Google Scholar
• Ndlovu, G., & Toerien, F. (2020). The distributional impact of access to finance on poverty: Evidence from selected countries in Sub-Saharan Africa. Research in International Business and Finance, 52(C), 1–21. https://doi.org/10.1016/j.ribaf.2020.101190
   Google Scholar
• Nguyen, T. T. H. (2020). Measuring financial inclusion: A composite FI index for the developing countries. Journal of Economics and Development, 23(1), 77–99.
   Google Scholar
• Nickell, S. (1981). Biases in dynamic models with fixed effects. Econometrica, 49(6), 1417–1426. https://doi.org/10.2307/1911408
   Web of Science ®Google Scholar
• Nizam, R., Karim, Z. A., Rahman, A. A., & Sarmidi, T. (2020). Financial inclusiveness and economic growth: New evidence using a threshold regression analysis. Economic Research-Ekonomska Istraživanja, 33(1), 1465–1484. https://doi.org/10.1080/1331677X.2020.1748508
   Web of Science ®Google Scholar
• Omar, M. A., & Inaba, K. (2020). Does financial inclusion reduce poverty and income inequality in developing countries? A panel data analysis. Journal of Economic Structures, 9(1), 37. https://doi.org/10.1186/s40008-020-00214-4
   Google Scholar
• Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340. https://doi.org/10.1016/j.bir.2017.12.003
   Web of Science ®Google Scholar
• Parks, R. W. (1967). Efficient estimation of a system of regression equations when disturbances are both serially and contemporaneously correlated. Journal of the American Statistical Association, 62(318), 500–509. https://doi.org/10.2307/2283977
   Web of Science ®Google Scholar
• Pazarbasioglu, C., Mora, A. G., Uttamchandani, M., Natarajan, H., Feyen, E., & Saal, M. (2020). Digital Financial Services. World Bank Group.
   Google Scholar
• Peia, O., & Roszbach, K. (2015). Finance and growth: Time series evidence on causality. Journal of Financial Stability, 19, 105–118. https://doi.org/10.1016/j.jfs.2014.11.005
   Web of Science ®Google Scholar
• Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. CESifo Working Paper Series No. 1229; IZA Discussion Paper No. 1240.
   Google Scholar
• Polloni Silva, E., da Costa, N., Moralles, H. F., & Neto, M. S. (2021). Does financial inclusion diminish poverty and inequality? A panel data analysis for Latin American countries. Social Indicators Research, 158(3), 889–925. https://doi.org/10.1007/s11205-021-02730-7
   PubMed 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, 42(42), 135–149.
   Google Scholar
• Ramkumar, G. (2017). A study on benefits of financial inclusion and cashless economy for India. EPRA International Journal of Business and Economic Review, 5(8), 182–186.
   Google Scholar
• Romer, P. M. (1986). Increasing returns and long-run growth. Journal of Political Economy, 94(5), 1002–1037. https://doi.org/10.1086/261420
   Web of Science ®Google Scholar
• Ryman-Tubb, N. F., Krause, P., & Garn, W. (2018). How artificial intelligence and machine learning research impacts payment card fraud detection: A survey and industry benchmark. Engineering Applications of Artificial Intelligence, 76, 130–157. https://doi.org/10.1016/j.engappai.2018.07.008
   Web of Science ®Google Scholar
• Sarafidis, V., & Robertson, D. (2009). On the impact of error cross-sectional dependence in short dynamic panel estimation. Econometrics Journal, 12(1), 62–81. https://doi.org/10.1111/j.1368-423X.2008.00260.x
   Web of Science ®Google Scholar
• Sarma, M. (2008). Index of financial inclusion. Working Paper 215, Indian Council for Research on International Economic Relations, New Delhi. https://www.icrier.org
   Google Scholar
• Sarma, M. (2015). Measuring financial inclusion. Economics Bulletin, 35(1), 604–611.
   Web of Science ®Google Scholar
• Schneider, M. 2018. Digitalization of Production, human capital, and organizational capital. C. Harteis. Ed., the impact of digitalization in the workplace 39–52. Springer. Professional and Practice. Professional and Practicebased Learning 21 https://doi.org/10.1007/978-3-319-63257-5_4
   Google Scholar
• Schonerwald, C., & Vernengo, M. (2016). Microfinance, financial inclusion, and the rhetoric of reaction: The evolution and limitations of microfinance in Brazil. Latin American Policy, 7(2), 356–376. https://doi.org/10.1111/lamp.12101
   Google Scholar
• Schumpeter, J. A. (1912). The theory of economic development. Harvard University Press.
   Google Scholar
• Sethi, D., & Acharya, D. (2018). Financial inclusion and economic growth linkage: Some cross country evidence. Journal of Financial Economic Policy, 10(3), 369–385. https://doi.org/10.1108/JFEP-11–2016-0073
   Web of Science ®Google Scholar
• Sethi, D., & Sethy, S. K. (2019). Financial inclusion matters for economic growth in India. International Journal of Social Economics, 46(1), 132–151. https://doi.org/10.1108/IJSE-10-2017-0444
   Web of Science ®Google Scholar
• Sharma, D. (2016). Nexus between financial inclusion and economic growth: Evidence from the emerging Indian economy. Journal of Financial Economic Policy, 8(1), 13–36. https://doi.org/10.1108/JFEP-01-2015-0004
   Web of Science ®Google Scholar
• Shaw, E. S. (1973). Financial deepening in economic development. Oxford University Press.
   Google Scholar
• Shen, Y., Hu, W., & Hueng, C. J. (2021). Digital financial inclusion and economic growth: A cross-country study. Procedia Computer Science, 187, 218–223. https://doi.org/10.1016/j.procs.2021.04.054
   Google Scholar
• Siddik, M. N. A., Ahsan, T., & Kabirag, S. (2019). Does financial permeation promote economic growth? Some econometric evidence from Asian countries. Sage Open, 9(3), 1–13.
   PubMed Web of Science ®Google Scholar
• Singh, D., & Stakic, N. (2020). Financial inclusion and economic growth nexus: Evidence from SAARC countries. South Asia Research, 41(1), 1–21. https://doi.org/10.1177/0262728020964605
   Google Scholar
• Solow, R. M. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65–94. https://doi.org/10.2307/1884513
   Web of Science ®Google Scholar
• Srouji, J. (2020). Digital payments, the cashless economy, and financial inclusion in the United Arab Emirates: Why is everyone still transacting in cash? Journal of Risk and Financial Management, 13(11), 1–10. https://doi.org/10.3390/jrfm13110260
   Web of Science ®Google Scholar
• Thathsarani, U. S., Wei, J., & Samaraweera, G. R. S. R. C. (2021). Financial inclusion’s role in economic growth and human capital in South Asia: An econometric approach. Sustainability, 13(8), 4303. https://doi.org/10.3390/su13084303
   Web of Science ®Google Scholar
• Thomas, A. E., Bhasi, M., & Chandramouli, R. (2017). Financial accessibility and economic growth- evidence from SAARC countries. Contemplations on New Paradigms in Finance, 32–52. https://www.papers.ssrn.com
   Google Scholar
• Van, L. T. H., Vo, A. T., Nguyen, N. T., & Vo, D. H. (2019). Financial Inclusion and economic growth: An International evidence. Emerging Markets Finance and Trade, 57(1), 239–263.
   Web of Science ®Google Scholar
• von Fintel, D., & Orthofer, A. (2020). Wealth inequality and financial inclusion: Evidence from South African tax and survey records. Economic Modelling, 91(C), 568–578. https://doi.org/10.1016/j.econmod.2020.02.001
   Google Scholar
• World Bank. (2020). World development Indicator; Time-series. https://datacatalog.worldbank.org/dataset/worlddevelopment-indicators
   Google Scholar
• Wu, T.-P., Wu, H.-C., Liu, S.-B., Hsueh, H.-P., & Wang, C.-M. (2020). Causality between peer-to-peer lending and bank lending in China: Evidence from a panel data approach. Singapore Economic Review, 65(6), 1537–1557. https://doi.org/10.1142/S0217590820500332
   Web of Science ®Google Scholar
• Yang, L., & Zhang, Y. (2020). Digital financial inclusion and sustainable growth of small and micro enterprises—evidence based on China’s new third board market listed companies. Sustainability, 12(9), 1–21. https://doi.org/10.3390/su12229625
   PubMed Web of Science ®Google Scholar
• Yao, L., Yang, X., & Du, N. (2022). Can digital finance boost SME innovation by easing financing constraints? Evidence from Chinese GEM-listed companies. PLOS ONE, 17(3), e0264647. https://doi.org/10.1371/journal.pone.0264647
   PubMed Web of Science ®Google Scholar
• Yin, Z., Gong, X., Guo, P., & Wu, T. (2019). What drives entrepreneurship in digital economy? Evidence from China. Economic Modelling, 82, 66–73. https://doi.org/10.1016/j.econmod.2019.09.026
   Web of Science ®Google Scholar
• Yoko, D. (2010). Financial inclusion, poverty reduction and economic growth. World Bank. https://www.worldbank.org
   Google Scholar
• Zhang, X., Zhang, J., Wan, G., & Luo, Z. (2019). Fintech, growth, and inequality: Evidence from China’s household survey data. The Singapore Economic Review, 65(supp01), 75–93.
   Google Scholar
• Zhang, X., Zhang, J., Wan, G., & Luo, Z. (2020). Fintech, growth, and inequality: Evidence from China’s household survey data. Singapore Economic Review, 65(1), 75–93. https://doi.org/10.1142/S0217590819440028
   Google Scholar
• Zins, A., & Laurent, W. (2016). The determinants of financial inclusion in Africa. Review of Development Finance, 6(1), 46–57. https://doi.org/10.1016/j.rdf.2016.05.001
   Web of Science ®Google Scholar