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and Tatham, R.L. Before we use the entropy weight method to calculate the GFI, we need to describe the statistical properties of the sample data. Note About Forward-Looking Statements. This method is a good statistic for building a FI index because our FI index is a multidimensional index, it is determined by maximizing dimensions (penetration, availability and usage). And of course, the branches here include not only the number of commercial bank branches but also the data of credit union, credit cooperative and all microfinance institution branches. Ghosh, M.M. - Use the PCA to extract the common PC of 2 dimensions. 9010737), International Institute of Social and Economic Sciences, pp. 9010737), International Institute of Social and Economic Sciences, Developing a financial inclusion index for India, Computation of financial inclusion index for India, Financial inclusion and financial stability: current policy issues, Cross-country variation in household access to financial services, Financial inclusion and urbanrural income inequality: long-run and short-run relationships, Financial inclusion Strategies of banks: study of Indian states, International Journal of Applied Financial Management Perspectives, Financial inclusion for sustainable development through Pradhan mantri Jan-Dhan Yojana, Professional Panorama: An International Journal of Applied Management and Technology, The application of electronic computers to factor analysis, Educational and Psychological Measurement, Kept Out or Opted Out. Poverty alleviation requires active adjustment to the credit structure of financial institutions, suitable financial products and services, rational reduction of corporate financing costs, enhancement of regional business environments, support of real economic development, and efficient integration of finance and industry. 4, pp. We should consider alleviating poverty effectively not only by finance development but also by green economy development. To study poverty, we should define it at first. The following Table 4 shows the results of PCs estimates for our composite FI index. For the dimension of finance, this paper considers eight indicators: number of banks per areas, number of bank staff per areas, and so on. It is widely used in parameter estimation of dynamic panel models. (2014) in providing an index using Factor Analysis (FA) or Principal Component Analysis method (PCA) of Camara and Tuesta (2014) to determine the appropriate weights for calculating the FI index is an attempt to overcome the previous criticism, less arbitrary in proposing weights for variables and dimensions. In their study, poverty is the lack of materiality in an economic sense. Green financial industry has the characteristics of long industrial chain, high degree of relevance, and strong absorption capacity, which has a comprehensive pulling effect on economic development and can effectively alleviate poverty. Three dimensions are also indices that we estimate by principal components as linear functions of the explanatory variables. They are projected to leverage an estimated, $4 billion in public and private investment. 7 No. It makes it easy to analyze and assess the level of FI in these countries as well as to study the relationship between FI and other relevant macroeconomic variables. Because in these countries, a large number of remittances still rely on cash. This shows that only the first component has eigenvalue greater than 1, so we just take it to find the weights assigned to the PCs. Accordingly, Table 5 shows the FI index results of countries with relatively high FI levels (average value of FI index>0.5), while Table 6 is the result of FI index of countries with low FI level (FI index0.5). Found inside Page 72Accessed 5 Apr 2020 UN-HABITAT (2016) World Cities Report 2016. Accessed 26 Mar 2018 World Bank (n.d.-b) Global Financial Indicators. In particular, it has the advantage of not using any exogenous, subjective information. Found inside Page 106Standard deviation 0 Coeff. of variation 25 1990 2000 2010 2020 0 1.5 20 15 1 10 .5 5 0 1990 2000 2010 2020 Gini Index Atkinson Index .6 .4 .3 .4 0 1990 The purpose of this paper is to focus on measuring financial inclusion (FI) level for the developing countries. 4, pp. The GFI for each region is shown in Table 5 and Figures 17. Received 29 March 2020 Revised 14 July 2020 Accepted 5 August 2020 Journal of Economics and Development Vol. Although they defined proxies for a quality measure, they did not include it in their composite indicator due to a lack of reliable and available data. Honohan, P. (2008), Cross-country variation in household access to financial services, Journal of Banking and Finance, Vol. In daily business, we pay attention to the protection of the ecological environment and the treatment of environmental pollution in financial business activities and promote the sustainable development of society through the guidance of social economic resources. Life expectancy of Indians at birth in 2019 was 69.7 years while Bangladesh has a life expectancy of 72.6 years and Pakistan 67.3 years, the 2020 Human Development Report said. 1, 2021 pp. Table 7 shows the estimation results of the multiple regression model and static (fixed-effect) and dynamic (system GMM) panel model. See from . Thus, for this dimension, based on the proposal of Beck et al. Suppose stands for the jth indicator of the ith province. Featuring research on topics such as green taxes, intergenerational equity, and shadow economy, this book is ideally designed for government officials, policymakers, economists, financial managers, sustainability developers, and Green finance not only helps promote sustainable economic development but also helps reduce poverty. 1 World Bank GRI Index 2020 This 2020 World Bank GRI Index is an inventory of the sustainability considerations used in World Bank lending and analytical services, as Thereby, there are effective solutions to increase the level of FI to achieve the goal of sustainable economic growth. Accordingly, three dimensions of FI are chosen: the access (penetration of financial services), the availability and the usage. Community Development Financial Institutions Fund United States Department of the Treasury, Community Development Financial Institutions Fund, Building Native CDFIs Sustainability and Impact II, Access for All: Expanding CDFI Impact in the Disability Community. We can also see that our FI index has a positive and significant correlation at the 5% level for both indices. 79-101. Park and R. V. Mercado, Does financial inclusion reduce poverty and income inequality in developing Asia? in, A. Rashid and M. Intartaglia, Financial development-does it lessen poverty?, V. Kappel, The effects of financial development on income inequality and poverty, in, S. Perez-Moreno, Financial development and poverty in developing countries: a causal analysis,, M. Sehrawat and A. K. Giri, Financial development and poverty reduction: panel data analysis of South Asian Countries,, J. Greenwood and B. Jovanovic, Financial development, growth, and the distribution of income,, T. K. Ueda, Financial deepening, inequality, and growth: a model-based quantitative evaluation,, P. Zahonogo, Financial development and poverty in developing countries: evidence from Sub-Saharan Africa,, S. Claessens and E. Perotti, Finance and inequality: channels and evidence,, S. Pulvirenti, R. M. S. Costa, and P. Pavone, Francesco Cupani: the scientific network of his time and the making of the Linnaean system,, G. Ferrauto, R. M. S. Costa, P. Pavone, and G. L. Cantarella, Human impact assessment on the sicilian agroecosystems through the evaluation of melliferous areas,, A. Cuspilici, P. Monforte, and M. A. Ragusa, Study of Saharan dust influence on PM 10 measures in Sicily from 2013 to 2015,. (1998), Multivariate Data Analysis, Prentice hall, Upper Saddle River, NJ, Vol. Demirguc-Kunt, A. and Klapper, L. (2012), Measuring financial inclusion: the global Findex database (No. must be easily available to users. 18-33. Table 3 shows the results of first-stage PCA. The paper analyzes the effect of green finance on poverty alleviation from an empirical perspective and verifies the value of sustainable development for green finance, indicating that green development and economic growth are not incompatible. There is a positive relationship between all indicators and green finance. Finally, the GFI based on the entropy weight method ensures the comparability of green finance development indices between provinces. The twenty-ninth edition of the Global Financial Centres Index (GFCI 29) was published on 17 March 2021. Meanwhile, Camara and Tuesta (2014) used two-stage PCA, wherein, in the first stage, they estimated three subindices (usage, access and barriers), which defined their FI measure. The results of the fixed-effect analysis demonstrate that the GFI, size of financial assets, and level of economic development all have a significant positive effect on poverty alleviation. It is one of the They are projected to make more than. And one of the first attempts to measure the financial sector's access to nations was made by Beck et al. Third, formalize cash flow. Meanwhile, Amidi et al. Pay more attention to the protection of the ecological environment in financial business activities, and promote the sustainable development of society through the guidance of social economic resources. And this has brought criticism in the academic community. First, based on the ideas of Beck et al. The coefficient of government spending is 0.1373, indicating that increasing government spending causes poverty. Demirguc-Kunt and Klapper (2012); Demirguc-Kunt et al. Modify the normalization matrix as follows: The improved entropy weight coefficient is calculated as follows: A standardized decision matrix is obtained: The Euclidean distance of the positive and negative ideal solutions is calculated as. The rate of sulfur dioxide, the rate of solid waste, and the rate of energy consumption are negative indicators of green finance development. The result reveals positive correlations between the GFI and the poverty alleviation. 2, pp. We first use a simple multivariate linear regression method to study the effect of the Chinas GFI on poverty alleviation. However, such benefits are limited to developed countries, since most developing countries lack access to financial services. You can join in the discussion by joining the community or logging in here.You can also find out more about Emerald Engage. Goel, S. and Sharma, R. (2017), Developing a financial inclusion index for India, Procedia computer science, Vol. Increasing infrastructure investment can effectively improve the working environment in economic activities and reduce transaction costs, so it can improve peoples living standards and alleviate poverty. (2020), Financial inclusion and urbanrural income inequality: long-run and short-run relationships, Emerging Markets Finance and Trade, Vol. How robust is the foreign policy-Kearney globalization index? However, there is currently no measure designed to rank. And the addition of other services besides banking-related services to the FI index when calculating this composite index is our special focus to ensure the most comprehensive of FI. 1-27. The summary of measurement variables and FI measurement methods from related studies is presented in Table A9 in the appendix. Subbarao, D. (2009), Financial inclusion: challenges and opportunities, Address delivered at the Bankers Club in Kolkata on December, Vol. Go to resource Universal Health Care coverage is about all people having access to the care they need without financial hardship. Demirguc-Kunt, A., Klapper, L., Singer, D., Ansar, S. and Hess, J. (2016), Does financial inclusion affect monetary policy in SAARC countries?, Cogent Economics and Finance, Vol. The Global Financial Inclusion Database provides 850+ country-level indicators of financial inclusion summarized for all adults and disaggregated by key demographic characteristics-gender, age, education, income, employment status and rural residence. The next section provides an overview of the theoretical basis and previous studies. Meanwhile, many services provided by other financial institutions are not mentioned. Second, our FI index overcomes the use of incomplete proxies for FI. The October 2017 Global Financial Stability Report finds that the global financial system continues to strengthen in response to extraordinary policy support, regulatory enhancements, and the cyclical upturn in growth. 20 No. From the perspective of income, another definition of survival poverty is termed as absolute poverty. In 1948, a World Bank report introduced the concept of income poverty and linked the worlds rich and poor to gross national product for the first time, with less than US$100 annual income on average representing poor or underdeveloped status. It is a complement to the official SDG indicators and the voluntary national reviews. In addition, to ensure that financial services are fully utilized (such as credit, deposits, payments), the usage must be measured in many different forms of service. To reduce poverty, all regions should combine their own characters, identify their most advantageous resources, fully exploit their comparative advantages, vigorously develop their advantageous industries, and improve their economic development. The research results show that there is a significant positive correlation between green finance and poverty alleviation; the higher the level of green finance development, the more conducive the poverty alleviation. However, since the global financial crisis in 2007, world leaders and policymakers have reconsidered and identified the need to focus on sustained FI development. 56 No. The greater financial assets are, the greater poverty alleviation is. And this index is calculated based on a multidimensional approach to similar dimensions of human development index (HDI) implemented by the United Nations Development Program (UNDP) [1]. Multiple regression and static panel and dynamic panel estimation methods all reveal a significant positive relationship between the GFI and poverty alleviation, indicating that developing green finance can effectively reduce poverty. 1, pp. The access (penetration of financial services): A comprehensive financial system needs to have as many users as possible, meaning that it must penetrate widely among those who use it. 141-151. This study uses annual data collected from the results of Financial Access Survey (FAS) of the IMF and Global Findex database of WB for period 20122018 in 40 developing countries (the list is attached in Appendix Table A1). At the same time, we add: mobile money agent outlets per 100,000 adults (mobile money agents) in this dimension serve as a proxy of mobile banking. 37, pp. It was started In addition to improving and strengthening their supervision, financial institutions should eliminate rural financial repression, further loose access requirements, focus on improving the professionalism of financial institutions, expand the scale of credit funds, and improve bond issuance and loan financing for the real economy industry. Figure 1 also illustrates this. Sarma, M. (2016), Measuring financial inclusion for Asian economies, Financial Inclusion in Asia, Palgrave Macmillan UK, London, pp. Green finance achieves the sustainable development goal of the quality of economic growth by promoting environmental governance. Each measure is normalized, statistically identified for each dimension and then aggregated using statistical weights, the aggregation following a weighted geometric mean. Therefore, once again we have enough evidence to confirm that our FI index is valid and relatively strong when compared to other relevant FI indicators. We reject the null hypothesis that no systematic difference exists between the fixed-effect model and the random-effect model. This book examines the emergence of both financial markets and carbon markets, and provides an in-depth investigation on the fundamental determinants of financial development. To measure the usage dimension, Ahamed and Mallick (2019) used the number of bank accounts per 1,000 people. This paper tries to measure the GFI by the entropy weight method. Gupte, R., Venkataramani, B. and Gupta, D. (2012), Computation of financial inclusion index for India, Procedia-Social and Behavioral Sciences, Vol. To address the first research objective, i.e. Through the PCA method, we calculated eigenvalues of each sub-index and estimate the latent variables: penetration (Yp), availability (Ya) and usage (Yu) (described at Table 1). (2019), Zhang and Wang (2019), and Jiang et al. 5, pp. Since when used alone, these indicators can only provide partial and incomplete information about the comprehensiveness of the financial system. (2015), Jin and Liu (2017), Gong et al. and Bairwa, A.K. Moreover, when combined with other studies, it shows that our FI index not only corroborates with them but is also superior to Sarma's technique. The graph (Figure 3) clearly shows that our FI index and the household-based indicator are closely related to each other and are positively correlated. The World Economic Forum publishes a comprehensive series of reports which examine in detail the broad range of global issues it seeks to address with stakeholders as part of its mission of improving the state of the world. Although, the above studies have provided a better measurement of FI level than individual indicators; however, it assigns weights to all variables and dimensions based on the authors' experience and assumes that all parameters have the same effect on FI. The reason for this selection is due to the time and country similarity of the sample. Openness negatively affects poverty alleviation. and Ibrahim, A.S. (2018), Measuring Financial Inclusion in Egypt, available at: https://d1wqtxts1xzle7.cloudfront.net/58890554/Microsoft_Word_-_meas._financial_inclusion_final_.docx.pdf?. and Mercado, R. (2018), Financial inclusion: new measurement and cross-country impact assessment, ADB Economics Working Paper Series (No. Accordingly, outstanding deposits (% of GDP) and outstanding loans (% of GDP) (deposits, loans) have been used to measure this dimension. De Koker, L. and Jentzsch, N. (2013), Financial inclusion and financial integrity: Aligned incentives?, World Development, Vol. The results of multiple regression analysis demonstrate that the GFI, inflation, financial asset level, and economic development level all significantly positively affect poverty alleviation. 133-149. Figure 1 indicates the unbalanced green finance development in north China. 4 No. Empirical analysis demonstrates a positive correlation between economic development and poverty alleviation. In general, the review of the literature discussed above shows that there has been some efforts to develop a composite index to measure FI level. However, depending on the level of socio-economic development of each country, FI is defined in different aspects (Kempson and Whyley, 1999; Aduda and Kalunda, 2012; Akileng et al., 2018). In order to contribute to creating a clearer vision for FI development to a new level for developing countries, the focus that these governments should be: First of all, switching to a cashless system like digitizing all government payments (wages, social transfers and payments to suppliers, etc.) Financial Development Index Rankings xv Part 1: Findings from the Financial 1 Development Index 1.1 The Financial Development Index: 3 Assessing the Worlds Financial Systems by Nouriel Roubini and James Bilodeau 1.2 Finance, Growth, and the Poor 27 by Ross Levine 1.3 Financial Crises, Financial Stability, and Reform: 33 Kaiser, H.F. (1960), The application of electronic computers to factor analysis, Educational and Psychological Measurement, Vol. 9, pp. 5 No. 3 No. The entropy weight method is used to calculate the GFI of various provinces and cities in China. (2017); Ahamed and Mallick (2019) ignored this dimension when developing a FI index. Found insideThere is a vast body of literature estimating the impact of financial development on economic growth, inequality, and economic stability. Static and dynamic panel regression models are employed.where is the first-order lag of the explained variable and is the explanatory variable. Found inside Page 102Financial Development Index, 2017-18 United States Canada Advanced Economies Brazil Chile Mexico Peru Colombia Argentina 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 NACA Program award recipients reported originating more than 6,900 loans or investments totaling more than. In conclusion, the quality of financial enterprises service to the real economy should be improved, and the problems such as financial difficulties should be eliminated. 539 - March 2018), Asian Development Bank, Manila, pp. Comparing to the index of FI proposed by Sarmas (2008, 2016), it can be said that our FI index is superior in many ways. 44, pp. FI is a broad concept. Some other studies also seek to measure the level of FI by simply measuring the proportion of the adults or households of an economy that has access to formal financial services such as bank accounts (e.g. Building a good FI measurement method is important for developing countries. Moreover, from the suggestion of Sarma (2016), we added the variable that previous studies have not included in the FI index: the number of mobile money accounts (mobile money accounts). Except the first PC (comp1 of all three dimension), no other PCs have an eigenvalue greater than 1. Besides reports on its key events and standalone publications such as the Global Competitiveness Report, the Global Risks Report and the Global Gender Gap Report, the Developing green finance is conducive to eliminating poverty and generating wealth. Thus, measurement of FI is necessary to study the impact of various initiatives by stakeholders and to decide on the future course of action. Published by Emerald Publishing Limited. The primary reasons for using the entropy weight evaluation model to measure green finance development are as follows. in New Markets Tax Credit investments in nonmetropolitan counties. Found insideAnd they will shape the prospects of people that may live to see the 22nd century. The 2019 Report explores inequalities in human development by going beyond income, beyond averages and beyond today. 539 - March 2018), Income inequality and regional index of financial inclusion for Islamic bank in Indonesia, Index of financial inclusiona measure of financial sector inclusiveness (No. Above empirical analysis demonstrates a positive relationship between our FI index as discussed above has its own and! Good for Bank stability affordable housing units, 98 % of them for low-income.. Services to places where Bank branches and ATM systems are not mentioned 13 ] used the number branches Conclusion and policy evaluation indices are necessary but not enough for an all inclusive idea ! Actively developing green finance development index of financial activities, environmental protection a Berlin ( GE ) accurately reflect its level, according to the antipoverty experiences from many developing countries have. 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