IMPACT OF FINANCIAL INCLUSION ON THE FINANCIAL SYSTEM:
A COMPREHENSIVE SYSTEMATIC REVIEW
Keywords:
financial inclusion, financial system and financial inclusion index.
Abstract
This study examines the scientific literature concerning financial inclusion, financial systems, and inclusion indices to analyze their structural information. Moreover, it delves into the theories and methodologies presented in the literature and outlines potential avenues for future research. A systematic review of the Scopus database identified 16 articles published between 2016 and 2022, underscoring the limited exploration of this pertinent subject. Employing VOSviewer, a bibliometric analysis was conducted, followed by detailed examination and responses to research queries. The findings affirm the nascent yet burgeoning literature on financial inclusion, predominantly characterized by homogeneous theoretical approaches. Quantitative methods emerge as a focal point, reflecting the interest of international entities such as the International Monetary Fund and the World Bank.
References
Banco Mundial. (29 de marzo de 2022). Obtenido de Banco Mundial:
https://www.bancomundial.org/es/topic/financialinclusion/overview#1
Bando Mundial. (29 de marzo de 2022). Obtenido de Banco Mundial:
https://www.bancomundial.org/es/topic/financialinclusion/overview
Cecchetti, S. G., Flores‐Lagunes, A., & Krause, S. (2006). Has monetary policy
become more efficient? A cross‐country analysis. The Economic Journal,
116(511), 408-433.
CGAP. (2012). Obtenido de Advancing financial access for the world's poor.
Annual report.: https://www.cgap.org/sites/default/files/organizational-
documents/CGAP-Annual-Report-Dec-2012.pdf
Chen, Y., Yang, S., & Li, Q. (2022). How does the development of digital financial
inclusion affect the total factor productivity of listed companies? evidence from
china. Finance Research Letters, 47 doi:10.1016/j.frl.2022.102956
Dabla-Norris, M. E., & Srivisal, M. N. (2013). Revisiting the link between finance
and macroeconomic volatility. International Monetary Fund.
18
Dahiya, S., & Kumar, M. (2020). Linkage between financial inclusion and economic
growth: An empirical study of the emerging indian economy. Vision, 24(2),
184-193. doi:10.1177/0972262920923891
Elouaourti, Z., & Ezzahid, E. (2022). Factors of regional financial inclusion in
morocco. Regional Science Policy and Practice, doi:10.1111/rsp3.12516
Ezzahid, E., & Elouaourti, Z. (2022). Financial inclusion, financial frictions, and
economic growth: Evidence from africa. Journal of African Business, 23(3),
731-756. doi:10.1080/15228916.2021.1926856
Ezzahid, E., & Elouaourti, Z. (2021). Financial inclusion, mobile banking, informal
finance and financial exclusion: Micro-level evidence from
morocco. International Journal of Social Economics, 48(7), 1060-1086.
doi:10.1108/IJSE-11-2020-0747
Fang, W., Farooq, U., Liu, Z., Lan, J., & Iram, R. (2022). Measuring energy
efficiency financing: A way forward for reducing energy poverty through
financial inclusion in OECD. Environmental Science and Pollution
Research, 29(47), 71923-71935. doi:10.1007/s11356-022-20139-8
Goel, S., & Sharma, R. (2017). Developing a financial inclusion index for india.
Paper presented at the Procedia Computer Science, 122 949-956.
doi:10.1016/j.procs.2017.11.459 Retrieved from www.scopus.com
i Humet, J. S., Carmona, R. G., & Torruella, J. B. (2005). Análisis de los factores
de exclusión social. Fundación BBVA, 84-87.
19
Lenka, S. K., & Bairwa, A. (2016). Does financial inclusion affect monetary policy in
SAARC countries? Cogent Economics and Finance, 4(1)
doi:10.1080/23322039.2015.1127011
Liñán, F., & Fayolle, A. (2015). A systematic literature review on entrepreneurial
intentions: citation, thematic analyses, and research agenda. International
Entrepreneurship and Management Journal, 11, 907-933.
Maity, S. (2019). Financial inclusion and multidimensional poverty reduction
through self-help-group-led microfinance: Evidence from bodoland, assam,
india. Enterprise Development and Microfinance, 30(3), 152-173.
doi:10.3362/1755-1986.18-00012
Mascarenhas, C., Marques, C. S., Galvão, A. R., & Santos, G. (2017).
Entrepreneurial university: towards a better understanding of past trends and
future directions. Journal of Enterprising Communities: People and Places in
the Global Economy, 11(03), 316-338.
Merigó, J. M., & Yang, J. B. (2017). A bibliometric analysis of operations research
and management science. Omega, 73, 37-48.
Miranda, F., Chamorro-Mera, A. and Rubio, S. (2017). Academic entrepreneurship
in Spanish universities: An analysis of the determinants of entrepreneurial
intention. European Research on Management and Business Economics,
23(2), 113-122.
20
Mojica, M. B. R., & Mapa, C. D. S. (2017). An index of financial inclusion in the
philippines: Construction and analysis. Philippine Statistician, 66(1), 59-74.
Retrieved from www.scopus.com
Ofori-Abebrese, G., Baidoo, S. T., & Essiam, E. (2020). Estimating the effects of
financial inclusion on welfare in sub-saharan africa. Cogent Business and
Management, 7(1) doi:10.1080/23311975.2020.1839164
Pham, T. T. T., Nguyen, T. V. H., & Nguyen, K. (2019). Does bank competition
promote financial inclusion? A cross-country evidence. Applied Economics
Letters, 26(13), 1133-1137. doi:10.1080/13504851.2018.1540833
Salazar Cantú, J. D. J., Rodríguez Guajardo, R. C., & Jaramillo Garza, J. (2017).
Inclusión financiera y cohesión social en los municipios de México. Revista
mexicana de economía y finanzas, 12(3), 45-66.
Schmitz, A., Urbano, D., Dandolini, G. A., de Souza, J. A., & Guerrero, M. (2017).
Innovation and entrepreneurship in the academic setting: a systematic
literature review. International Entrepreneurship and Management Journal, 13,
369-395.
Shapoval, Y., Shkliar, A., Shpanel-Yukhta, O., & Gruber, K. (2021). The level of
financial inclusion in ukraine: Measuring access, quality, and usage of financial
products and services. Banks and Bank Systems, 16(2), 59-67.
doi:10.21511/bbs.16(2).2021.06
21
Singh, K. (2021). The extent of financial inclusion through MGNREGS: A district
level analysis in west bengal, india. International Journal of Social
Economics, 48(1), 121-139. doi:10.1108/IJSE-11-2019-0659
Wang, X., & Guan, J. (2017). Financial inclusion: Measurement, spatial effects and
influencing factors. Applied Economics, 49(18), 1751-1762.
doi:10.1080/00036846.2016.1226488
Yorulmaz, R. (2018). An analysis of constructing global financial inclusion
indices. Borsa Istanbul Review, 18(3), 248-258. doi:10.1016/j.bir.2018.05.001
https://www.bancomundial.org/es/topic/financialinclusion/overview#1
Bando Mundial. (29 de marzo de 2022). Obtenido de Banco Mundial:
https://www.bancomundial.org/es/topic/financialinclusion/overview
Cecchetti, S. G., Flores‐Lagunes, A., & Krause, S. (2006). Has monetary policy
become more efficient? A cross‐country analysis. The Economic Journal,
116(511), 408-433.
CGAP. (2012). Obtenido de Advancing financial access for the world's poor.
Annual report.: https://www.cgap.org/sites/default/files/organizational-
documents/CGAP-Annual-Report-Dec-2012.pdf
Chen, Y., Yang, S., & Li, Q. (2022). How does the development of digital financial
inclusion affect the total factor productivity of listed companies? evidence from
china. Finance Research Letters, 47 doi:10.1016/j.frl.2022.102956
Dabla-Norris, M. E., & Srivisal, M. N. (2013). Revisiting the link between finance
and macroeconomic volatility. International Monetary Fund.
18
Dahiya, S., & Kumar, M. (2020). Linkage between financial inclusion and economic
growth: An empirical study of the emerging indian economy. Vision, 24(2),
184-193. doi:10.1177/0972262920923891
Elouaourti, Z., & Ezzahid, E. (2022). Factors of regional financial inclusion in
morocco. Regional Science Policy and Practice, doi:10.1111/rsp3.12516
Ezzahid, E., & Elouaourti, Z. (2022). Financial inclusion, financial frictions, and
economic growth: Evidence from africa. Journal of African Business, 23(3),
731-756. doi:10.1080/15228916.2021.1926856
Ezzahid, E., & Elouaourti, Z. (2021). Financial inclusion, mobile banking, informal
finance and financial exclusion: Micro-level evidence from
morocco. International Journal of Social Economics, 48(7), 1060-1086.
doi:10.1108/IJSE-11-2020-0747
Fang, W., Farooq, U., Liu, Z., Lan, J., & Iram, R. (2022). Measuring energy
efficiency financing: A way forward for reducing energy poverty through
financial inclusion in OECD. Environmental Science and Pollution
Research, 29(47), 71923-71935. doi:10.1007/s11356-022-20139-8
Goel, S., & Sharma, R. (2017). Developing a financial inclusion index for india.
Paper presented at the Procedia Computer Science, 122 949-956.
doi:10.1016/j.procs.2017.11.459 Retrieved from www.scopus.com
i Humet, J. S., Carmona, R. G., & Torruella, J. B. (2005). Análisis de los factores
de exclusión social. Fundación BBVA, 84-87.
19
Lenka, S. K., & Bairwa, A. (2016). Does financial inclusion affect monetary policy in
SAARC countries? Cogent Economics and Finance, 4(1)
doi:10.1080/23322039.2015.1127011
Liñán, F., & Fayolle, A. (2015). A systematic literature review on entrepreneurial
intentions: citation, thematic analyses, and research agenda. International
Entrepreneurship and Management Journal, 11, 907-933.
Maity, S. (2019). Financial inclusion and multidimensional poverty reduction
through self-help-group-led microfinance: Evidence from bodoland, assam,
india. Enterprise Development and Microfinance, 30(3), 152-173.
doi:10.3362/1755-1986.18-00012
Mascarenhas, C., Marques, C. S., Galvão, A. R., & Santos, G. (2017).
Entrepreneurial university: towards a better understanding of past trends and
future directions. Journal of Enterprising Communities: People and Places in
the Global Economy, 11(03), 316-338.
Merigó, J. M., & Yang, J. B. (2017). A bibliometric analysis of operations research
and management science. Omega, 73, 37-48.
Miranda, F., Chamorro-Mera, A. and Rubio, S. (2017). Academic entrepreneurship
in Spanish universities: An analysis of the determinants of entrepreneurial
intention. European Research on Management and Business Economics,
23(2), 113-122.
20
Mojica, M. B. R., & Mapa, C. D. S. (2017). An index of financial inclusion in the
philippines: Construction and analysis. Philippine Statistician, 66(1), 59-74.
Retrieved from www.scopus.com
Ofori-Abebrese, G., Baidoo, S. T., & Essiam, E. (2020). Estimating the effects of
financial inclusion on welfare in sub-saharan africa. Cogent Business and
Management, 7(1) doi:10.1080/23311975.2020.1839164
Pham, T. T. T., Nguyen, T. V. H., & Nguyen, K. (2019). Does bank competition
promote financial inclusion? A cross-country evidence. Applied Economics
Letters, 26(13), 1133-1137. doi:10.1080/13504851.2018.1540833
Salazar Cantú, J. D. J., Rodríguez Guajardo, R. C., & Jaramillo Garza, J. (2017).
Inclusión financiera y cohesión social en los municipios de México. Revista
mexicana de economía y finanzas, 12(3), 45-66.
Schmitz, A., Urbano, D., Dandolini, G. A., de Souza, J. A., & Guerrero, M. (2017).
Innovation and entrepreneurship in the academic setting: a systematic
literature review. International Entrepreneurship and Management Journal, 13,
369-395.
Shapoval, Y., Shkliar, A., Shpanel-Yukhta, O., & Gruber, K. (2021). The level of
financial inclusion in ukraine: Measuring access, quality, and usage of financial
products and services. Banks and Bank Systems, 16(2), 59-67.
doi:10.21511/bbs.16(2).2021.06
21
Singh, K. (2021). The extent of financial inclusion through MGNREGS: A district
level analysis in west bengal, india. International Journal of Social
Economics, 48(1), 121-139. doi:10.1108/IJSE-11-2019-0659
Wang, X., & Guan, J. (2017). Financial inclusion: Measurement, spatial effects and
influencing factors. Applied Economics, 49(18), 1751-1762.
doi:10.1080/00036846.2016.1226488
Yorulmaz, R. (2018). An analysis of constructing global financial inclusion
indices. Borsa Istanbul Review, 18(3), 248-258. doi:10.1016/j.bir.2018.05.001
Published
2023-10-20
Section
Artículos
