Relationship of financial inclusion and physical quality of life: evidences from SAARC countries Online publication date: Wed, 12-May-2021
by Arindam Laha; Avisek Sen
International Journal of Economic Policy in Emerging Economies (IJEPEE), Vol. 14, No. 3, 2021
Abstract: In an inclusive development paradigm, it is expected that the process of financial inclusion reinforces an overall improvement in the quality of life of the population in a country. This paper attempts to examine the cross-country variations in the level of financial inclusion and that of quality of life in SAARC region to establish the empirical relationship between them. Empirical results reveal that linkages from quality of life to financial inclusion is quite robust than the other way round. Evidences in South Asia depict significant cross-country variation: Sri Lanka and Maldives excel in terms of financial inclusion and quality of life, while the performance of Pakistan is not satisfactory at all in both the development indicators. Empirical results based on canonical correlation and the casualty test support the relevance of demand following approach of financial inclusion (rather than supply lending approach) in ensuring higher quality of life.
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