Essays on global financial inclusion
Başlık çevirisi mevcut değil.
- Tez No: 402755
- Danışmanlar: DR. DAVID CUBERES, DR. VASSILIS SARANTIDES
- Tez Türü: Doktora
- Konular: Bankacılık, Ekonomi, Maliye, Banking, Economics, Finance
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2016
- Dil: İngilizce
- Üniversite: The University of Sheffield
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 212
Özet
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Özet (Çeviri)
This thesis consists of three main essays on the global dimension of financial inclusion. These empirical analyses are different, yet related to each other. The main focus of the thesis is on constructing a broader multidimensional measure of financial inclusion as a composite index that can be used to assess the ease of and use of the access to financial markets. Additionally, as one of the main contributions of this study, access to other financial institutions such as microfinance institutions, post offices and cooperatives, has been added to the analysis to explore its impact on poverty and Islamic finance. The International Monetary Fund's International Financial Statistics and Financial Access Survey databases, the World Bank's Global Financial Development and Global Findex databases, and the survey data by Beck et al. (2006a) are used to collect the indicators of the indices. Using the broader multidimensional financial inclusion indices as a proxy of financial access, the study aims to assess the impact of financial inclusion on poverty reduction in the third chapter. In the next chapter, using the constructed financial inclusion indices as a proxy of financial exclusion, it aims to explore the impact of Islamic finance on financial exclusion to examine why our constructed financial inclusion indices are better measurements of financial access. Using the constructed indices in two different analyses, this thesis tests the arguments in studies that have made original contributions in the literature, to explore the predictability and comparability of these indices as the proxy of financial inclusion. Following the steps of the OECD's handbook on constructing composite indices, the second chapter aims to measure the extent of financial access by constructing a broader multidimensional financial inclusion index, which contains aggregate information of the extent of a financial system in an economy using both demand and supply-side information in one single index. Adding the survey data of Demirguc-Kunt et al. (2015) and Beck et al. (2006a), which contain individual financial access information, this chapter extends the findings of previous studies by exploring broader, cross-country time-series data, which provides not only household-based, but also individual usage of financial services, along with other various indicators of financial access. Hence, using such data might provide a proper indicator for attracting researchers and policymakers. Unlike the previous financial inclusion studies, this chapter explores a new indicator as an additional proxy for financial inclusion. This contains access to other financial institutions. This new proxy comprises access to microfinance institutions, cooperatives and post offices. Thus, this chapter explores this new indicator along with other constructed financial inclusion indices. The third chapter empirically assesses the association between financial inclusion and poverty reduction, using the constructed indices in the previous section as a proxy of financial inclusion with a panel data from 143 developing and developed countries for the period 2004 to 2011. As one of the main contributions of this chapter, and unlike previous financial inclusion studies, it examines access indicators from other financial institutions such as micro finance institutions, cooperatives and post offices as the second proxy of financial inclusion in the models to assess their impact on poverty. The results suggest that broader access to financial services, from conventional banks to other financial institutions such as microfinance institutions, have significant effects on poverty reduction. It provides evidence that the constructed financial inclusion index is a good source to measure the extent of financial access while examining the impact of financial access outreach on specific poverty measures to eliminate involuntary financial exclusion. The fourth chapter empirically investigates the effects of increasing the supply of Islamic banking services on voluntarily financially excluded groups using 52 Organization of Islamic Cooperation (OIC) member countries and 118 countries from different economic and geographic backgrounds. Additionally, it explores the relative performance of Islamic and conventional banks during the recent global financial crisis to test the arguments in the literature using the constructed financial inclusion index. Finally, this chapter further aims to: i) assess the mechanisms by which the impact of Islamic finance on financial exclusion occurs in Muslimdominant countries, and ii) explore the mechanisms by which Islamic banks provide better performance during the global crisis using an aggregate data for Islamic banking products. The results suggest that, in improving on the arguments in the literature, we find a relatively stronger association between Islamic banking and financial inclusion in both country samples using our own financial inclusion measures. In this regard, our broader multidimensional financial inclusion index seems to efficiently explain the extent of financial access in terms of assessing the link between financial inclusion and Islamic finance to eliminate voluntary financial exclusion. In the meantime, testing the results in the literature using our constructed financial inclusion indices and the conventional bank proxy that has been used in previous studies, we find evidence that Islamic banks performed relatively better during the global financial crisis period. Furthermore, with the modification of the results in the literature, we find evidence that the redistributive tools of Islamic finance such as Zakah and Mudarabah explain the mechanism of this performance during the financial crisis period.
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