References
- 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
- Ang, J. B. (2011). Savings mobilization, financial development and liberalization: The case of Malaysia. Review of Income and Wealth, 57(3), 449–470. https://doi.org/10.1111/j.1475-4991.2010.00411.x
- Apergis, N., & Poufinas, T. (2020). The role of insurance growth in economic growth: Fresh evidence from a panel of OECD countries. The North American Journal of Economics and Finance, 53, 101217. https://doi.org/10.1016/j.najef.2020.101217
- Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58(2), 277–297. https://doi.org/10.2307/2297968
- Asian Development Bank (ADB). (2000). Finance for the poor: Microfinance development strategy. Asian Development Bank. https://www.adb.org/sites/default/files/institutional-document/32094/financepolicy.pdf
- Barcellos, S. H., & Zamarro, G. (2019). Unbanked status and use of alternative financial services among minority populations. Journal of Pension Economics and Finance, 20(4), 468–481. https://doi.org/10.1017/S1474747219000052
- Basnayake, D., Naranpanawa, A., Selvanathan, S., & Bandara, J. S. (2024). Financial inclusion through digitalization and economic growth in Asia-Pacific countries. International Review of Financial Analysis, 96, 103596. https://doi.org/10.1016/j.irfa.2024.103596
- Bayar, Y., & Gavriletea, M. D. (2018). Financial inclusion and economic growth: Evidence from transition economies of European Union. Journal of International Finance and Economics, 18(2), 95–100. https://doi.org/10.18374/JIFE-18-2.9
- Beck, T., Demirgüç-Kunt, A., & Levine, R. (2009). Financial institutions and markets across countries and over time — data and analysis. Policy Research Working Paper, 4943. https://openknowledge.worldbank.org/server/api/core/bit-streams/46a81459-f084-5d07-98ba-c1daa0cd44b5/content
- Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(2), 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8
- Bond, S. R. (2002). Dynamic panel data models: A guide to micro data methods and practice. Portuguese Economic Journal, 1(2), 141–162. https://doi.org/10.1007/s10258-002-0009-9
- Borensztein, E., De Gregorio, J., & Lee, J. W. (1998). How does foreign direct investment affect economic growth? Journal of International Economics, 45(1), 115–135. https://doi.org/10.1016/S0022-1996(97)00033-0
- Breunig, R., & Majeed, O. (2020). Inequality, poverty and economic growth. International Economics, 161, 83–99. https://doi.org/10.1016/j.inteco.2019.11.005
- Chen, H., Liu, Y., Li, Z., & Xue, D. (2017). Urbanization, economic development and health: Evidence from China’s labor-force dynamic survey. International Journal for Equity in Health, 16, 207. https://doi.org/10.1186/s12939-017-0705-9
- Chen, Z., Ali, S., Lateef, M., Khan, A. I., & Anser, M. K. (2023). The nexus between asymmetric financial inclusion and economic growth: Evidence from the top 10 financially inclusive economies. Borsa Istanbul Review, 23(2), 368–377. https://doi.org/10.1016/j.bir.2022.11.004
- Crane, D. B., Froot, K. A., Mason, S. P., Perold, A., Merton, R. C., Bodie, Z., Sirri, E. R., & Tufano, P. (1995). The global financial system: A functional perspective. Harvard Business School Press.
- Creane, S., Goyal, R., Mobarak, A. M., & Sab, R. (2004). Financial sector development in the Middle East and North Africa. IMF Working Paper, WP/04/201. https://www.imf.org/en/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2004/_wp04201.pdf
- 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, 24(2), 1–10. https://doi.org/10.1177/0972262920923891
- Donou-Adonsou, F., & Sylwester, K. (2016). Financial development and poverty reduction in developing countries: New evidence from banks and microfinance institutions. Review of Development Finance, 6(1), 82–90. https://doi.org/10.1016/j.rdf.2016.06.002
- Dorrance, G. S. (1964). Inflation and growth. Finance & Development, 1(001), 32–38. https://www.elibrary.imf.org/view/journals/022/0001/001/article-A004-en.xml
- Ehiedu, V. C., Onuorah, A. C., & Okoh, E. (2021). Automated Teller Machine (ATM) penetration and financial inclusiveness in Nigeria: A tripod banking system approach. Indian Journal of Economics and Business, 20(3), 1093–1104. https://www.ashwinanokha.com/resources/v20-3-62.%20VICTOR%20SCOPUS%20TWO.ED.pdf
- Fischer, S. (1993). The role of macroeconomic factors in growth. Journal of Monetary Economics, 32(3), 485–512. https://doi.org/10.1016/0304-3932(93)90027-D
- Gehrung, M. (2020). The ATM around the corner — how financial development, access, and integration influence economic growth and inequality. https://ssrn.com/abstract=3595265
- Ghosh, S. (2011). Does financial outreach engender economic growth? Evidence from Indian states. Journal of Indian Business Research, 3(2), 74–99. https://doi.org/10.1108/17554191111132206
- Global Findex Database. (2021). Global financial inclusion database. World Bank Group. https://www.worldbank.org/en/publication/globalfindex/download-data
- Haudi, H., Hadion, W., & Yoyok, C. (2020). Analysis of most influential factors to attract foreign direct investment. Journal of Critical Reviews, 7(3), 4128–4135.
- Huang, R., Kale, S., Paramati, S. R., & Taghizadeh-Hesary, F. (2021). The nexus between financial inclusion and economic development: Comparison of old and new EU member countries. Economic Analysis and Policy, 69, 1–15. https://doi.org/10.1016/j.eap.2020.10.007
- Hussain, S., Rehman, A., Ullah, S., Waheed, A., & Hassan, S. (2024). Financial inclusion and economic growth: Comparative panel evidence from developed and developing Asian countries. Sage Open, 14(1). https://doi.org/10.1177/21582440241232585
- Hye, Q. M. A. (2022). Revisiting the linkage between financial inclusion and economic growth: Time series evidence from Vietnam. Edelweiss Applied Science and Technology, 6(1), 15–25. https://doi.org/10.55214/25768484.v6i1.302
- Khan, M. S. & Senhadji, A. S. (2000). Threshold effects in the relationship between inflation and growth. IMF Working Papers 110. https://www.imf.org/external/pubs/ft/wp/2000/wp00110.pdf
- Khan, N., Zafar, M., Okunlola, A. F., Zoltan, Z., & Robert, M. (2022). Effects of financial inclusion on economic growth, poverty, sustainability, and financial efficiency: Evidence from the G20 countries. Sustainability, 14(19), 12688. https://doi.org/10.3390/su141912688
- Kim, D. W., Yu, J. S., & Hassan, M. K. (2018). Financial inclusion and economic growth in OIC countries. Research in International Business and Finance, 43, 1–14. https://doi.org/10.1016/j.ribaf.2017.07.178
- 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
- Kodan, A. S., & Chhikara, K. S. (2013). A theoretical and quantitative analysis of financial inclusion and economic growth. Management and Labour Studies, 38(1–2), 103–133. https://doi.org/10.1177/0258042X13498009
- Levine, R. (1997). Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35(2), 688–726.
- Lucas, R. E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3–42. https://doi.org/10.1016/0304-3932(88)90168-7
- Maity, S., & Sahu, T. N. (2023). Bank branch outreach and access to banking services toward financial inclusion: An experimental evidence. Rajagiri Management Journal, 17(2), 170–182. https://doi.org/10.1108/RAMJ-01-2022-0004
- Mehic, E., Silajdzic, S., & Babic-Hodovic, V. (2013). The impact of FDI on economic growth: Some evidence from Southeast Europe. Emerging Markets Finance and Trade, 49(1), 5–20. https://doi.org/10.2753/ree1540-496x4901s101
- Narain, K., Bhattu-Babajee, R., Gopy-Ramdhany, N., & Seetanah, B. (2022). Assessing the impact of financial inclusion on economic growth: A comparative analysis between lower middle-income countries and upper middle-income countries. The Business and Management Review, 13(1), 68–83.
- Nguyen, H. S., Ho, C. M., Vo, A. T., & Vo, D. H. (2023). The determinants of financial inclusion from the households’ perspectives in Vietnam. PLoS ONE, 18(9), e0291020. https://doi.org/10.1371/journal.pone.0291020
- Nguyen, N. A., Pham, T. T., & Tran, T. T. S. (2018). Assessment of labor export activities in Vietnam. Proceedings of 14th International Conference on Humanities and Social Sciences 2018 (IC-HUSO 2018) 22–23 November 2018. Khon Kaen University. Thailand.
- Nguyen, N. T., Nguyen, H. S., Ho, C. M., & Vo, D. H. (2021). The convergence of financial inclusion across provinces in Vietnam: A novel approach. PLoS ONE, 16(8), e0256524. https://doi.org/10.1371/journal.pone.0256524
- Nguyen, T. A. N., & Luong, T. T. H. (2023). The determinants of financial inclusion in Vietnam: A demand-side approach. Sage Open, 13(4). https://doi.org/10.1177/21582440231210639
- Nguyen, T. A. N., & Nguyen, K. M. (2020). Role of financial literacy and peer effect in promotion of financial market participation: Empirical evidence in Vietnam. The Journal of Asian Finance, Economics and Business, 7(6), 1–8. https://doi.org/10.13106/JAFEB.2020.VOL7.NO6.001
- Odame, C., Appiah, K. O., & Gyimah, P. (2024). The financial inclusion-economic growth nexus: What is new now? Journal of Money and Business, 4(2), 121–137. https://doi.org/10.1108/JMB-05-2023-0026
- Osuma, G. (2025). The impact of financial inclusion on poverty reduction and economic growth in sub-Saharan Africa: A comparative study of digital financial services. Social Sciences & Humanities Open, 11, 101263. https://doi.org/10.1016/j.ssaho.2024.101263
- Pal, S., Vankila, S., & Fernandes, M. N. (2025). Interplay of financial inclusion and economic growth in emerging economies. World Development Sustainability, 6, 100201. https://doi.org/10.1016/j.wds.2025.100201
- Pham, N. N. K., Do, M., Bui, V. H., & Nguyen, G. T. (2018). Rural-to-urban migration in Vietnam: Conceptualized youth’s vulnerabilities in the city. International Journal of Migration, Health and Social Care, 14(1), 117–130. https://doi.org/10.1108/ijmhsc-11-2015-0044
- Sahay, R., Čihák, M., N’Diaye, P., Barajas, A., Mitra, S., Kyobe, A., Mooi, Y. N., & Yousefi, S. R. (2015). Financial inclusion: Can it meet multiple macroeconomic goals? IMF Staff Discussion Note, SDN/15/17. https://www.imf.org/external/pubs/ft/sdn/2015/sdn1517.pdf
- Sarel, M. (1995). Nonlinear effects of inflation on economic growth. IMF Working Papers, 056. https://doi.org/10.5089/9781451968316.001
- Sarma, M (2008). Index of financial inclusion. Indian Council for Research on International Economic Relations Working Paper, 215.
- 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
- Sequeira, T. N. (2021). Inflation, economic growth and education expenditure. Economic Modelling, 99, 105475. https://doi.org/10.1016/j.econmod.2021.02.016
- 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
- Siddiki, J., & Bala-Keffi, L. R. (2024). Revisiting the relation between financial inclusion and economic growth: A global analysis using panel threshold regression. Economic Modelling, 135, 106707. https://doi.org/10.1016/j.econmod.2024.106707
- Singh, R., & Mallick, H. (2024). Financial inclusion in India: An analysis from the user-side perspective. International Journal of Social Economics, 51(9), 1167–1181. https://doi.org/10.1108/IJSE-03-2023-0162
- Sukmana, R., & Ibrahim, M. H. (2018). Financial access and inequality: A quantile assessment. International Journal of Economics and Management, 12(2), 551–557.
- Tran, H. S., Nguyen, T. L., & Huynh, T. N. L. (2019). Understanding financial inclusion in Vietnam. Research in World Economy, 10(3). https://doi.org/10.5430/rwe.v10n3p382
- Tran, H. T. T., Le, H. T. T., Nguyen, N. T., Pham, T. T. M., & Hoang, H. T. (2022). The effect of financial inclusion on multidimensional poverty: The case of Vietnam. Cogent Economics & Finance, 10(1), 2132643. https://doi.org/10.1080/23322039.2022.2132643
- Tran, T. K. (2023). Does microfinancing, financial inclusion, and educational loans alleviate poverty and inequality: Evidence from Vietnam. Technological and Economic Development of Economy, 29(6), 1687–1707. https://doi.org/10.3846/tede.2023.20348
- Tran, T. Q., & Dinh, V. T. T. (2021). Provincial governance and financial inclusion: Micro evidence from rural Vietnam. International Public Management Journal, 24(6), 792–812. https://doi.org/10.1080/10967494.2021.1964009
- United Nations. (2006). Building inclusive financial sectors for development. United Nations Publishing.
- Usman, M., Makhdum, M. S. A., & Kousar, R. (2021). Does financial inclusion, renewable and non-renewable energy utilization accelerate ecological footprints and economic growth? Fresh evidence from 15 highest emitting countries. Sustainable Cities and Society, 65, 102590. https://doi.org/10.1016/j.scs.2020.102590
- Wibowo, D. H., Mardani, Y. E., & Iqbal, M. (2023). Impact of financial inclusion on economic growth and unemployment: Evidence from Southeast Asian countries. International Journal of Finance & Banking Studies, 12(2), 55–66. https://doi.org/10.20525/ijfbs.v12i2.2770
- World Bank. (2008). Banking the poor: Measuring banking access in 54 economies. World Bank Group. https://openknowledge.worldbank.org/entities/publication/b355b8c8-690f-5411-b040-34e0cac89b82