Financial Sector Development Plan Zambia Pdf – Are Islamic index companies different from others? Evidence of the cost of debt in sharia companies in Indonesia
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Financial Sector Development Plan Zambia Pdf
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Five Actions To Implement Behavioral Economics In Financial Services
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Received: 29 January 2022 / Revised: 7 May 2022 / Accepted: 11 May 2022 / Published: 19 May 2022
Does Financial Development Reduce The Level Of Corruption? Evidence From A Global Sample Of 140 Countries
There is a thick literature on the relationship between financial sector development (FSD) and income inequality. However, Most of these studies use FSD depth measurements. This study argues that different components of FSD have different effects on income inequality. This study first tests the overall effect of FSD on income inequality. We then examine the linear and non-linear effects of measures of financial sector development (depth and reach) on income inequality. What’s new about the study is that it uses financial data such as ATMs per adult and the Financial Access Index to compare the depth of the financial sector’s impact on inequality (domestic credit growth) and their impact on income inequality. In addition, Few studies have examined the overall effect of FSD. To deal with the endogeneity problem; The study uses the Generalized Method of Moments (GMM) on panel data from 120 countries between 2004 and 2019. The results of the study are threefold. First, total FSD index; The study found that individual financial institutions and market development indicators reduce income inequality. Second, Different measures of FSD are found to have different effects on income inequality due to increased access to financial services. Although the depth of the financial sector narrows income inequality in a linear fashion, The results support a U-shaped relationship with income inequality, thus the non-linear model shows the hypothesis of excessive financialization. These results are important for policy decisions on fiscal reform and income distribution. These results suggest that financial sector reforms can be designed to reduce income inequality by increasing credit access and credit policy provisions.
Rising income inequality has been at the forefront of public debate. for example, Reducing income inequality is one of the ten Sustainable Development Goals (SDGs) of the UN 2030 Agenda. Subsequently, policymakers around the world are concerned about the economic and social consequences of rising income inequality. This paper aims to show that financial sector development (FSD) can be one of the tools to reduce income inequality. FSD is growing, Advanced countries are leading and developing countries are catching up. Financial institutions have grown in terms of trading volume and geography. As the financial sector grows, so does the complexity and number of financial instruments. Today, unlimited banks continue to thrive. Because FSD affect individuals’ economic opportunities, it is natural to examine their impact on income distribution. According to the theoretical and empirical literature, financial institutions and markets shape the gap between rich and poor by (1) starting a business or providing financial literacy (human capital to access finance); (2) Borrowers through capital leases/profits; . collecting (iii) promoting the participation of poor households in economic activities and reducing economic vulnerability; (4) through the structure of labor demand;
Furthermore, entry into the financial sector represents an inequality of opportunity. For example, rural people Women and poor households are the most unbanked households. Therefore, Improving access to financial services, especially for the poor, is one of the key tools to achieve UN SDG Goal 8 (Economic Growth and Sustainable Employment). Increasing access to financial services is a key focus of the World Bank Group’s Universal Financial Access 2020 initiative. This is because financial inclusion can promote economic growth, stimulate savings, and reduce income inequality by promoting the formalization of labor and businesses.
Therefore, the main objective of this paper is to examine the overall impact of FSD and its various components on income inequality. Therefore, this paper attempts to contribute to the following questions. (i) What is the overall effect of FSD on income inequality? (ii) How does the depth of the financial sector (domestic credit) affect income inequality? (iii) How does increased access to financial services affect income inequality? The empirical results of these questions can inform financial sector reform and equitable general prosperity. What are the benefits of FSD? It is important to ask who benefits most from these developments. This concern is reasonable given that asset pooling in the financial system has large negative consequences. This study further suggests that, on average, FSD reduces income inequality, but different dimensions of FSD may have different effects on income inequality.
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Therefore, The study included total FSD support; It contributes to the existing literature by distinguishing financial depth and income inequality. This is because very few studies have examined the effects of FSD. Furthermore, to the best of my knowledge; There are no empirical tests of the impact of financial institutions development and market indicators on income inequality. The study is conducted on the basis of annual data from 2004 to 2019 and uses the GMM technique. The robust methodology used also contributes to the mixed literature. The steady-state GMM is superior to the GMM because it has less variance and bias. Robust system GMM provides efficient and robust heteroskedasticity and autocorrelation results. Furthermore, the study found that overall FSD reduces income inequality, primarily through access to financial institutions rather than financial markets. Again, The study found that the depth of financial institutions has a significant effect on income inequality, but the depth of financial markets has no significant effect.
The rest of the activities are planned as follows. Section 2 covers the theoretical framework and review of the literature, including aspects of FFS and income inequality. Chapter 3 discusses data collection and methodology. Section 4 presents the results. Section 5 and Section 6 present the implications and conclusions of the findings, respectively.
For the theoretical framework, I begin the analysis by building on the seminal work of Demirguk-Kunt and Levin (2009), focusing specifically on their contributions to theories of financial inequality. By analyzing income from labor and income from physical capital, we can analyze how FSD can affect inequality (Demirguc-Kunt and Levine 2009).
Equation (1) was proposed by Demirguk-Kunt and Levin (2009) and Piketty (2014). The argument is as follows. Wage income accounts for about 70 percent of income inequality and is highly correlated with human capital development (Demirguc-Kunt and Levine 2009; Francese and Mulas-Granados 2015). At the same time, Income from physical capital increases inequality through rent seeking (Demirguc-Kunt and Levine 2009; Piketty 2014; Mihalyi and Szelenyi 2019). The argument is that inequality arising from physical capital is greater than that arising from labor income. for example, Piketty (2014) focused on the rents received by the 1% income group and inherited wealth; He suggested that the capitalist environment and rising profits exacerbated inequality. On the contrary, Mihalyi and Szelenyi (2019) focus on rent-seeking in the 20% income group and differentiate the types of rents in the metropolitan system. Unlike the work of Piketty (2014), Mihal and Szelen (2019) distinguish between profit and rent. From this difference, Mihaly and Szeleni (2019) find that higher profits and wage income affect economic growth and reduce rent increases. In addition, Theories of persistent inequality in the development of the financial sector are discussed in terms of income inequality of wages and physical capital. Demirguk-Kunt and Levine (2009) consider imperfections in financial institutions (e.g., information and contracting costs that hinder investment screening and monitoring of financial contracts).
On Financial Innovation In Developing Countries: The Determinants Of Mobile Banking And Financial Development In Africa 
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