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Determinants of financial inclusion in South Asia: The moderating and mediating roles of internal conflict settlement

Murshed, Muntasir, Ahmed, R., Al-Tal, Raad Mahmoud, Kumpamool, Chamaiporn, Vetchagool, Witchulada, Avarado, Rafael (2023) Determinants of financial inclusion in South Asia: The moderating and mediating roles of internal conflict settlement. Research in International Business and Finance, 64 . Article Number 101880. ISSN 0275-5319. (doi:10.1016/j.ribaf.2023.101880) (KAR id:99718)


Financial inclusion is recognized as a key enabler of the 2030 Sustainable Development Goals agenda of the United Nations. Hence, this study investigates the impacts of internal conflicts, economic growth, information and communications technology, institutional quality, and remittance inflows on financial inclusion in selected South Asian countries. Notably, both the independent and moderating/mediating effects of internal conflict settlement on financial inclusion are explored for the countries of concern. Overall, the results from the econometric analysis reveal that internal conflict resolution, higher mobile subscriptions, and lower levels of corruption improve financial inclusivity while higher economic growth inhibits financial inclusion in South Asia. Further, resolving internal conflicts is found to indirectly boost financial inclusion by moderating the economic growth-financial inclusion nexus and mediating the remittance inflows-financial inclusion relationship. In line with these key findings, several financial inclusion-related policies are recommended to help promote financial inclusivity across South Asia.

Item Type: Article
DOI/Identification number: 10.1016/j.ribaf.2023.101880
Uncontrolled keywords: Financial inclusion, Internal conflict, Sustainable Development Goals, Political instability, South Asia
Subjects: H Social Sciences > HF Commerce > HF5351 Business
H Social Sciences > HF Commerce > HF5601 Accounting
H Social Sciences > HG Finance
Divisions: Divisions > Kent Business School - Division > Department of Accounting and Finance
Funders: University of Kent (
SWORD Depositor: JISC Publications Router
Depositing User: JISC Publications Router
Date Deposited: 27 Jan 2023 14:05 UTC
Last Modified: 30 Jan 2023 10:30 UTC
Resource URI: (The current URI for this page, for reference purposes)

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