ABSTRACT

This paper aims to first, develop an analytical framework that examines the role of financial inclusion in promoting investment and economic growth, through the reduction of financial imperfections and considering the heterogeneity of access to the financial system. When performing a comparative analysis of the levels of financial inclusion in Africa, we mobilize the principal component analysis methodology to build the African Financial Inclusion Index (AFIndex). To test the empirical validity of the analytical conclusions, we use a panel data regression technique on a database constituted of 33 African countries over the period 2004–2019. Based on model simulations, financial inclusion stimulates investment and economic growth. Empirical results provide evidence attesting to the fact that financial inclusion has a significant and positive impact on investment and economic growth in Africa. The AFIndex shows that most African economies have a low level of financial inclusion. Our model is original as it provides analytical evidence on the negative impact of financial exclusion on economic growth, emphasizing the vital role of financial inclusion for economic growth. The AFIndex is a useful tool for designing and evaluating policies and/or programs intended for promoting financial inclusion in Africa.

摘要

本文旨在首先建立一个分析框架，通过减少金融不完善和考虑金融体系准入的异质性，检验普惠金融在促进投资和经济增长中的作用。在对非洲普惠金融水平进行比较分析时，我们运用主成分分析方法构建非洲普惠金融指数（AFIndex）。为了检验分析结论的实证有效性，我们对 2004-2019 年期间由 33 个非洲国家组成的数据库使用面板数据回归技术。基于模型模拟，普惠金融刺激投资和经济增长。实证结果提供了证据，证明金融包容性对非洲的投资和经济增长具有重大而积极的影响。AFIndex 显示，大多数非洲经济体的金融包容性水平较低。我们的模型是原创的，因为它提供了关于金融排斥对经济增长的负面影响的分析证据，强调了金融包容性对经济增长的重要作用。AFIndex 是设计和评估旨在促进非洲金融包容性的政策和/或计划的有用工具。强调普惠金融对经济增长的重要作用。AFIndex 是设计和评估旨在促进非洲金融包容性的政策和/或计划的有用工具。强调普惠金融对经济增长的重要作用。AFIndex 是设计和评估旨在促进非洲金融包容性的政策和/或计划的有用工具。