Exploring the relationship between financial inclusion and natural resource utilization in QUAD economies.

Publisher: Springer Country of Publication: Germany NLM ID: 9441769 Publication Model: Print-Electronic Cited Medium: Internet ISSN: 1614-7499 (Electronic) Linking ISSN: 09441344 NLM ISO Abbreviation: Environ Sci Pollut Res Int Subsets: MEDLINE

Publication: <2013->: Berlin : Springer
Original Publication: Landsberg, Germany : Ecomed

Economic Development* ; Investments*; Humans ; Cross-Sectional Studies ; Australia ; Natural Resources ; Renewable Energy ; Carbon Dioxide

This study delves into the intricate relationship between financial inclusion (FIC) and economic development (ED) within the context of QUAD nations, including the USA, Australia, India, and Japan. Using panel data spanning from 2000 to 2021, the research investigates this relationship by employing various statistical techniques. Initially, the Jarque-Bera (JB) normality test highlights the non-normal distribution of the data. Furthermore, the findings reveal varying slopes and cross-sectional interdependence among the variables, while the panel unit root test confirms their non-stationarity. Consequently, the adoption of the method of moment quantile regression is deemed appropriate for the analysis. The study's results uncover a negative association between FIC and total natural resource rent (TNRR), while renewable-energy usage (REU), ED, and foreign direct investment (FDI) exhibit a positive relationship with FIC. Notably, the impact of TNRR on FIC diminishes at higher quantiles, indicating a diminishing effect. Similarly, the influence of REU and ED on FIC also decreases at higher quantiles, suggesting a reduced contribution as other sectors gain prominence. Conversely, FDI positively affects FIC, with a more pronounced impact observed at higher quantiles. Policy recommendations for QUAD nations include enhancing FIC initiatives, promoting REU, fostering balanced ED, attracting FDI, and encouraging collaborative efforts among the nations. Furthermore, it is imperative for developing nations to implement widespread financial literacy programs specifically targeting vulnerable and marginalized populations, equipping individuals with essential knowledge to make informed financial decisions and gain access to formal financial services.
(© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

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23BJY085 National Social Science Fund of China

Keywords: Economic development; FDI; Financial-inclusion; QUAD countries; Renewable energy utilization; Total natural resources rents

142M471B3J (Carbon Dioxide)

Date Created: 20231118 Date Completed: 20231218 Latest Revision: 20231227

20231227

10.1007/s11356-023-30907-9

37979108