Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/331533 
Year of Publication: 
2025
Series/Report no.: 
IES Working Paper No. 14/2025
Publisher: 
Charles University in Prague, Institute of Economic Studies (IES), Prague
Abstract: 
We present a comprehensive meta-analysis of the determinants of financial inclusion, synthesizing 3,817 estimates from 102 studies published between 2013 and 2024. To reconcile divergent findings, we convert all results to a common unbiased metric-the partial correlation coefficient corrected via the UWLS+3 approach-and apply recent advances in meta-analysis methodology. The evidence shows that while reported effects are small and positive, they are systematically inflated by publication bias; once corrected, the underlying impact is more modest but remains economically meaningful. Among determinants, income-related factors play only a minor role, whereas technology, infrastructure, and persistence over time have far greater influence. Regional variation is substantial: Sub-Saharan Africa and MENA benefit more consistently from inclusion drivers than Europe or Asia. The results temper overly optimistic interpretations of individual studies and provide robust benchmarks for policymakers seeking to design effective and realistic strategies for advancing inclusive finance worldwide.
Subjects: 
Financial inclusion
banks
meta-analysis
model uncertainty
publication bias
Bayesian model averaging
JEL: 
C83
G21
O16
Document Type: 
Working Paper

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