Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/340349 
Year of Publication: 
2023
Citation: 
[Journal:] Borsa İstanbul Review [ISSN:] 2214-8469 [Volume:] 23 [Issue:] 1 [Year:] 2023 [Pages:] 22-33
Publisher: 
Elsevier, Amsterdam
Abstract: 
Sub-Saharan African (SSA) countries are struggling as they have a lower level of human capital than developed countries. These economies are also trying to develop their financial sector with improved products and services. The main cause of their slow development in this region is income disparity. In view of this potential problem, this study examines the impact of financial inclusion and income inequality on human capital in SSA countries. To test this, we use panel data from 36 SSA from 2004 to 2019. Controlling for other economic indicators, we find that a high level of financial inclusion and a reduction in income inequality improve human capital. Then, we test this association separately for the dimension of financial inclusion. Afterward, our study uses the GMM technique to address endogeneity concerns. Additional tests confirm that our results are robust when SSA economies have a high level of education.
Subjects: 
Education
Financial inclusion
Human capitalIncome inequality
Sub-Saharan African countries
JEL: 
E24
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article
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