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Defining and measuring financial inclusion: A systematic review and confirmatory factor analysis

Pesque-Cela, V, Tian, L, Luo, D, Tobin, D and Kling, G (2021) Defining and measuring financial inclusion: A systematic review and confirmatory factor analysis. Journal of International Development. ISSN 0954-1748

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Abstract

This study re‐examines the construct of financial inclusion, through a literature review and confirmatory factor analysis (CFA). First, we conduct a systematic review of definitions, measures and data sources. Second, we apply CFA to test two prominent financial inclusion indices. The CFA analysis reveals a high correlation between the ‘access’ and ‘use’ dimensions; hence, indices fail to capture the multidimensionality of financial inclusion. Existing indices tend to be biased towards measuring the supply‐side and quantitative aspects of financial inclusion. The extent to which lower income individuals and smaller firms have been incorporated into the formal financial sector is not captured.

Item Type: Article
Additional Information: This is the peer reviewed version of the following article: Pesqué‐Cela, V, Tian, L, Luo, D, Tobin, D, Kling, G. Defining and measuring financial inclusion: A systematic review and confirmatory factor analysis. J. Int. Dev. 2021; 1– 26., which has been published in final form at https://dx.doi.org/10.1002/jid.3524. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions.
Uncontrolled Keywords: 1402 Applied Economics, 1604 Human Geography, 1605 Policy and Administration
Subjects: H Social Sciences > HF Commerce > HF5001 Business
H Social Sciences > HB Economic Theory
H Social Sciences > HF Commerce
Divisions: Business & Management (new Sep 19)
Publisher: Wiley
Related URLs:
Date Deposited: 04 Mar 2021 12:22
Last Modified: 10 Mar 2021 09:30
DOI or Identification number: 10.1002/jid.3524
URI: https://researchonline.ljmu.ac.uk/id/eprint/14550

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