Role of financial development on social development A case of low-income countries

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dc.contributor.authorIqra Qurban
dc.date.accessioned2025-07-31T06:37:30Z
dc.date.available2025-07-31T06:37:30Z
dc.date.issued2021-10-04
dc.description.abstractThe motive of this study is to investigate whether there is a linkage between financial development, economic growth and social development. In order to achieve the study objective, the relationship between financial development, social development and economic growth by using both timeā€series and panel data from 29 low-income countries for the period 1990-2018. The availability of data determined the choice of the sample. Which includes Poverty, Labour Force total, Gross Fixed Capital Formation, Trade, Banking sector development, Stock market development, School enrolment (Tertiary), and Domestic Credit are the constructs of financial development and Gross Domestic Product, inflation and Gross National Income for economic growth. Multiple regressions are applied to test the proposed hypotheses. The empirical findings represent that only credit to the private sector has a positive and significant effect on economic growth among the proxies of banking sector development. The study supports the prevalent view that financial development and economic growth knowingly influence social development. Given the evidence, we can reasonably argue that financial development contributes to the economic growth of a country, which further leads to social development and well-being.
dc.identifier.urihttps://escholar.umt.edu.pk/handle/123456789/4143
dc.publisherUMT,Lahore
dc.titleRole of financial development on social development A case of low-income countries
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