PurposeThe paper empirically investigates the impact of financial inclusion on food security. Subsequently, it examines the overall effect of various dimensions of financial inclusion on food security of developing countries using the panel data for the time period of 2004–2019.Design/methodology/approachTo overcome the problem of endogeneity, the study has used a fixed-effect model, two-stage least-square and system generalized method of moments estimation techniques. Secondary data was collected from various websites such as WDI, FAO, UNICEF and UNESCO.FindingsIt was found in the study that there is a significant effect of financial inclusion on food security. The evidence shows that if there is more financial inclusion in the country, it will help poor people to cope with difficult situations they face and provide them food security. Financial development, per capita income, agriculture growth and education positively affect food security, while militarization and urbanization have a negative impact on food security. The crux of the analysis is that any country's financial sector is an integral part of any country that supports food security.Originality/valueThe literature does not clearly show the impact of financial inclusion dimensions on developing countries' food security. Therefore, there is a need to use all the dimensions of financial inclusion to check the overall impact on food security. For this purpose, the financial inclusion index is developed. A new dimension of non-life insurance is introduced that has not been used previously by any researcher to check financial inclusion impact.
Purpose
This paper aims to conduct an empirical investigation of how financial inclusion impacts women empowerment. Then, it examines the overall effect of various dimensions of financial inclusion on women empowerment in developing countries using the panel data for the time period of 2004–2019.
Design/methodology/approach
To overcome the problem of endogeneity, the study has used a fixed-effect model, two-stage least square GMM estimation techniques. Secondary data was collected from various websites such as WDI, UNICEF and UNESCO.
Findings
The results show that generally, the influence of financial inclusion on women empowerment is positive, confirming previous empirical literature results. The study found evidence that if there is more financial inclusion in the country, it will benefit women by enabling them to see their qualities and skills, which make them strong and dominant. Proper development and enhancement of those skills are only possible if proper education, awareness and space are given to express oneself. According to the results, financial development, gender parity index and women's employment positively affects women empowerment, while gender discrimination has a negative impact on women empowerment. The study highlights that to encourage women empowerment in developing countries. Governments and policymakers have to carefully check and reconsider that what are the most optimal financial inclusion programs that will help to improve the women empowerment in the country.
Practical implications
The study highlights that to encourage women empowerment in developing countries, governments and policymakers have to carefully check and reconsider what are the most optimal financial inclusion programs that will help to improve women empowerment in the country.
Originality/value
The literature does not clearly show the impact of financial inclusion dimensions on women empowerment in developing countries. Therefore, there is a need to use all the dimensions of financial inclusion to check the overall impact on women empowerment in developing countries. For this purpose, the financial inclusion index is developed. A new dimension of non-life insurance is introduced, which has not been used previously by any researcher to check financial inclusion impact.
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