An Empirical Investigation of the Impact of Monetary Policy on Economic Growth in Zambia

Mwange, Austin

doi:10.32602/jafas.2022.038

Cited by 8 publications

(19 citation statements)

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“…The theory comprised a few merits. One, financial literacy largely assists in making people well aware of subsisting financial services and products that are accessible (Ozili, 2020;Mwange, 2022;. If the population of SSA countries has become familiar with subsisting services and products, they can enhance their prosperity; they will be inclined to take participation in the traditional financial industry by keeping bank accounts.…”

Section: Theories Of Financial Inclusion Deliverymentioning

confidence: 99%

“…Private money theory of financial inclusion: The theory state financial inclusion program need to be funded with the help of private money which need to include private fund and greater accountability from user fund. The merit of this theory include shorter time of approval time and private funder can take ownership (Ozili, 2020;Mwange, et. al.,2022).…”

Section: Theories Of Financial Inclusion Fundingmentioning

confidence: 99%

“…According to Ibekwe et al (2021), financial inclusion provide platform to create balance between maintain good lifestyle in present and in future. Financial inclusion is closely related with human development as these initiatives that make traditional financial services Affordable, accessible, and available to the entire population (Mwange, 2022;Staicu and Barbulescu, 2017;). Research findings confirm that, Human Development is much more than the accretion of wealth and it incorporates the procedure of expanding the choices of people to live their lives in a manner that is participatory, sustainable, productive, and equitable (Ofosu-Mensah Ababio et al, 2021).…”

Section: Linking Research Objectives and Empirical And Theoretical Fi...mentioning

confidence: 99%

“…Objective 2: To Analyse The Factors That Influence Financial Inclusion in Sub-Sahara Africa It has been observed from the study that there are several determinants of financial inclusion in the SSA region. As mention in the finding of literature review that policy factors risks, and cost of financial services provision can be considered as important factor which influence financial service in sub-Sahara Africa (Asongu and Nwachukwu, 2017;Mwange, et. al., 2022).…”

Section: Linking Research Objectives and Empirical And Theoretical Fi...mentioning

confidence: 99%

“…Furthermore, literature also mention that population and inflation also has potential to influence financial services in Sub-Saharan Africa (Evan, 2016;Mwange, 2022). The research finds that GDPC, M2GDP, rate of deposit interest, population, inflation, financial literacy, and internet access are the pivotal factors contributing to financial inclusion in the SSA region (Okello Candiya Bongomin et al, 2018;Mwange, et. al., 2022).…”

Section: Linking Research Objectives and Empirical And Theoretical Fi...mentioning

confidence: 99%

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A Theoretical Review of The Relationship Between Financial Inclusion and Human Development

2022

JESD

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The main objective of this study is to evaluate the relationship between Financial Inclusion and Human Development with a special focus on Sub-Saharan Africa. The specific objectives of the study include the following: to understand the concept of Financial Inclusion and Human Development; to analyze the factors that influence Financial Inclusion in Sub-Sahara Africa; to determine the type of relationship between Financial Inclusion and Human Development in the case of Sub-Saharan Africa, and to examine the relationship between Financial Inclusion and human development. A critical review and analysis of selected theoretical reviews and empirical articles and policy documents on Financial Inclusion and Human Development have been used as the methodology for this study. Using empirical and theoretical evidence, the study concludes that, in Sub-Saharan Africa, there is a strong relationship between Financial Inclusion and Human Development. Further, from the empirical and theoretical evidence provided in the study, it is recommended that SSA countries need to remove financial, bureaucratic, and physical barriers to financial inclusiveness. Therefore, Sub-Saharan Africa should formulate and implement policies that will enhance Financial Inclusion, consequently, the Human Development of the masses. Finally, it can be considered that enhanced GDP is an eminent gauge of financial inclusion. Unequal wealth distribution can consequent in financial inclusion and thus can harm overall Human Development. The study further concludes that there is a positive correlation between Human Development and Financial Inclusion. Furthermore, the study considers that economic development is undeniably a vital element in enhancing financial inclusion.

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Section: Theories Of Financial Inclusion Deliverymentioning

confidence: 99%

Section: Theories Of Financial Inclusion Fundingmentioning

confidence: 99%

Section: Linking Research Objectives and Empirical And Theoretical Fi...mentioning

confidence: 99%

Section: Linking Research Objectives and Empirical And Theoretical Fi...mentioning

confidence: 99%

Section: Linking Research Objectives and Empirical And Theoretical Fi...mentioning

confidence: 99%

See 3 more Smart Citations

A Theoretical Review of The Relationship Between Financial Inclusion and Human Development

2022

JESD

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Does Nigeria’s Growth in Education Increase with Expansionary Monetary Policy?

Ihugba,

Ebomuche,

Akobundu

et al. 2024

WJER

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This study investigated whether expansionary monetary policy contributed to Nigeria’s educational growth through cointegration using the auto-regressive distributed lag (ARDL) method for the years 1981–2021. The bounds tests indicate that the variables of interest are long-term correlated. The corresponding equilibrium correction supported the existence of a long-term relationship. The findings also show that, in the short run, there is no Granger causality between interest rates, inflation, and education growth. Empirical analysis reveals a highly significant relationship between these macroeconomic variables and the growth of education. Furthermore, the findings show that the high interest rate won’t have a significant impact on low-income Nigerians because Nigeria’s private sector receives relatively little domestic credit. The paper recommends that the government develop and implement policies that ensure favourable interest rates for financing education. This could entail offering grants, scholarships, or low-interest student loans in order to increase the accessibility and affordability of education.

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Exploring the Correlation Between Monetary Policy and Food Inflation in Zambia

et al. 2024

IJFMR

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his relationship isolating food inflation from overall inflation to provide better policy implications that can enhance welfare for the Zambian populace. The Autoregressive Distributed Lag Model and the Error Correction Model were employed for the short run and long run analysis respectively. The findings postulate that there exists a significant relationship between monetary policy and food inflation. The monetary policy rate and the growth in the broad money have a destabilising relationship with food inflation. The depreciation in the domestic currency to foreign currency increase food inflation in the long run. Whereas the exchange rate channel plays a role of greater significance amongst the studied monetary policy tools. Inflation targeting, although significant, adds inflationary pressure of domestic food inflation, highlighting the need for stern policies that can individually factor in food inflation.

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An Empirical Investigation of the Impact of Monetary Policy on Economic Growth in Zambia

Cited by 8 publications

References 0 publications

A Theoretical Review of The Relationship Between Financial Inclusion and Human Development

A Theoretical Review of The Relationship Between Financial Inclusion and Human Development

Does Nigeria’s Growth in Education Increase with Expansionary Monetary Policy?

Exploring the Correlation Between Monetary Policy and Food Inflation in Zambia

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