Availability Of Financial Services Research Articles

Assessing climate change vulnerability: A village level analysis of the Indian west coast

The Indian west coast is under constant threat from climate change-induced hazards. Various social, economic, and infrastructural disparities along the coast cause significant variations in climate vulnerability. Current literature assesses vulnerability either over (1) a large area with poor spatial resolution or (2) a local area with better spatial resolution. The former assessments provide more comprehensive and broad insights into large spatial trends of vulnerability, while the latter provide more accurate and specific inputs needed by the local governments for effective intervention. However, there is a lack of studies that assess vulnerability simultaneously at a high-resolution and over a large geographic area, due to inadequacies in existing methodologies and difficulty in data management and analysis. This is a key gap that we address in our paper. We assess climate vulnerability of the entire Indian west coast at the village level, and propose a novel machine-learning based methodology tailored for high-resolution assessment over large geographic areas. This helped us produce the first high-resolution (i.e. village-level) climate vulnerability map of the entire Indian west coast. We found that the state of Maharashtra has the highest number of vulnerable villages and the state of Kerala has the least number of vulnerable villages. We collate and utilize a large dataset of 112 indicators describing socioeconomic characteristics, infrastructure and availability of financial services, among other aspects, to obtain a comprehensive picture of vulnerability. We analyze geospatial trends and attribute high vulnerability to specific indicators, which will help in effective decision-making at the village level.

ECONOMIC DRIVERS OF SUGAR PRODUCTION AND EXPORT PERFORMANCE: THE CASE OF SOUTH AFRICA WITHIN THE TRIPARTITE FREE TRADE AREA

Background: The economic performance of any sector is measured by the level of its competitiveness against its competitors. The South African sugar industry, as a member of the Tripartite Free Trade Area (TFTA), faces stiff competition and is therefore challenged to improve its production and export performance to survive and dominate in the market in the long term. Aim: This study aimed to assess the competitiveness of the South African sugarcane industry by looking at the economic drivers of sugar production and export. Methods: The study employed Michael Porter`s Diamond Model to assess the competitiveness of the South African sugarcane industry, using primary data collected from a total of 123 sugarcane farmers and 100 key stakeholders. A 7-point Likert scale was applied to indicate the degree to which each of the determining factors is perceived to affect the performance and resulting competitiveness of the sugar industry. Results: The findings revealed that the major constraints experienced by respondents are the availability of skilled labour; cost of doing business; level of infrastructure development; cost of infrastructure; water availability; climatic conditions; rainfall patterns; availability of financial services; access to credit; crime; and HIV/AIDS. In terms of exports, tariffs were found to be the major constraint along with some of the aforementioned factors. Several factors that are experienced as having a positive effect on competitive success also emerged. These include product design; packaging; labelling and pricing; manager’s willingness to export; level of education and training; length of time in the business; experience; and language.

Management and administration of financial resources using digital technologies

The integration of digital technologies in the financial industry holds significant promise for enhancing the effectiveness and availability of financial services. However, it is also confronted with various financial and organisational limitations that must be resolved. The objective of this study is to examine the financial and organisational limitations that occur during the implementation of digital technologies in financial management. In order to accomplish this objective, various techniques such as analysis, synthesis, generalisation, systematisation, and statistical methods were employed. The study revealed that the implementation of digital technologies in the financial sector encounters substantial obstacles and constraints. An inherent challenge arises from the incongruity between emerging digital technologies and antiquated traditional management models, resulting in deficiencies and vulnerabilities in organisational management. The study emphasises the significance of organisations modifying their management models in order to achieve optimal utilisation of digital tools. The findings also demonstrate the significance of organisational elements such as culture, competencies, digital resources, senior management support, and organisational structure in shaping choices to embrace and execute digital technologies. Thus, the study helps to solve current issues related to the introduction of digital technologies in the financial sector and contributes to improving its efficiency and sustainability. The practical significance of the study is to increase the understanding of financial and organisational constraints that arise during the introduction of digital technologies in financial management and to contribute to the development of more effective approaches to digital financial management

FINANCIAL INCLUSION FOR SELECTED OECD COUNTRIES

Purpose- Financial inclusion is defined as a process that ensures the ease of access, availability, and usage of the formal financial system for all members of an economy by emphasizing the use of accessibility and availability of financial services. A financial sector is measured and compared on four main features; debt is the size of financial institutions, access is the access and use of financial services by the users, efficiency is the efficiency in the provision of financial services, and stability is the stability in the provision of financial services. Financial inclusion, in short, is adults' access to and use of financial services. This study aims to measure the financial inclusion level for selected OECD countries from 2010-2021. Also, this study aims to estimate the effect of financial inclusion on economic growth and income inequality for selected countries. Methodology- The data used in this study cover a range of variables related to financial inclusion from various institutions, including the IMF-Financial Access Survey (IMF-FAS), the World Bank - World Development Indicators (WB-WDI), the World Bank - Global Financial Development Database (WB-GFDD) and the Standardized World Income Inequality Database (SWIID). These variables provide insights into the dimensions and determinants of financial inclusion and their impact on economic and social outcomes for selected OECD countries. In the study, we run panel data regressions for each group separately, using GDP per capita as the dependent variable to determine the impact of the Financial Inclusion Index on economic growth. We also construct two different models for each group of countries with and without the added control variables into the models. Findings- The analysis reveals that the effect of financial inclusion on economic growth is negative for all groups of countries. The impact is significant for Group 1 and Group 2. The magnitude of coefficients changes when we add control variables to the model. However, it does not change the significance level of the coefficients. The magnitude of the coefficients increases as countries’ per capita income increases. At the same time, the effect of financial inclusion on the GINI index is significant only in the model for Group 3 with control variables. The sign of the impact is negative. It implies that the GINI index decreases as the financial inclusion index increases. So, the effect of financial inclusion on income inequality is positive for countries in Group 3. Conclusion- The empirical results did not support the relationship between financial inclusion and economic growth (GDP per capita). These results may be explained by advocating the financial sector's quick and fundamental digital transformation. Hence, the rules for availability, accessibility, and usage of financial products and system are completely changed in the past ten years. On the other hand, the relationship between financial inclusion and income inequality, measured by GINI Index, is consistent with the literature only for Group 3 countries (developing countries). The increase in the gap between rich-developed and developing countries may explain these results. An increase in financial inclusion still supports adjustments in income inequality in developing countries, but its effect is disappeared in developed countries in the last 12 years. Keywords: Financial inclusion, economic growth, OECD countries, financial indicators, income inequity. JEL Codes: G20, G21, G23

Gender disparities in financial resilience: insights from South Africa

PurposeWhile the extant literature has explored issues related to the access, usage and availability of financial services, the ability of households to withstand financial adversities, particularly those living under economically vulnerable conditions, requires further attention. The paper presents a gendered analysis of financial resilience behaviour in South Africa.Design/methodology/approachUsing a nationally representative sample of 4,880 households, this paper constructs a financial resilience behaviour index (FRBI) covering savings, credit, insurance, and retirement planning behaviours. The gendered effect of demographic characteristics on financial resilience is examined using the ordinary least square and seemingly unrelated regression techniques.FindingsThe results show that low levels of financial resilience were present across the sample with insurance observed to be the greatest driver of financial resilience, followed by retirement planning, savings and credit respectively. Furthermore, the analysis highlights that a gender gap in financial resilience exists as men are characterized with higher financial resilience behaviour compared to women. The results also suggest that employed women and women with higher levels of education are associated with greater financial resilience.Practical implicationsBased on these results, improving access to higher education and employment opportunities for women will enhance their financial resilience and contribute towards addressing SDG (5) on gender equality.Originality/valueAs far as the authors are aware, this paper presents the first empirical analysis of the gender gaps in socio-demographic characteristics that explain financial resilience in South Africa.

The Financial Inclusion and Local Tax Revenue in Indonesia

This study calculates the financial inclusion index, which includes three dimensions: 1) banking penetration, 2) availability of financial services, and 3) usage of financial services in 33 provinces in Indonesia from 2011-2019. The study aims to find empirical evidence on whether financial inclusion affects local tax revenue using the Fixed Effects Panel Data Model. The results show that Indonesia's average regional financial inclusion index is still in a low category. The financial inclusion index has a positive and significant effect on local tax revenue. The results are robust for taxes from different sources, such as provincial tax revenue, regencies/cities tax revenue, or local tax revenue.

Micro Finance Institution Services and Performance of Restaurants in Mombasa County, Kenya

The expansion of the economy depends on the availability of financial services, notably credit and savings options. As a result, Kenya's economy has not grown and developed as expected as a result of MSMEs. Medium and Small entities encounter several weaknesses that hinder their potential usefulness towards long-term sustainability of the economy. The lack of credit services is one of these concerns. The efforts of microfinance institutions to make their services available to small and medium-sized businesses that have not profited from the traditional formal banking system have been recognized as a result of the growth and expansion of SMEs. Because of this, the researcher evaluates how microfinance services affect the performance of restaurants in Mombasa's core business district. Researchers hope to learn how microfinance training affects the performance of Mombasa CBD restaurants; how the regulatory framework for microfinance affects Mombasa CBD restaurants; whether access to credit affects Mombasa CBD restaurant performance; and the impact of microfinance credit cost on Mombasa CBD restaurant performance. The study was based on Balance Scorecard theory, Resource-based theory, Pecking order theory, Credit Access theory and Management theory. A descriptive survey design was used in this investigation for restaurants over seven years and above. 114 people who worked at the selected restaurants in Mombasa's core business centre were selected whereby, 57 of whom were managers and 57 were waiters. The researchers used the census approach, in which all employees were included. The study data was through questionnaires. Statistical Package for Social Science (SPSS) Version 25 for Windows was used for data analysis. In order to get the most accurate results, we used a variety of statistical methods such as means, frequency tables, percentages, standard deviations correlation and regression. The study found that training and microfinance regulatory framework indicated an insignificant relationship with performance of restaurants in Mombasa County however access to microfinance credit and microfinance credit cost indicated a positive significant relationship with performance by SMEs in Mombasa County. The study concluded that Owners of businesses can benefit from training in the form of expanded professional networks, the transfer of technology, the formation of new businesses, and the acquisition of superior management practices. Business success and continued operation depend on the availability of debt financing. However, MFIs are hesitant to lend to SMEs because they are seen as higher risks and SMEs typically do not have collateral to back up their loans. The study also concludes that the amount of the loan is a crucial factor in microfinance lending since it affects the overall cost of financial intermediation. The study recommends that Microfinance institutions should continue training restaurant owners on financial management for the purposes of sustaining enterprises. This will create better understanding on how to manage their funds more efficiently and effectively. In order to make it easier MFIs to have favorable financial performance, the institutions ought to adopt methods that will make it easier for MFIs to have improved liquidity. This will allow the institutions to be more efficient in their financial operations. The study also recommends that microfinance institutions and policymakers should think about incorporating an affordable micro-insurance plan as part of the microfinance package for all its clients who seek for loans. Small and medium-sized enterprise management should be more proactive in approaching MFIs to analyze their business progress and share their current needs and concerns.

Актуальні питання правового регулювання фінансових відносин в умовах воєнного стану в Україні

The article clarifies the issue of legal regulation of financial relations during martial law in Ukraine. Changes in the powers of the Cabinet of Ministers of Ukraine, the Minister of Finance of Ukraine, the State Treasury Service of Ukraine, the National Bank of Ukraine, the Supreme Commander-in-Chief of the Armed Forces of Ukraine, military administrations, and local bodies during this period were considered. It is justified that the purpose of making changes to the budget legislation is primarily to ensure: priority financing of security and defense expenditures, their increase and redistribution between budgets; formation of the reserve fund of the State Budget of Ukraine; treasury service of funds of local budgets of settlements located in territories where martial law has been imposed, and managers (recipients) of budget funds who may be in settlements in temporarily uncontrolled territory. It is concluded that changes in the legal regulation of banking and currency relations contributed to: ensuring the convenience, speed and availability of financial services; the creation of the Power Banking network and the introduction of ATM national roaming for uninterrupted operation of the banking system, including in blackout conditions; weakening of the negative impact of uncontrolled devaluation, deficit of foreign exchange receipts on the foreign exchange market; ensuring exchange rate stability of the hryvnia; maintaining the stability of the banking system of Ukraine during this period.

Role of Financial Stability in Strengthening the Relationship between Financial Inclusion and Investments in the Jordanian Financial Sector

Although it has been shown in the past that expanding access to banking services has positive effects on the economy and poverty reduction, it remains uncertain if doing so also improves bank investment. Although the availability of financial services and the amount of deposit balances have no discernible impact on investment in Jordan's financial sector, the study concludes that financial inclusion is critical for improving the economy and reducing the number of loan accounts. This study is the first to investigate the role of financial instability on the relationship between financial inclusion and investment in Jordan. This research looked at financial inclusion and financial instability as two significant investment drivers. Using a panel analysis, this study will look at the Jordanian financial sector from 2017 to 2021 to see how financial stability affects the relationship between financial inclusion and investment. A dynamic panel approach using the System GMM was used in the research. The research showed that financial inclusions have a major and negative effect on financial sector investment in Jordan. However, financial inclusions have had a substantial and favourable effect on investment in Jordan's financial industries. Investments in Jordan's banking system have a closer connection to financial inclusion because of the country's history of financial instability. With this information in hand, officials in Jordan can shift their attention to providing accessible, low-cost financial services to back loans and new ventures for small- and medium-sized enterprises. The report can also help Jordanian policymakers and regulators reach the goals of Jordanian national strategy for financial inclusion. Keywords: financial stability, financial inclusion, investments, Jordanian financial sector, system GMM. https://doi.org/10.55463/issn.1674-2974.50.4.3

Measuring Financial Inclusion by Using the Multidimensional Index Approach in Selected Asian Countries

This study measures financial inclusion by using the multidimensional index approach in selected Asian countries. We used two new indices for the first time: (i) financial institution access for investigating the ease and availability of financial services; and (ii) technological innovation index for the usage of financial services with available technology. We also introduced a new dimension for the financial inclusion index by incorporating insurance and financial services. The annual balanced panel data of 25 Asian countries from 2004 to 2020 were used. Overall, the results of all three indices showed that the selected Asian countries are performing well within available resources. Israel is at the top of the financial inclusion index, whereas Cyprus and Lebanon lead the financial institution access and technological innovation indices, respectively. Contrary, Myanmar is at the bottom of all three indices. Several policy suggestions are also provided to increase the level of financial inclusion.

Investigating the Link between Financial Development and Poverty Reduction in Pakistan through Financial Inclusion

The goal of this study is to determine how financial inclusion and development have affected Pakistan's efforts to reduce poverty. The ARDL method is used to analyze time series data from 2000 to 2020. To measure financial inclusion, the study constructs an index using the number of depositors, financial institutions, ATMs, and borrowers. The credit to the private sector as a percentage of GDP is used to measure financial development, while inflation and real interest rate are included as additional variables. The findings of the study indicate that both financial inclusion and development have a significant effect on reducing poverty. In addition, the results show that inflation and real interest rate have a positive relationship with poverty. These findings suggest that the availability of financial services can lead to poverty reduction and overall societal welfare.

Farmers’ precision pesticide technology adoption and its influencing factors: Evidence from apple production areas in China

The research aimed to understand farmers’ willingness to adopt (WTA) and willingness to pay (WTP) for precision pesticide technologies and analyzed the determinants of farmers’ decision-making. We used a two-stage approach to consider farmers’ WTA and WTP for precision pesticide technologies. A survey of 545 apple farmers was administered in Bohai Bay and the Loess Plateau in China. The data were analyzed using the double-hurdle model. The results indicated that 78.72% of respondents were willing to apply precision pesticide technologies provided by service organizations such as cooperatives and dedicated enterprises, and 69.72% were willing to buy the equipment for using precision pesticide technologies. The results of the determinant analysis indicated that farmers’ perceived perceptions, farm scale, cooperative membership, access to digital information, and availability of financial services had significant and positive impacts on farmers’ WTA precision pesticide technologies. Cooperative membership, technical training, and adherence to environmental regulations increased farmers’ WTP for precision pesticide technologies. Moreover, nonlinear relationships between age, agricultural experience, and farmers’ WTA and WTP for precision pesticide technology services were found.

ІНСТИТУЦІОНАЛЬНІ АСПЕКТИ ТА ЦИФРОВІЗАЦІЯ ФІНАНСОВОЇ ІНКЛЮЗІЇ В НАЦІОНАЛЬНІЙ ЕКОНОМІЦІ

The article describes the process of formation and development of financial inclusion and examines the changes that occur as a result in various sectors and spheres of public life. Authors argue that inclusion plays an important role in the work of financial institutions today. The team of the article is of the opinion that financial inclusion should be disclosed in three main dimensions, namely: coverage (how easy to reach access points to financial services?), use (what is the frequency of use of services?), quality of financial services meets the needs?).
 The article argues that increasing the level of financial inclusion is an important factor in the development of various stakeholders, in particular for the state, regulators, consumers, financial service providers. Authors tried to reveal the content of national financial inclusion through the prism of eight basic principles of digital financial inclusion G 20, including the promotion of digital financial services as a priority for inclusive financial systems, including based on coordinated, monitored and evaluated national strategies and action plans. Research has argued that digital financial integration enables banks to reduce costs by reducing queues in bank halls, reducing paperwork, and reducing the cost of maintaining bank branches.
 Authors argue that the key to the formation of sustainable financial inclusion in the digitalization of the economy is the availability of financial services, i.e., the ability of the user to actually use the service through contact with a financial intermediary; financial literacy, i.e., the ability of the consumer to make an informed choice of financial service/product during the digitalization of the economy, fully understanding the benefits and risks of using it.
 The article examines the institutional aspects of financial inclusion and its elements that should be developed in the context of digitalization of economic relations. In particular, we are talking about the practical regulatory support of digital financial inclusion and the introduction of responsible digital financial practices; promoting the development of digital financial services as a priority for the development of inclusive financial systems, ensuring a balance of innovation and risks to achieve digital financial inclusion, simplification and implementation of joint digital customer identification for digital financial services; strengthening digital and financial literacy and awareness; expanding the ecosystem and infrastructure of digital functional services.

Islamic windows: Case of Malaysia and lessons for the post-Soviet countries

The article discusses a model of increasing the availability of financial services in the post-Soviet countries through the creation of Islamic windows that built into the structure of traditional financial organizations. This study does not discuss issues of Islamic law related to Islamic windows. The article is also not an introduction to Islamic banking. Instead, based on the evidence obtained mostly from Malaysia we show the evolution of the Islamic financial industry, one of the important stages of which was the launch of Islamic windows. We describe advantages and disadvantages of the Islamic window model, as well as the recent experience of other developing countries in adapting this model in their jurisdictions. The article aims to offer recommendations, including a system of strategic and operational decisions, for launching of Islamic windows, taking into account the innovative experience of Malaysia. In particular, a qualitative approach (literature review, content analysis, case studies, in-depth expert interviews) is used to identify problems and obstacles facing banking regulators and market participants in creating Islamic windows. The results of this study allowing to identify important details will be useful to participants and organizers of the Islamic financial market in the post-Soviet area. This study can also be used in the educational process as a reference material on Islamic financial practices that have developed in the world.

THE FINANCIAL INCLUSION PLAN IN INDIA: AN ASSESSMENT OF THE PROGRESS

Financial inclusion is developing a new model of economic growth. It is designed to empower economically and socially excluded people by creating equal opportunities to participate in and contribute to nation-building. The banking sector plays a crucial role in the success of financial inclusion. In India, since independence, the Reserve bank of India, in collaboration with the government of India, persistently took various initiatives to increase the access and availability of financial services in remote areas. Therefore, to accelerate the efforts and to achieve structured and planned approach to financial inclusion, banks have been recommended to formulate a Financial Inclusion Plans. The indicators such as number of outlets (branches and BCs), Basic Savings Bank Deposit Accounts ,overdraft facilities availed in those accounts, transactions in Kisan Credit Cards and General Credit, Card accounts and transactions through the Business Correspondent-Information and Communication Technology channel has been selected to measure the progress of financial inclusion plan. Altogether, current paper is the assessment of the financial inclusion plan India.

Innovation changes and the traditional financial sector

Purpose of the study: The main objectives of this work are to analyze the innovation process in general and financial Innovation in particular, during which potential effects will appear on the financial structures of economic units and considering the recent financial events of the crisis of the subprime discuss whether financial Innovation is a source of growth or, on the contrary, is a source of financial instability.
 Methodology: The financial crisis has cast a shadow over recent financial innovations, particularly those that call for risk elimination. This research used secondary methods for innovation changes and traditional financial sectors. The secondary research method will collect data through google, websites, books, and other sources.
 Main findings: The main goal of financial technologies offered by entities in this sector is to improve the efficiency and availability of financial services, both from the customer and the perspective and a financial institution. The digital economy is considered a vertical—data-focused, and connected economy to the device, with a centralized architecture and heavy technology.
 Application of the study: In debates about the regulation of financial markets, the functions and social use-value of financial Innovation come under scrutiny. In developing countries, the crucial question arises of to what extent financial innovation is essential to creating the financial infrastructure necessary for industrialization, instead of simply making wealth more liquid where blockchain technology and cryptocurrencies and crypto money become more active.
 Originality/Novelty of the study: In this way, new products have been created, new forms of derivatives, products that transfer risk, and so on. It should be borne in mind, in any case, that the Schumpeterian vision of the innovation process in the present case that of financial Innovation is part of a regular course in terms of an economy that seeks growth. However, the financial crisis has cast a shadow over recent financial innovations, particularly those that call for risk elimination.

Research on the construction and measurement of inclusive finance evaluation index system

This paper constructs an evaluation index system for the development level of inclusive finance from four dimensions: the availability of financial services, the degree of utilization of financial services, the depth of financial services, and the sustainability of financial services. We use the standard deviation modified G1 combination weighting method to determine index weight and measure the development level of inclusive finance in China’s 31 provincial administrative regions. The research results show that the overall level of development of inclusive finance in China is quite different, and the development of various regions is unbalanced. We should focus on increasing the depth of use of financial services and promote the sustainability of inclusive finance.

Функционирование системы быстрых платежей в России

Digital transformation is the main direction of development of the national financial industry. Traditional banking services are being transferred to online services, especially in the context of the rapid growth of e-commerce. The introduction of new information channels of remote interaction allows credit institutions to reduce their costs, improve the quality and speed of customer service, balance active and passive operations, expand the «line» of banking products and financial services, stabilize and expand the customer base. The development of the banking business based on the introduction of a fast payment system is becoming a necessity for all categories of retail and corporate clients. The creation and development of the infrastructure of the fast payment system is a priority project of the Bank of Russia for the development and expansion of non-cash payments. This project is aimed at developing the availability of financial services in remote regions of Russia and reduces the costs of market participants.

Main directions of financing agriculture in accordance with the parameters of the three-year budget

The article examines the main parameters of the republican budget for 2021–2023, which were approved on December 2, 2020, in conjunction with the forecast indicators of the socio-economic development of Kazakhstan for 2021–2025, taking into account the updated forecast of macroeconomic indicators for 2020. The issues of the formation of the republican budget on the basis of the basic scenario of the country's economic development are considered. A sufficiently detailed comparative characteristic of the volume and structure of income sources of the republican budget with the allocation of the most significant receipts in the structure of income has been studied and presented. The volume, structure and main directions of financing the costs of the republican budget in the context of the main functional groups of the budget are comparatively analyzed. The main budgetary programs for financing agriculture are highlighted in more detail. It is noted that there is a slight decrease in funding for the main budget programs. For such programs as improving the availability of financial services, the availability of knowledge and scientific research for 2023, there is no provision for allocating funds from the republican budget at all. It is noted that the reduction in the volume of budget financing with a simultaneous decrease in the amount of budget lending may lead not to growth, but to a decrease in the volume of gross agricultural output.

Detection of Urban and Environmental Changes via Remote Sensing.

Rapid climate and environmental change at limited, regional, and general scales have been a major concern for researchers in a number of fields, such as topography, economy, environment, and sustainable development. Changes in land cover and land use have taken into account due to potential impacts on soil depletion, amplified run-off, water balance, and climate change. A detailed understanding of the characteristics of land exploitation and land structure is indispensable for the study of their influences on life and nature. In addition, urban extension is a major form of land extraction and land transformation, as it relates to the rise in population and the availability of financial services. Remote sensing records have been shown to be important for reporting and perceiving urban development and transition, and for providing critical information for future growth. Transformation and shift identification are the tools used to recognise distinctions in a land cover by tracking them at various times. In addition, various change identification and detection approaches are routinely tested with the goal of providing the greatest change detection deductions for a particular appliance. This review would aim to establish a practical plan that combines remote sensing techniques, on the one hand, and modelling approaches, on the other, to track land use, to cover changes, and to predict future trends.