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Financial inclusion and legal system quality: are they correlated?

Peterson Kitakogelu Ozili

MPRA Paper from University Library of Munich, Germany

Abstract: This study investigates the correlation between financial inclusion and legal system quality among developed countries from 2004 to 2012. The findings reveal a positive correlation between financial inclusion and legal system quality. The findings suggest that improvements in legal system quality goes hand in hand with improvements in the level of financial inclusion. More specifically, higher supply of ATM per 100,000 adults is correlated with stronger insolvency resolution framework among G7, European and non-European countries. Also, the number of bank branch per 100,000 adults is positively correlated with strong rule of law and legal rights in non-European countries. Also, the number of ATMs per 100,000 adults is positively correlated with strength of insolvency resolution framework and negatively correlated with the time it takes to resolve insolvency before, during and after the global financial crisis.

Keywords: Law; development; financial inclusion; ATM; bank branch; legal rights; legal system; rule of law; insolvency resolution. (search for similar items in EconPapers)
JEL-codes: G20 G21 G28 K00 K12 K23 K40 K42 K49 (search for similar items in EconPapers)
Date: 2021-12
New Economics Papers: this item is included in nep-ban, nep-cwa, nep-fdg, nep-fle, nep-law and nep-pay
References: View references in EconPapers View complete reference list from CitEc
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:110518

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