Economics

Nexus between financial inclusion, workers’ remittances, and unemployment rate in Asian economies

W. Wu, L. Hon-wei, et al.

This paper explores how financial inclusion and workers' remittances can reduce unemployment rates in Asian economies. With findings that link better access to ATMs, increased remittances, and financial globalization to lower unemployment, the research conducted by Wen Wu, Leow Hon-Wei, Siyao Yang, Iskandar Muda, and Zhaoyi Xu offers crucial insights for policymakers.

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Abstract

This paper investigates the relationship between financial inclusion, workers’ remittances, and the unemployment rate in Asian economies using two-stage least squares (2SLS) and generalized method of moments (GMM) methods. The findings show that increased access to ATMs, higher remittances, more internet users, higher GDP, and greater financial globalization are associated with lower unemployment rates across various Asian regions. However, the effect of inflation on unemployment varies regionally. The study suggests policies promoting financial inclusion and efficient remittance channels to reduce unemployment.

Publisher

HUMANITIES AND SOCIAL SCIENCES COMMUNICATIONS

Published On

Oct 12, 2023

Authors

Wen Wu, Leow Hon-Wei, Siyao Yang, Iskandar Muda, Zhaoyi Xu

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