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<p>The purpose of this study is to examine how key macroeconomic factors, including remittance inflows, inflation, trade, and economic growth, affect financial development in India. Using annual time series data from 1975 to 2023, obtained from the World Bank’s World Development Indicators, the study employs the Autoregressive Distributed Lag (ARDL) model to examine both short-run and long-run relationships. The findings indicate that trade has a positive contribution to financial development, whereas inflation and higher remittance inflows have negative effects. Economic growth shows no significant influence, indicating that higher output alone may not ensure financial progress. The results suggest that policymakers should focus on maintaining economic stability, controlling inflation, and directing remittance inflows toward productive investments to achieve sustainable financial development in India.</p>

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Facilitators and barriers to financial development in a developing economy

  • 期刊论文

  • 发表日期：

    2025年11月24日

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  • Imran Khan

摘要

The purpose of this study is to examine how key macroeconomic factors, including remittance inflows, inflation, trade, and economic growth, affect financial development in India. Using annual time series data from 1975 to 2023, obtained from the World Bank’s World Development Indicators, the study employs the Autoregressive Distributed Lag (ARDL) model to examine both short-run and long-run relationships. The findings indicate that trade has a positive contribution to financial development, whereas inflation and higher remittance inflows have negative effects. Economic growth shows no significant influence, indicating that higher output alone may not ensure financial progress. The results suggest that policymakers should focus on maintaining economic stability, controlling inflation, and directing remittance inflows toward productive investments to achieve sustainable financial development in India.