A cross country analysis of the influence of financial technology in the business economics and management

Abstract

This research evaluates the effect on economic development in the province of Index financial inclusion and human capital. This essay also examines the influence of financial inclusion on both developed and emerging economies. Financial planning for small businesses must adhere to the following essential principles: scientific nature, goal orientation, consistency, and adherence to the rules. Stability and adaptability, coordination, and synchronization of thought sources of money for their projects, as well as liquid resources and long-term financial viability The discovery that the emergence of challenges with small-business financial strategies, such as meeting the needs of a minimal accounting team, inadequate management accounting skills; a lack of funds for the development of proper accounting and reporting system of analysis. The new financial inclusion index is used to determine every country's degree of financial inclusion. The impact of financial inclusion on economic growth is then assessed using a cross sectional threshold regression approach. An examination of the long-term linkage between financial inclusion and economic development makes use of a panel co-integration test, while a panel causality test determines the causal direction. This means that financial inclusion seems to have a non-monotonic positive economic impact. A higher financial inclusion index has a far greater positive impact than a reduced level. Our findings should spur policymakers as well as the banking system to expand financial inclusion as a way of encouraging long-term economic growth. Our research observations must encourage policymakers and also the banking industry within every country to work harder to increase financial inclusion as a means of promoting long-term growth in the economy.