Cross-country analysis reveals financial inclusion boosts per capita electricity consumption in higher-middle and lower-middle income nations.
This paper empirically examines how financial inclusion affects per capita electricity consumption across countries. Using annual data from 2004 to 2021, we apply various econometric models (including OLS, RE, FE, PCSE, FGLS, and GMM). The results show that financial inclusion positively impacts per capita electricity consumption across all country groups (Overall sample, Higher-Middle-Income, and Lower-Middle-Income countries).
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Barik et al. (2025) studied this question.
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