The normalization is done in order to make the value lie between 0 and 1, and the inverse distance
is considered so that a higher value of the IFI corresponds to higher financial inclusion.
Like the studies of Beck, Demirguc‐Kunt, and Martinez Peria (2007), Ghosh (2008), and Sarma
(2008), in this article, we consider three dimensions of an inclusive financial system: banking
The normalization is done in order to make the value lie between 0 and 1, and the inverse distanceis considered so that a higher value of the IFI corresponds to higher financial inclusion.Like the studies of Beck, Demirguc‐Kunt, and Martinez Peria (2007), Ghosh (2008), and Sarma(2008), in this article, we consider three dimensions of an inclusive financial system: banking
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