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Section Business and Economics

Financial Inclusion as a Bridge Between Capital Markets and Growth

Inklusi Keuangan sebagai Jembatan Antara Pasar Modal dan Pertumbuhan
Vol 10 No 1 (2025): June:

Rosalena Belo Ratte (1), Muslianti Middin (2), Syarifuddin Rasyid (3), Darmawati Darmawati (4)

(1) Program Studi Akuntansi, Universitas Hasanuddin, Indonesia
(2) Program Studi Akuntansi, Universitas Hasanuddin, Indonesia
(3) Program Studi Akuntansi, Universitas Hasanuddin, Indonesia
(4) Program Studi Akuntansi, Universitas Hasanuddin, Indonesia

Abstract:

General Background: Capital markets are widely recognized as critical drivers of economic growth through efficient resource allocation and investment mobilization. Specific Background: In Indonesia, the extent to which capital markets contribute to growth may be contingent on the inclusiveness of the financial system.
Knowledge Gap: However, limited research systematically explores the mediating role of financial inclusion in this relationship within the Indonesian context. Aims: This study conducts a Systematic Literature Review (SLR) to evaluate existing literature on the interconnection between capital markets, financial inclusion, and economic growth, with particular attention to financial inclusion as a mediating factor. Results: The synthesis reveals that capital markets can significantly influence economic growth, but their effectiveness is moderated by the depth and accessibility of financial inclusion. Novelty: This review highlights the dual importance of market development and inclusive access to financial services, offering a nuanced understanding of how capital markets can equitably support national growth. Implications: Findings underscore the need for policy frameworks that not only deepen capital markets but also enhance inclusive financial infrastructure to maximize economic benefits across society.


Highlights:




  • Highlights the mediating role of financial inclusion in economic growth.




  • Synthesizes Indonesian studies using a Systematic Literature Review method.




  • Emphasizes policy implications for inclusive financial development.




Keywords: Capital Market, Economic Growth, Financial Inclusion

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