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Financial development affects social progress differently across income levels

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Research area:software-information-systemsinformation-systems

What the study found

The study found that the effect of financial development on social progress is nonlinear and varies by income level. Information and communication technology (ICT) appears to act as a key enhancer, especially in low-income countries.

Why the authors say this matters

The authors conclude that effective governance, digital infrastructure, and context-specific policies are needed to turn financial growth into more inclusive social outcomes. They also suggest that societies with different income levels need tailored financial development strategies to improve social well-being.

What the researchers tested

The researchers used a quantitative panel quantile regression approach to examine the nonlinear impact of financial development on social progress. They also tested the moderating role of ICT, including digital inclusion and connectivity, and used Dawson graphs to show the moderation effect.

What worked and what didn't

The findings indicate that financial development is linked to social progress in a way that is not the same across income levels. ICT strengthened this relationship, with the strongest effect reported in low-income countries.

What to keep in mind

The abstract does not provide detailed limitations beyond noting that the study focuses on income groups from high-income to low-income countries. It also does not report specific numerical estimates in the available summary.

Key points

  • Financial development was found to have a nonlinear effect on social progress.
  • The effect varied across income groups.
  • ICT moderated the relationship and strengthened it, especially in low-income countries.
  • The authors point to governance, digital infrastructure, and context-specific policy as important.
  • The study uses panel quantile regression and Dawson graphs.

Disclosure

Research title:
Financial development affects social progress differently across income levels
Authors:
Shanemuhamad Ch Abdulgafor, Muhammad S. Tahir
Institutions:
University of Lahore, University of Lahore
Publication date:
2026-03-07
DOI:
10.1108/jeas-05-2025-0268
OpenAlex record:
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AI provenance: This post was generated by gpt-5.4-mini (OpenAI). The original authors did not write or review this post.

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