Abstract:
The study constructed a digital financial inclusion index using principal component analysis (PCA). To determine the long-run relationship among the identified variables, this study uses various panel econometric techniques such as cross-sectional dependence (CSD) tests; second-generation unit root tests including CIPS and CADF; Pedroni, Kao and Westerlund cointegration tests; CS-ARDL, Driscoll–Kraay (DK) standard error approach and Dumitrescu and Hurlin (D&H) causality tests.