les cahiers du mecas
Volume 22, Numéro 1, Pages 189-207
2026-06-02
The Impact Of Financial Inclusion On Economic Growth In Algeria: An Econometric Study Using The Autoregressive Distributed Lag (ardl) Model For The Period 2004–2024
Authors : Hadjila Asma .
Abstract
This study aims to investigate the impact of financial inclusion on economic growth in Algeria during the period 2004–2024, using the Autoregressive Distributed Lag (ARDL) model, where per capita gross domestic product was used as the dependent variable, and the number of bank accounts as the main independent variable representing financial inclusion, whilst including oil prices and inflation as control variables. The standardised results indicate the existence of a long-run cointegration relationship, with the dominance of oil prices clearly evident as the primary determinant of growth. It also showed that the impact of financial inclusion is limited to the short term only, whilst it weakens and becomes insignificant in the long term, suggesting that the quantitative expansion in the opening of bank accounts in Algeria has not yet translated into productive credit contributing to structural growth. The study recommends a shift from ‘quantitative’ financial inclusion to ‘development-oriented’ financial inclusion by channelling bank liquidity towards non-hydrocarbon sectors and activating genuine financial intermediation mechanisms.
Keywords
Financial inclusion ; Economic growth ; ARDL model ; Algeria
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