Main Article Content
Abstract
Purpose — This study examines the symbiotic relationship between women's representation in parliament and domestic credit, and the direct and indirect pathways by which these factors influence economic prosperity in Southern African Development Community (SADC) countries.
Methods — Panel data from 16 SADC countries over the period 1997 -2022 are analysed using Generalised Method of Moments (GMM) and Generalised Structural Equation Modelling (GSEM), with a focus on the examination of interaction effects and diminishing returns of women’s parliamentary representation and domestic credit on economic prosperity.
Findings — The results indicate that women’s representation in parliament has a significant positive effect on economic prosperity, with the effect strengthened by domestic credit. Domestic credit also contributes indirectly to economic growth by enhancing women’s economic influence.
Implication — These findings provide important insights for policymakers, highlighting the need for a balanced strategy that promotes both women’s political participation and financial inclusion while avoiding potential economic imbalances.
Originality — This study contributes to the literature by integrating gender, finance, and economic growth within the SADC context and by uncovering indirect pathways through which domestic credit affects economic prosperity via women’s political empowerment.
Keywords
Article Details
Copyright (c) 2026 Magwana Ibrahim Ngollo, Frank Arbogast Mwombeki, Beny Benjamin Mwenda

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
Economic Journal of Emerging Markets by Center for Economic Studies, Universitas Islam Indonesia is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
References
- Adams, M., & Wylie, K. (2020). Transnational organizing, the boosting effect, and women’s legislative caucuses in Africa. Politics, Groups, and Identities, 8(3), 615–626. https://doi.org/10.1080/21565503.2020.1752441 DOI: https://doi.org/10.1080/21565503.2020.1752441
- Adewusi, A. O. (2021). Modelling loan accessibility among women for economic development. International Journal of Innovative Research and Development, 10(3). https://doi.org/10.24940/ijird/2021/v10/i3/JAN21032 DOI: https://doi.org/10.24940/ijird/2021/v10/i3/JAN21032
- Agarwala, V., Maity, S., & Sahu, T. N. (2022). Female entrepreneurship, employability and empowerment: impact of the mudra loan scheme. Journal of Developmental Entrepreneurship, 27(01), 2250005. https://doi.org/10.1142/S1084946722500054 DOI: https://doi.org/10.1142/S1084946722500054
- Ahmad, F. M., & Yadav, D. K. (2022). Financial Theories and Their Relevance in Financial Inclusion. In Financial Inclusion Schemes in India (pp. 21–35). Springer Nature Singapore. https://doi.org/10.1007/978-981-19-1316-7_2 DOI: https://doi.org/10.1007/978-981-19-1316-7_2
- Al-Qahtani, M. M. Z., Alkhateeb, T. T. Y., Mahmood, H., Abdalla, M. A. Z., & Qaralleh, T. J. O. T. (2020). The Role of the Academic and Political Empowerment of Women in Economic, Social and Managerial Empowerment: The Case of Saudi Arabia. Economies, 8(2). https://doi.org/10.3390/economies8020045 DOI: https://doi.org/10.3390/economies8020045
- Altuzarra, A., Gálvez-Gálvez, C., & González-Flores, A. (2021). Is Gender Inequality a Barrier to Economic Growth? A Panel Data Analysis of Developing Countries. Sustainability, 13(1). https://doi.org/10.3390/su13010367 DOI: https://doi.org/10.3390/su13010367
- Amuakwa-Mensah, S., & Surry, Y. (2022). Association between rural electrification and agricultural output: Evidence from Sub-Saharan Africa. World Development Perspectives, 25, 100392. https://doi.org/https://doi.org/10.1016/j.wdp.2021.100392 DOI: https://doi.org/10.1016/j.wdp.2021.100392
- Arnold, J., & Gammage, S. (2019). Gender and financial inclusion: the critical role for holistic programming. Development in Practice, 29(8), 965–973. https://doi.org/10.1080/09614524.2019.1651251 DOI: https://doi.org/10.1080/09614524.2019.1651251
- Balasubramanian, S. A., & Kuppusamy, T. (2020). Does female labour force participation contribute to better financial inclusion? Evidence from cross-country analysis. Journal of Economic and Administrative Sciences, 37(4), 643–658. https://doi.org/10.1108/JEAS-08-2020-0151 DOI: https://doi.org/10.1108/JEAS-08-2020-0151
- Baskaran, T., Bhalotra, S., Min, B., & Uppal, Y. (2024). Women legislators and economic performance. Journal of Economic Growth, 29(2), 151–214. https://doi.org/10.1007/s10887-023-09236-6 DOI: https://doi.org/10.1007/s10887-023-09236-6
- Bency, B. P. B. (2018). Gender equality through women empowerment strategy-a conceptual view. In Gender Parity and Women Empowerment–Challenges and Way Forward (pp. 23–30). BONFRING. https://doi.org/10.9756/BP2018.1012/05 DOI: https://doi.org/10.9756/BP2018.1012/05
- Bhide, N., & Khanolkar, S. (2020). A comprehensive study on the factors impacting the gdp (Per capita) of major economies around the globe using regression analysis. International Journal of Computer Applications, 175(10), 26–30. https://doi.org/10.5120/ijca2020920560 DOI: https://doi.org/10.5120/ijca2020920560
- Buterin, V., Fajdetić, B., & Funarić, B. (2023). Understanding the macroeconomic effects of female participation in the labour market. Economies, 11(11), 280. https://doi.org/10.3390/economies11110280 DOI: https://doi.org/10.3390/economies11110280
- Carrasco, M., & Nayihouba, A. (2024). Regularized estimation of dynamic panel models. Econometric Theory, 40(2), 360–418. https://doi.org/10.1017/S0266466622000469 DOI: https://doi.org/10.1017/S0266466622000469
- Cecchetti, S. G., & Kharroubi, E. (2019). Why does credit growth crowd out real economic growth? The Manchester School, 87(S1), 1–28. https://doi.org/10.1111/manc.12295 DOI: https://doi.org/10.1111/manc.12295
- Kaminitz, S. C. (2023). The significance of GDP: a new take on a century-old question. Journal of Economic Methodology, 30(1), 1–14. https://doi.org/10.1080/1350178X.2023.2167228 DOI: https://doi.org/10.1080/1350178X.2023.2167228
- Dahlum, S., Knutsen, C. H., & Mechkova, V. (2022). Women’s political empowerment and economic growth. World Development, 156, 105822. https://doi.org/10.1016/j.worlddev.2022.105822 DOI: https://doi.org/10.1016/j.worlddev.2022.105822
- De Nicola, B. (2022). Elite women in the mongol empire. In The Mongol World (pp. 422–439). Routledge. https://www.taylorfrancis.com/chapters/edit/10.4324/9781315165172-35/elite-women-mongol-empire-bruno-de-nicola DOI: https://doi.org/10.4324/9781315165172-35
- De Soto, P. (2019). Network analysis to model and analyse roman transport and mobility. In P. Verhagen, J. Joyce, & M. R. Groenhuijzen (Eds.), Finding the Limits of the Limes (pp. 271–289). Springer International Publishing. https://doi.org/10.1007/978-3-030-04576-0_13 DOI: https://doi.org/10.1007/978-3-030-04576-0_13
- Dědeček, R., & Dudzich, V. (2022). Exploring the limitations of GDP per capita as an indicator of economic development: a cross-country perspective. Review of Economic Perspectives, 22(3), 193–217. https://doi.org/10.2478/revecp-2022-0009 DOI: https://doi.org/10.2478/revecp-2022-0009
- Dow, S. (2020). Gender and the future of macroeconomics: an evolutionary approach. Review of Evolutionary Political Economy, 1(1), 55–66. https://doi.org/10.1007/s43253-020-00001-8 DOI: https://doi.org/10.1007/s43253-020-00001-8
- Edward, A. S. (2023). Impact of rural and urban electricity access and economic growth in Ghana: Does line transmission losses matter? Energy Economics Letters, 10(1), 44–68. https://doi.org/10.55493/5049.v10i1.4732 DOI: https://doi.org/10.55493/5049.v10i1.4732
- Fadil El-Turkey, E. (2021). Social and economic empowerment of women with breadwinners. International Journal of Modern Agriculture and Environment, 1(1), 79–116. https://doi.org/10.21608/ijmae.2023.215963.1016 DOI: https://doi.org/10.21608/ijmae.2023.215963.1016
- Fernández, R., Isakova, A., Luna, F., & Rambousek, B. (2021). Gender equality and inclusive growth. IMF Working Papers, 21(59). https://doi.org/10.5089/9781513571164.001 DOI: https://doi.org/10.5089/9781513571164.001
- Gao, M., & Mahutga, M. C. (2023). Women’s political representation and corruption. Sociology of Development, 9(3), 217–241. https://doi.org/10.1525/sod.2022.0022 DOI: https://doi.org/10.1525/sod.2022.0022
- Goltz, S., Buche, M. W., & Pathak, S. (2015). Political Empowerment, Rule of Law, and Women’s Entry into Entrepreneurship. Journal of Small Business Management, 53(3), 605–626. https://doi.org/10.1111/jsbm.12177 DOI: https://doi.org/10.1111/jsbm.12177
- Guerrero, M. L., Albán, R. A., Fiorella, S., Arias, B., Lizzeth, K., & Tantajulca, V. (2023). Empowering Women for Household Economic Growth in Latin America: A Systematic Review. https://doi.org/https://doi.org/10.34190/icgr.6.1.1155 DOI: https://doi.org/10.34190/icgr.6.1.1155
- Harris, W. V. (2019). Credit-money in the roman economy. Klio, 101(1), 158–189. https://doi.org/10.1515/klio-2019-0006 DOI: https://doi.org/10.1515/klio-2019-0006
- Hudson, M. (2020). Origins of money and interest: palatial credit, not barter. In S. Battilossi, Y. Cassis, & K. Yago (Eds.), Handbook of the History of Money and Currency (pp. 45–65). Springer Singapore. http://link.springer.com/10.1007/978-981-13-0596-2_1 DOI: https://doi.org/10.1007/978-981-13-0596-2_1
- Jemiluyi, O. O., & Yinusa, D. O. (2021). Female economic participation and economic growth: an empirical evaluation of the nexus for sub-saharan african region. Journal of Economics, Finance and Accounting Studies, 3(1), 72–80. https://doi.org/10.32996/jefas.2021.3.1.7 DOI: https://doi.org/10.32996/jefas.2021.3.1.7
- Joo, Y. S., Kim, J., Lee, J., & Chung, I.-J. (2022). Fine particulate matter and depressive symptoms in children: A mediation model of physical activity and a moderation model of family poverty. SSM - Population Health, 17, 101015. https://doi.org/https://doi.org/10.1016/j.ssmph.2021.101015 DOI: https://doi.org/10.1016/j.ssmph.2021.101015
- Keller, K. (2022). Hidden figures: the holy roman empire as a “realm of ladies.” Central European History, 55(3), 339–354. https://doi.org/10.1017/S0008938922000024 DOI: https://doi.org/10.1017/S0008938922000024
- Khan, S. M., Sherazi, H., & Liaqat, S. (2020). Impact of money supply and domestic credit on economic well-being: A case of Pakistan. European Online Journal of Natural and Social Sciences, 9(3), pp–618.
- Khorsheed, E. (2020). The Impact of Women Parliamentarians on Economic Growth: Modelling & Statistical Analysis of Empirical Global Data. International Journal of Statistics and Probability, 9(3), 23. https://doi.org/10.5539/ijsp.v9n3p23 DOI: https://doi.org/10.5539/ijsp.v9n3p23
- Khushk, A., Zengtian, Z., & Hui, Y. (2023). Role of female leadership in corporate innovation: a systematic literature review. Gender in Management: An International Journal, 38(3), 287–304. https://doi.org/10.1108/GM-01-2022-0028 DOI: https://doi.org/10.1108/GM-01-2022-0028
- Ma, M., Lu, Y., Dong, G., Ren, L., Min, R., Kang, L., Zhu, Z., Li, X., Li, B., Yang, Z., Cili, N., Liu, R., Gao, Y., & Chen, F. (2023). Understanding the transport networks complex between south asia, southeast asia and china during the late neolithic and bronze age. The Holocene, 33(2), 147–158. https://doi.org/10.1177/09596836221131698 DOI: https://doi.org/10.1177/09596836221131698
- Mba Fokwa, A. (2025). Financial access and women’s political representation in Sub-Saharan Africa: the role of ethnic fragmentation. Review of Behavioral Finance, 17(2), 249–271. https://doi.org/10.1108/RBF-09-2024-0258 DOI: https://doi.org/10.1108/RBF-09-2024-0258
- Milam, J. (2019). Venture capital— patronage to apprenticeship to profession. The Journal of Private Equity, 22(4), 19–32. https://doi.org/10.3905/jpe.2019.22.4.019 DOI: https://doi.org/10.3905/jpe.2019.22.4.019
- Mirziyoyeva, Z., & Salahodjaev, R. (2023). Does representation of women in parliament promote economic growth? Considering evidence from Europe and Central Asia. Frontiers in Political Science, Volume 5-2023. https://doi.org/10.3389/fpos.2023.1120287 DOI: https://doi.org/10.3389/fpos.2023.1120287
- Mohamed, E. S. E. (2022). Female human capital and economic growth in sudan: empirical evidence for women’s empowerment. Merits, 2(3), 187–209. https://doi.org/10.3390/merits2030014 DOI: https://doi.org/10.3390/merits2030014
- Mohanty, A. T. (2019). Measuring gdp and economic growth: an economic barometer. International Journal of Tax Economics and Management, 2(1), 42–58. https://doi.org/10.35935/tax/21.5842 DOI: https://doi.org/10.35935/tax/21.5842
- Mojapelo, J. T., & Faku, M. E. (2020). Bridging the Gender Gap and Promoting Representation of Women in the National Parliament: A Comparative Analysis Study of South Africa and Lesotho. Gender Questions, 7(1), 15 pages. https://doi.org/10.25159/2412-8457/6458 DOI: https://doi.org/10.25159/2412-8457/6458
- Moodley, L., Kuyoro, M., Holt, T., Leke, A., Madgavkar, A., Krishnan, M., & Akintayo, F. (2019). The power of parity: Advancing women’s equality in Africa. McKinsey Global Institute.
- Mueller, J. T. (2021). Defining dependence: the natural resource community typology*. Rural Sociology, 86(2), 260–300. https://doi.org/https://doi.org/10.1111/ruso.12357 DOI: https://doi.org/10.1111/ruso.12357
- Muntschick, J. (2020). Regional economic integration in the southern african development community (Sadc): analysing the dynamics and performance. Vestnik RUDN. International Relations, 20(2), 333–346. https://journals.rudn.ru/international-relations/article/view/23974 DOI: https://doi.org/10.22363/2313-0660-2020-20-2-333-346
- Murari, K. (2017). Financial development–economic growth nexus: evidence from south asian middle-income countries. Global Business Review, 18(4), 924–935. https://doi.org/10.1177/0972150917692245 DOI: https://doi.org/10.1177/0972150917692245
- Mwale, B. J., & Allexander, M. (2022). Electricity consumption and economic growth in southern african development community region. Journal of Economics and Sustainable Development. https://doi.org/10.7176/JESD/13-24-02 DOI: https://doi.org/10.7176/JESD/13-24-02
- Ojo, T. A. (2023). Gendered narratives on financial inclusion: global and continental context. In The Politics of Financial Inclusion of Women in South Africa (pp. 95–127). Springer Nature Singapore. https://doi.org/10.1007/978-981-99-1847-8_4 DOI: https://doi.org/10.1007/978-981-99-1847-8_4
- Onaran, Ö., Oyvat, C., & Fotopoulou, E. (2022). Gendering Macroeconomic Analysis and Development Policy: A Theoretical Model. Feminist Economics, 28(3), 23–55. https://doi.org/10.1080/13545701.2022.2033294 DOI: https://doi.org/10.1080/13545701.2022.2033294
- Ozili, P. K., Oladipo, O., & Iorember, P. T. (2023). Effect of abnormal increase in credit supply on economic growth in Nigeria. African Journal of Economic and Management Studies, 14(4), 583–599. https://doi.org/10.1108/AJEMS-02-2022-0036 DOI: https://doi.org/10.1108/AJEMS-02-2022-0036
- Perunovic, A. (2023). Credit, debt and money as social institutions of trust. Filozofija i Drustvo, 34(2), 273–288. https://doi.org/10.2298/FID2302273P DOI: https://doi.org/10.2298/FID2302273P
- Rodriguez-Avi, J. (2022). A probabilistic model for the distribution of gdp per capita in nuts 3 zones of europe. Studies of Applied Economics, 40(1). https://doi.org/10.25115/eea.v40i1.5326 DOI: https://doi.org/10.25115/eea.v40i1.5326
- Shrestha, N. (2020). Detecting multicollinearity in regression analysis. American Journal of Applied Mathematics and Statistics, 8(2), 39–42. https://doi.org/10.12691/ajams-8-2-1 DOI: https://doi.org/10.12691/ajams-8-2-1
- Si, Y., Heeringa, S., Johnson, D., Little, R. J. A., Liu, W., Pfeffer, F., & Raghunathan, T. (2023). Multiple imputation with massive data: an application to the panel study of income dynamics. Journal of Survey Statistics and Methodology, 11(1), 260–283. https://doi.org/10.1093/jssam/smab038 DOI: https://doi.org/10.1093/jssam/smab038
- Silva, M. S., & Klasen, S. (2021). Gender inequality as a barrier to economic growth: a review of the theoretical literature. Review of Economics of the Household, 19(3), 581–614. https://doi.org/10.1007/s11150-020-09535-6 DOI: https://doi.org/10.1007/s11150-020-09535-6
- Tasnim, S. (2021). Use of Shape Restricted Regression Methods for Fitting Model of Per Capita GDP: A Global Economic Scenario of 2018. International Journal of Statistics and Probability, 10(4), 52. https://doi.org/10.5539/ijsp.v10n4p52 DOI: https://doi.org/10.5539/ijsp.v10n4p52
- Tripathi, S., & Rajeev, M. (2023). Gender-inclusive development through fintech: studying gender-based digital financial inclusion in a cross-country setting. Sustainability, 15(13), 10253. https://doi.org/10.3390/su151310253 DOI: https://doi.org/10.3390/su151310253
- Tusalem, R. F. (2022). Gendered governance: examining the relationship between women legislators and effective public goods provision from a global sample. Polity, 54(2), 298–333. https://doi.org/10.1086/718579 DOI: https://doi.org/10.1086/718579
- Van, L. T.-H., Vo, A. T., Nguyen, N. T., & Vo, D. H. (2021). Financial inclusion and economic growth: an international evidence. Emerging Markets Finance and Trade, 57(1), 239–263. https://doi.org/10.1080/1540496X.2019.1697672 DOI: https://doi.org/10.1080/1540496X.2019.1697672
- Vandi, N. J., Mshelia, S. I., Michael, A., & Kwaji, B. H. (2022). Analysis of women crop farmers’ access and utilisation of agricultural credit in yola south local government area of adamawa state, nigeria. Journal of Agriculture and Applied Biotechnology, 1(1), 1–6. DOI: https://doi.org/10.52493/j.jaab.2022.1.21
- Wang, C., & Naveed, A. (2021). Can Women Empowerment Explain Cross-Country Differences in Inequality? A Global Perspective. Social Indicators Research, 158(2), 667–697. https://doi.org/10.1007/s11205-021-02721-8 DOI: https://doi.org/10.1007/s11205-021-02721-8
- Wani, I. U., Alharthi, M., Khanday, I. N., Subhan, M., & Al-Faryan, M. A. S. (2024). Exploring the complementary interaction between financial inclusion and gender equality on economic growth: fresh evidence from developing countries. Cogent Economics & Finance, 12(1), 2365585. https://doi.org/10.1080/23322039.2024.2365585 DOI: https://doi.org/10.1080/23322039.2024.2365585
- Wee, L. (2021). Money, power and inequality among married couples in urban Sarawak. SHS Web of Conferences, 124, 2002. https://doi.org/10.1051/shsconf/202112402002 DOI: https://doi.org/10.1051/shsconf/202112402002
- Yadav, S. (2023). Gender equality as a tool for sustainable development. International Journal of Teaching, Learning and Education (IJTLE), 2(2), 1–3. DOI: https://doi.org/10.22161/ijtle.2.2.1
- Young, R., & Johnson, D. R. (2015). Handling missing values in longitudinal panel data with multiple imputation. Journal of Marriage and Family, 77(1), 277–294. https://doi.org/10.1111/jomf.12144 DOI: https://doi.org/10.1111/jomf.12144
- Yu, L., Liu, L., & Peace, K. E. (2020). Regression multiple imputation for missing data analysis. Statistical Methods in Medical Research, 29(9), 2647–2664. https://doi.org/10.1177/0962280220908613 DOI: https://doi.org/10.1177/0962280220908613
References
Adams, M., & Wylie, K. (2020). Transnational organizing, the boosting effect, and women’s legislative caucuses in Africa. Politics, Groups, and Identities, 8(3), 615–626. https://doi.org/10.1080/21565503.2020.1752441 DOI: https://doi.org/10.1080/21565503.2020.1752441
Adewusi, A. O. (2021). Modelling loan accessibility among women for economic development. International Journal of Innovative Research and Development, 10(3). https://doi.org/10.24940/ijird/2021/v10/i3/JAN21032 DOI: https://doi.org/10.24940/ijird/2021/v10/i3/JAN21032
Agarwala, V., Maity, S., & Sahu, T. N. (2022). Female entrepreneurship, employability and empowerment: impact of the mudra loan scheme. Journal of Developmental Entrepreneurship, 27(01), 2250005. https://doi.org/10.1142/S1084946722500054 DOI: https://doi.org/10.1142/S1084946722500054
Ahmad, F. M., & Yadav, D. K. (2022). Financial Theories and Their Relevance in Financial Inclusion. In Financial Inclusion Schemes in India (pp. 21–35). Springer Nature Singapore. https://doi.org/10.1007/978-981-19-1316-7_2 DOI: https://doi.org/10.1007/978-981-19-1316-7_2
Al-Qahtani, M. M. Z., Alkhateeb, T. T. Y., Mahmood, H., Abdalla, M. A. Z., & Qaralleh, T. J. O. T. (2020). The Role of the Academic and Political Empowerment of Women in Economic, Social and Managerial Empowerment: The Case of Saudi Arabia. Economies, 8(2). https://doi.org/10.3390/economies8020045 DOI: https://doi.org/10.3390/economies8020045
Altuzarra, A., Gálvez-Gálvez, C., & González-Flores, A. (2021). Is Gender Inequality a Barrier to Economic Growth? A Panel Data Analysis of Developing Countries. Sustainability, 13(1). https://doi.org/10.3390/su13010367 DOI: https://doi.org/10.3390/su13010367
Amuakwa-Mensah, S., & Surry, Y. (2022). Association between rural electrification and agricultural output: Evidence from Sub-Saharan Africa. World Development Perspectives, 25, 100392. https://doi.org/https://doi.org/10.1016/j.wdp.2021.100392 DOI: https://doi.org/10.1016/j.wdp.2021.100392
Arnold, J., & Gammage, S. (2019). Gender and financial inclusion: the critical role for holistic programming. Development in Practice, 29(8), 965–973. https://doi.org/10.1080/09614524.2019.1651251 DOI: https://doi.org/10.1080/09614524.2019.1651251
Balasubramanian, S. A., & Kuppusamy, T. (2020). Does female labour force participation contribute to better financial inclusion? Evidence from cross-country analysis. Journal of Economic and Administrative Sciences, 37(4), 643–658. https://doi.org/10.1108/JEAS-08-2020-0151 DOI: https://doi.org/10.1108/JEAS-08-2020-0151
Baskaran, T., Bhalotra, S., Min, B., & Uppal, Y. (2024). Women legislators and economic performance. Journal of Economic Growth, 29(2), 151–214. https://doi.org/10.1007/s10887-023-09236-6 DOI: https://doi.org/10.1007/s10887-023-09236-6
Bency, B. P. B. (2018). Gender equality through women empowerment strategy-a conceptual view. In Gender Parity and Women Empowerment–Challenges and Way Forward (pp. 23–30). BONFRING. https://doi.org/10.9756/BP2018.1012/05 DOI: https://doi.org/10.9756/BP2018.1012/05
Bhide, N., & Khanolkar, S. (2020). A comprehensive study on the factors impacting the gdp (Per capita) of major economies around the globe using regression analysis. International Journal of Computer Applications, 175(10), 26–30. https://doi.org/10.5120/ijca2020920560 DOI: https://doi.org/10.5120/ijca2020920560
Buterin, V., Fajdetić, B., & Funarić, B. (2023). Understanding the macroeconomic effects of female participation in the labour market. Economies, 11(11), 280. https://doi.org/10.3390/economies11110280 DOI: https://doi.org/10.3390/economies11110280
Carrasco, M., & Nayihouba, A. (2024). Regularized estimation of dynamic panel models. Econometric Theory, 40(2), 360–418. https://doi.org/10.1017/S0266466622000469 DOI: https://doi.org/10.1017/S0266466622000469
Cecchetti, S. G., & Kharroubi, E. (2019). Why does credit growth crowd out real economic growth? The Manchester School, 87(S1), 1–28. https://doi.org/10.1111/manc.12295 DOI: https://doi.org/10.1111/manc.12295
Kaminitz, S. C. (2023). The significance of GDP: a new take on a century-old question. Journal of Economic Methodology, 30(1), 1–14. https://doi.org/10.1080/1350178X.2023.2167228 DOI: https://doi.org/10.1080/1350178X.2023.2167228
Dahlum, S., Knutsen, C. H., & Mechkova, V. (2022). Women’s political empowerment and economic growth. World Development, 156, 105822. https://doi.org/10.1016/j.worlddev.2022.105822 DOI: https://doi.org/10.1016/j.worlddev.2022.105822
De Nicola, B. (2022). Elite women in the mongol empire. In The Mongol World (pp. 422–439). Routledge. https://www.taylorfrancis.com/chapters/edit/10.4324/9781315165172-35/elite-women-mongol-empire-bruno-de-nicola DOI: https://doi.org/10.4324/9781315165172-35
De Soto, P. (2019). Network analysis to model and analyse roman transport and mobility. In P. Verhagen, J. Joyce, & M. R. Groenhuijzen (Eds.), Finding the Limits of the Limes (pp. 271–289). Springer International Publishing. https://doi.org/10.1007/978-3-030-04576-0_13 DOI: https://doi.org/10.1007/978-3-030-04576-0_13
Dědeček, R., & Dudzich, V. (2022). Exploring the limitations of GDP per capita as an indicator of economic development: a cross-country perspective. Review of Economic Perspectives, 22(3), 193–217. https://doi.org/10.2478/revecp-2022-0009 DOI: https://doi.org/10.2478/revecp-2022-0009
Dow, S. (2020). Gender and the future of macroeconomics: an evolutionary approach. Review of Evolutionary Political Economy, 1(1), 55–66. https://doi.org/10.1007/s43253-020-00001-8 DOI: https://doi.org/10.1007/s43253-020-00001-8
Edward, A. S. (2023). Impact of rural and urban electricity access and economic growth in Ghana: Does line transmission losses matter? Energy Economics Letters, 10(1), 44–68. https://doi.org/10.55493/5049.v10i1.4732 DOI: https://doi.org/10.55493/5049.v10i1.4732
Fadil El-Turkey, E. (2021). Social and economic empowerment of women with breadwinners. International Journal of Modern Agriculture and Environment, 1(1), 79–116. https://doi.org/10.21608/ijmae.2023.215963.1016 DOI: https://doi.org/10.21608/ijmae.2023.215963.1016
Fernández, R., Isakova, A., Luna, F., & Rambousek, B. (2021). Gender equality and inclusive growth. IMF Working Papers, 21(59). https://doi.org/10.5089/9781513571164.001 DOI: https://doi.org/10.5089/9781513571164.001
Gao, M., & Mahutga, M. C. (2023). Women’s political representation and corruption. Sociology of Development, 9(3), 217–241. https://doi.org/10.1525/sod.2022.0022 DOI: https://doi.org/10.1525/sod.2022.0022
Goltz, S., Buche, M. W., & Pathak, S. (2015). Political Empowerment, Rule of Law, and Women’s Entry into Entrepreneurship. Journal of Small Business Management, 53(3), 605–626. https://doi.org/10.1111/jsbm.12177 DOI: https://doi.org/10.1111/jsbm.12177
Guerrero, M. L., Albán, R. A., Fiorella, S., Arias, B., Lizzeth, K., & Tantajulca, V. (2023). Empowering Women for Household Economic Growth in Latin America: A Systematic Review. https://doi.org/https://doi.org/10.34190/icgr.6.1.1155 DOI: https://doi.org/10.34190/icgr.6.1.1155
Harris, W. V. (2019). Credit-money in the roman economy. Klio, 101(1), 158–189. https://doi.org/10.1515/klio-2019-0006 DOI: https://doi.org/10.1515/klio-2019-0006
Hudson, M. (2020). Origins of money and interest: palatial credit, not barter. In S. Battilossi, Y. Cassis, & K. Yago (Eds.), Handbook of the History of Money and Currency (pp. 45–65). Springer Singapore. http://link.springer.com/10.1007/978-981-13-0596-2_1 DOI: https://doi.org/10.1007/978-981-13-0596-2_1
Jemiluyi, O. O., & Yinusa, D. O. (2021). Female economic participation and economic growth: an empirical evaluation of the nexus for sub-saharan african region. Journal of Economics, Finance and Accounting Studies, 3(1), 72–80. https://doi.org/10.32996/jefas.2021.3.1.7 DOI: https://doi.org/10.32996/jefas.2021.3.1.7
Joo, Y. S., Kim, J., Lee, J., & Chung, I.-J. (2022). Fine particulate matter and depressive symptoms in children: A mediation model of physical activity and a moderation model of family poverty. SSM - Population Health, 17, 101015. https://doi.org/https://doi.org/10.1016/j.ssmph.2021.101015 DOI: https://doi.org/10.1016/j.ssmph.2021.101015
Keller, K. (2022). Hidden figures: the holy roman empire as a “realm of ladies.” Central European History, 55(3), 339–354. https://doi.org/10.1017/S0008938922000024 DOI: https://doi.org/10.1017/S0008938922000024
Khan, S. M., Sherazi, H., & Liaqat, S. (2020). Impact of money supply and domestic credit on economic well-being: A case of Pakistan. European Online Journal of Natural and Social Sciences, 9(3), pp–618.
Khorsheed, E. (2020). The Impact of Women Parliamentarians on Economic Growth: Modelling & Statistical Analysis of Empirical Global Data. International Journal of Statistics and Probability, 9(3), 23. https://doi.org/10.5539/ijsp.v9n3p23 DOI: https://doi.org/10.5539/ijsp.v9n3p23
Khushk, A., Zengtian, Z., & Hui, Y. (2023). Role of female leadership in corporate innovation: a systematic literature review. Gender in Management: An International Journal, 38(3), 287–304. https://doi.org/10.1108/GM-01-2022-0028 DOI: https://doi.org/10.1108/GM-01-2022-0028
Ma, M., Lu, Y., Dong, G., Ren, L., Min, R., Kang, L., Zhu, Z., Li, X., Li, B., Yang, Z., Cili, N., Liu, R., Gao, Y., & Chen, F. (2023). Understanding the transport networks complex between south asia, southeast asia and china during the late neolithic and bronze age. The Holocene, 33(2), 147–158. https://doi.org/10.1177/09596836221131698 DOI: https://doi.org/10.1177/09596836221131698
Mba Fokwa, A. (2025). Financial access and women’s political representation in Sub-Saharan Africa: the role of ethnic fragmentation. Review of Behavioral Finance, 17(2), 249–271. https://doi.org/10.1108/RBF-09-2024-0258 DOI: https://doi.org/10.1108/RBF-09-2024-0258
Milam, J. (2019). Venture capital— patronage to apprenticeship to profession. The Journal of Private Equity, 22(4), 19–32. https://doi.org/10.3905/jpe.2019.22.4.019 DOI: https://doi.org/10.3905/jpe.2019.22.4.019
Mirziyoyeva, Z., & Salahodjaev, R. (2023). Does representation of women in parliament promote economic growth? Considering evidence from Europe and Central Asia. Frontiers in Political Science, Volume 5-2023. https://doi.org/10.3389/fpos.2023.1120287 DOI: https://doi.org/10.3389/fpos.2023.1120287
Mohamed, E. S. E. (2022). Female human capital and economic growth in sudan: empirical evidence for women’s empowerment. Merits, 2(3), 187–209. https://doi.org/10.3390/merits2030014 DOI: https://doi.org/10.3390/merits2030014
Mohanty, A. T. (2019). Measuring gdp and economic growth: an economic barometer. International Journal of Tax Economics and Management, 2(1), 42–58. https://doi.org/10.35935/tax/21.5842 DOI: https://doi.org/10.35935/tax/21.5842
Mojapelo, J. T., & Faku, M. E. (2020). Bridging the Gender Gap and Promoting Representation of Women in the National Parliament: A Comparative Analysis Study of South Africa and Lesotho. Gender Questions, 7(1), 15 pages. https://doi.org/10.25159/2412-8457/6458 DOI: https://doi.org/10.25159/2412-8457/6458
Moodley, L., Kuyoro, M., Holt, T., Leke, A., Madgavkar, A., Krishnan, M., & Akintayo, F. (2019). The power of parity: Advancing women’s equality in Africa. McKinsey Global Institute.
Mueller, J. T. (2021). Defining dependence: the natural resource community typology*. Rural Sociology, 86(2), 260–300. https://doi.org/https://doi.org/10.1111/ruso.12357 DOI: https://doi.org/10.1111/ruso.12357
Muntschick, J. (2020). Regional economic integration in the southern african development community (Sadc): analysing the dynamics and performance. Vestnik RUDN. International Relations, 20(2), 333–346. https://journals.rudn.ru/international-relations/article/view/23974 DOI: https://doi.org/10.22363/2313-0660-2020-20-2-333-346
Murari, K. (2017). Financial development–economic growth nexus: evidence from south asian middle-income countries. Global Business Review, 18(4), 924–935. https://doi.org/10.1177/0972150917692245 DOI: https://doi.org/10.1177/0972150917692245
Mwale, B. J., & Allexander, M. (2022). Electricity consumption and economic growth in southern african development community region. Journal of Economics and Sustainable Development. https://doi.org/10.7176/JESD/13-24-02 DOI: https://doi.org/10.7176/JESD/13-24-02
Ojo, T. A. (2023). Gendered narratives on financial inclusion: global and continental context. In The Politics of Financial Inclusion of Women in South Africa (pp. 95–127). Springer Nature Singapore. https://doi.org/10.1007/978-981-99-1847-8_4 DOI: https://doi.org/10.1007/978-981-99-1847-8_4
Onaran, Ö., Oyvat, C., & Fotopoulou, E. (2022). Gendering Macroeconomic Analysis and Development Policy: A Theoretical Model. Feminist Economics, 28(3), 23–55. https://doi.org/10.1080/13545701.2022.2033294 DOI: https://doi.org/10.1080/13545701.2022.2033294
Ozili, P. K., Oladipo, O., & Iorember, P. T. (2023). Effect of abnormal increase in credit supply on economic growth in Nigeria. African Journal of Economic and Management Studies, 14(4), 583–599. https://doi.org/10.1108/AJEMS-02-2022-0036 DOI: https://doi.org/10.1108/AJEMS-02-2022-0036
Perunovic, A. (2023). Credit, debt and money as social institutions of trust. Filozofija i Drustvo, 34(2), 273–288. https://doi.org/10.2298/FID2302273P DOI: https://doi.org/10.2298/FID2302273P
Rodriguez-Avi, J. (2022). A probabilistic model for the distribution of gdp per capita in nuts 3 zones of europe. Studies of Applied Economics, 40(1). https://doi.org/10.25115/eea.v40i1.5326 DOI: https://doi.org/10.25115/eea.v40i1.5326
Shrestha, N. (2020). Detecting multicollinearity in regression analysis. American Journal of Applied Mathematics and Statistics, 8(2), 39–42. https://doi.org/10.12691/ajams-8-2-1 DOI: https://doi.org/10.12691/ajams-8-2-1
Si, Y., Heeringa, S., Johnson, D., Little, R. J. A., Liu, W., Pfeffer, F., & Raghunathan, T. (2023). Multiple imputation with massive data: an application to the panel study of income dynamics. Journal of Survey Statistics and Methodology, 11(1), 260–283. https://doi.org/10.1093/jssam/smab038 DOI: https://doi.org/10.1093/jssam/smab038
Silva, M. S., & Klasen, S. (2021). Gender inequality as a barrier to economic growth: a review of the theoretical literature. Review of Economics of the Household, 19(3), 581–614. https://doi.org/10.1007/s11150-020-09535-6 DOI: https://doi.org/10.1007/s11150-020-09535-6
Tasnim, S. (2021). Use of Shape Restricted Regression Methods for Fitting Model of Per Capita GDP: A Global Economic Scenario of 2018. International Journal of Statistics and Probability, 10(4), 52. https://doi.org/10.5539/ijsp.v10n4p52 DOI: https://doi.org/10.5539/ijsp.v10n4p52
Tripathi, S., & Rajeev, M. (2023). Gender-inclusive development through fintech: studying gender-based digital financial inclusion in a cross-country setting. Sustainability, 15(13), 10253. https://doi.org/10.3390/su151310253 DOI: https://doi.org/10.3390/su151310253
Tusalem, R. F. (2022). Gendered governance: examining the relationship between women legislators and effective public goods provision from a global sample. Polity, 54(2), 298–333. https://doi.org/10.1086/718579 DOI: https://doi.org/10.1086/718579
Van, L. T.-H., Vo, A. T., Nguyen, N. T., & Vo, D. H. (2021). Financial inclusion and economic growth: an international evidence. Emerging Markets Finance and Trade, 57(1), 239–263. https://doi.org/10.1080/1540496X.2019.1697672 DOI: https://doi.org/10.1080/1540496X.2019.1697672
Vandi, N. J., Mshelia, S. I., Michael, A., & Kwaji, B. H. (2022). Analysis of women crop farmers’ access and utilisation of agricultural credit in yola south local government area of adamawa state, nigeria. Journal of Agriculture and Applied Biotechnology, 1(1), 1–6. DOI: https://doi.org/10.52493/j.jaab.2022.1.21
Wang, C., & Naveed, A. (2021). Can Women Empowerment Explain Cross-Country Differences in Inequality? A Global Perspective. Social Indicators Research, 158(2), 667–697. https://doi.org/10.1007/s11205-021-02721-8 DOI: https://doi.org/10.1007/s11205-021-02721-8
Wani, I. U., Alharthi, M., Khanday, I. N., Subhan, M., & Al-Faryan, M. A. S. (2024). Exploring the complementary interaction between financial inclusion and gender equality on economic growth: fresh evidence from developing countries. Cogent Economics & Finance, 12(1), 2365585. https://doi.org/10.1080/23322039.2024.2365585 DOI: https://doi.org/10.1080/23322039.2024.2365585
Wee, L. (2021). Money, power and inequality among married couples in urban Sarawak. SHS Web of Conferences, 124, 2002. https://doi.org/10.1051/shsconf/202112402002 DOI: https://doi.org/10.1051/shsconf/202112402002
Yadav, S. (2023). Gender equality as a tool for sustainable development. International Journal of Teaching, Learning and Education (IJTLE), 2(2), 1–3. DOI: https://doi.org/10.22161/ijtle.2.2.1
Young, R., & Johnson, D. R. (2015). Handling missing values in longitudinal panel data with multiple imputation. Journal of Marriage and Family, 77(1), 277–294. https://doi.org/10.1111/jomf.12144 DOI: https://doi.org/10.1111/jomf.12144
Yu, L., Liu, L., & Peace, K. E. (2020). Regression multiple imputation for missing data analysis. Statistical Methods in Medical Research, 29(9), 2647–2664. https://doi.org/10.1177/0962280220908613 DOI: https://doi.org/10.1177/0962280220908613
