Dynamic linkages of financial inclusion, modernization, and environmental sustainability in South Asia: a panel data analysis.

This study explores the dynamic linkages of financial inclusion, modernization, and environmental sustainability in South Asia during the period 1998-2019. Two distinct composite indexes for financial inclusion and modernization are developed by using principal component analysis (PCA) based on normalized indicators. To examine the dynamic linkages, we adopted panel regression models that are not only robust but also heteroskedasticity consistent.