Fertility in Sixty-Four Developing and Developed Countries: The Role of Financial Development

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Siow Li Lai
Tien Ming Yip


This study examined the relationship between financial development and fertility in 64 countries between 2001 and 2015. This comprehensive analysis allowed inputs for development planning. The dynamic panel GMM analysis was used to develop models for fertility-financial development analysis, controlling for other variables, such as per capita income, infant mortality rate, female education, and urbanization. Results showed that financial development has a non-linear inverted U-shaped relationship with total fertility rate in developing countries, but a non-linear U-shaped association in developed countries. Based on the findings, this study offers some imperative policy recommendations.


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Lai, S. L., & Yip, T. M. (2019). Fertility in Sixty-Four Developing and Developed Countries: The Role of Financial Development. Journal of Population and Social Studies [JPSS], 27(4), 334 - 346. Retrieved from https://so03.tci-thaijo.org/index.php/jpss/article/view/185657
Author Biography

Siow Li Lai, University of Malaya, Malaysia

Corresponding author


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