THE INFLUENCE OF FINANCIAL DEVELOPMENT AND EDUCATION WOMEN'S EMPOWERMENT: EMPIRICAL EVIDENCE FROM G20 MEMBER COUNTRIES

Abstract

Women's empowerment is one of the sustainable development goals that has become a global agreement that is still being fought to realize it. The purpose of this study is to examine and analyze in depth the relationship between the level of education and financial development at the macro level in G20 member countries based on the cluster of religious groups adhered to. This study uses a quantitative approach to panel data regression analysis model, the data used in the form of secondary data obtained from World Development Indicators (WDI) and Global Financial Development (GFD). Data collection using perposive sampling techniques, then the data is processed and analyzed with the help of the Eviews 10 statistical application. The results showed two findings that, first, all indicators measuring financial development and women's education levels had a significant effect on women's empowerment, in the cluster of non-Muslim G20 member countries. Second, domestic credit in the private sector and bank asset capital have a significant positive effect while non-bank financial institution assets have a significant negative effect on the empowerment of women in Muslim cluster countries as well as women's education level which has a significant negative effect. Thus, G20 member countries with a majority of non-Muslim populations provide more space for women's empowerment supported by the female population level and the development of the financial sector. However, this is not the case with G20 member Muslim countries.