ANALYSIS OF THE INFLUENCE OF FINANCIAL INSTITUTIONS AND BANKING STABILITY ON THE HUMAN DEVELOPMENT INDEX IN BRICS
Keywords:
Financial Institution, Banking stability, Human Development Index
Abstract
This study aims to examine the relationship between financial institutions and banking stability and the Human Development Index. The BRICS countries, specifically Brazil, Russia, China, India, Indonesia, and South Africa, were sampled. Secondary data from the UNDP, IMF, and World Bank were used. The analysis technique used in this study was panel data regression for the period 2000–2022. The results of the fixed effect model estimation indicate that financial institutions and banking stability have a positive and complementary effect on improving the Human Development Index (HDI) in BRICS countries. Inclusive financial institutions promote access to basic services. Banking stability strengthens economic confidence and supports the financing of social development.
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References
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Hamrouni, A. M., Sharif, R. S., Abduelkarem, A. R., & Hassanein, M. M. (2022). Impacts of COVID-19 Pandemic on Geopolitics , Health , Economics , Education and Sociocultural Events. Risk Management and Healthcare Policy, April, 935–943.
Hidayat, A., & Shodrokova, X. (2025a). Financial Institution Index , Banking Stability , and Human Development Index Nexus in Emerging Market Countries. April.
Hidayat, A., & Shodrokova, X. (2025b). Financial Institution Index , Banking Stability , and Human Development Index Nexus in Emerging Market Countries. Economic Studies Journal (Ikonomicheski Izsledvania), April.
Hidayat, A., & Shodrokova, X. (2025c). The Effect of the Human Development Index on Banking Stability in ASEAN. Asia-Pacific Social Science Review, 8(5), 1763.
Huazheva, A., Alieva, E., & Akoeva, M. (2024). THE INFLUENCE OF THE HUMAN FACTOR ON THE ECONOMIC GROWTH OF REGIONS AND COUNTRIES. Reliability: Theory & Applications, 19(December), 1125–1132.
Islam, M. S., & Amin, M. (2022). A systematic review of human capital and employee well-being: putting human capital back on the track. European Journal of Training and Development, 46(5/6), 504–534. https://doi.org/10.1108/EJTD-12-2020-0177
Javaid, M., Haleem, A., Singh, R. P., & Sinha, A. K. (2024). Digital economy to improve the culture of industry 4.0: A study on features, implementation and challenges. Green Technologies and Sustainability, 2(2), 100083. https://doi.org/10.1016/j.grets.2024.100083
Kaur, H., Hons, E., Kaur, M., & Soni, M. S. (2021). Hdi growth: a comparative analysis of brics economies using data analytics. Proceedings of the International Conference on Innovative Computing & Communication (ICICC).
Khan, M. A., & Yau, J. T. (2025). Information asymmetry and investment efficiency : the role of blockholders. Journal of Applied Accounting Research, 26(1), 194–221. https://doi.org/10.1108/JAAR-05-2023-0123
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Kuhumba, S. K. (2022). Amartya Sen ’ s capability approach as theoretical foundation of human development. Journal of Sociology and Development, August.
Leiwakabessy, E., & Amaluddin. (2020). A Modified Human Development Index, Democracy And Economic Growth In Indonesia. Humanities & Social Sciences Reviews, 732–743. https://doi.org/10.18510/hssr.2020.8282
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Munyoka, W. (2022). Inclusive Digital Innovation in South Africa : Perspectives from Disadvantaged and Marginalized Communities. Sustainability.
Nanda, Kajole, & Kaur, Mandeep. (2016). Financial Inclusion and Human Development: A Cross-country Evidence. Management and Labour Studies, 41(2), 127–153. https://doi.org/10.1177/0258042X16658734
Naqvi, N. (2023). financial cycles and state development banking in Brazil and South Africa. European Journal of International Relations. https://doi.org/10.1177/13540661221114370
Nassif, A., Carmem, F., & and Araújo, E. (2016). The BRICS’s Economic Growth Performance before and after the International Financial Crisis. International Journal of Political Economy, 45(4), 294–314. https://doi.org/10.1080/08911916.2016.1270083
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Nguyen, T. C., Castro, V., & Wood, J. (2024). Delving into the Effects of Financial Crises on Human Development. Journal of Human Capital. https://doi.org/10.1086/730270
Ntarmah, H., Albert Kong, Kobina, Y., & Michael, G. (2019). Banking system stability and economic sustainability: A panel data analysis of the effect of banking system stability on sustainability of some selected developing countries. Quantitative Finance and Economics, 3(4), 709–738. https://doi.org/10.3934/qfe.2019.4.709
Ogujiuba, K., Maponya, L., & Stiegler, N. (2024). Determinants of Human Development Index in South Africa: A Comparative Analysis of Different Time Periods. World, 5(3), 527–550. https://doi.org/10.3390/world5030027
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Published
2026-06-20
How to Cite
Sapitri, M., Rohima, S., & Mu’izzuddin, M. (2026). ANALYSIS OF THE INFLUENCE OF FINANCIAL INSTITUTIONS AND BANKING STABILITY ON THE HUMAN DEVELOPMENT INDEX IN BRICS. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 9(2), 16017-16035. https://doi.org/10.31538/iijse.v9i2.10061
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Copyright (c) 2026 Monika Sapitri, Siti Rohima, Mu’izzuddin Mu’izzuddin
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