Role of Regulatory Governance in Financial Stability: A Comparison of High and Low Income Countries

IF 1.7 Q3 BUSINESS, FINANCE

Journal of Central Banking Theory and Practice Pub Date : 2022-01-01 DOI:10.2478/jcbtp-2022-0009

Saif Ullah,Sayed Irshad Hussain,Agha Amad Nabi,Khurram Ali Mubashir

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引用次数: 4

Abstract

Abstract This study explores the effect of regulatory governance on financial stability using cross-sectional data from 55 countries. The findings show that regulatory governance and various subcomponents of regulatory governance are positively correlated with financial stability in the selected countries. The results, based on the ordinary least square method, explain that the regulatory governance has a significant positive influence on financial stability in the selected countries. Further, concerning different dimensions of regulatory governance, it is showed that an individual impact of all components on financial stability is positive except for the strength of external audit, and supervisory independence and accountability. However, central bank`s independence and economic independence have a statistically significant effect on financial stability, whereas central bank accountability, supervisory independence and accountability, political central bank independence as well as the strength of external audit have an insignificant statistical influence on financial stability. Finally, the study concludes that regulatory governance and individual dimension of regulatory governance played the most significant role in improving financial stability in the selected countries.

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监管治理在金融稳定中的作用:高收入国家和低收入国家的比较

摘要本研究利用55个国家的横断面数据探讨了监管治理对金融稳定的影响。研究结果表明，在所选国家中，监管治理和监管治理的各个子组成部分与金融稳定呈正相关。基于普通最小二乘法的结果表明，监管治理对所选国家的金融稳定具有显著的正向影响。此外，关于监管治理的不同维度，研究表明，除了外部审计的强度、监管独立性和问责制外，所有组成部分对金融稳定的个别影响都是积极的。然而，央行独立性和经济独立性对金融稳定的影响在统计上显著，而央行问责制、监管独立性和问责制、政治独立性以及外部审计力度对金融稳定的影响在统计上不显著。最后，研究得出结论，在所选国家中，监管治理和监管治理的个人维度在改善金融稳定方面发挥了最显著的作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Central Banking Theory and Practice BUSINESS, FINANCE-

CiteScore

2.80

自引率

57.10%

发文量

审稿时长

7 weeks

期刊介绍： Journal of Central Banking Theory and Practice is a scientific journal dedicated to publishing quality papers and disseminating original, relevant and applicable economic research. Scientific and professional papers that are published in the Journal of Central Banking Theory and Practice cover theoretical and practical aspects of central banking, monetary policy, including the supervision issues, as well as banking and management in central banks. The purpose of the journal is to educate the general public about the key issues that the central bankers globally face, as well as about contemporary research and achievements in the field of central banking theory and practice.