Does fintech matter for financial inclusion and financial stability in BRICS markets?

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2024-06-14 DOI:10.1016/j.ememar.2024.101164

Darko B. Vuković , M. Kabir Hassan , Bernard Kwakye , Armike Febtinugraini , Mohammed Shakib

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Abstract

We investigate whether fintech development expedites financial inclusion and affects the stability of the financial sector in BRICS economies. We first seek to identify the linkage between Fintech development and financial inclusion in the BRICS economies. We then explore if Fintech poses any threat to financial stability by studying the impact of Fintech on three main factors of financial stability; Country risk, Liquidity, and Price volatility to see any possible threat to financial stability. We apply the robust Global Vector Autoregressive (GVAR) model with Bayesian framework to analyze a monthly dataset ranging from 2015 to 2022. By applying a positive shock to Fintech over financial inclusion and financial stability, we reveal a positive dynamic relationship between fintech development and financial inclusion, with fintech exhibiting a long-term influence on financial inclusion in some BRICS countries than others. However, we found no significant evidence that fintech presents any threat to financial stability; at least not in the short term. We offer several policy implications and future research directions.

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金融科技对金砖国家市场的金融包容性和金融稳定性有影响吗？

我们研究金融科技的发展是否会加快金砖国家经济体的金融包容性并影响其金融部门的稳定性。我们首先试图找出金砖国家经济中金融科技发展与金融包容性之间的联系。然后，我们通过研究金融科技对金融稳定的三个主要因素（国家风险、流动性和价格波动）的影响，探讨金融科技是否会对金融稳定构成威胁。我们采用贝叶斯框架下的稳健全球向量自回归（GVAR）模型，分析了 2015 年至 2022 年的月度数据集。通过应用金融科技对金融包容性和金融稳定性的正向冲击，我们揭示了金融科技发展与金融包容性之间的正向动态关系，在一些金砖国家，金融科技对金融包容性的长期影响大于其他国家。然而，我们没有发现任何重要证据表明金融科技会对金融稳定构成威胁，至少短期内不会。我们提出了若干政策影响和未来研究方向。

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

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.