Financial Inclusion and Stability: Review of Theoretical and Empirical Links

IF 8.7 1区经济学 Q1 DEVELOPMENT STUDIES

World Bank Research Observer Pub Date : 2020-12-02 DOI:10.1093/wbro/lkaa006

M. Čihák, D. Mare, M. Melecký

引用次数: 10

Abstract

This paper reviews the literature on financial stability and financial inclusion—two broad objectives of financial policy that may be mutually dependent. The review suggests the possible co-dependence of stability and inclusion. We build on this theoretical motivation by exploring stylized facts (correlations) obtained from data sets that have been widely used in the literature on financial inclusion and stability. The empirical correlations suggest that, on average, financial inclusion and stability correlate negatively, but the correlations vary systematically across individuals, firms, and country contexts. Depending on the financial instrument and stability measure, positive correlations are also likely. These associations reflect some findings in the existing literature, but also point to knowledge gaps that can be addressed by future research.

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金融普惠与稳定:理论与实证联系综述

本文回顾了关于金融稳定和金融包容性的文献，这两个金融政策的广泛目标可能是相互依赖的。该综述提出了稳定性和包容性可能的共同依赖性。我们在这一理论动机的基础上，通过探索从金融包容性和稳定性文献中广泛使用的数据集中获得的程式化事实（相关性）。经验相关性表明，平均而言，金融包容性和稳定性呈负相关，但这种相关性在个人、公司和国家背景下系统地变化。根据金融工具和稳定性衡量标准，也可能存在正相关性。这些关联反映了现有文献中的一些发现，但也指出了未来研究可以解决的知识差距。

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

World Bank Research Observer Multiple-

CiteScore

12.60

自引率

1.20%

发文量

期刊介绍： The World Bank Journals, including the Research Observer, boast the largest circulation among economics titles. The Research Observer is distributed freely to over 9,100 subscribers in non-OECD countries. Geared towards informing nonspecialist readers about research within and outside the Bank, it covers areas of economics relevant for development policy. Intended for policymakers, project officers, journalists, and educators, its surveys and overviews require only minimal background in economic analysis. Articles are not sent to referees but are assessed and approved by the Editorial Board, including distinguished economists from outside the Bank. The Observer has around 1,500 subscribers in OECD countries and nearly 10,000 subscribers in developing countries.