本研究利用60个选定发展中国家2002年至2019年的跨国数据,探讨竞争和金融包容性对金融稳定的影响。采用系统GMM估计器,令人信服的证据被揭示,突出了一些关键发现。首先,据观察,金融包容性对发展中国家的金融稳定有削弱作用。相反,这些国家之间的竞争显示出增强金融稳定的巨大能力。此外,这项研究强调了金融发展的关键作用,将其确定为使金融包容性能够积极影响发展中国家金融稳定的主要驱动力。此外,引入普惠金融平方项带来了值得注意的见解,揭示了一种非线性关系。具体来说,研究结果表明,对发展中国家金融包容性的战略投资有可能将金融稳定性提高到一定的门槛。因此,对于寻求加强金融稳定的新兴经济体来说,当务之急是努力增强金融包容性。从长远来看,这些努力有可能在金融稳定方面产生切实的改善。总之,这项研究提供了有价值的政策启示。其中包括旨在促进发展中经济体内部更大的金融包容性的建议,以增强整体金融稳定。通过听取这些建议并实施有针对性的政策,政策制定者可以努力在各自国家内培育更有弹性和更稳健的金融格局。
This study utilizes cross-country data from 2002 to 2019 from 60 selected developing countries to explore the impact of competition and financial inclusion on financial stability. Employing the system GMM estimator, compelling evidence is revealed, highlighting a number of key findings. Firstly, it is observed that financial inclusion has a weakening effect on financial stability within developing countries. Conversely, competition among these nations demonstrates a significant capacity to bolster financial stability. Additionally, the study underscores the pivotal role of financial development, identifying it as a primary driver that enables financial inclusion to positively influence financial stability within developing nations. Furthermore, the introduction of the square term of financial inclusion yields noteworthy insights, revealing a nonlinear relationship. Specifically, the findings suggest that strategic investments in the financial inclusion of developing countries have the potential to enhance financial stability up to a certain threshold. Therefore, for emerging economies seeking to fortify their financial stability, prioritizing efforts to augment financial inclusion is imperative. Over the long term, such endeavors have the potential to yield tangible improvements in financial stability. In conclusion, the research offers valuable policy implications. These include recommendations aimed at fostering greater financial inclusion within developing economies as a means of bolstering overall financial stability. By heeding these suggestions and implementing targeted policies, policymakers can work towards cultivating a more resilient and robust financial landscape within their respective nations.