Relationship between financial inclusion, inflation and financial stability of countries around the world and lessons for Vietnam
Nội dung chính của bài viết
Tóm tắt
The study examines the correlation between financial inclusion, inflation, and financial stability across 58 countries during the period 2004-2022, employing PVAR analysis. Impulse-response function outcomes indicate a negative relationship between financial stability and both financial inclusion and inflation rate, while financial inclusion and inflation rate display a positive correlation. These results suggest that financial inclusion may exacerbate financial instability, potentially leading to prolonged inflation. Additionally, variance decomposition results affirm the interconnectedness of financial inclusion, inflation, and financial stability. Based on these findings, we offer policy suggestions for enhancing financial stability in Vietnam.
Chi tiết bài viết
Từ khóa
Financial inclusion, Financial stability, Inflation
Tài liệu tham khảo
Amatus, H., & Alireza, N. (2015). Financial inclusion and financial stability in Sub-Saharan Africa (Ssa). International Journal of Social Sciences, 36(1), 2305-4557.
Anatolyevna, M. I., & Ramilevna, S. L. (2013). Financial stability concept: main characteristics and tools. World Applied Sciences Journal, 22(6), 856-858. https://doi.org/10.5829/idosi.wasj.2013.22.06.609
Anarfo, E., Osei, K. A, Abor, J. Y. & Dako, A. G. (2019). Monetary Policy and Financial Inclusion in Sub-Sahara Africa: A Panel VAR Approach. Journal of African Business, 20(4), 549-572. https://doi.org/10.1080/15228916.2019.1580998
Arshad, M. U., Ahmed, Z., Ramzan, A., Shabbir, M. N., Bashir, Z., & Khan, F. N. (2021). Financial inclusion and monetary policy effectiveness: A sustainable development approach of developed and under-developed countries. Plos One, 16(12), e0261337. https://doi.org/10.1371/journal.pone.0261337
Barik, R. & Pradhan, A. K. (2021). Does financial inclusion affect financial stability: evidence from brics nations? The Journal of Developing Areas, 55(1), 341-356. https://doi.org/10.1353/jda.2021.0023
Bagehot, W. (1873). Lombard Street, Homewood, IL: Richard D. Irwin,(1962 Edition), 128-138.
Bofondi, M., & Gobbi, G. (2003). Bad loans and entry in local credit markets. Bank of Italy.
Bourainy, M., Salah, A. and Sherif, M. (2021) Assessing the Impact of Financial Inclusion on Inflation Rate in Developing Countries. Open Journal of Social Sciences, 9, 397-424. . https://doi.org/10.4236/jss.2021.91030
Danisman, G. O. & Tarazi, A. Financial inclusion and bank stability: evidence from Europe. The European Journal of Finance, 26(18), 1842-1855. https://doi.org/10.1080/1351847X.2020.1782958
Dienillah, A., Anggraeni, L., & Sahara, S. (2018). Impact of Financial Inclusion on Financial Stability based on Income Group Countries. Buletin Ekonomi Moneter Dan Perbankan, 20(4), 429-442. https://doi.org/10.21098/bemp.v20i4.859
Dauda, R. O. (2022). Impact of financial inclusion on the effectiveness of interest rate channel of monetary policy transmission in West Africa. Journal of Emerging Economies and Islamic Research, 10(1), 60-75. https://doi.org/10.24191/jeeir.v10i1.15783
Dos Santos, P. (2009). On the content of banking in contemporary capitalism. Historical Materialism, 17(2), 180-213. https://doi.org/10.1163/156920609X436171
Diamond, D. W. (1984). Financial intermediation and delegated monitoring. The review of Economic Studies, 51(3), 393-414. https://doi.org/10.2307/2297430
García, M. J. R. (2016). Can financial inclusion and financial stability go hand in hand?. Economic Issues, 21(2), 81-113.
George, A. (1970). The market for ‘Lemons’: Quality uncertainty and the market mechanism. Quarterly Journal of Economics, 84(3), 488-500.
Jungo, J., Madaleno, M., & Botelho, A. (2022). The relationship between financial inclusion and monetary policy: a comparative study of countries’ in Sub-Saharan Africa and Latin America and the Caribbean. Journal of African Business, 23(3), 794-815. https://doi.org/10.1080/15228916.2021.1930810
Maher, S. (2022). Financial Inclusion and Monetary Policy - Investigating the Relationship between Financial Inclusion and Monetary Policy: The Case of Egypt. The American University in Cairo. https://fount.aucegypt.edu/etds/1856
Matsebula, V., & Sheefeni, J. (2022). Financial Inclusion and Macroeconomic Stability in South Africa. International Journal of Economics and Financial Issues, 12(4), 56–64. https://doi.org/10.32479/ijefi.13053
Mbutor, O. M., and Uba, I. A. (2013). The impact of financial inclusion on monetary policy in Nigeria. Journal of Economics and International Finance. 5(8), 318-326.
Lapukeni, A. F. (2015). The impact of financial inclusion on monetary policy effectiveness: the case of Malawi. International Journal of Monetary Economics and Finance, 8(4), 360-384. https://doi.org/10.1504/IJMEF.2015.073229
Morgan, P., & Pontines, V. (2014). Financial Stability and Financial Inclusion. East Asian Bureau of Economic Research.
Neaime, S., & Gaysset, I. (2017). Sustainability of macroeconomic policies in selected MENA countries: Post financial and debt crises. Research in International Business and Finance, 40, 129-140. https://doi.org/10.1016/j.ribaf.2017.01.001
Olusegun, T. S., Evbuomwan, O., & Belonwu, M. C. (2021). Does Financial Inclusion Promote Financial Stability in Nigeria? Central Bank of Nigeria Economic and Financial Review, 59, 77-99.
Oanh, T. T. K., Van, L. T. T., & Dinh, L. Q. (2023). Relationship between financial inclusion, monetary policy and financial stability: An analysis in high financial development and low financial development countries. Heliyon, 9(6), e16647. https://doi.org/https://doi.org/10.1016/j.heliyon.2023.e16647
Oanh, T. T. K. (2024). Digital financial inclusion in the context of financial development: Environmental destruction or the driving force for technological advancement. Borsa Istanbul Review, 24,(2), 292-303. https://doi.org/10.1016/j.bir.2024.01.003
Seth, R. & Kalyanaraman, V. (2017). Effect of Financial Development on the Transmission of Monetary Policy. Theoretical Economics Letters, 7, 795-813. https://doi.org/10.4236/tel.2017.74058
Siddik, M. N. A., & Kabiraj, S. (2018). Does financial inclusion induce financial stability? Evidence from cross-country analysis. Australasian Accounting, Business and Finance Journal, 12(1), 34-46. http://dx.doi.org/10.14453/aabfj.v12i1.3
Simon, N. & Gaysset, I. Financial inclusion and stability in MENA: Evidence from poverty and inequality. Finance Research Letters, 24, 230-237. https://doi.org/10.1016/j.frl.2017.09.007
Smadi, M. O. A. (2018). The role of financial inclusion in financial stability: Lesson from Jordan. Banks and Bank Systems, 13(4), 31-39. https://orcid.org/0000-0002-5100-7910
Trần Thị Kim Oanh, Dĩnh Lê Quốc (2023). Mối quan hệ giữa giá vàng, chỉ số thị trường chứng khoán và tỷ giá tại Việt Nam: nghiên cứu trong bối cảnh đại dịch Covid-19 và xung đột chính trị Nga-Ukraina [The relationship between gold prices, stock market indices and exchange rates in Vietnam: a study in the context of the Covid-19 pandemic and the Russia-Ukraine political conflict]. Tạp chí Kinh tế và Phát triển, 308(2), 81–91.
Anatolyevna, M. I., & Ramilevna, S. L. (2013). Financial stability concept: main characteristics and tools. World Applied Sciences Journal, 22(6), 856-858. https://doi.org/10.5829/idosi.wasj.2013.22.06.609
Anarfo, E., Osei, K. A, Abor, J. Y. & Dako, A. G. (2019). Monetary Policy and Financial Inclusion in Sub-Sahara Africa: A Panel VAR Approach. Journal of African Business, 20(4), 549-572. https://doi.org/10.1080/15228916.2019.1580998
Arshad, M. U., Ahmed, Z., Ramzan, A., Shabbir, M. N., Bashir, Z., & Khan, F. N. (2021). Financial inclusion and monetary policy effectiveness: A sustainable development approach of developed and under-developed countries. Plos One, 16(12), e0261337. https://doi.org/10.1371/journal.pone.0261337
Barik, R. & Pradhan, A. K. (2021). Does financial inclusion affect financial stability: evidence from brics nations? The Journal of Developing Areas, 55(1), 341-356. https://doi.org/10.1353/jda.2021.0023
Bagehot, W. (1873). Lombard Street, Homewood, IL: Richard D. Irwin,(1962 Edition), 128-138.
Bofondi, M., & Gobbi, G. (2003). Bad loans and entry in local credit markets. Bank of Italy.
Bourainy, M., Salah, A. and Sherif, M. (2021) Assessing the Impact of Financial Inclusion on Inflation Rate in Developing Countries. Open Journal of Social Sciences, 9, 397-424. . https://doi.org/10.4236/jss.2021.91030
Danisman, G. O. & Tarazi, A. Financial inclusion and bank stability: evidence from Europe. The European Journal of Finance, 26(18), 1842-1855. https://doi.org/10.1080/1351847X.2020.1782958
Dienillah, A., Anggraeni, L., & Sahara, S. (2018). Impact of Financial Inclusion on Financial Stability based on Income Group Countries. Buletin Ekonomi Moneter Dan Perbankan, 20(4), 429-442. https://doi.org/10.21098/bemp.v20i4.859
Dauda, R. O. (2022). Impact of financial inclusion on the effectiveness of interest rate channel of monetary policy transmission in West Africa. Journal of Emerging Economies and Islamic Research, 10(1), 60-75. https://doi.org/10.24191/jeeir.v10i1.15783
Dos Santos, P. (2009). On the content of banking in contemporary capitalism. Historical Materialism, 17(2), 180-213. https://doi.org/10.1163/156920609X436171
Diamond, D. W. (1984). Financial intermediation and delegated monitoring. The review of Economic Studies, 51(3), 393-414. https://doi.org/10.2307/2297430
García, M. J. R. (2016). Can financial inclusion and financial stability go hand in hand?. Economic Issues, 21(2), 81-113.
George, A. (1970). The market for ‘Lemons’: Quality uncertainty and the market mechanism. Quarterly Journal of Economics, 84(3), 488-500.
Jungo, J., Madaleno, M., & Botelho, A. (2022). The relationship between financial inclusion and monetary policy: a comparative study of countries’ in Sub-Saharan Africa and Latin America and the Caribbean. Journal of African Business, 23(3), 794-815. https://doi.org/10.1080/15228916.2021.1930810
Maher, S. (2022). Financial Inclusion and Monetary Policy - Investigating the Relationship between Financial Inclusion and Monetary Policy: The Case of Egypt. The American University in Cairo. https://fount.aucegypt.edu/etds/1856
Matsebula, V., & Sheefeni, J. (2022). Financial Inclusion and Macroeconomic Stability in South Africa. International Journal of Economics and Financial Issues, 12(4), 56–64. https://doi.org/10.32479/ijefi.13053
Mbutor, O. M., and Uba, I. A. (2013). The impact of financial inclusion on monetary policy in Nigeria. Journal of Economics and International Finance. 5(8), 318-326.
Lapukeni, A. F. (2015). The impact of financial inclusion on monetary policy effectiveness: the case of Malawi. International Journal of Monetary Economics and Finance, 8(4), 360-384. https://doi.org/10.1504/IJMEF.2015.073229
Morgan, P., & Pontines, V. (2014). Financial Stability and Financial Inclusion. East Asian Bureau of Economic Research.
Neaime, S., & Gaysset, I. (2017). Sustainability of macroeconomic policies in selected MENA countries: Post financial and debt crises. Research in International Business and Finance, 40, 129-140. https://doi.org/10.1016/j.ribaf.2017.01.001
Olusegun, T. S., Evbuomwan, O., & Belonwu, M. C. (2021). Does Financial Inclusion Promote Financial Stability in Nigeria? Central Bank of Nigeria Economic and Financial Review, 59, 77-99.
Oanh, T. T. K., Van, L. T. T., & Dinh, L. Q. (2023). Relationship between financial inclusion, monetary policy and financial stability: An analysis in high financial development and low financial development countries. Heliyon, 9(6), e16647. https://doi.org/https://doi.org/10.1016/j.heliyon.2023.e16647
Oanh, T. T. K. (2024). Digital financial inclusion in the context of financial development: Environmental destruction or the driving force for technological advancement. Borsa Istanbul Review, 24,(2), 292-303. https://doi.org/10.1016/j.bir.2024.01.003
Seth, R. & Kalyanaraman, V. (2017). Effect of Financial Development on the Transmission of Monetary Policy. Theoretical Economics Letters, 7, 795-813. https://doi.org/10.4236/tel.2017.74058
Siddik, M. N. A., & Kabiraj, S. (2018). Does financial inclusion induce financial stability? Evidence from cross-country analysis. Australasian Accounting, Business and Finance Journal, 12(1), 34-46. http://dx.doi.org/10.14453/aabfj.v12i1.3
Simon, N. & Gaysset, I. Financial inclusion and stability in MENA: Evidence from poverty and inequality. Finance Research Letters, 24, 230-237. https://doi.org/10.1016/j.frl.2017.09.007
Smadi, M. O. A. (2018). The role of financial inclusion in financial stability: Lesson from Jordan. Banks and Bank Systems, 13(4), 31-39. https://orcid.org/0000-0002-5100-7910
Trần Thị Kim Oanh, Dĩnh Lê Quốc (2023). Mối quan hệ giữa giá vàng, chỉ số thị trường chứng khoán và tỷ giá tại Việt Nam: nghiên cứu trong bối cảnh đại dịch Covid-19 và xung đột chính trị Nga-Ukraina [The relationship between gold prices, stock market indices and exchange rates in Vietnam: a study in the context of the Covid-19 pandemic and the Russia-Ukraine political conflict]. Tạp chí Kinh tế và Phát triển, 308(2), 81–91.
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