ارتباط کیفیت حکمرانی و ثبات مالی با لحاظ نقش میانجی‌گری شمول مالی

نوع مقاله : مقاله پژوهشی

نویسندگان

1 استادیار گروه اقتصاد، پژوهشکده امور اقتصادی، تهران، ایران

2 استادیار گروه اقتصاد، دانشگاه پیام نور، تهران، ایران

چکیده

در مطالعه حاضر رابطه میان ثبات مالی، کیفیت حکمرانی و شمول مالی در دوره
2004-2020 برای کشورهای در حال توسعه با درآمد بالاتر از متوسط، بررسی و با روش شاخص‌سازی چند بُعدی و GMM دو مرحله‌ای برآورده شده است. همچنین نقش میانجی‌گری شمول مالی در رابطه میان کیفیت حکمرانی و ثبات مالی از دو روش تخمین معادلات و آماره سوبل، آزمون شده است. نتایج پژوهش نشان می‌دهد که شمول مالی و کیفیت حکمرانی، اثر مثبت و معنی‌داری بر ثبات مالی داشته و اثر شمول مالی به‌عنوان متغیر میانجی در اثرگذاری حکمرانی بر ثبات مالی  با آماره آزمون سوبل نیز تأیید شده است. بر اساس این نتایج، بازنگری قوانین توسط نهادهای نظارتی به‌منظور افزایش فعالیت‌های مالی با هدف بهبود شمول مالی و حفظ روند بهبود ثبات مالی در بلندمدت به‌منظور کاهش اثرات منفی مقررات گوناگون بر شمول مالی پیشنهاد می‌گردد.
طبقه‌بندی  JEL:C38، O16، O57

کلیدواژه‌ها

عنوان مقاله [English]

The Relationship between Governance Quality and Financial Stability with Mediator Role of Financial Inclusion

نویسندگان [English]

  • roozbeh balounejad nouri 1
  • amirali farhang 2
1 Assistant Professor, Department of Economics, Economic Affairs Research Institute, Tehran, Iran
2 Assistant Professor, Department of Economics, Payame Noor University, Tehran, Iran
چکیده [English]

In the present study, the relationship between financial stability, quality of governance and financial inclusion has been investigated in developing countries with upper middle income in the period from 2004 to 2020. The multidimensional indexing method and two-stage GMM have been utilized to achieve this goal. Also, the mediating role of the financial inclusion in the relationship between the governance quality and financial stability has been examined by two methods of estimation and Sobel statistics. The results showed that the financial inclusion and governance quality had a positive and significant effect on the financial stability. The mediating role of the financial inclusion in the relationship between the governance quality and financial stability has been confirmed by Sobel test statistics. Based on these results, it is suggested that the rules and regulations should be reviewed by regulatory institutions in order to increase the financial activities which improve the financial inclusion and maintain the improved financial stability in the long run to reduce the negative effects of multiple regulations on financial inclusion..
JEL Classification: C38, O16, O57
 
 

کلیدواژه‌ها [English]

  • Financial Inclusion
  • Governance Quality
  • Financial Stability
  • Macroeconomic
  • GMM

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  • تاریخ دریافت: 25 مهر 1400
  • تاریخ بازنگری: 26 دی 1400
  • تاریخ پذیرش: 21 اسفند 1400

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