نوع مقاله : مقاله پژوهشی
1 استادیار گروه اقتصاد، پژوهشکده امور اقتصادی، تهران، ایران
2 استادیار گروه اقتصاد، دانشگاه پیام نور، تهران، ایران
عنوان مقاله [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