金融包容,货币政策和金融稳定之间的关系:对高金融发展和低金融发展国家的分析
Tran Thi Kim Oanh1, Le Thi Thuy Van2, Le Quoc Dinh1
1Faculty of Finance and Banking, University of Finance - Marketing, Ho Chi Minh City, Viet Nam.
Heliyon
|June 12, 2023
概括
金融包容性促进了金融稳定,并降低了低收入国家的通货膨胀. 然而,在高收入国家,它增加了金融不稳定和长期通货膨胀,需要量身定制的货币政策.
科学领域:
- 经济学 经济学 经济学
- 金融经济学 金融经济学
- 宏观经济学 宏观经济学
背景情况:
- 在全球范围内,金融包容是关键的政策目标.
- 货币政策和金融稳定对于经济增长至关重要.
- 这些因素之间的相互作用在不同金融发展水平的国家之间有很大差异.
研究的目的:
- 研究金融包容,货币政策和金融稳定之间的动态联系.
- 要区分这些高金融发展国家 (HFDC) 和低金融发展国家 (LFDC) 之间的关系.
- 为优化金融包容性和金融稳定的货币政策提供政策建议.
主要方法:
- 面板向量自回归 (PVAR) 模型应用于58个国家的数据 (31个HFDC,27个LFDC) 从2004年到2020年.
- 冲动响应函数分析,以追踪冲击的动态影响.
- 变量分解以量化每个变量对其他变量的贡献.
主要成果:
- 在LFDCs中,金融包容与金融稳定正相关,与通货膨胀和货币供应增长负相关.
- 在HFDC中,金融包容性与通货膨胀和货币供应增长有正相关,而金融稳定性与金融包容性,通货膨胀和货币供应增长有负相关.
- 差异分解证实了这些明显的关系,特别是在HFDC中.
结论:
- 金融包容性提高了金融稳定,抑制了LFDCs的通货膨胀.
- 在HFDC中,金融包容性可能导致金融不稳定和持续的通货膨胀.
- 定制的货币和金融包容性政策对于不同国家群体实现金融稳定至关重要.
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