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Do financial stability and institutional quality have impact on financial inclusion in developing economies? A new evidence from Nigeria

机译:金融稳定和机构质量是否对发展中经济体的金融普惠性有影响?尼日利亚的新证据

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This paper investigates the empirical linkages among financial stability, institutional quality and financial inclusion in Nigeria using quarterly data from 1986-2013. For empirical analysis, the study applies the autoregressive distributed lag model based on unrestricted error correction model (ARDL-UECM). First, the results show evidence that financial stability has significant impact on financial inclusion in the long run period but not in the short run. Second, the study reveals that institutional quality has significant impact on financial inclusion in the long run period and in the short run. Having found that financial stability and institutional quality are positively related to financial inclusion in the long run, the study therefore recommends that the government and policymakers pursuing the agenda of financial inclusion should pay attention not only to the financial and economic indicators but also to institutional factors existing in the country since they interact in creating a harmonised and sustainable developmental trajectory. In a country where the economic, legal, judicial and political institutions are very weak, many households (savers) and firms (borrowers/investors) may not be protected when there are issues of financial contract enforcements or breaches within the economy.
机译:本文使用1986-2013年的季度数据调查了尼日利亚金融稳定,机构质量和金融包容性之间的经验联系。为了进行实证分析,本研究应用了基于无限制纠错模型(ARDL-UECM)的自回归分布式滞后模型。首先,结果表明,从长远来看,金融稳定对金融普惠性具有重大影响,而在短期内则没有。其次,研究表明,从长远来看,制度质量对金融普惠性具有重要影响。因此,从长远来看,发现金融稳定性和机构质量与金融包容性成正比关系,因此该研究建议追求金融包容性议程的政府和政策制定者不仅应关注金融和经济指标,还应关注机构因素它们在创造一个协调和可持续的发展轨迹中相互影响而存在于该国。在一个经济,法律,司法和政治机构非常薄弱的​​国家,当经济中存在金融合同执行问题或违规问题时,许多家庭(储蓄者)和公司(借款人/投资者)可能不受保护。

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