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FINANCIAL DEVELOPMENT, FINANCIAL INCLUSION AND INFORMALITY: NEW INTERNATIONAL EVIDENCE

机译:金融发展、普惠金融和非正规性:新的国际证据

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摘要

This paper explores the empirical relationship between informality and several indicators of financial development (FD) and financial inclusion (FI). We exploit a panel of 152 countries with annual information between 1991 and 2017. Using panel cointegration techniques, we find evidence of a negative long-run relationship between informality and FD/FI for different groups of countries. Moreover, exogeneity tests indicate that some FD/FI indicators cause less informality. Specifically, we find that in developing countries FD reduces informality when measured as "financial credit" and "bank credit", whereas FI reduces informality when measured as "number of bank accounts". These results suggest that higher credit and more bank accounts have contributed to reducing informality in developing countries in the long run. Additionally, we find evidence of double causality between informality and other FD/FI indicators in developing and Latin American countries.
机译:本文探讨了实证关系之间的非正式和几个指标金融发展和金融(FD)包含(FI)。国家在1991年度信息和2017年。我们发现的证据-长期非正式和FD / FI之间的关系不同组的国家。表明一些FD / FI exogeneity测试指标导致更少的非正式。我们发现在发展中国家FD减少不拘礼节当测量“金融信贷”和“银行信贷”,而FI减少不拘礼节当测量为“银行账户”的数量。结果表明,更高的信贷和更多的银行账户是导致减少不拘礼节在发展中国家从长远来看。此外,我们发现的证据增加一倍非正式之间的因果关系和其他FD / FI指标在发展中国家和拉丁美洲国家。

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  • 来源
    《Global Economy Journal》 |2022年第3期|1-42|共42页
  • 作者单位

    Department of Economics Pontificia Universidad Católica del Perú (PUCP) San Miguel 15088, Peru;

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  • 正文语种 英语
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