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Easing economic vulnerability: Multidimensional evidence of financial development

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  • Nguyen, Canh Phuc
  • Su, Thanh Dinh

Abstract

This study is the first proper attempt to investigate the influence of financial development as a component of an institutional framework on economic vulnerability. Using a global sample of 76 countries from 1997 to 2017 and a series of econometric panel estimates, the findings are robust and consistent. The development of the financial system is found to have a significant negative impact on economic vulnerability, as demonstrated through investigations on the global sample and two sub-samples of 39 low- and lower-middle-income economies and 37 upper-middle and high-income economies. The analysis of three dimensions (financial depth, financial access, and financial efficiency) and two sub-sectors (financial institutions, and financial markets) also shows consistent negative impacts of financial development on economic vulnerability. Notably, the study documents a U-shaped effect of financial development on economic vulnerability. The findings are believed to warrant policymakers’ interest in the positive aspects of the financial system in easing economic vulnerability.

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  • Nguyen, Canh Phuc & Su, Thanh Dinh, 2021. "Easing economic vulnerability: Multidimensional evidence of financial development," The Quarterly Review of Economics and Finance, Elsevier, vol. 81(C), pages 237-252.
    • Handle: RePEc:eee:quaeco:v:81:y:2021:i:c:p:237-252
    DOI: 10.1016/j.qref.2021.06.007
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    More about this item

    Keywords

    Economic vulnerability; Financial development; Financial markets; Financial institutions;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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