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Does better governance strengthen financial market resilience? evidence from G20 countries

Author

Listed:
  • Li, Zechun
  • Zhang, Weiwei
  • Gao, Xinran
  • Zhang, Xu
  • Sun, Chentong

Abstract

This paper improves the financial resilience measurement model by incorporating a Multiple Uncertainty Index and time-varying convergence periods. Building on this methodology, we assessed the financial resilience of G20 countries and analyzed the influence of governance on it. The results indicate that higher levels of governance strengthen financial resilience, with sub-dimensions such as policy robustness and market oversight efficiency having significant effects. By contrast, the public-private trust and cooperation dimension had a more limited impact on financial resilience, as its benefits are primarily realized at the firm or industry level. The findings provide national government agencies empirical evidence to identify institutional factors that strengthen financial resilience, and further offer policymakers insights to enhance financial resilience through targeted governance reforms.

Suggested Citation

  • Li, Zechun & Zhang, Weiwei & Gao, Xinran & Zhang, Xu & Sun, Chentong, 2026. "Does better governance strengthen financial market resilience? evidence from G20 countries," Finance Research Letters, Elsevier, vol. 104(C).
    • Handle: RePEc:eee:finlet:v:104:y:2026:i:c:s1544612326007336
    DOI: 10.1016/j.frl.2026.110205
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    Keywords

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    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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