اثر شمول مالی بر کارایی و پایداری مالی: کاربردی از رویکرد شاخص سازی چند بُعدی

نوع مقاله : علمی- پژوهشی

نویسندگان

1 استادیار پژوهشکده امور اقتصادی

2 استادیار گروه اقتصاد دانشگاه پیام نور

چکیده

در مطالعه حاضر به بررسی اثر شمول مالی بر کارایی مالی و پایداری مالی در دوره 2004-2018 برای کشورهای در حال توسعه با روش شاخص­سازی چند بُعدی و روش تخمین گشتاورهای تعمیم یافته (GMM) دو مرحله­ای پرداخته شد. در بین مطالعات داخلی در خصوص ارتباط شمول مالی با کارایی و پایداری مالی تاکنون پژوهشی صورت نگرفته است و تحقیق حاضر اولین بررسی به حساب می­آید و در خارج از کشور نیز با توجه به جدید بودن موضوع، مطالعات مرتبط محدودی وجود دارد. دراین چارچوب نتایج پژوهش نشان داد که شمول مالی اثر مثبت و معنادار بر پایداری مالی و اثر منفی و معنادار بر کارایی مالی دارد. بر اساس شواهد تجربی پژوهش، پایداری مالی و شمول مالی می­تواند در قالب یک هدف­گذاری مشترک محقق شود. به بیان دیگر سیاست­گذاران ضمن حفظ پایداری سیستم مالی، می­توانند به اهدافی دست­یابند که در آن تعداد بیشتری از افراد از خدمات مالی بهره­مند شوند. در مقابل، یافته­ها نشان داد که اقدام­ها و برنامه­های توسعه دهنده شمول مالی می­تواند عوارض جانبی بصورت کاهش کارایی مالی داشته باشد. این امر ناشی از افزایش مشارکت در بازارهای مالی است که در نهایت منجر به افزایش هزینه های اجتماعی در سیستمهای هر کشور می گردد که نیاز به تدوین برنامه­های مکمّل دارد.
 
 

کلیدواژه‌ها


عنوان مقاله [English]

The Effect of Financial Inclusion on Financial Efficiency and sustainability: an Application of Multidimensional Indexing Approach

نویسندگان [English]

  • roozbeh balounejad nouri 1
  • amirali farhang 2
1 assistance professor of economic affair research institute
2 Assistant Professor of Economics, Payame Noor University
چکیده [English]

In the present study, the effect of financial inclusion on financial efficiency and financial sustainability in the period 2004-2018 for developing countries was studied using the multidimensional indexing method and two-stage GMM. Among domestic studies, no research has been done on the relationship between financial inclusion and financial efficiency and sustainability, and the present study is the first study, and there are limited related studies abroad due to the novelty of the subject.In this context, the results showed that financial inclusion has a positive and significant effect on financial sustainability (coefficient equal 0.009) and a negative and significant effect on financial efficiency (coefficient equal 0.009). Based on research empirical evidence, financial sustainability and financial inclusion can be achieved in the form of a common goal setting. In other words, policymakers, while maintaining the stability of the financial system, can achieve goals in which more people benefit from financial services. In contrast, the findings showed that measures and programs to develop financial inclusion can have side effects in the form of reduced financial efficiency. This is due to increased participation in financial markets, which ultimately leads to increased social costs of institutional deficits in each country.

کلیدواژه‌ها [English]

  • Financial Inclusion
  • Financial Efficiency
  • Financial Sustainability
  • GMM JEL Classification:C38
  • G14
  • O57
حیدری دیزگرانی، علی.( 1393)، بررسی پایداری مالی و شوک‌های مالی در ایران. پایان‌نامه کارشناسی ارشد. دانشگاه رازی.
یوسفی قلعه رودخانی محمدعلی، تهرانی رضا، میرلوحی سید مجتبی (1400) ، بررسی تأثیر معیارهای عملکرد مالی بر پایداری مالی بانک‎ها در شرایط بحران مالی، فصلنامه مدرس علوم انسانی (پژوهش­های مدیریت در ایران)، ۲۵(2)، ۱-۲۱.
نارمنجی، مرضیه.(1396)، نقش رقابت و تمرکز بر پایداری مالی در صنعت بانکداری ایران. پایان‌نامه کارشناسی ارشد. دانشگاه سیستان و بلوچستان.

Ahmad, M., Majeed, A., Khan, M. A., Sohaib, M., & Shehzad, K. (2021). Digital financial inclusion and economic growth: Provincial data analysis of China. China Economic Journal,Volume 14, Issue 3,pp 1-20

 Alber, N. (2017). Banking efficiency and financial stability: which causes which? A panel analysis. In Advances in Applied Economic Research (pp. 91-98). Springer, Cham.
  Allen, F., Demirguc-Kunt, A., Klapper, L., Peria, M.S.M., 2016. The foundations of financial inclusion: understanding ownership and use of formal accounts. J. Financ. Intermed. 27, 1–30.
Alsamara, M., Mrabet, Zh., Jarallah, Sh. & Barkat, K. (2019). The switching impact of financial stability and economic growth in Qatar: Evidence from an oil-rich country. The Quarterly Review of Economics and Finance, 73, 205-216.
Al-Smadi, M. O. (2018). The role of financial inclusion in financial stability: lesson from Jordan. Banks and Bank Systems, 13(4), 31-39.
Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29-51.
Aubert, C., De Janvry, A., & Sadoulet, E. (2009). Designing credit agent incentives to prevent mission drift in pro-poor microfinance institutions. Journal of Development Economics, 90(1), 153-162.
Ayyagari, M., Demirgüc-Kunt, A., Maksimovic, V., 2018. How well do institutional theories explain firms’ perceptions of property rights? Rev. Financ. Stud. 21, 1833–1871.
Banerjee, A., Chandrasekhar, A. G., Duflo, E., & Jackson, M. O. (2013). The diffusion of  microfinance . Science , 341(6144).
Banna, H., Alam, M. R., Ahmad, R., & Sari, N. M. (2020). Does Financial Inclusion Drive the Islamic Banking Efficiency? A Post-Financial Crisis Analysis. The Singapore Economic Review.1-26.
Batuo, M., Mlambo, K., & Asongu, S. (2018). Linkages between financialdevelopment, financial instability, financial liberalisation and economicgrowth in Africa. Research in International Business and Finance, 45, 168–179.
Beck, T., Lin, C., & Ma, Y. (2014). Why do firms evade taxes? The role of information sharing and financial sector outreach. The Journal of Finance69(2), 763-817.
Brau, J. C., & Woller, G. M. (2004). Microfinance: A comprehensive review of the existing literature. The Journal of Entrepreneurial Finance, 9(1), 1-28.
Brickley, J. A., Linck, J. S., & Smith Jr, C. W. (2003). Boundaries of the Firm: Evidence from the Banking Industry. Journal of Financial Economics, 70(3), 351–383.
Brissimis, S. N., Delis, M. D., & Papanikolaou, N. I. (2018). Exploring the nexus between banking sector reform and performance: Evidence from newly acceded EU countries. Journal of Banking and Finance, 32(12), 2674–2683
Bruhn, M., & Love, I. (2014). The real impact of improved access to finance: Evidence from Mexico. The Journal of Finance, 69(3), 1347-1376.
Buch, C.M., Koch, C.T., Koetter, M., (2012). Do banks benefit from internationalization? Revisiting the market power–risk nexus. Rev. Finance 17 (4), 1401–1435.
Burgess, R., Pande, R.,( 2005). Do rural banks matter? Evidence from the Indian social banking experiment. Am. Econ. Rev. 95, 780–795
Chan, K. K., & Milne, A. (2014). Bank competition, fire-sales and financial stability. The European Journal of Finance, 20(10), 874–891.

Chuc, A. T., Li, W., Phi, N. T. M., Le, Q. T., Yoshino, N., & Taghizadeh-Hesary, F. (2021). The necessity of financial inclusion for enhancing the economic impacts of remittances. Borsa Istanbul Review. Available online 9 January 2021,In Press, Corrected Proof

Cihat, K., Setareh, K., & Salih, K. (2021). The role of financial efficiency in renewable energy demand: Evidence from OECD countries. Journal of Environmental Management, 285, 112122.
Cihat, M., Mare, D. S., & Melecky, M. (2016). The nexus of financial inclusion and financial stability: A study of trade-offs and synergies. World Bank Policy Research Working Paper, (7722).
Cong, L. I., Liu, X. H., Jiao, W. A. N. G., Vatavu, S., & Iosif, A. M. (2021). Financial inclusion in China: has input-output efficiency improved?. Economic Computation & Economic Cybernetics Studies & Research, 55(2).
Copestake, J. (2007), “Mainstreaming Microfinance: Social Performance Management or Mission Drift?”, World Development, 35(10), 1721–1738.
Deng, S.E., Elyasiani, E., 2008. Geographic diversification, bank holding company value, and risk. J. Money Credit Bank. 40, 1217–1238
Dev, S. M. (2006). Financial inclusion: Issues and challenges. Economic and political weekly, 4310-4313.
Dutta, K. D., & Saha, M. (2021). Do competition and efficiency lead to bank stability? Evidence from Bangladesh. Future Business Journal, 7(1), 1-12.
Dziekański, P., & Prus, P. (2020). Financial diversity and the development process: Case study of rural communes of Eastern Poland in 2009–2018. Sustainability, 12(16), 6446.
Erlando, A., Riyanto, F. & Masakazu, S. (2020). Financial inclusion, economic growth, and poverty alleviation: evidence from eastern Indonesia, Heliyon, 6(10), 1-13.
Fiordelisi, F., Marques-Ibanez, D., & Molyneux, P. (2011). Efficiency and risk in European banking. Journal of Banking and Finance, 35, 1315–1326.
Galor, O., & Moav, O. (2004). From Physical to Human Capital Accumulation: Inequality and the process of Development. The Review of Economic Studies, 71(4), 1001–1026.
Global Partnership for Financial Inclusion (GPFI). (2011). The first G20 global partnership for financial inclusion (GPFI) forum. Forum report published on October 01st, 2011. Retrieved on 18 September 2018.
Guidi, F. (2021). Concentration, competition and financial stability in the South-East Europe banking context. International Review of Economics & Finance, 76, 639-670.
Han, R., & Melecky, M. (2013). Financial inclusion for financial stability: Access to bank deposits and the growth of deposits in the global financial crisis. World bank policy research working paper, (6577).
Hu, M., Zhang, J. & Chao, C. (2019). Regional financial efficiency and its non-linear effects on economic growth in China. International Review of Economics & Finance, 59, 1-41.
Isukul, A., & Tantua, B. (2021). Financial Inclusion in Developing Countries: Applying Financial Technology as a Panacea. South Asian Journal of Social Studies and Economics, 42-60.
Kasman, A., & Carvallo, O. (2014). Financial stability, competition and efficiency in Latin American and Caribbean banking. Journal of Applied Economics, 17(2), 301-324.
Khan, A., & Krishnan, S. (2021). Moderating effects of business-systems corruption on corruption in basic national institutions and electronic government maturity: Insights from a dynamic panel data analysis. International Journal of Information Management, 59, 102349.
Kim, D.-W., Yu, J.-S., & Hassan, M. K. (2018). Financial Inclusion and Economic Growth in OIC Countries. Research in International Business and Finance, 43, 1–14.
Kumar, V. & Ghosh, S. (2021). Financial inclusion and economic growth in India amid demonetization: A case study based on panel cointegration and causality. Economic Analysis and Policy, 71, 674-693.
Kumar, V., Thrikawala, S. & Acharya, S. (2021). Financial inclusion and bank profitability: Evidence from a developed market, Global Finance Journal, 20, 1-18.
Le, T. H., Chuc, A. T., & Taghizadeh-Hesary, F. (2019). Financial inclusion and its impact on financial efficiency and sustainability: Empirical evidence from Asia. Borsa Istanbul Review, 19(4), 310-322.
 Liu, Y., Luan, L., Wu, W., Zhang, Z., & Hsu, Y. (2021). Can digital financial inclusion promote China's economic growth?. International Review of Financial Analysis, 78, 101889.
Luo, Y., Tanna, S., & De Vita, G. (2016). Financial openness, risk and bank efficiency: Cross-country evidence. Journal of Financial Stability, 24, 132–148
Machdar, N. M. (2020). Financial inclusion, financial stability and sustainability in the banking sector : the case of Indonesia. International Journal of Economics and Business Administration, 8(1), 193-202.
Mehrotra, A. N., & Yetman, J. (2015). Financial inclusion-issues for central banks. BIS Quarterly Review March.SSRRN,20-34.
Mishkin, F. S. (1992). Anatomy of a financial crisis. Journal of EvolutionaryEconomics, 2(2), 115–130.
Morgan, P. J., & Pontines, V. (2018). Financial stability and financial inclusion: The case of SME lending. The Singapore Economic Review, 63(01), 111-124.
Motelle, S., & Biekpe, N. (2015). Financial integration and stability in the Southern African development community. Journal of Economics and Business, 79, 100e117.
Neaime, S., & Gaysset, I. (2018). Financial inclusion and stability in MENA: Evidence from poverty and inequality. Finance Research Letters, 24, 230-237.
Nyamsogoro, G. D. (2010). Financial sustainability of rural microfinance institutions (MFIs) in Tanzania (Doctoral dissertation, University of Greenwich).
Olgu, O. (Ed.). (2014). Handbook of research on strategic developments and  regulatory practice in global finance.
Omar, M. A., & Inaba, K. (2020). Does financial inclusion reduce poverty and income inequality in developing countries? A panel data analysis. Journal of Economic Structures, 9(1), 1-25.
Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18 (4), 329-340.
Ozili, P.K. (2020). Theories of Financial Inclusion.  Uncertainty and Challenges in Contemporary Economic Behaviour. Emerald Publishing Limited, Bingley, pp. 89-115.
Pearce D., (2011). Financial Inclusion in the Middle East and North Africa, The World Bank Middle East and North Africa Region, Financial and Private Sector Development Unit.  World Bank policy research working paper, (5610).
Permatasari, Y., & Nengtyas, A. V. R. (2020). The Effect of Financial reporting and debt maturity quality of investment efficiency with litigation risk as moderated variables. International Journal of Innovation, Creativity and Change10(12).
 Phan, H. T., Anwar, S., Alexander, W. R. J., & Phan, H. T. M. (2019). Competition, efficiency and stability: An empirical study of East Asian commercial banks. The North American Journal of Economics and Finance, 50, 100990.
Prasad, E. S. (2010). Financial sector regulation and reforms in emerging markets: An overview. Working Paper 16428.
Saha, M., & Dutta, K. D. (2020). Nexus of financial inclusion, competition, concentration and financial stability: cross-country empirical evidence. Competitiveness Review: An International Business Journal. 69,  1-15.
Sahay, M. R., Cihak, M., N'Diaye, M. P., Barajas, M. A., Mitra, M. S., Kyobe, M. A., ... & Yousefi, M. R. (2015). Financial inclusion: can it meet multiple macroeconomic goals?. International Monetary Fund.
Saidane, D., & Abdallah, S. B. (2021). Sustainable Finance: Concepts, Analyses and Perspectives. In Rethinking Finance in the Face of New Challenges. Emerald Publishing Limited. Volume 15.
Sarma, M. (2015). Measuring financial inclusion. Econimcs Bulletin, 35(1), 604-611.
Schaeck, K. & Cihak, M. (2012). Competition, Efficiency, and Stability in Banking. Financial Management, 43, 215–241.
Sethi, D. and Acharya, D. (2018). Financial inclusion and economic growth linkage: some cross country evidence. Journal of Financial Economic Policy, 10(3), 369-385.
Sharizan, S., Redzuan, N. H., & Rosman, R. (2021). Issues and challenges of financial inclusion among low-income earners in rural areas of Malaysia. Turkish Journal of Economics, 8, 277-299.
Ullah, S., Akhtar, P., & Zaefarian, G. (2018). Dealing with endogeneity bias: The generalized method of moments (GMM) for panel data. Industrial Marketing Management, 71, 69-78.
Vo, D. H., Nguyen, N. T., & Van L, T. H. (2021). Financial inclusion andstability in the Asian region using bank-level data. Borsa Istanbul Review,21, 36-43.
Wang, X. & Guan, J. (2016). Financial inclusion: Measurement, spatial effects and influencing factors. Applied Economics, 49 (18), 1751–62.
Wang, R., & Luo, H. (2021). How does financial inclusion affect bank stability in emerging economies?. Emerging Markets Review, 100876.
 Wang, R., & Luo, H. (2021). How does financial inclusion affect bank stability in emerging economies?. Emerging Markets Review, 100876.
Yetman, J. (2018). Adapting monetary policy to increasing financial inclusion. IFC Bulletins chapters, 47.