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Cited by 95Banking stability, regulation, efficiencyMicrofinance and Financial InclusionFinTech, Crowdfunding, Digital Finance

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The Effect of Financial Inclusion and Competitiveness on Financial Stability: Why Financial Regulation Matters in Developing Countries?

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Jungo, João, Madaleno, Mara, Botelho, Anabela·2022·Journal of Risk and Financial Management
DOI 10.3390/jrfm15030122
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Abstract

This study aims to assess the effect of financial inclusion and competitiveness on banks’ financial stability, considering the moderating role of financial regulation. To do so, we compare the effects of these variables in Sub-Saharan African (SSA) and Latin American and Caribbean (LAC) countries. Our results suggest that inclusion enhances bank stability in SSA and LAC countries, and financial regulation contributes to increasing financial stability in LAC countries, while we find no statistical significance in the effect of financial regulation on financial stability in SSA countries. Moreover, competitiveness negatively impacts financial stability, and financial regulation moderates the negative effect of competitiveness on financial stability in SSA and LAC countries. We also find that financial inclusion reduces credit risk in SSA countries, and for LAC countries financial inclusion increases credit risk and reduces bank profitability. Regarding the practical implications, this study shows that fostering financial inclusion in the countries under study contributes significantly to improving the welfare of households and especially to the stability of the financial system. The present study allows expanding of the scarce literature by examining the effect of financial inclusion and market structure on financial stability in two different samples, consisting of 41 countries in the SSA region and 31 countries in the LAC region, throughout 2005–2018.

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Research works printed but not linked: 3

  1. Canlas, Dante, Ravalo, Johnny Noe, and Remolona, Eli M. (2018). Do Small Bank Deposits Run More than Large Ones?. Three Event Studies of Contagion and Financial Inclusion, 724. Available online: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3179498.
  2. Petersen, Mitchell A., and Rajan, Raghuram G. (2015). The Effect of Credit Market Competition on Lending Relationships, Oxford University Press.
  3. Sarma, Mandira (2019, August 01). Index of Financial Inclusion. Working Paper Numberº 215, Indian Council for Research on International Economic Relations (ICRIER). Available online: http://hdl.handle.net/10419/176233.

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Metadata

Authors
Jungo, J., Madaleno, M., & Botelho, A.
Affiliations
University of Aveiro (PT)
Corresponding author
Jungo, João
ORCID
Venue
Journal of Risk and Financial Management
Publisher
MDPI AG
Published
2022-03-04
Volume
15
Issue
3
Pages
122
ISSN
  • 1911-8066 (ISSN-L)
  • 1911-8074
DOI
10.3390/jrfm15030122
OpenAlex
W4220868792
Cited by
81
References
61
Citations by year
2026: 9 · 2025: 16 · 2024: 27 · 2023: 26 · 2022: 3
FWCI
13.19
Type
journal article
Language
en
Open access
Licence
Locations
  • Journal of risk and financial management (publishedVersion, cc-by)
  • RePEc: Research Papers in Economics (submittedVersion)
  • DOAJ (DOAJ: Directory of Open Access Journals) (submittedVersion, cc-by-sa)
  • Econstor (Econstor) (submittedVersion, cc-by)
Funders
Fundação para a Ciência e a Tecnologia (UIDB/04058/2020, UIDB/04058)
Topics
  • Social Sciences › Economics, Econometrics and Finance › Finance › Banking stability, regulation, efficiency
  • Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Microfinance and Financial Inclusion
  • Social Sciences › Business, Management and Accounting › Management Information Systems › FinTech, Crowdfunding, Digital Finance
Keywords
financial inclusion, bank competitiveness, financial stability, financial regulation, moderating effect, credit risk, bank profitability, market structure, sub-Saharan Africa, Latin America and the Caribbean, developing countries

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Jungo, J., Madaleno, M., & Botelho, A. (2022). The Effect of Financial Inclusion and Competitiveness on Financial Stability: Why Financial Regulation Matters in Developing Countries? Journal of Risk and Financial Management. https://doi.org/10.3390/jrfm15030122