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Rezazadeh, Ali, Jahangiri, Shahab, Fattahi, Fahmideh. (1402). The Impact of Financial Inclusion Shocks on Financial Cycles with Emphasis on Financial Stability: A Panel-VAR Approach. , 27(3), 1007-1032. doi: 10.22059/ier.2023.325419.1007181
Ali Rezazadeh; Shahab Jahangiri; Fahmideh Fattahi. "The Impact of Financial Inclusion Shocks on Financial Cycles with Emphasis on Financial Stability: A Panel-VAR Approach". , 27, 3, 1402, 1007-1032. doi: 10.22059/ier.2023.325419.1007181
Rezazadeh, Ali, Jahangiri, Shahab, Fattahi, Fahmideh. (1402). 'The Impact of Financial Inclusion Shocks on Financial Cycles with Emphasis on Financial Stability: A Panel-VAR Approach', , 27(3), pp. 1007-1032. doi: 10.22059/ier.2023.325419.1007181
Rezazadeh, Ali, Jahangiri, Shahab, Fattahi, Fahmideh. The Impact of Financial Inclusion Shocks on Financial Cycles with Emphasis on Financial Stability: A Panel-VAR Approach. , 1402; 27(3): 1007-1032. doi: 10.22059/ier.2023.325419.1007181

The Impact of Financial Inclusion Shocks on Financial Cycles with Emphasis on Financial Stability: A Panel-VAR Approach

Iranian Economic Review
دوره 27، شماره 3، دی 2023، صفحه 1007-1032    اصل مقاله (1.17 M)
نوع مقاله: Research Paper
شناسه دیجیتال (DOI): 10.22059/ier.2023.325419.1007181
نویسندگان
Ali Rezazadeh* 1؛ Shahab Jahangiri2؛ Fahmideh Fattahi1
1Department of Economics, Urmia University, Urmia, Iran.
2Department of Economics, Urmia university, Urmia, Iran.
چکیده
This study aims to examine the impact of financial inclusion shocks on financial cycles, emphasizing financial stability in 73 developing and developed countries over the period 2005-2020. Impulse response functions and Granger causality in the form of a Panel Vector Autoregression (PVAR) have been investigated to analyze the models. At first, the results show that low-level financial inclusion initially reduces financial and credit cycles, but after increasing the financial inclusion level, this negative effect becomes positive and improves financial cycles. Additionally, financial stability can improve financial cycles. Finally, a positive shock from both indicators of the financial cycle increases the variable itself, and the effect of this shock is decreasing. Moreover, the Granger causality test results show a two-way causal relationship between the financial cycle and financial inclusion in both models. Both models show a two-way causal relationship between the financial cycle and financial stability. There is also a one-way causal relationship from financial stability to the financial cycle and financial stability variables. In other words, it can be argued that the variables of the financial cycle, financial inclusion, and financial stability are the Granger causality of each other in the selected countries.
کلیدواژه‌ها
Financial Inclusion؛ Financial Stability؛ Financial Cycles؛ Granger Causality Test؛ Panel Vector Autoregression
مراجع

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