Abstract

GOMEZ RODRIGUEZ, Tomás; RIOS BOLIVAR, Humberto  and  ZAMBRANO REYES, Adriana. Interaction between economic growth, stability and financial inclusion: International empirical evidence. Contad. Adm [online]. 2021, vol.66, n.1, 00011.  Epub Oct 11, 2021. ISSN 0186-1042.  https://doi.org/10.22201/fca.24488410e.2021.2498.

Using a sample of 71 countries and a period that covers from 2007 to 2016. The relationship between financial inclusion and economic growth is analyzed, as well as the relationship between financial stability and economic growth using the Ordinary Least Squares (OLS) method with two-way fixed effects. Likewise, the Generalized Method of Moments (GMM) with two-way fixed effects is used as a robustness test. In addition, the Granger causality test is performed with the stacked data method developed by Dumitrescu y Hurlin (2012). The results suggest the existence of a negative link both for the relationship between financial inclusion and economic growth, as well as for the relationship between financial stability and economic growth. The results of the causality test show that the relationship extends from the variables of financial inclusion to economic growth. While the relationship for stability variables extends from economic growth to these variables.

Keywords : Panel data; Financial markets; Economic growth; C23; E44; O40.