Assessing digital financial inclusion and financial crises: The role of financial development in shielding against shocks.

Digital financial inclusion (DFI) has been proven to be a central factor in driving economic development and reducing inequality in countries. However, its impact on financial crises (FC) has yet to be clearly examined, particularly in the context of current Financial Development (FD). Therefore, this study examines the influence of DFI on FC across 52 countries from 2004 to 2020, focusing on how this impact varies with the level of FD.

Relationship between financial inclusion, monetary policy and financial stability: An analysis in high financial development and low financial development countries.

This article studies the linkage between financial inclusion, monetary policy and financial stability in 58 countries including 31 high financial development countries (HFDCs) and 27 low financial development countries (LFDCs) from 2004 to 2020 using the PVAR method. Results of impulse - response function suggest that in LFDCs, while financial inclusion and financial stability are positively correlated, they are negatively correlated with the inflation rate and the money supply growth rate. In HFDCs, financial inclusion is positively corelated with inflation rate and money supply growth rate, while financial stability is negatively correlated with financial inclusion, inflation rate and money supply growth rate.