Do financial inclusion and R&D matter? Exploring the effect of uncertainty on economic performance

Chien Chiang Lee, Chih Wei Wang, Chen Min Pan

研究成果: 雜誌貢獻期刊論文同行評審

4 引文 斯高帕斯(Scopus)

摘要

Using a dataset that includes 24 developing and developed countries for the period 1984–2017, this research adopts outstanding deposits with commercial banks to GDP ratio and research and development (R&D) expenditure to GDP ratio as main proxies of financial inclusion and R&D, respectively. The empirical results suggest that promoting financial inclusion or R&D can offset the harmful effects of uncertainty on economic performance and that the impact of R&D with uncertainty is statistically significantly greater than the impact of financial inclusion with uncertainty. Moreover, our subsample analyses indicate that the mitigating effects of financial inclusion and R&D exist in nonfinancial crisis periods, developed countries, and the European region. To address endogeneity concerns, we employ six instrumental variables in a two-stage least squares regression (IV-2SLS). Our findings have useful policy implications to government for dealing with economic policy uncertainty for the economy’s benefit.

原文???core.languages.en_GB???
頁(從 - 到)307-325
頁數19
期刊Applied Economics
54
發行號3
DOIs
出版狀態已出版 - 2022

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