STATA ANNALYSIS

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COURSEWORK GUIDELINES

The coursework consists of an assessed empirical project of maximum 3,500 words. It requires students to critically apply, compare and utilise an array of theories and concepts discussed in both the lectures and tutorials to discuss a topic of their choice related to financial development in emerging economies or in comparative perspective with advanced economies. The requirement is an empirical exploration of a research question, ideally using the methods taught in quantitative research methods courses. The orientation of the course strongly suggests the use of quantitative-based methods, and most topics covered in the course favour such methods. Although students may choose a theoretical approach, such work also needs to contain at least some data analysis and the consultation of the module leader is highly advised.

Key guidelines

Below, you can find five general clusters with topic suggestions. This is a small, indicative selection and students are very welcome to submit a project on a relevant topic of their choice (subject to agreement with the module leader).

· You should undertake an empirical exploration of the chosen topic, using databases/sources recommended below or any other widely available and recognised datasets. Such sources are government agencies, international and national organisations, widely recognised institutions that specialise in relevant areas.

· one-page coursework proposal

· Submission of the final project should be done on Moodle and be comprised of three files: (1) your project in a Word or PDF format; (2) your dataset in Stata based on which you have obtained the results; (3) a do file (if the analysis done in STATA) recording all sets of commands used to transform your data, present an exploratory analysis and run the regressions. If alternative software is used to undertake the analysis (e.g. R software package; Python), submit a syntax in the respective format. The requirement is that the data and estimation must be submitted in a clear and directly accessible manner (immediately executable files with detailed, step by step comments).

Suggested structure of your coursework project

Title (to reflect your research question)

1. Introduction

· Clearly formulated research question

· Motivation behind your research question

· Summary of the results

· Structure of your paper

2. Literature review/theoretical framework 3. Data & Methodology 4. Empirical results 5. Conclusion and Discussion

Assessment rubric criteria

1. Research question and its motivation

· Relevance of a research question to the module

· Good motivation provided for examining this research question.

· A question should be answerable through the proposed empirical investigation with findings discussed clearly to provide support/reject your hypotheses

2. Knowledge of the literature and structure of the argument

· Relevance of the literature discussion to research question

· Main theories and themes identified and explored to suggest a conceptual/theoretic framework suitable for answering a research question

· Hypotheses are clearly formulated and backed by the relevant references

· Well organised structure, coherent and logical argument

3. Analysis and argument

· The data and methodology are clearly discussed

· Evidence of the use of primary/secondary data to support the argument

· A descriptive analysis of data is to be presented prior undertaking any more in-depth quantitative work; this descriptive analysis would help you with formulating your hypotheses

· Evidence of original analysis & clear explanation of the results contextualising them within the literature

4. Presentation

· Clear expression

· Accurate grammar and syntax

· Referencing with bibliography

Recommended Databases:

The Global Financial Development Database (builds on, updates, and extends previous efforts, in particular the data collected for the Database on Financial Development and Structure) (updated September 2022)

The Global Financial Development Database is an extensive dataset of financial system characteristics for 214 economies. It contains annual data, starting from 1960 onwards. The Global Financial Development Database is based on a “4x2 framework”. Specifically, it includes measures of (1) depth, (2) access, (3) efficiency, and (4) stability of financial systems. Each of these characteristics captures both (1) financial institutions (banks, insurance companies, and so on), and (2) financial markets (such as stock markets and bond markets). It also provides other useful indicators, such as measures of concentration and competition in the banking sector, financial structure etc.

You can access the Global Financial Development Database via

https://www.worldbank.org/en/publication/gfdr/data/global - financial - development - database

For discussion of the dataset and empirical work done on it see the following sources:

Čihàk, Martin, Aslı Demirgüç-Kunt, Erik Feyen, and Ross Levine. 2013. “Financial Development in 205 Economies, 1960 to 2010.” Journal of Financial Perspectives 1 (2): 17–36. (Earlier version issued as Policy Research Working Paper 6175, World Bank, Washington, DC).

See also the following authors for the detailed description of the data .

Thorsten Beck, Aslı Demirgüç-Kunt and Ross Levine, 2000, "A New Database on Financial Development and Structure," World Bank Economic Review 14, 597-605. (An earlier version was issued as World Bank Policy Research Working Paper 2146.)

Thorsten Beck, Aslı Demirgüç-Kunt, and Ross Levine, " Financial Institutions and Markets across Countries and over Time: Data and Analysis ", World Bank Policy Research Working Paper 4943, May 2009.

The IMF Financial Development-broad based index database, https://data.imf.org/?sk=F8032E80-B36C-43B1-AC26-493C5B1CD33B

Based originally on Čihák et al. (2013) idea of measuring financial development, this dataset offers nine indices that summarize how developed financial institutions and financial markets are in terms of their depth, access, and efficiency. These indices are then aggregated into an overall index of financial development. With the coverage of more than 180 countries on annual frequency between 1980 onwards, the database offers a useful analytical tool for researchers and policy makers. Following the link above, you can also access the IMF paper that discusses the methodology for measuring Financial Development.

Svirydzenka, K. (2016) Introducing a New Broad-based Index of Financial Development, IMF

Working Paper, WP/16/5, available from https://www.imf.org/external/pubs/ft/wp/2016/wp1605.pdf

Financial Inclusion database, World Bank, available from here http://datatopics.worldbank.org/financialinclusion/

The Global Findex database provides in-depth data on how individuals save, borrow, make payments, and manage risks. It is the world’s most comprehensive database on financial inclusion that consistently measures people’s use of financial services across countries and over time. The Global Findex consists of over 100 indicators, also shown by gender, income, and age. Collected in partnership with the Gallup World Poll and funded by the Bill & Melinda Gates Foundation, the Global Findex is based on interviews with about 150,000 nationally representative and randomly selected adults (age 15+) in over 140 countries. It contains individual-level microdata data and country-level aggregated data.

Financial Inclusion database, IMF, available from https://data.imf.org/?sk=E5DCAB7E A5CA - 4892 - A6EA - 598B5463A34C&sId=1496861011734

IMF provides an alternative Financial Inclusion database based on Financial Access Survey. The data coverage is better than in World Bank, covering the period from 2004 onwards.

Bank Regulation & Supervision Survey database

This database The Bank Regulation and Supervision Survey is a unique source of comparable economy-level data on how banks are regulated and supervised around the world. The most recent survey is available for the period of 2017-2019. https://www.worldbank.org/en/publication/gfdr/data/the - bank - regulation - and - supervision -

survey

The Chinn-Ito index of financial integration (KAOPEN), which is constructed on the basis of the IMF data measuring the extent and intensity of capital controls, is publicly available and can be downloaded from http://web.pdx.edu/~ito/Chinn - Ito_website.htm . The Chinn-Ito index of financial integration covers over 180 countries from 1970 onwards.

Amadeus, a database of comparable financial information for public and private companies across Europe (available electronically through UCL library service – search via the databases tab).

Other data sources:

EBRD Banking Environment and Performance Survey, http://www.ebrd.com/what - we do/economic - research - and - data/data.html

EBRD-World Bank Business Environment and Enterprise Performance Survey (BEEPS) - firm-level dataset which can be used for examining firm access to finance and firm capital structure, available from https://www.beeps-ebrd.com/

World Bank World Development Indicators, available from

https://databank.worldbank.org/source/world - development - indicators

IMF Financial Statistics, available from https://data.imf.org/?sk=4c514d48-b6ba-49ed-8ab952b0c1a0179b

Heritage Foundation, Index of Economic Freedom , http://www.heritage.org/index/Default.aspx (can be used for measuring institutions)

World Bank Enterprise Survey Data (WES)

This dataset is similar to BEEPS but its coverage is extended worldwide. It is available from https://www.enterprisesurveys.org/en/enterprisesurveys

Global Entrepreneurship Monitor (GEM) dataset, http://www.gemconsortium.org/data (individual-level dataset; can be used for exploring entrepreneurial finance).

Working papers (working papers show the most recent research in the area):

· European Bank for Reconstruction and Development Working Papers; http://www.ebrd.com/what - we - do/economic - research - and - data.html

· Google Scholar

· National Bureau of Economic Research: http://papers.nber.org/ • Social Science Research Network Working Papers http://www.ssrn.com/ • William Davidson Institute Working Papers:

http://wdi.umich.edu/publications/papers

· Web of Science and Scopus literature search software accessible via UCL library SUGGESTED COURSEWORK PROJECT TOPICS

1. Finance and Economic Growth

Possible research questions to examine within this cluster of topics

(a) Examine the effects of financial development/financial openness on economic growth via an innovation/productivity channel

Recommended literature:

Aristizabal‐Ramirez, M., Botero‐Franco, M.C. and Canavire‐Bacarreza, G., 2017. Does financial development promote innovation in developing economies? An empirical analysis. Review of Development Economics, 21(3), pp.475-496.

Bekaert, G., Harvey, C.R. and Lundblad, C., 2011. Financial openness and productivity. World Development, 39(1), pp.1-19.

Hartmann, F., Heider, E. Papaioannou and M. Lo Duca 2007 The Role of Financial Markets and Innovation in Productivity and Growth in Europe, European Central Bank Occasional Paper Series No. 72, http://www.ecb.int/pub/pdf/scpops/ecbocp72.pdf

Levine, Ross. 2005. “Finance and Growth: Theory and Evidence.” In Phillippe Aghion, and Steven Durlauf, eds., Handbook of Economic Growth, Volume I.A. Amsterdam: North Holland. Demirgüç-Kunt, A. And R. Levine, 2008. Finance, Financial Sector Policies, and Long-Run Growth, World Bank Policy Research Working Papers, 4469 (available from World Bank website/Google search).

Beck, T., Levine, R. and Loayza, N., 2000. Finance and the Sources of Growth. Journal of financial economics, 58(1), pp.261-300.

World Bank. 2015-16. Global Financial Development Report 2015-16: Long-term Finance. The World Bank: Washington, D.C. (see the literature overview there and useful references).

For the discussion of the ‘technological innovation’ channel of growth which may provide the background for this topic see Aghion, P. And S. Durlauf 2005. Handbook of Economic Growth, Col. 1, North Holland.

It is also possible to explore this research question using firm-level data.

Here are some recommended readings on financial development, innovation and firm productivity

Dabla-Norris, E., Kersting, E.K. and Verdier, G., 2012. Firm productivity, innovation, and financial development. Southern Economic Journal, 79(2), pp.422-449.

Gorodnichenko Y., and Schnitzer, M. (2013) Financial Constraints and Innovation: Why Poor Countries Don’t Catch, Journal of the European Economic Association, Volume 11, Issue 5:

pp.1115–1152.

You are also expected to use additional sources (check, for instance, the most recent working papers in this area following the links recommended above)

(b) Explore the issue of causality between finance and growth

Recommended reading:

Bist, J.P., 2018. Financial development and economic growth: Evidence from a panel of 16 African and non-African low-income countries. Cogent Economics & Finance, 6(1), p.1449780. Demirgüç-Kunt, A. And R. Levine, 2008. Finance, Financial Sector Policies, and Long-Run Growth, World Bank Policy Research Working Papers, 4469 (available from World Bank website).

Ibrahim, M. and Alagidede, P., 2018. Effect of financial development on economic growth in sub-Saharan Africa. Journal of Policy Modeling, 40(6), pp.1104-1125.

Levine, Ross. 2005. “Finance and Growth: Theory and Evidence.” In Phillippe Aghion, and Steven Durlauf, eds., Handbook of Economic Growth, Volume I.A. Amsterdam: North Holland. Beck, T. and R. Levine (2001) Stock Markets, Banks, and Growth: Correlation or Causality, World Bank Policy Research Working Paper No. 2670; Carlson School of Management Working Paper, available from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=276882 .

Calderon, C. and L. Liu, 2003. The Direction of Causality between Financial Development and Economic Growth, Journal of Development Economics 72, 321-34.

Valickova, P., Havranek, T. and Horvath, R., 2015. Financial development and economic growth: A meta‐analysis. Journal of economic surveys, 29(3), pp.506-526.

You are also expected to use additional sources (check, for instance, the most recent working papers in this area following the links recommended above)

(c) Explore the link between Financial Structures and Economic Growth

Recommended reading:

Demirgüç-Kunt, A., Feyen, E. and Levine, R. (2011) Optimal Financial Structures and Development - The Evolving Importance of Banks and Markets, World Bank Policy Research Working Paper 5809

Carlin, W. and Mayer C. (2003) Finance, investment and growth. Journal of Financial Economics 69: 191-226.

Levine, Ross. 2005. “Finance and Growth: Theory and Evidence.” In Phillippe Aghion, and

Steven Durlauf, eds., Handbook of Economic Growth, Volume I.A. Amsterdam: North Holland. Demiriguc-Kunt, A. and R. Levine, 1999. Bank-based and Market-Based Financial Systems:

Cross-Country Comparisons. WPS-2143, World Bank Policy Research Working Paper. Demiriguc-Kunt, A. and R. Levine, 2004. Financial Structure and Economic Growth: A CrossCountry Comparison Of Banks, Markets, and Development. MIT press.

Demiriguc-Kunt, A. and V. Maskimovic 2002. Funding Growth in Bank-based and Marketbased Financial Systems: Evidence from Firm-level Data, Journal of Financial Economics, Vol. 65: 337-363.

You are also expected to use additional sources (check, for instance, the most recent working papers in this area following the links recommended above)

(d) Explore whether financial intermediation facilitates financing of start-ups and small businesses

Recommended reading:

Beck, T., A., Demirgüç-Kunt and V. Maksimovic 2005. Financial and Legal Constraints to Growth: Does the Firm Size Matter? The Journal of Finance, Vol. LX (1).

Beck, T., A. Demirgüç-Kunt and V. Maksimovic 2008. Financial Patterns Around the World: Are Small Firms Different? Journal of Financial Economics, 89(3): 467-487.

Korosteleva, J. and Mickiewicz, T. 2011. Startup finance in the age of globalisation. Emerging Markets Finance and Trade 47(3): 23-49.

World Bank. 2015-16. Global Financial Development Report 2015-16: Long-term Finance. The World Bank: Washington, D.C.

You are also expected to use additional sources (check, for instance, the most recent working papers in this area following the links recommended above).

(e) Explore the effects of financial intermediation on economic growth in emerging economies

Cojocaru, Laura, Evangelos M. Falaris, Saul D. Hoffman, and Jeffrey B. Miller. 2016. “Financial System Development and Economic Growth in Transition Economies: New Empirical Evidence from the CEE and CIS Countries.” Emerging Markets Finance and Trade 52 (1): 223–36. doi:10.1080/1540496X.2015.1013828.

G. Caporale, C. Rault, R. Sova and A. Sova, 2009. Financial Development and Economic Growth: Evidence from Ten New EU Members – available on Moodle

Fink, G., P. Haiss and G. Vukšić, 2009. Contribution of financial market segments at different stages of development: Transition, cohesion and mature economies compared , Journal of

Financial Stability, Volume 5, Issue 4, December: 431-455

Koivu, T., 2002. Does financial sector development affect economic growth in transition economies? The BOFIT seminar, 20 May 2002. The Bank of Finland, available from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1015710

Rousseau, P. L. and Wachtel, P. 2008 What is Happening to the Impact of Financial Deepening on Economic Growth? Financial Sector Development for Growth and Poverty Reduction: Helsinki, Finland. July 1-2 (2005).

Sahay, R. et al. (2015) Rethinking Financial Deepening: Stability and Growth in Emerging

Markets, https://www.imf.org/external/pubs/ft/sdn/2015/sdn1508.pdf

2. Foreign Bank Entry: Implications for the Domestic Financial System and Real Economy

Possible research questions to examine within this cluster of topics

(a) Explore whether financial systems and foreign capital are substitutes or complements (Do FDI crowd out/in domestic investment?)

Recommended reading:

Agosin, M. R. and Machado, R., 2005. Foreign Investment in Developing Countries: Does it Crowd in Domestic Investment? Oxford Development Studies, pp.149-162.

Ang, J. B., 2009. Do public investment and FDI crowd in or crowd out private domestic investment in Malaysia? Applied Economics, pp.913-919.

Deok-Ki Kim, D. and S. Jung-Soo 2003. Does FDI Inflow crowd out Domestic Investment in Korea?, Journal of Economic Studies, 30(6):605-622.

Hermes, N. and Lensink, R. (2003) FOREIGN DIRECT INVESTMENT, FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH, Journal of Development Studies, Vo. 38.

Lee, C.-C. and C.-P. Cheng (2009) FDI, Financial Development, and economic growth: international evidence, Journal of Applied Economics, Vo. 12(2): 249-271.

Wang, C. and Guouvris, E., 2020. The Impact of Foreign Bank Entry on Chinese Banks and Financial Liberalization: Recent Evidence. The Chinese Economy, 53(2), pp. 177-199. Yin, Y., Zhang, Y., Zhang, X. and Hu, F., 2015. Does Foreign Bank Entry Make Chinese banks Stronger. Global Economic Review, 44(3), pp. 269-285.

You are expected to use additional sources (check, for instance, the most recent working papers in this area following the links recommended above).

(b) Examine how foreign bank entry affects the financial development and its implications for the real sector in emerging economies

Recommended literature:

Eller M., P. Haiss, K. Steiner 2005. Foreign Direct Investment in the Financial Sector and Economic Growth in Central and Eastern Europe: The Crucial Role of the Efficiency Channel”, Emerging Markets Review, Vol. 7: 300-319. Engerer, H. & Schrooten, M. (2004), ‘Do Foreign Banks improve Financial Performance? Evidence from EU Accession Countries’, DIW Berlin, Research Notes 1, available from

http://www.diw.de/documents/publikationen/73/diw_01.c.42579.de/rn1.pdf Horen, N. (2006) Foreign Banking in Developing Countries; Origin Matters, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=904659 .

Liebscher, K., J. Christl, P. Mooslechner and D. Ritzberger-Grunwald, 2006. Financial Development, Integration and Stability: Evidence from Central, Eastern and South-Eastern Europe, Edward Elgar, Cheltenham, UK, part 5.

Neuhaus, M. 2005. ‘Foreign Direct Investment: The Growth Engine in Central and Eastern

Europe’. Deutsche Bank Research, EU Monitor 26, July 2005, pp. 14–20.

Papi, L. & Revoltella, D. 2000. Foreign Direct Investment in the Banking Sector: a

Transnational Economy Perspective, in S. Claessens & M. Jansen, eds, ‘The Internationalization of Financial Services: Issues and Lessons for Developing Countries’, The World Bank/WTO, pp. 437–457.

Zajc, P. 2004. The Effect of Foreign Bank Entry on Domestic Banks in Central and Eastern

Europe, in M. Balling, F. Lierman & A. Mullineux, eds, ‘Financial Markets in Central and Eastern Europe’, London: Routledge, pp. 189–205.

You are also expected to use additional sources (check, for instance, the most recent working papers in this area following the links recommended above)

3. Financial Development, Institutional Environment and Economic Growth

Possible research questions to examine within this cluster of topics

(a) Examine how political institutions affect financial development with further implications for economic growth

Recommended reading:

Rajan R.G. And L. Zingales 2003. “The Politics of Financial Development in the 20th century”, Journal of Financial Economics 69: 5-50.

Roe, M. and J., Siegel. 2011. Political Instability's Impact on Financial Development, Journal of Comparative Economics, Volume 39, Issue 3, September 2011, Pages 279–309 – access through the library.

You are also expected to use additional sources (check, for instance, the most recent working papers in this area following the links recommended above)

(b) Critically examine whether legal institutions matter for financial development with further implications for economic growth.

Recommended reading:

Beck, T., A. Demirguc-Kunt and R. Levine 2003. “Law and Finance: Why Does Legal Origin Matter?” Journal of Comparative Economics, 31:653-675.

Claessens, S. and L., Laeven 2003. Financial Development, Property Rights, and Growth, The Journal of Finance, Vol. 58(6): 2401-2436.

Demetriades, P. and Law, S.H. (2006) “Finance, Institutions and Economic Performance”. International Journal of Finance and Economics, 11(3), pp. 245-260.

Djankov, Simeon, Rafael La Porta, Florencio Lopez-de-Silanes, and Andrei Shleifer, 2008, The Law and Economics of Self-Dealing, Journal of Financial Economics.

La Porta, Rafael, Florencio Lopez-de-Silanes, and Andrei Shleifer, 2007, The Economic Consequences of Legal Origin, SSRN Working paper, available via http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1028081&rec=1&srcabs=864645. La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert W. Vishny, 1997, The Legal Determinants of External Finance, Journal of Finance 52, 1131-1150.

You are also expected to use additional sources (check, for instance, the most recent working papers in this area following the links recommended above).

Recommended reading:

Barth, James R., Chen Lin, Ping Lin, Frank M. Song, 2009. Corruption in bank lending to firms: Cross-country micro evidence on the beneficial role of competition and information sharing, pp. 361-388, Journal of Financial Economics, Vol. 91, Issue 3, 2009.

Song, C.Q., Chang, C.P. and Gong, Q., 2021. Economic growth, corruption, and financial development: Global evidence. Economic Modelling, 94, pp.822-830.

You are also expected to use additional sources (check, for instance, the most recent working papers in this area following the links recommended above).

Within this topic you may explore the moderating role of other financial institutions (e.g.

property rights; creditor rights; bankruptcy rules etc.) in affecting finance-growth relationship.

4. Financial Integration, Stability and Regulation

Possible research questions to examine within this cluster of topics

Recommended reading:

(a) Examine the impact of financial integration on growth (you may also explore this in the context of Central and Eastern Europe)

Aghion, P. et al. (2003) Financial Development and the Instability of Open Economies. Journal of Monetary Economics, vol. 51, pp. 1077-1106.

Bekaert, G. et al. (2005) Does Financial Liberalization Spur Growth? Journal of Financial Economics, vol. 77, pp. 3-55.

Demyanyk, Y. and V. Volosovych 2006. Gains from Financial Integration in the European Union: Evidence for New and Old Members, SSRN working papers, available from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=954770 .

Edison, H. (2002) International Financial Integration and Economic Growth. Journal of International Money and Finance, vol. 21, pp. 749-776.

EBRD, 2009. Transition Report 2009, Chapter 3: Development based on Financial Integration. Gourinchas, P-O. and Jeanne, O. (2006) The Elusive Gains from International Financial Integration. Review of Economic Studies, vol. 73, pp. 715-741.

IMF, 2008. Reaping the Benefits of Financial Globalisation, IMF Occasional Paper 264, available from http://www.imf.org/external/pubs/cat/longres.cfm?sk=20537.0

Kose, M. A. et al. (2009) Financial Globalization: A Reappraisal. International Monetary Fund Staff Papers, vol. 56, pp. 8-62.

Masten et al. (2008) Non-linear Growth Effects of Financial Development: Does Financial Integration Matter? Journal of International Money and Finance, vol. 27, pp. 295-313.

Prasad, E., K. Rogoff, A. Wei and M.A. Kose 2003. Effects of Financial Globalisation on Developing Countries: Some Empirical Evidence, IMF Working Papers, available from http://www.imf.org/external/np/res/docs/2003/031703.pdf .

You are also expected to use additional sources (check, for instance, the most recent working papers in this area following the links recommended above)

(b) Examine the relationship between Financial Liberalization/or Financial Development and Poverty/or Inequality

(c) Evaluate the effects of financial stability focused policies on other aspects of financial development

Adrianova et al. (2015) “New Database on Financial Fragility”, WP 15/18, Leicester University.g

Beck, T., (2008), "Bank Competition and Financial Stability: Friends or Foes?", World Bank Policy Research Working Papers, available from http://elibrary.worldbank.org/doi/book/10.1596/1813 - 9450 - 4656 .

Goodhart, C.A., 2005. Financial regulation, credit risk and financial stability. National Institute Economic Review, 192(1), pp.118-127.

IMF, (2010), "Meeting New Challenges to Stability and Building a Safer System", IMF Global

Financial Stability Report, available from http://www.imf.org/external/pubs/ft/gfsr/2010/01/pdf/text.pdf

International Monetary Fund (2017). Global Financial Stability Report: Is Growth at Risk?.

Washington, DC: International Monetary Fund, available from

https://www.imf.org/en/Publications/GFSR/Issues/2017/09/27/global - financial - stability - report october - 2017 . July 2015

(d) Discuss whether there is need for a tighter banking/macroprudential regulation to improve the stability and functioning of the financial system?

Akram, Q.F., 2014. Macro effects of capital requirements and macroprudential policy. Economic Modelling, 42, pp.77-93.

Alam, Z., Alter, M.A., Eiseman, J., Gelos, M.R., Kang, M.H., Narita, M.M., Nier, E. and Wang, N., 2019. Digging deeper--Evidence on the effects of macroprudential policies from a new database. International Monetary Fund.

Altunbas, Y., Binici, M. and Gambacorta, L., 2018. Macroprudential policy and bank risk. Journal of International Money and Finance, 81, pp.203-220.

Barth, J., G., Caprio, and R. Levine, 2008. “Bank Regulations Are Changing: For Better or Worse?”, Working Paper Series, 4646, World Bank: Washington D.C.

Claessens, S., Ghosh, S.R. and Mihet, R., 2013. Macro-prudential policies to mitigate financial system vulnerabilities. Journal of International Money and Finance, 39, pp.153-185.

IMF, 2008. World Economic Outlook: Financial Stress, Downturns, and Recoveries, International Monetary Fund, available from http://www.imf.org/external/pubs/ft/weo/2008/02/pdf/text.pdf .

You are also expected to use additional sources (check, for instance, the most recent working papers in this area following the links recommended above)

5. Financial Inclusion and Inclusive Growth

Using the IMF Financial Inclusion dataset, examine whether financial inclusion can ensure inclusive growth, focusing, for example, on how financial inclusion is associated with poverty reduction, inequality. Within this topic you can also look at how financial inclusion may facilitate entrepreneurial entry, looking at gender differences. In this case, you would be required to merge IMF FI indicators with individual-level Global Entrepreneurship Monitor Dataset which contains information on entrepreneurial rates and gender.

Recommended readings:

Chima, M.M., Babajide, A.A., Adegboye, A., Kehinde, S. and Fasheyitan, O., 2021. The relevance of financial inclusion on sustainable economic growth in sub-saharan African nations. Sustainability, 13(10), p.5581.

Sahay, R. et al., 2017. Financial Inclusion: Can it meet Multiple Macroeconomic Goals? IMF Discussion Note SDN/15/17

Demirguc-Kunt, A., L., Klapper and D., Singer, 2017. Financial Inclusion and Inclusive

Growth, available from

http://documents.worldbank.org/curated/en/403611493134249446/pdf/WPS8040.pdf IMF Financial Inclusion reports, various years, available from IMF web-site:

http://data.imf.org/?sk=E5DCAB7E - A5CA - 4892 - A6EA - 598B5463A34C