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How do Financial Development and Stability Shape Human Development?

  • Ali Awdeh EMAIL logo , Rima Assaf und Fadi Ghosn
Veröffentlicht/Copyright: 4. April 2024
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Review of Middle East Economics and Finance
Aus der Zeitschrift Review of Middle East Economics and Finance Band 20 Heft 1

Abstract

The crucial role of financial systems in sustainable development has become the center of global and national interest and development strategies, and more developed and stable financial systems are the cornerstone for development finance and achieving the sustainable development goals. This research aims to examine the impact of financial development and stability on human development firstly in a sample of 185 countries worldwide, and secondly in a sample of 21 MENA countries, over the period 1990–2019. This study adopts the Panel Data Econometrics (Fixed Effects and Random Effects Methods) and proxy for human development by exploiting the UNDP’s Human Development Index and its three subindices (Education, Income, and Life expectancy), while it adopts broad money, credit to the domestic private sector, and banking sector deposits (all as a percentage of GDP) to proxy for financial development. Moreover, it represents financial stability by the banking sector Z-score and a dummy variable representing crises. The empirical results reveal the prevailing role of development and stability in the financial systems on human development and its three subcomponents, regardless of the country’s economic development level.

Keywords: sustainable development goals; financial development; human development
JEL Classification: E61; G28; I38; O43
Corresponding author: Ali Awdeh, Lebanese University, Beirut, Lebanon, E-mail:

Appendix A: Variables computations and sources

Computation Source
EDU_INDEX Education Index =  M Y S I + E Y S I 2

The Mean Years of Schooling Index (MYSI) =  M Y S 15 , where MYS is the mean years of schooling (i.e., years that a person aged 25 or older has spent in formal education).

The Expected Years of Schooling Index (EYSI) =  E Y S 18 , where EYS is the expected years of schooling (i.e., total expected years of schooling for children under 18 years).		 United Nations
Development
Programme
INC_INDEX Income Index (II) =  ln ( G N I p c ) − ln ( 100 ) ln ( 75 , 000 ) − ln ( 100 ) , where GNI pc is the gross national income at purchasing power parity per capita. II is equal to 1 when GNI per capita is $75,000 and equals to 0 when GNI per capita is $100. United Nations
Development
Programme
LIFE_EXP_INDEX Life Expectancy Index =  L E − 20 85 − 20 , where LE is life expectancy at birth.

Life Expectancy Index is equal to 1 when life expectancy at birth is 85 and equals to 0 when life expectancy at birth is 20.		 United Nations
Development
Programme
HDI HDI =  L E I . E I . I I 3 United Nations
Development
Programme
BROAD_MONEY Broad money is the sum of currency outside banks; demand deposits other than those of the central government; the time, savings, and foreign currency deposits of resident sectors other than the central government; bank and traveler’s checks; and other securities such as certificates of deposit and commercial paper. World Bank
CREDIT Domestic credit to private sector refers to financial resources provided to the private sector by financial corporations, such as through loans, purchases of nonequity securities, and trade credits and other accounts receivable, that establish a claim for repayment. For some countries, these claims include credit to public enterprises. The financial corporations include monetary authorities and deposit money banks, as well as other financial corporations where data are available (including corporations that do not accept transferable deposits but do incur such liabilities as time and savings deposits). World Bank
DEPOSIT The total value of demand, time, and saving deposits at domestic deposit money banks as a share of GDP. Deposit money banks comprise commercial banks and other financial institutions that accept transferable deposits, such as demand deposits. World Bank
Z_SCORE Z S C O R E = E / A + R O A σ R O A where E/A is equity-to-asset ratio, ROA is return on assets, and σ ROA is the 3-year rolling standard deviation of ROA. World Bank
CAP_FORM Gross capital formation consists of outlays on additions to the fixed assets of the economy plus net changes in the level of inventories. Fixed assets include land improvements (fences, ditches, drains, and so on); plant, machinery, and equipment purchases; and the construction of roads, railways, and the like, including schools, offices, hospitals, private residential dwellings, and commercial and industrial buildings. Inventories are stocks of goods held by firms to meet temporary or unexpected fluctuations in production or sales, and “work in progress.” World Bank
REMIT Personal remittances comprise personal transfers and compensation of employees. Personal transfers consist of all current transfers in cash or in kind made or received by resident households to or from nonresident households. Personal transfers thus include all current transfers between resident and nonresident individuals. Compensation of employees refers to the income of border, seasonal, and other short-term workers who are employed in an economy where they are not resident and of residents employed by nonresident entities. World Bank
TRADE Merchandise trade is the sum of merchandise exports and imports. World Bank
CRISES A banking crisis is defined as systemic if two conditions are met: a. Significant signs of financial distress in the banking system; b. Significant banking policy intervention measures in response to significant losses in the banking system. The first year that both criteria are met is considered as the year when the crisis start becoming systemic. The end of a crisis is defined the year before both real GDP growth and real credit growth are positive for at least two consecutive years. World Bank

Appendix B: The impact of financial development and stability on Education Index (dependent variable: LOG_EDU_INDEX)

All countries High-income countries
C −1.657*** (0.043) −1.805*** (0.042) −1.599*** (0.041) −1.523*** (0.036) −1.412*** (0.085) −1.471*** (0.090) −1.685*** (0.059) −1.531*** (0.063)
LOG_BROAD_MONEY 0.097*** (0.014) 0.245*** (0.007) 0.046** (0.020) 0.121*** (0.010)
LOG_CREDIT 0.032*** (0.007) 0.127*** (0.004) 0.03*** (0.009) 0.069*** (0.004)
LOG_DEPOSIT 0.107*** (0.010) 0.199*** (0.005) 0.150*** (0.018) 0.152*** (0.007)
LOG_Z_SCORE 0.029*** (0.005) 0.035*** (0.005) 0.027*** (0.004) 0.020*** (0.007) 0.031*** (0.007) 0.011*** (0.003)
CRISES −0.055*** (0.008) −0.073*** (0.007) −0.031*** (0.006) −0.033*** (0.007) −0.005 (0.005) −0.008* (0.004)
LOG_CAP_FORM 0.033*** (0.007) 0.051*** (0.008) 0.037*** (0.008) 0.029*** (0.007) −0.001 (0.014) 0.017 (0.015) −0.008 (0.010) −0.011 (0.009)
LOG_REMIT 0.011*** (0.002) 0.012*** (0.002) 0.020*** (0.002) 0.012*** (0.002) 0.004 (0.004) −0.000 (0.004) 0.004* (0.002) 0.001 (0.002)
LOG_TRADE 0.009 (0.007) 0.010 (0.007) 0.108*** (0.008) 0.026*** (0.007) 0.130*** (0.014) 0.134*** (0.015) 0.263*** (0.010) 0.147*** (0.010)
R-squared 0.953 0.949 0.923 0.954 0.896 0.871 0.822 0.871
F-statistic 317.835 301.684 247.258 346.645 117.654 104.828 96.775 114.476
Prob (F-statistic) 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Observations 2366 2426 3501 2803 509 542 1136 929
Hausman test
Chi-sq. statistic 45.317 14.910 48.927 39.508 65.422 55.750 135.251 104.610
Prob. (chi-sq.-statistic) 0.000 0.010 0.000 0.000 0.000 0.000 0.000 0.000
Method FE FE FE FE FE FE FE FE
Middle-income countries Low-income countries
C −1.413*** (0.047) −1.553*** (0.045) −1.288*** (0.048) −1.322*** (0.041) −2.658*** (0.140) −2.953*** (0.139) −2.872*** (0.153) −2.402*** (0.142)
LOG_BROAD_MONEY 0.099*** (0.016) 0.231*** (0.007) 0.131*** (0.038) 0.363*** (0.027)
LOG_CREDIT 0.014* (0.007) 0.119*** (0.005) 0.159*** (0.022) 0.258*** (0.020)
LOG_DEPOSIT 0.103*** (0.014) 0.192*** (0.006) 0.095*** (0.018) 0.200*** (0.018)
LOG_Z_SCORE 0.052*** (0.005) 0.061*** (0.006) 0.052*** (0.006) −0.015 (0.014) −0.012 (0.015) −0.005 (0.016)
CRISES −0.067*** (0.009) −0.102*** (0.010) −0.068*** (0.009) −0.065 (0.063) −0.320*** (0.039) −0.012 (0.070)
LOG_CAP_FORM 0.004 (0.009) 0.017* (0.009) 0.010 (0.011) 0.006 (0.009) −0.015 (0.018) 0.028 (0.019) 0.044* (0.024) 0.042** (0.020)
LOG_REMIT 0.005** (0.002) −0.002 (0.002) 0.008*** (0.002) 0.004* (0.002) 0.040*** (0.006) 0.045*** (0.006) 0.039*** (0.007) 0.064*** (0.006)
LOG_TRADE 0.017** (0.007) 0.023*** (0.007) 0.056*** (0.009) −0.011 (0.007) 0.142*** (0.030) 0.167*** (0.031) 0.256*** (0.036) 0.152*** (0.034)
R-squared 0.927 0.921 0.866 0.925 0.682 0.600 0.544 0.567
F-statistic 193.228 182.796 128.804 192.086 102.876 120.851 116.615 86.273
Prob (F-statistic) 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Observations 1465 1476 1871 1472 392 408 494 402
Hausman test
Chi-sq. statistic 37.426 30.316 14.335 30.297 5.132 3.953 4.046 5.262
Prob. (chi-sq.-statistic) 0.000 0.000 0.013 0.000 0.743 0.556 0.542 0.510
Method FE FE FE FE RE RE RE RE

  1. Notes: ***, **, and * denote significant at the 1, 5, and 10 % levels, respectively.

Appendix C: The impact of financial development and stability on Income Index (dependent variable: LOG_INC_INDEX)

All countries High-income countries
C −0.913*** (0.017) −1.020*** (0.018) −0.820*** (0.015) −0.848*** (0.016) −0.605*** (0.033) −0.662*** (0.034) −0.641*** (0.022) −0.680*** (0.028)
LOG_BROAD_MONEY 0.029*** (0.005) 0.121*** (0.003) 0.003 (0.008) 0.049*** (0.004)
LOG_CREDIT 0.045*** (0.002) 0.070*** (0.001) 0.021*** (0.003) 0.035*** (0.001)
LOG_DEPOSIT 0.035*** (0.004) 0.091*** (0.002) 0.030*** (0.007) 0.061*** (0.003)
LOG_Z_SCORE 0.019*** (0.002) 0.022*** (0.002) 0.018*** (0.001) 0.013*** (0.003) 0.016*** (0.002) 0.004** (0.001)
CRISES −0.019*** (0.003) −0.023*** (0.002) −0.011*** (0.002) −0.022*** (0.003) −0.009*** (0.002) −0.010*** (0.002)
LOG_CAP_FORM 0.018*** (0.003) 0.030*** (0.003) 0.018*** (0.003) 0.027*** (0.003) 0.008 (0.005) 0.022*** (0.005) 0.024*** (0.004) 0.028*** (0.004)
LOG_REMIT 0.003*** (0.000) 0.004*** (0.001) 0.006*** (0.000) 0.006*** (0.000) 0.004*** (0.001) 0.003** (0.001) 0.008*** (0.000) 0.009*** (0.001)
LOG_TRADE 0.006* (0.003) 0.007** (0.003) 0.024*** (0.003) −0.001 (0.003) 0.040*** (0.005) 0.046*** (0.006) 0.063*** (0.003) 0.044*** (0.004)
R-squared 0.984 0.982 0.977 0.984 0.961 0.955 0.920 0.943
F-statistic 1036.634 905.361 910.921 1049.338 348.1232 338.152 246.952 284.943
Prob (F-statistic) 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Observations 2415 2477 3628 2854 522 555 1168 942
Hausman test
Chi-sq. statistic 84.140 51.569 113.739 114.336 22.490 15.525 48.073 34.084
Prob. (chi-sq.-statistic) 0.000 0.000 0.000 0.000 0.004 0.024 0.000 0.000
Method FE FE FE FE FE FE FE FE
Middle-income countries Low-income countries
C −0.876*** (0.022) −1.004*** (0.022) −0.797*** (0.020) −0.883*** (0.021) −1.388*** (0.046) −1.475*** (0.056) −1.332*** (0.055) −1.319*** (0.058)
LOG_BROAD_MONEY 0.033*** (0.007) 0.136*** (0.003) −0.007 (0.014) 0.107*** (0.011)
LOG_CREDIT 0.039*** (0.003) 0.081*** (0.002) 0.089*** (0.008) 0.073*** (0.006)
LOG_DEPOSIT 0.046*** (0.006) 0.108*** (0.002) 0.011 (0.007) 0.048*** (0.007)
LOG_Z_SCORE 0.026*** (0.002) 0.031*** (0.003) 0.030*** (0.003) 0.012** (0.005) 0.012** (0.006) 0.014** (0.006)
CRISES −0.015*** (0.004) −0.026*** (0.004) −0.011** (0.004) 0.014 (0.024) −0.038*** (0.011) 0.015 (0.028)
LOG_CAP_FORM 0.008** (0.004) 0.018*** (0.004) 0.006 (0.004) 0.019*** (0.004) 0.027*** (0.007) 0.042*** (0.007) 0.030*** (0.007) 0.048*** (0.008)
LOG_REMIT 0.002** (0.001) 0.004*** (0.001) 0.007*** (0.001) 0.004*** (0.001) 0.001 (0.002) 0.003 (0.002) −0.001 (0.002) 0.009*** (0.002)
LOG_TRADE −0.015*** (0.003) −0.018*** (0.003) −0.012*** (0.004) −0.013*** (0.003) 0.043*** (0.012) 0.031** (0.012) 0.050*** (0.012) 0.034** (0.013)
R-squared 0.950 0.942 0.926 0.944 0.936 0.440 0.363 0.383
F-statistic 296.950 258.467 251.532 269.412 181.568 64.900 61.127 41.742
Prob (F-statistic) 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Observations 1493 1504 1919 1502 400 418 541 410
Hausman test
Chi-sq. statistic 34.785 34.608 21.364 36.364 20.362 4.976 3.201 6.753
Prob. (chi-sq.-statistic) 0.000 0.000 0.000 0.000 0.009 0.418 0.669 0.344
Method FE FE FE FE FE RE RE RE

  1. Notes: ***, **, and * denote significant at the 1, 5, and 10 % levels, respectively.

Appendix D: The impact of financial development and stability on Life Expectancy Index (dependent variable: LOG_LIFE_EXP_INDEX)

All countries High-income countries
C −0.856*** (0.029) −0.939*** (0.028) −0.765*** (0.028) −0.804*** (0.003) −0.671*** (0.030) −0.707*** (0.030) −0.607*** (0.024) −0.666*** (0.029)
LOG_BROAD_MONEY 0.028*** (0.009) 0.121*** (0.005) 0.022*** (0.007) 0.066*** (0.003)
LOG_CREDIT 0.030*** (0.004) 0.064*** (0.003) 0.016*** (0.003) 0.034*** (0.002)
LOG_DEPOSIT 0.051*** (0.006) 0.095*** (0.003) 0.029*** (0.006) 0.075*** (0.003)
LOG_Z_SCORE 0.014*** (0.003) 0.013*** (0.003) 0.014*** (0.003) 0.017*** (0.002) 0.018*** (0.002) 0.009*** (0.001)
CRISES −0.001 (0.005) −0.016*** (0.005) 0.004 (0.004) −0.010*** (0.002) −0.001 (0.002) −0.002 (0.002)
LOG_CAP_FORM 0.0045*** (0.005) 0.051*** (0.005) 0.033*** (0.005) 0.041*** (0.004) −0.001 (0.004) 0.005 (0.004) −0.007 (0.004) −0.014*** (0.004)
LOG_REMIT 0.007*** (0.001) 0.007*** (0.001) 0.016*** (0.001) 0.008*** (0.001) −0.000 (0.001) −0.001 (0.001) 0.003*** (0.001) 0.003*** (0.0010)
LOG_TRADE −0.004 (0.005) −0.005 (0.005) 0.030*** (0.005) 0.003 (0.004) 0.053*** (0.005) 0.056*** (0.005) 0.081*** (0.004) 0.057*** (0.004)
R-squared 0.932 0.929 0.885 0.936 0.929 0.920 0.906 0.947
F-statistic 220.095 213.872 159.749 247.980 183.363 182.640 208.660 305.904
Prob (F-statistic) 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Observations 2415 2477 3628 2854 522 555 1168 942
Hausman test
Chi-sq. statistic 26.973 14.004 48.534 30.433 76.804 56.437 50.006 43.761
Prob. (chi-sq.-statistic) 0.000 0.015 0.000 0.000 0.000 0.000 0.000 0.000
Method FE FE FE FE FE FE FE FE
Middle-income countries Low-income countries
C −0.668*** (0.036) −0.713*** (0.034) −0.577*** (0.030) −0.619*** (0.033) −1.467*** (0.093) −1.665*** (0.099) −1.591*** (0.124) −1.401*** (0.097)
LOG_BROAD_MONEY 0.051*** (0.011) 0.111*** (0.004) −0.037 (0.027) 0.170*** (0.020)
LOG_CREDIT 0.007 (0.005) 0.057*** (0.002) 0.168*** (0.016) 0.132*** (0.016)
LOG_DEPOSIT 0.044*** (0.008) 0.087*** (0.003) 0.036*** (0.013) 0.101*** (0.013)
LOG_Z_SCORE 0.021*** (0.004) 0.020*** (0.004) 0.022*** (0.004) −0.000 (0.010) 0.007 (0.012) 0.008 (0.012)
CRISES 0.003 (0.006) −0.020*** (0.005) −0.003 (0.006) 0.009 (0.047) −0.077** (0.031) −0.000 (0.054)
LOG_CAP_FORM 0.008 (0.006) 0.009 (0.006) 0.013** (0.006) 0.011* (0.006) 0.048*** (0.013) 0.084*** (0.014) 0.038* (0.020) 0.091*** (0.015)
LOG_REMIT 0.000 (0.001) 0.001 (0.001) 0.008*** (0.001) 0.001 (0.001) 0.017*** (0.004) 0.022*** (0.005) 0.040*** (0.005) 0.029*** (0.005)
LOG_TRADE −0.022*** (0.004) −0.022*** (0.004) 0.005 (0.005) −0.019*** (0.004) 0.092*** (0.022) 0.071*** (0.023) 0.139*** (0.031) 0.062** (0.025)
R-squared 0.304 0.286 0.233 0.291 0.598 0.447 0.329 0.439
F-statistic 81.159 120.210 116.742 102.545 72.817 66.836 52.512 52.675
Prob (F-statistic) 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Observations 1493 1504 1919 1502 400 418 541 410
Hausman test
Chi-sq. statistic 6.505 3.187 2.724 3.823 10.520 4.680 5.419 3.710
Prob. (chi-sq.-statistic) 0.590 0.671 0.742 0.700 0.230 0.456 0.366 0.715
Method RE RE RE RE RE RE RE RE

  1. Notes: ***, **, and * denote significant at the 1, 5, and 10 % levels, respectively.

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Received: 2023-12-20
Accepted: 2024-03-20
Published Online: 2024-04-04

© 2024 Walter de Gruyter GmbH, Berlin/Boston

Artikel in diesem Heft

  1. Frontmatter
  2. Research Articles
  3. Women Who Stopped Working Due to Their Husband’s Opposition in Egypt
  4. The Influence of Anchoring and Overconfidence on Investment Decision-Making in the Saudi Stock Market: A Moderated Mediation Model
  5. How do Financial Development and Stability Shape Human Development?
  6. The Impact of Remittance Inflows on Inflation: The Case of Lebanon
https://doi.org/10.1515/rmeef-2023-0020
Schlagwörter für diesen Artikel
sustainable development goals; financial development; human development

Artikel in diesem Heft

  1. Frontmatter
  2. Research Articles
  3. Women Who Stopped Working Due to Their Husband’s Opposition in Egypt
  4. The Influence of Anchoring and Overconfidence on Investment Decision-Making in the Saudi Stock Market: A Moderated Mediation Model
  5. How do Financial Development and Stability Shape Human Development?
  6. The Impact of Remittance Inflows on Inflation: The Case of Lebanon
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