Ensuring that users and society-at-large derive the maximum benefit from digital technology requires active and open participation in the digital economy. However, such participation is not without risks and users may withhold or withdraw their active participation in response to such factors....

This study contributes to the literature by analyzing the impact of financial inclusion (FI) on various bank risk dimensions, including systemic risk, which has been underexplored. We expand on recent research by examining not only the type of financial services, but also the source of FI,...

Greater availability of financial access related data in recent years is increasingly enabling policymakers to better track and monitor financial access trends and developments. However, data on barriers to financial access, including costs associated with using financial services—a key factor...

Intro -- Contents -- I. INTRODUCTION -- II. FINANCE, FINANCIAL STRUCTURE, AND TECHNOLOGICAL DEVELOPMENT -- III. CROSS-COUNTRY DIFFUSION OF ICT -- IV. METHODOLOGY -- V. EMPIRICAL RESULTS -- VI. CONCLUDING REMARKS.

This paper examines empirically the determinants of financial market development in Africa with an emphasis on banking systems and stock markets. The results show that income level, creditor rights protection, financial repression, and political risk are the main determinants of banking sector...

Intro -- Contents -- Executive Summary -- I. INTRODUCTION -- II. LONG- TERM SYSTEMIC RISKS -- III. INNOVATIONS IN RISK TRANSFER MARKETS -- IV. INCOMPLETE MARKETS -- V. POLICY CONSIDERATIONS -- VI. CONCLUSIONS -- References.

This paper presents stylized facts on financial development in the CCA countries relative to their EM and LIC peers and assesses how financial development can boost growth in the CCA. Drawing on IMF's multidimensional index of financial development, we find that CCA countries have made progress...

The degree of an economy’s monetization, which has an important implication on economic growth, can be affected by the conduct of monetary policy, financial sector reform, and episodes of financial crises. The paper finds that monetization--measured by the ratio of broad money to nominal...

What attracts conventional investors to Islamic financial instruments? We answer this question by comparing Malaysian Islamic and conventional security prices and their response to macrofinancial factors. Our analysis suggests that Islamic and conventional bond and equity prices are driven by...

An increasing number of countries - including in Latin America - are reforming their financial stability frameworks in the aftermath of the financial crisis, in order to establish a stronger macroprudential policy function. This paper analyzes existing arrangements for financial stability in...