The study examines the role of economic freedom in the relationship between financial inclusion and stability in sub-Saharan African economies. By employing the System General Method of Moment and data from 39 sub-Saharan African countries between 2004 and 2017, the study examines whether economic freedom (i.e., financial and business freedom) conditions the effect of financial inclusion on stability. Results from the study show evidence of a positive impact of financial inclusion on financial stability in sub-Saharan African economies. Again, the results depict that financial inclusion could better enhance financial stability in economies with a high level of economic freedom (i.e., financial and business freedom). The results suggest that policymakers should allow financial institutions to operate with the level of freedom required to provide services at the lowest possible price. Further, it is recommended that policymakers should ensure that administrative requirements are minimal, bureaucracy costs are lesser, and licensing regulations for startups and expansion of existing firms are friendly. With this, associated increases in business and financial freedom would have promising implications for the relationship between financial inclusion and stability.

中文翻译：

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撒哈拉以南非洲的金融包容性、经济自由和金融稳定

该研究考察了经济自由在撒哈拉以南非洲经济体金融包容性和稳定性之间关系中的作用。通过采用系统通用矩量法和 2004 年至 2017 年间 39 个撒哈拉以南非洲国家的数据，该研究检验了经济自由（即金融和商业自由）是否决定了金融包容性对稳定性的影响。研究结果表明，有证据表明普惠金融对撒哈拉以南非洲经济体的金融稳定产生了积极影响。同样，结果表明金融包容性可以更好地增强具有高度经济自由（即金融和商业自由）的经济体的金融稳定性。结果表明，政策制定者应该允许金融机构以尽可能低的价格提供服务所需的自由度运营。此外，建议政策制定者应确保行政要求最低，官僚成本较低，并且对初创企业和现有公司的扩张的许可监管是友好的。有了这个，商业和财务自由的相关增加将对金融包容性和稳定性之间的关系产生有希望的影响。