The study aims to explore the impact of governance and macroeconomic conditions on financial stability in developed and emerging countries. The study sample comprised 122 countries from 2013 to 2020, and a comprehensive set of variables was used to construct the financial stability index (FSI). The results of the two-step system GMM analysis, robust with D–K regression, indicate that interest rate, GDP growth, voice and accountability, political stability and absence of violence/terrorism, government effectiveness, regulatory quality, and control of corruption have a positive and statistically significant impact on financial stability. However, inflation, money supply, and the rule of law have adverse and insignificant effects on financial stability. Notably, the findings vary between developed and emerging countries due to differences in governance and macroeconomic conditions and their role in financial stability. The study concludes that regulatory governance and macroeconomic conditions are crucial for financial stability. These outcomes are significant for central banks, academia, and policymakers, as they emphasize the need for stable financial systems and sustainable, balanced growth through governance and macroeconomic conditions.

中文翻译：

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银行治理、宏观经济状况和金融稳定性的关系：发达国家和新兴国家的比较

该研究旨在探讨治理和宏观经济状况对发达国家和新兴国家金融稳定的影响。研究样本包括2013年至2020年的122个国家，并使用一组综合变量来构建金融稳定指数（FSI）。两步系统 GMM 分析的结果与 D-K 回归一样稳健，表明利率、GDP 增长、话语权和问责制、政治稳定和没有暴力/恐怖主义、政府效率、监管质量和腐败控制已经对金融稳定产生积极且统计显着的影响。然而，通货膨胀、货币供应量和法治对金融稳定的不利影响并不显着。值得注意的是，由于治理和宏观经济状况及其在金融稳定中的作用不同，发达国家和新兴国家的研究结果有所不同。该研究的结论是，监管治理和宏观经济条件对于金融稳定至关重要。这些结果对于央行、学术界和政策制定者来说意义重大，因为它们强调需要通过治理和宏观经济条件实现稳定的金融体系和可持续、平衡的增长。