The extent to which households are financially included may influence central banks’ operation of monetary policy. In such cases, authorities will not need to adjust interest rates as aggressively to key macro variables to have the necessary impact on the economy. Using data for 47 emerging...

"Since the 1990s, several emerging market and developing economies (EMDEs) have, to varying degrees, embraced the process of financial globalisation, broadly defined as a set of policies that involve allowing for greater openness to cross-border capital flows as well as greater market access to...