（別紙様式６）(Attached Form 6)

学位論文の要旨（論文の内容の要旨）
Summary of the Dissertation (Summary of Dissertation Contents)
論 文 題 目Dissertation title

Banking Crises, Macroprudential Policies and Financial Inclusion

広島大学大学院国際協力研究科
Graduate School for International Development and Cooperation,
Hiroshima University
博士課程後期開発科学専攻Doctoral Program
Division of Development Science
学生番号D186752
Student ID No.
氏
名
UCH RAKSMEYNameSeal

The Global Financial Crisis during 2007-2008 has brought about the discussion on theresilience of the international financial system and the roles of financial regulatory andsupervisory frameworks, especially, macroprudential policies, in mitigating accumulation offinancial vulnerabilities and safeguarding financial stability. Although there is no formallyagreed on the definition, the adoption of macroprudential policy is to reduce the accumulationof financial imbalance and systemic risk and their consequence on the real economy. Crockett(2000) states that the objective of macroprudential policies (MPs) can be defined as limiting
the costs to the economy of financial distress, including limiting the likelihood of the failure,
and the corresponding costs to significant portions of the financial system, which is oftenloosely referred to as limiting “systemic risk”. Systemic risk can be understood as market
failure in the financial system or financial crises (Butzbach, 2016). There are many types offinancial crisis including banking crises, currency crises, debt crises and inflation crises.
However, the accumulation of financial vulnerabilities which generally associated withexcessive credit expansion in economy lead to occurrence of a banking crisis (Borio & Lowe,2002, 2004; Borio & Drehmann, 2009; Babecký et al., 2014, Caprio et al., 2014, Hasanov &Bhattacharya, 2018).
Banking crises often impose enormous negative effects on economic and financialsystem. Some study show that a banking crisis have a negative effect on output or growth(Demirguc-Kun et al., 2006; Dell’Ariccia et al., 2008; Furceri & Zdzienicka, 2012; Fernandezet al., 2013). However, the existing literature has not fully addressed how financial conditions
alter the impact of a banking crisis. Thus, we try to fill this gap by examine the effects of abanking crisis on the credit growth in developing countries in Chapter 2 of this dissertation.
Our empirical findings indicate that banking crises during financial boom decrease credit
growth more substantial than that during financial slump and the effects of banking crisis are
magnified for the countries with the high level of financial development than the countries
with low level of financial development.
Many studies demonstrate that MP is effective in limiting the level of financial
indicators associated with financial failure, such as credit growth and housing prices (Alamet al., 2019; Olszak et al., 2018; Cerutti et al., 2017; Fendoğlu, 2017). Credit and asset pricebooms, however, are not the only driving forces that increase systemic risk and inducebanking crises. In the literature, there is very limited evidence on the effect of MP on variousfactors, such as the externalities generated from the strategy of financial institutions, which
are crucial in intensifying systemic risk. One possible reason that these factors are abstract in
the literature is the difficulty in measuring them accurately. In contrast to previous studies,
our study attempts to evaluate the MP role in limiting systemic risk in the financial system
by taking the occurrences of banking crises as the proxy for systemic risk. The results of theempirical findings show that, in addition to the overall MP measured in aggregate, borrowertargeted MP instruments are negatively associated with the likelihood of a banking crisis.
The finding also reveals that several specific objective-oriented MP instruments, such ascapital, loan supply, and loan related macroprudential policy, also have a significant negative
relationship with the likelihood of a banking crisis.
Though, the adoption of macroprudential policy would help achieve financial
stability, it may also bring the cost in term of reducing the level of financial inclusion.
Nonetheless, the literature on the relationship between MPs and financial inclusion is limited.
To contribute to the existing literature, we attempt to examine the relationship between theadoption of MP instruments on financial inclusion in Chapter 4. Our empirical results suggestthat the adoption of macroprudential policy cause negative consequence on financial
inclusion, particularly the use of financial service in developing countries. We find theadverse effects are asymmetric in developed and developing countries. The dissertation isorganized as follow. Chapter 2 provides some insightful finding on the effects of a banking
crisis on some macroeconomic conditions i.e., “the effects of a banking crisis on the credit
growth in developing countries”. Chapter 3 presents the analysis on the benefit ofmacroprudential policy titled “Macroprudential policy and banking crises: Targetingborrowers or financial institutions?”. Chapter 4 discusses the cost of the adoption ofmacroprudential policy i.e., “Macroprudential policy and financial inclusion: Any difference
between developed and developing countries?”. The last Chapter provides some conclusions.

備考

論文の要旨はＡ４判用紙を使用し，4,000字以内とする。ただし，英文の場合は1,500語以内とする。
Remark: The summary of the dissertation should be written on A4-size pages and should not exceed 4,000
Japanese characters. When written in English, it should not exceed 1,500 words.