世界银行：金融发展与脆弱性：聚类分析（英文版）

This paper explores the potential correlations between financial development and state fragility, using a sample of 137 countries observed over the period from 1998–2019. The countries are grouped into clusters that capture the different joint states of financial development and fragility. The paper introduces a new switching methodology to further allow for a qualification of the evolution of countries in terms. of fragility scores with and without controlling for other variables. Irrespecti