国际货币基金组织：2024年高加索和中亚的信心金融包容性联系报告（英文版）

We document novel evidence that confidence in macrofinancial stability has a positive impact onfinancial inclusion in CCA countries and more broadly. This channel is particularly important for CCA countrieswith confidence gains of 1 unit leading to 0.7 unit improvement in financial inclusion. institutional factors suchas level of governance and reliance on transparent policy rules and robust financial safety nets explain a largefraction of the variability in confidence in the region. We find