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AbstractThe literature has examined the relationship between financial inclusion and financial stability, but no studies have examined the relationship between financial inclusion and financial crisis. This study examines the effect of financial inclusion on financial crisis using data from 28 countries from 2006 to 2017. Three stylised facts were established based on real‐world observation. One, the level of financial inclusion, in terms of number of bank depositors, decreases during domestic financial crisis. Two, the level of financial inclusion, in terms of ATM penetration, does not decrease during global and domestic financial crises. Three, the level of financial inclusion, in terms of number of bank branch, decreases during global and domestic financial crises and the contraction is stronger during a domestic financial crisis. Using the panel regression, logit and probit regression estimation methods, the empirical results show that low levels of financial inclusion, measured by fewer bank depositors and fewer bank branches, increase the likelihood that a financial crisis will occur. Low levels of financial inclusion, measured by fewer bank depositors, increase the likelihood that a financial crisis will occur in low financial‐inclusion countries. In contrast, greater ATM penetration increases the likelihood that a financial crisis will occur in low financial‐inclusion countries. The interaction analyses show that all indices of financial inclusion have a joint positive impact on financial crisis, implying that high levels of financial inclusion increases the likelihood that a financial crisis will occur.

Abstract
In this article, I propose the vulnerable group theory of financial inclusion. The theory begins with the premise that vulnerable people are often left behind in society, they suffer the most from economic hardship and crises, and they are at risk of being excluded from the formal financial sector. The theory therefore proposes that financial inclusion efforts should be targeted at all vulnerable people and groups in society. Bringing vulnerable people into the formal financial sector will give them access to available formal financial services, which they can use to earn income and acquire assets that they can use to take themselves out of the vulnerability bracket. The study also identifies the vulnerable groups in need of financial inclusion and proposes a vulnerability grid. Several avenues to expand the theory are suggested.

Purpose
This study aims to examine the effect of gender equality on financial stability and financial inclusion for 14 developing countries using yearly data from 2005 to 2021.


Design/methodology/approach
The two-stage least squares regression estimation and the generalized linear model regression estimation were used to investigate the effect of gender equality on financial stability and financial inclusion.


Findings
Gender equality has a significant positive effect on financial stability and financial inclusion in developing countries. Gender equality has a significant positive effect on financial stability and financial inclusion in African countries. Gender equality has a significant positive effect on financial stability but not on financial inclusion in non-African countries.


Originality/value
Little attention has been paid to the role of gender equality in promoting financial stability and financial inclusion. The authors address this issue in this study.