This paper reviews the literature on financial stability and financial inclusion—two broad objectives of financial policy that may be mutually dependent. The review suggests the possible co-dependence of stability and inclusion. We build on this theoretical motivation by exploring stylized facts (correlations) obtained from data sets that have been widely used in the literature on financial inclusion and stability. The empirical correlations suggest that, on average, financial inclusion and stability correlate negatively, but the correlations vary systematically across individuals, firms, and country contexts. Depending on the financial instrument and stability measure, positive correlations are also likely. These associations reflect some findings in the existing literature, but also point to knowledge gaps that can be addressed by future research.

中文翻译：

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金融包容性和稳定性：理论和实证联系的回顾

本文回顾了有关金融稳定和金融包容性的文献——这两个可能相互依赖的广泛金融政策目标。审查表明稳定性和包容性可能相互依赖。我们通过探索从广泛用于金融包容性和稳定性文献中的数据集中获得的程式化事实（相关性），以此为基础。实证相关性表明，平均而言，金融包容性和稳定性呈负相关，但相关性因个人、公司和国家环境而异。根据金融工具和稳定性指标，也可能存在正相关。这些关联反映了现有文献中的一些发现，