This article mainly explores the moderating effect of financial freedom on the effectiveness of government intervention in financial stability. To find more effective and accurate intervention measures, this article compares government intervention from two aspects: fiscal policy, represented by government spending and monetary policy, represented by monetary freedom. Financial stability is no longer a single stability standard but an overall multi-faceted stability, from the three dimensions of household savings, credit growth rate, and macro economy which is the deviation of GDP growth rate, from micro to macro measures of financial stability. This paper explores the moderating effect of financial institution efficiency on the effectiveness of government intervention through the micro-enterprise environment level. This article selects data from 136 countries worldwide and uses the system GMM model to verify the empirical results from 2016 to 2022. The results show that the interaction between financial freedom and government spending has a positive impact on household savings, a negative effect on credit growth rate, and a positive impact on the deviation of GDP growth rate. The interaction between financial freedom and monetary freedom positively impacts household savings, credit growth, and the GDP deviation. According to the marginal effect of the moderating variable financial freedom, the moderating effect of financial freedom on monetary freedom is stronger than that of government spending. Monetary policy is more effective than fiscal policy. In countries with a higher degree of financial freedom, fiscal policy has the most significant impact on the credit market, and monetary policy has the greatest impact on household savings environment. In summary, this study compares fiscal and monetary policy and studies the effects of financial freedom, which is the autonomy and efficiency of financial institutions. Different dimensions of financial stability through regulating fiscal policy and monetary policy based on the same long-term data. It aims to find the most effective, accurate, and influential government intervention methods and provide policy references and guidance for the country to implement effective interventions.

中文翻译：

---

来自金融自由调节政府干预与金融稳定之间关系的证据


本文主要探讨金融自由对政府干预金融稳定有效性的调节作用。为了找到更有效、更准确的干预措施，本文从两个方面对政府干预进行了比较：以政府支出为代表的财政政策和以货币自由为代表的货币政策。金融稳定不再是一个单一的稳定标准，而是一个整体的多方面稳定，从家庭储蓄、信贷增长率和宏观经济（即 GDP 增长率的偏差）三个维度，从金融稳定的微观衡量标准转向宏观衡量。本文通过微型企业环境层面探讨了金融机构效率对政府干预有效性的调节作用。本文选取了来自全球 136 个国家的数据，并使用系统 GMM 模型验证了 2016 年至 2022 年的实证结果。结果表明，金融自由度与政府支出之间的交互作用对家庭储蓄有正向影响，对信贷增长率有负向影响，对GDP增长率的偏差有正向影响。财务自由和货币自由之间的相互作用对家庭储蓄、信贷增长和 GDP 偏差产生积极影响。根据调节变量财务自由度的边际效应，金融自由度对货币自由度的调节作用强于政府支出。货币政策比财政政策更有效。在金融自由度较高的国家，财政政策对信贷市场的影响最为显著，货币政策对家庭储蓄环境的影响最大。 总之，本研究比较了财政和货币政策，并研究了金融自由的影响，即金融机构的自主性和效率。通过基于相同的长期数据调节财政政策和货币政策，实现金融稳定的不同维度。旨在寻找最有效、最准确、最有影响力的政府干预方法，为国家实施有效干预提供政策参考和指导。