{"title":"数字技术发展与系统性金融风险：来自 22 个国家的证据","authors":"Xu Haoran, Miao Wenlong, Zhang Siyu","doi":"10.1016/j.bir.2024.08.002","DOIUrl":null,"url":null,"abstract":"This study evaluates how digital technology development affects systemic financial risks in various countries. We employ cross-country sample data from over 5000 financial institutions in 22 countries from 2013 to 2021. The results reveal that the rapid growth of digital technology increases the systemic financial risks of various countries; this increase is related to disparities in the digital technology development stages and financial system structures. Furthermore, this study investigates the emotional contagion, complex financial linkage, and valuation inhibition effects on digital technology development's impact on systemic financial risks. Heterogeneity analysis shows that in countries with high levels of digital technology development and market-oriented financial systems, digital technology's effect on intensifying systemic financial risks is more significant.","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":null,"pages":null},"PeriodicalIF":6.3000,"publicationDate":"2024-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Digital technology development and systemic financial risks: Evidence from 22 countries\",\"authors\":\"Xu Haoran, Miao Wenlong, Zhang Siyu\",\"doi\":\"10.1016/j.bir.2024.08.002\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This study evaluates how digital technology development affects systemic financial risks in various countries. We employ cross-country sample data from over 5000 financial institutions in 22 countries from 2013 to 2021. The results reveal that the rapid growth of digital technology increases the systemic financial risks of various countries; this increase is related to disparities in the digital technology development stages and financial system structures. Furthermore, this study investigates the emotional contagion, complex financial linkage, and valuation inhibition effects on digital technology development's impact on systemic financial risks. Heterogeneity analysis shows that in countries with high levels of digital technology development and market-oriented financial systems, digital technology's effect on intensifying systemic financial risks is more significant.\",\"PeriodicalId\":46690,\"journal\":{\"name\":\"Borsa Istanbul Review\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":6.3000,\"publicationDate\":\"2024-08-14\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Borsa Istanbul Review\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.1016/j.bir.2024.08.002\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Borsa Istanbul Review","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1016/j.bir.2024.08.002","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Digital technology development and systemic financial risks: Evidence from 22 countries
This study evaluates how digital technology development affects systemic financial risks in various countries. We employ cross-country sample data from over 5000 financial institutions in 22 countries from 2013 to 2021. The results reveal that the rapid growth of digital technology increases the systemic financial risks of various countries; this increase is related to disparities in the digital technology development stages and financial system structures. Furthermore, this study investigates the emotional contagion, complex financial linkage, and valuation inhibition effects on digital technology development's impact on systemic financial risks. Heterogeneity analysis shows that in countries with high levels of digital technology development and market-oriented financial systems, digital technology's effect on intensifying systemic financial risks is more significant.
期刊介绍：
Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations
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