{"title":"亚太国家通过数字化和经济增长实现金融包容性","authors":"","doi":"10.1016/j.irfa.2024.103596","DOIUrl":null,"url":null,"abstract":"<div><div>Digital technology for financial inclusion tends to bring more benefits to people at the bottom of the economic pyramid across the Asia-Pacific region; therefore, financial inclusion is crucial for sustainable development and economic growth in this region. Digital financial services, based on technology-driven innovation, contribute to enhanced financial inclusion at affordable prices, which potentially reaches many new people who are unbanked or underbanked. This paper examines the impact of digital financial inclusion (DFI) on economic growth in 30 Asia-Pacific countries based on panel data for 2014, 2017, and 2021. A three-stage principal component analysis is used to develop the DFI index for the Asia-Pacific region, capturing both the digital and traditional aspects. We use fixed effect regression to examine the linear effect of DFI on economic growth, and results show a significant positive impact, contributing to the <em>Theory of Finance and Growth, System Theory,</em> and <em>Diffusion Theory of Innovation</em>. Given the different roles of DFI in different countries and the wide digital divide across the region, this paper employs a panel threshold regression model to identify any non-monotonic influence of DFI on economic growth. The results show a significant threshold effect of DFI, indicating the non-linear effect of financial inclusion on economic growth. The paper brings evidence-based policy implications to boost DFI to achieve inclusive growth.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":null,"pages":null},"PeriodicalIF":7.5000,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Financial inclusion through digitalization and economic growth in Asia-Pacific countries\",\"authors\":\"\",\"doi\":\"10.1016/j.irfa.2024.103596\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>Digital technology for financial inclusion tends to bring more benefits to people at the bottom of the economic pyramid across the Asia-Pacific region; therefore, financial inclusion is crucial for sustainable development and economic growth in this region. Digital financial services, based on technology-driven innovation, contribute to enhanced financial inclusion at affordable prices, which potentially reaches many new people who are unbanked or underbanked. This paper examines the impact of digital financial inclusion (DFI) on economic growth in 30 Asia-Pacific countries based on panel data for 2014, 2017, and 2021. A three-stage principal component analysis is used to develop the DFI index for the Asia-Pacific region, capturing both the digital and traditional aspects. We use fixed effect regression to examine the linear effect of DFI on economic growth, and results show a significant positive impact, contributing to the <em>Theory of Finance and Growth, System Theory,</em> and <em>Diffusion Theory of Innovation</em>. Given the different roles of DFI in different countries and the wide digital divide across the region, this paper employs a panel threshold regression model to identify any non-monotonic influence of DFI on economic growth. The results show a significant threshold effect of DFI, indicating the non-linear effect of financial inclusion on economic growth. The paper brings evidence-based policy implications to boost DFI to achieve inclusive growth.</div></div>\",\"PeriodicalId\":48226,\"journal\":{\"name\":\"International Review of Financial Analysis\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":7.5000,\"publicationDate\":\"2024-09-21\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Review of Financial Analysis\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1057521924005283\",\"RegionNum\":1,\"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":"International Review of Financial Analysis","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1057521924005283","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Financial inclusion through digitalization and economic growth in Asia-Pacific countries
Digital technology for financial inclusion tends to bring more benefits to people at the bottom of the economic pyramid across the Asia-Pacific region; therefore, financial inclusion is crucial for sustainable development and economic growth in this region. Digital financial services, based on technology-driven innovation, contribute to enhanced financial inclusion at affordable prices, which potentially reaches many new people who are unbanked or underbanked. This paper examines the impact of digital financial inclusion (DFI) on economic growth in 30 Asia-Pacific countries based on panel data for 2014, 2017, and 2021. A three-stage principal component analysis is used to develop the DFI index for the Asia-Pacific region, capturing both the digital and traditional aspects. We use fixed effect regression to examine the linear effect of DFI on economic growth, and results show a significant positive impact, contributing to the Theory of Finance and Growth, System Theory, and Diffusion Theory of Innovation. Given the different roles of DFI in different countries and the wide digital divide across the region, this paper employs a panel threshold regression model to identify any non-monotonic influence of DFI on economic growth. The results show a significant threshold effect of DFI, indicating the non-linear effect of financial inclusion on economic growth. The paper brings evidence-based policy implications to boost DFI to achieve inclusive growth.
期刊介绍:
The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.