Digital technology development and systemic financial risks: Evidence from 22 countries

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review Pub Date : 2024-08-14 DOI:10.1016/j.bir.2024.08.002

Xu Haoran, Miao Wenlong, Zhang Siyu

引用次数: 0

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.

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数字技术发展与系统性金融风险：来自 22 个国家的证据

本研究评估了数字技术发展如何影响各国的系统性金融风险。我们采用了 22 个国家 5000 多家金融机构 2013 年至 2021 年的跨国样本数据。研究结果表明，数字技术的快速发展增加了各国的系统性金融风险；这种增加与数字技术发展阶段和金融系统结构的差异有关。此外，本研究还探讨了数字技术发展对系统性金融风险影响的情绪传染、复杂金融联系和估值抑制效应。异质性分析表明，在数字技术发展水平高、金融体系市场化程度高的国家，数字技术对系统性金融风险的加剧效应更为显著。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Borsa Istanbul Review Multiple-

CiteScore

7.60

自引率

3.80%

发文量

130

审稿时长

26 days

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