Financial inclusion through digitalization and economic growth in Asia-Pacific countries

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2024-09-21 DOI:10.1016/j.irfa.2024.103596

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引用次数: 0

Abstract

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.

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亚太国家通过数字化和经济增长实现金融包容性

促进普惠金融的数字技术往往会给整个亚太区域经济金字塔底层的人们带来更多的好处；因此，普惠金融对于本区域的可持续发展和经济增长至关重要。基于技术驱动创新的数字金融服务有助于以负担得起的价格提高金融包容性，从而有可能惠及许多没有银行账户或银行账户不足的新人群。本文基于 2014 年、2017 年和 2021 年的面板数据，研究了 30 个亚太国家的数字金融包容性（DFI）对经济增长的影响。我们采用三阶段主成分分析法来编制亚太地区的 DFI 指数，同时捕捉数字和传统两个方面。我们采用固定效应回归法考察了DFI对经济增长的线性影响，结果显示DFI对经济增长有显著的正向影响，有助于金融与增长理论、系统理论和创新扩散理论的研究。鉴于 DFI 在不同国家的不同作用以及该地区广泛的数字鸿沟，本文采用了面板阈值回归模型来识别 DFI 对经济增长的非单调影响。结果显示，DFI 具有显著的门槛效应，表明普惠金融对经济增长具有非线性影响。本文提出了以证据为基础的政策建议，以促进 DFI，实现包容性增长。

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

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

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.