Financial inclusion, technologies, and worldwide economic development: A spatial Durbin model approach

Q1 Mathematics
Xiaoling Song , Xuan Qin , Wanmeng Wang , Rita Yi Man Li
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Abstract

Using panel data from 144 countries, this study constructed an inclusive financial evaluation index and depicted the inclusive finance development worldwide under digital empowerment through classification. It reviewed the spatial effect of financial inclusion in developed and developing countries by throwing light on demand, supply, and regulatory factors via the spatial Durbin model. The mediating and regulatory effects model examines the transmission mechanism of financial inclusion with a focus on financial literacy, scientific and technological levels, and regulatory quality. The results show that the level of financial inclusion in developed countries is significantly higher than in developing countries. The economic level of developed countries positively impacts financial inclusion in their countries and neighbouring ones. Enhancing financial literacy, science and technological level, and supervision quality improve the development of inclusive finance. While the economic level and urbanization rate in developing countries inhibit the development of financial inclusion, countries with lower economic development and urbanization rates have a greater incentive to develop digital financial inclusion. The improved economic development in developing countries favours financial inclusion in countries nearby. Moreover, financial literacy plays a positive moderating role in the effect of digital finance on financial inclusion. The technology level can exert a transmission effect on financial inclusion through an elevated level of digital finance. The impact of regulatory quality on financial inclusion can be conveyede by creating a stable economic and financial environment and improving economic development levels. This study expands the theoretical research on constructing an inclusive finance evaluation system and its impact mechanism. It provides essential decision-making references for governments, relevant decision-making departments, financial institutions and financial technology enterprises to develop inclusive finance.
普惠金融、技术与全球经济发展:一个空间德宾模型方法
本研究利用144个国家的面板数据,构建普惠金融评价指标,通过分类描述数字赋权下全球普惠金融发展。通过空间Durbin模型分析需求、供给和监管因素,回顾了发达国家和发展中国家普惠金融的空间效应。中介和监管效应模型从金融素养、科技水平和监管质量三个方面考察了普惠金融的传导机制。结果表明,发达国家的普惠金融水平显著高于发展中国家。发达国家的经济水平对其本国及周边国家的普惠金融具有积极影响。提高金融素养、科技水平和监管质量,有利于普惠金融的发展。发展中国家的经济水平和城市化率抑制了普惠金融的发展,而经济发展水平和城市化率较低的国家发展数字普惠金融的动力更大。发展中国家经济发展的改善有利于其周边国家的普惠金融。金融素养对数字金融对普惠金融的影响具有正向调节作用。技术水平可以通过数字金融水平的提升对普惠金融产生传导效应。监管质量对普惠金融的影响可以通过创造稳定的经济金融环境和提高经济发展水平来传递。本研究拓展了普惠金融评价体系构建及其影响机制的理论研究。为政府、相关决策部门、金融机构和金融科技企业发展普惠金融提供了必不可少的决策参考。
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
Journal of Finance and Data Science
Journal of Finance and Data Science Mathematics-Statistics and Probability
CiteScore
3.90
自引率
0.00%
发文量
15
审稿时长
30 days
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