Financial connectedness in the digital age: The impact of regional FinTech development

IF 4.7 2区经济学 Q1 ECONOMICS

Economic Modelling Pub Date : 2025-09-06 DOI:10.1016/j.econmod.2025.107290

Weijia Wang, He Ni

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引用次数: 0

Abstract

This study investigates how FinTech development affects financial institutions’ network connectedness and systemic risk in China’s rapidly digitalizing financial sector. While existing research examines FinTech’s impact on financial stability, these approaches inadequately address how FinTech reshapes broader financial network structures. Using data from Chinese listed financial institutions from 2011 to 2021, we measure connectedness through stock-return interconnections and employ panel regression analysis to examine the relationship with regional FinTech development. Our analysis reveals that FinTech development significantly enhances financial institutions’ network connectedness, with this impact moderated by industry concentration and internal FinTech innovation. The effects are stronger in digitization and usage depth dimensions and more pronounced in non-state-owned institutions. These findings demonstrate that FinTech creates new systemic risk transmission channels through digital platform effects and technological interdependence. The results provide crucial insights for regulatory frameworks addressing systemic risk in financial digitalization.

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数字时代的金融连通性：区域金融科技发展的影响

本研究探讨了金融科技的发展如何影响中国快速数字化金融行业中金融机构的网络连通性和系统性风险。虽然现有的研究考察了金融科技对金融稳定的影响，但这些方法不足以解决金融科技如何重塑更广泛的金融网络结构。本文利用2011 - 2021年中国上市金融机构的数据，通过股票收益关联度来衡量关联度，并采用面板回归分析来检验与区域金融科技发展的关系。我们的分析表明，金融科技的发展显著增强了金融机构的网络连通性，这种影响受到行业集中度和内部金融科技创新的调节。在数字化和使用深度维度上效果更强，在非国有机构中效果更明显。这些发现表明，金融科技通过数字平台效应和技术相互依赖创造了新的系统性风险传导渠道。研究结果为解决金融数字化中的系统性风险的监管框架提供了重要见解。

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

Economic Modelling ECONOMICS-

CiteScore

8.00

自引率

10.60%

发文量

295

期刊介绍： Economic Modelling fills a major gap in the economics literature, providing a single source of both theoretical and applied papers on economic modelling. The journal prime objective is to provide an international review of the state-of-the-art in economic modelling. Economic Modelling publishes the complete versions of many large-scale models of industrially advanced economies which have been developed for policy analysis. Examples are the Bank of England Model and the US Federal Reserve Board Model which had hitherto been unpublished. As individual models are revised and updated, the journal publishes subsequent papers dealing with these revisions, so keeping its readers as up to date as possible.