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The Macroeconomic Effects of Fintech

Author

Listed:
  • Naoyuki Yoshino

    (Professor Emeritus (Economics) of Keio University and Visiting Professor of GRIPS)

  • Sahoko Kaji

    (Professor of Economics, Keio University)

Abstract

This paper first explains the extremely low level of fintech-related investments in Japan compared with the levels in other countries and the possibility of expansion of investments in new, uniquely Japanese businesses, such as the Furusato (hometown) Investment Fund. Next, the paper makes clear distinctions by prefecture in terms of the necessity of financial and economic education and the current status of such education based on the results of a questionnaire survey conducted by the Central Council for Financial Services Information. Finally, by conducting a theoretical analysis of the impact of fintech on various economic agents, the paper shows that fintech has both positive and negative macroeconomic effects and explains the channels whereby the effects spread.

Suggested Citation

  • Naoyuki Yoshino & Sahoko Kaji, 2020. "The Macroeconomic Effects of Fintech," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 16(4), pages 1-19, August.
    • Handle: RePEc:mof:journl:ppr16_04_01
    as

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    File URL: https://www.mof.go.jp/english/pri/publication/pp_review/ppr16_04_01.pdf
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    References listed on IDEAS

    as
    1. Yoshino, Naoyuki & Morgan, Peter & Trinh, Long Q., 2017. "Financial Literacy in Japan: Determinants and Impacts," ADBI Working Papers 796, Asian Development Bank Institute.
    2. McNelis, Paul D. & Yoshino, Naoyuki, 2016. "Finding stability in a time of prolonged crisis: Unconventional policy rules for Japan," Journal of Financial Stability, Elsevier, vol. 27(C), pages 122-136.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Furusato Investment Fund; financial and economic education; financial literacy map drawn by the Central Council for Financial Services Information; economic analysis of fintech;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • R22 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Other Demand
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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