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How New Financial Technologies Resolve Economic Stagnation: The Financial Perspective

Author

Listed:
  • JHIH-HONG ZENG

    (Department of Economics, Chinese Culture University, Taipei, Taiwan)

  • MING-FU HSU

    (Department of Business Management, National United University, No. 1 Lienda, Miaoli 360301, Taiwan)

Abstract

This research explores how new financial technologies are able to resolve economic stagnation by considering two dimensions of financial technology’s spread: the spread to poor people and that to rural area people. Based on a sample of 109 countries, our findings indicate that the spread of new financial technologies to poor people not only benefits economic growth directly, but also generates an indirect positive influence on economic growth via the channel of financial institutions’ development. By comparison, the effect of spreading financial technologies to rural area people on stimulating economic growth is insignificant. Lastly, we offer some policy implications associated with the results.

Suggested Citation

  • Jhih-Hong Zeng & Ming-Fu Hsu, 2022. "How New Financial Technologies Resolve Economic Stagnation: The Financial Perspective," Global Economy Journal (GEJ), World Scientific Publishing Co. Pte. Ltd., vol. 22(03), pages 1-27, September.
    • Handle: RePEc:wsi:gejxxx:v:22:y:2022:i:03:n:s2194565923500057
    DOI: 10.1142/S2194565923500057
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    More about this item

    Keywords

    Financial technology; fintech; financial development; financial inclusion; economic growth;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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