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The role of blockchain technology in shaping the digital economy: An exploration of financial development

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  • Chi, Mingyuan
  • Li, Li
  • Zhong, Jia

Abstract

The digital economy, as a key driver of global economic growth, is closely linked to emerging technologies and financial systems. Using panel data from 31 Chinese provinces (2007–2023), this study explores how blockchain impacts regional digital economies and the role of financial development. The results indicate that the application of blockchain technology significantly enhances regional digital economic development, with notable variations in its effectiveness between highly open and less open regions. Furthermore, financial development plays a crucial moderating role, with this effect being stronger in high-income regions and weaker in low-income regions.

Suggested Citation

  • Chi, Mingyuan & Li, Li & Zhong, Jia, 2025. "The role of blockchain technology in shaping the digital economy: An exploration of financial development," Finance Research Letters, Elsevier, vol. 84(C).
    • Handle: RePEc:eee:finlet:v:84:y:2025:i:c:s1544612325010414
    DOI: 10.1016/j.frl.2025.107783
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    References listed on IDEAS

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