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The differential impact of cultural distance on the diffusion of digital finance among belt and road countries

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  • Han, Naichao
  • Li, Dongwei

Abstract

With the advancement of the Belt and Road Initiative (BRI), digital finance has gradually become a key driver of connectivity and economic cooperation among participating countries. However, significant cross-country disparities persist in the diffusion of digital finance. Using data from BRI countries spanning 2007–2023, this paper examines the impact of cultural distance on the diffusion of digital finance. Empirical results show that cultural distance among BRI countries significantly inhibits the diffusion of digital finance, while the openness of digital infrastructure moderates the relationship between cultural distance and digital finance diffusion. Further heterogeneity analysis indicates that the inhibitory effect of cultural distance on digital finance diffusion is more pronounced in countries with larger economic scale and in countries with relatively smaller cultural distance.

Suggested Citation

  • Han, Naichao & Li, Dongwei, 2026. "The differential impact of cultural distance on the diffusion of digital finance among belt and road countries," Finance Research Letters, Elsevier, vol. 89(C).
    • Handle: RePEc:eee:finlet:v:89:y:2026:i:c:s1544612325025528
    DOI: 10.1016/j.frl.2025.109303
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