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The Impact of Fintech on Economic Growth: Evidence from Panels of Turkic and Southeast Asian Countries

Year 2024, Volume: 53 Issue: 2, 229 - 248, 30.09.2024
https://doi.org/10.26650/ibr.2024.53.1299620

Abstract

From the beginning of the 21. century, the whole world has witnessed huge changes because of technological improvements and revolutionary inventions. It can be inferred that technological developments affect mankind in terms of many aspects like cultural, psychological, social etc. and these impacts reflect on our lives much more immediately than in past times. One of these impacts can be observed in economic and financial platforms. Financial technology has recently attracted great interest. The cause of this situation may be said to be Fintech becoming a global phenomenon. Therefore, many researchers have tended to investigate the impact of technological improvements on economic growth. This study attempts to evaluate the impact of financial technological improvements on economic growth between 2000 and 2020 for Turkic and selected Asian countries. In obtaining results, panel data analysis has been used. The results indicate that internet usage rates and fixed broadband subscriptions have positive impacts on economic growth. However, mobile cellular subscriptions do not have any impact on economic growth. According to the findings, information-communication technologies and other macroeconomic factors positively affect economic growth.

References

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  • Boamah, J., Adongo, F. A., Essieku, R., & Lewis, Jr. J. A. (2018). Financial depth, Gross fixed capital forma-tion, and economic growth: Empirical analysis of 18 Asian Economies. International Journal of Scientific and Education Research, 2(4), 1-11. google scholar
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  • Hu, D., You, K., & Esiyok, B. (2021). Foreign direct investment among developing markets and its techno-logical impact on host countries: Evidence from spatial analysis of Chinese investment in Africa. Techno-logical Forecasting and Social Change, 166, 1-21. google scholar
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  • International Telecommunication Union. (2022). Statistics, 29 July 2022, https://www.itu.int/en/ITU-D/Sta-tistics/Pages/stat/default.aspx. (Data of Access: 01.02.2023) google scholar
  • Ishida, H. (2015). The effect of ICT development on economic growth and energy consumption in Japan. Telematics and Informatics, 32(1), 79-88. google scholar
  • Iqbal, K., Sarfraz, M., & Khurshid (2022). Exploring the role of information communication technology, trade, and foreign direct investment to promote sustainable economic growth: Evidence from Belt and Road Initiative economies. Sustainable Development, 1-10. google scholar
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  • Khan, H., Khan, U., Jiang, L. J., & Khan, M. A. (2020). Impact of infrastructure on economic growth in So-uth Asia: Evidence from pooled mean group estimation. The Electricity Journal, 33(5), 1-8. google scholar
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  • Li, Y., Jin, X., & Tian, W. (2019). Econometric analysis of disequilibrium relations between internet finance and real economy in China. International Journal of Computational Intelligence System, 12(2), 14541464. google scholar
  • Madden, G., & Scott, J. S. (2000). Telecommunications and economic growth. International Journal of So-cial Economics, 27(7/10), 893-906. google scholar
  • Mayer, W., Madden, G., & Wu, C. (2020). Broadband and economic growth: A reassessment. Information Technology forDevelopment, 26(1), 128-145. https://doi.org/10.1080/02681102.2019.1586631 google scholar
  • Moulton, B. R., & Randolph, W. C. (1989). Alternative tests of the error components model. Econometrica, 57(3), 685-693. google scholar
  • Nabi, A. A., Tunio, F., Azhar, M., Syed, M. S., & Ullah, Z. (2022). Impact of information and communication technology, financial development, and trade on economic growth: Empirical analysis on N11 Countries. Journal of the Knowledge Economy, 1-18. google scholar
  • Naeruz, M., Afiffudin, S., Ruslan, D., & Syafii, M. (2022). The impact of economic growth on technological developments, moneys and fluctuations interest rates and exchange rates in Indonesia. E3S Web of Con-ferences, 33(05008), 1-6. google scholar
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  • Nasab, E. H., & Aghaei, M. (2009). The effect of ICT on economic growth: Further evidence. International Bulletin of Business Administration, 5, 46-56. google scholar
  • Nchake, M. A., & Shuaibu, M. (2022). Investment in ICT infrastructure and inclusive growth in Africa. Scientific African, 17, 1-16. google scholar
  • Pasara, M. T., & Garidzirai, R. (2020). Causality effects among gross capital formation, unemployment, and economic growth in South Africa. Economies, 8(2), 1-26. google scholar
  • Pesaran, M. H. (2004). General diagnostic test for cross section dependence in panels. CESifo Working Pa-per, 1229, 46. google scholar
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross section dependence. Journal of Applied Econometrics, 22, 265-312. google scholar
  • Pohjola, M. (2001). Information technology and economic growth: Introduction and conclusions. Matti, P., (Eds.). Information Technology, Productivity, and Economic Growth: International Evidence and Impli-cations for Economic Development. Oxford Academic. google scholar
  • Poku, K. (2022). The influence of government expenditure on economic growth in Ghana: An Ardl approach. Cogent Economics and Finance, 10(1), 1-16. google scholar
  • Romdhane, Y. B., Loukil, S., & Kammaoun, S. (2020). Economic African development in the context of FinTech. Akbar, R. Vd., (Eds.). Employing Recent Technologies for Improved Digital Governance. IGI Global Publisher of Timely Knowledge, pp. 273-286. google scholar
  • Romer, P. M. (1990). Endogenous technological change. Journal of Political Economy, 98(5), Part 2, 71102. google scholar
  • Sadigov, S., Lyulyov, O., & Vasylieava, T. (2020). Economic growth and public governance: foresight sce-narios. 55th International Scientific Conference on Economic and Social Development, Economic and Social Development, 1/4, 613-624. google scholar
  • Salahuddin, M., & Gow, J. (2016). The effects of internet usage, financial development, and trade openness on economic growth in South Africa: A time series analysis. Telematics and Informatics, 33(4), 11411154. google scholar
  • Schueffel, P. (2016). Taming the beast: A scientific definition of Fintech. Journal of Innovation Management, 4(4), 32-54. google scholar
  • Shen, Y., Hu, W., & Hueng, C. J. (2021). Digital financial inclusion and economic growth: A cross-country study. Procedia Computer Science, 187,218-223. google scholar
  • Shkarlet, S., Dbuyna, M., & Zhuk, O. (2018). Determinants of the financial services market functioning in the era of the informational economy development. Baltic Journal of Economic Studies, 4(3), 349-57. google scholar
  • Song, N., & Appiah-Otoo, I. (2022). The impact of fintech on economic growth: Evidence from China. Sus-tainability, 14(10), 1-17. google scholar
  • Solow, R. M. (1956) A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65-94. google scholar
  • Spearman, C. (1094). The proof and measurement of association between two things. The American Journal of Psychology, 15(1), 72-101. google scholar
  • Sassi, S., & Goaied, M. (2013). Financial development, ICT diffusion and economic growth: lessons from MENA region. Telecommun Policy, 37(4-5), 252-261. google scholar
  • Tatoğlu Y. F. (2018). Panel Zaman Serileri Analizi. Beta Yayıncılık, İstanbul. google scholar
  • Tatoğlu Y. F. (2020). Panel Zaman Ekonometrisi. Beta Yayıncılık, 2020, İstanbul. google scholar
  • Toader, E., Firtescu, B. N., Roman, A., & Anton, S. G. (2018). Impact of information and communication technology infrastructure on economic growth: An empirical assessment for the EU countries. Sustaina-bility, 10(3750), 1-22. google scholar
  • Torero, M., Chowdhury, S. K., & Bedi, A. S. (2006). Telecommunications infrastructure and economic growth: A Cross-country Analysis. Maximo, T., & Joachim, V. B. (Eds.). Information and Communication Technologies for Development and Poverty Reduction: The Potential of Telecommunications. The John Hopkins University Press, pp. 21-63. google scholar
  • Türedi, S. (2013). Bilgi ve iletişim teknolojilerinin ekonomik büyümeye etkisi: Gelişmiş ve gelişmekte olan ülkeler için panel veri analizi. Gümüşhane Üniversitesi Sosyal Bilimler Elektronik Dergisi, 4(7), 298-322. google scholar
  • Utami, Y. (2022). Analysis of the impact of financial technology (FinTech) on the Indonesian economy in the New Normal Era. International Journal of Economics, Business and Accounting Research, 6(4), 1-6. google scholar
  • Yapraklı, S., & Sağlam, T. (2010). Türkiye’de bilgi iletişim teknolojileri ve ekonomik Büyüme: Ekonometrik bir analiz. Ege Akademik Bakış, 10(2), 577-598. google scholar
  • Yılmaz, H. D., & Kırışkan, I. (2020). Türkiye’de telekomünikasyon altyapısı ve ekonomik büyüme. bilig -Türk Dünyası Sosyal Bilimler Dergisi, 92, 55-84. google scholar
Year 2024, Volume: 53 Issue: 2, 229 - 248, 30.09.2024
https://doi.org/10.26650/ibr.2024.53.1299620

Abstract

References

  • Adeleye, N., & Eboagu, C. (2019). Evaluation of ICT development and economic growth in Africa. Eco-nomic Research and Electronic Networking, 20(1), 31-53. https://doi.org/10.1007/s11066-019-09131-6 google scholar
  • Ali, G. (2017). Gross fixed capital formation and economic growth of Pakistan. Journal of Modern Develop-ments in Social Sciences Research, 1(2), 25-34. google scholar
  • Andrianaivo, M., & Kpodar, K. (2011). ICT, financial inclusion, and growth: Evidence from African count-ries. IMF Working Papers, WP/11/73, pp. 3-45. google scholar
  • Anthony, U. E., & Patricc, N. (2013). The effects of information technology on global economy. The Social Sciences, 8(6), 606-609. google scholar
  • Awais, M., Afzal, A., Firdevsi, S.& Hasnaoui, A. (2023). Is fintech the new path to sustainable resource utilisation and economic development? Resources Policy, 81. google scholar
  • Badwan, N., & Awad A. (2022). The impact of financial technological advancement (FinTech) on the eco-nomic growth: Evidence from Palestine. Asian Journal of Economics, Business and Accounting, 22(23), 50-65. google scholar
  • Bahrini, R., &Qaffas, A. A. (2019). Impact of information and communication technology on economic growth: Evidence from developing countries. Economies, 7(1). https://doi.org/10.3390/economi-es7010021 google scholar
  • Bai, Q., & Ding S. (1998). Sustainable development of finance. International Financial Research, 5, 28-32. google scholar
  • Boamah, J., Adongo, F. A., Essieku, R., & Lewis, Jr. J. A. (2018). Financial depth, Gross fixed capital forma-tion, and economic growth: Empirical analysis of 18 Asian Economies. International Journal of Scientific and Education Research, 2(4), 1-11. google scholar
  • Breusch, T. S., & Pagan A. R. (1980). The lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253. google scholar
  • Brimco. Fintech, (2022). Retrieved from. Retrieved from https://www.brimco.io/fintech-statistics-to-know/. (Data of Access: 01.02.2023) google scholar
  • Bu, Y., Yu, X., & Li, H. (2022). The nonlinear impact of FinTech on the real economic growth: Evidence from China. Economics of Innovation and New Technology, pp. 1-18. google scholar
  • Choi, C., & Yi, M. H. (2009). The effect of the internet on economic growth: Evidence from cross-country panel data. Economics Letters, 105(1), 39-41. https://doi.org/10.1016/j.econlet.2009.03.028 google scholar
  • Collier, P., & Gunning, J. W. (1999). Explaining African economic performance. Journal of Economic Lite-rature ,37, 64-111. https://doi.Org/10.1257/jel.37.1.64 google scholar
  • Conrad, A. (2021). Proximity mobile payment usage is the future of retail. June https://www.getapp.com/ resources/proximity-mobile-payment/. (Data of Access: 01.02.2023) google scholar
  • Cumming, J. D., & Schwienbacher, A. (2021). FinTech Venture Capital. Thomas Liaw. (Eds.). The Routledge Handbook of FinTech. Routledge International, pp. 11-37. google scholar
  • Driscoll, J. C., & Kraay A. C., (1998). Consistent covariance matrix estimation with spatially dependent panel data. The Review of Economics and Statistics, 80(4), pp. 549-560. google scholar
  • Dumitrescu, E. I., & Hurlin, C. (2012). Testing for Granger Non-Causality in Heterogeneous Panels. Econo-mic Modelling, 29, 1450-1460. google scholar
  • Ehrlich, I. (1990). The problem of development: Introduction. Journal of Political Economy, 8(5), Part. 2, 1-11. google scholar
  • Erumban, A. A., & Das, D. K. (2016). Information and communication technology and economic growth in India. Telecommunications Policy, 40(5), 412-431. google scholar
  • Farhadi, M., Ismail, R., & Fooladi, M. (2012). Information and communication technology use and economic growth. PloS One, 7(11), e48903. https://doi.org/10.1371/journal.pone.0048903 google scholar
  • Frees, E. W. (1995). Assess cross-sectional correlation in panel data. Journal of Econometrics, 69, 393-414. google scholar
  • Garces, E., & Daim, T. U. (2012). Impact of renewable energy technology on the economic growth of the USA. Journal of the Knowledge Economy, 3, 233-249. google scholar
  • Gomes, S., Lopez, J. M., & Ferreira, L. (2022). The impact of the digital economy on economic growth: The case of OECD countries. Revista de Administraçao Mackenzie, 23(6) 1-31. google scholar
  • Hafru G. G. (2019). Information communications technology and economic growth in Sub-Saharan Africa: A panel data approach. Telecommunications Policy, 43(1), 88-99. google scholar
  • Hausman, J. A. (1978). Specification tests in econometrics. Econometrica, 46(6), 1251-1271. google scholar
  • Hu, D., You, K., & Esiyok, B. (2021). Foreign direct investment among developing markets and its techno-logical impact on host countries: Evidence from spatial analysis of Chinese investment in Africa. Techno-logical Forecasting and Social Change, 166, 1-21. google scholar
  • Hsing, Y. (2021). Impacts of mobile phone subscriptions, internet usage, and broadband penetration on eco-nomic growth in India. International Journal of Applied Economics, 18(2), 81-88. google scholar
  • International Telecommunication Union. (2022). Statistics, 29 July 2022, https://www.itu.int/en/ITU-D/Sta-tistics/Pages/stat/default.aspx. (Data of Access: 01.02.2023) google scholar
  • Ishida, H. (2015). The effect of ICT development on economic growth and energy consumption in Japan. Telematics and Informatics, 32(1), 79-88. google scholar
  • Iqbal, K., Sarfraz, M., & Khurshid (2022). Exploring the role of information communication technology, trade, and foreign direct investment to promote sustainable economic growth: Evidence from Belt and Road Initiative economies. Sustainable Development, 1-10. google scholar
  • Jorgenson, D., W., & Vu K. (2005). Information technology and the world economy. Scandinavian Journal of Economics, 107(4), 631-650. google scholar
  • Khan, H., Khan, U., Jiang, L. J., & Khan, M. A. (2020). Impact of infrastructure on economic growth in So-uth Asia: Evidence from pooled mean group estimation. The Electricity Journal, 33(5), 1-8. google scholar
  • Kireyeva, A. A., Kredina, A., Vasa, L., & Satpayeva, Z. T. (2021). Impact of financial technologies on eco-nomic development: Theories, methods and analysis. Journal of International Studies, 14(4), 286-303. google scholar
  • Kurniawati, M. A. (2022). Analysis of the impact of information communication technology on economic growth: Empirical evidence from Asian Countries. Journal of Asian Business and Economic Studies, 29(1), 2-18. google scholar
  • Li, Y., Jin, X., & Tian, W. (2019). Econometric analysis of disequilibrium relations between internet finance and real economy in China. International Journal of Computational Intelligence System, 12(2), 14541464. google scholar
  • Madden, G., & Scott, J. S. (2000). Telecommunications and economic growth. International Journal of So-cial Economics, 27(7/10), 893-906. google scholar
  • Mayer, W., Madden, G., & Wu, C. (2020). Broadband and economic growth: A reassessment. Information Technology forDevelopment, 26(1), 128-145. https://doi.org/10.1080/02681102.2019.1586631 google scholar
  • Moulton, B. R., & Randolph, W. C. (1989). Alternative tests of the error components model. Econometrica, 57(3), 685-693. google scholar
  • Nabi, A. A., Tunio, F., Azhar, M., Syed, M. S., & Ullah, Z. (2022). Impact of information and communication technology, financial development, and trade on economic growth: Empirical analysis on N11 Countries. Journal of the Knowledge Economy, 1-18. google scholar
  • Naeruz, M., Afiffudin, S., Ruslan, D., & Syafii, M. (2022). The impact of economic growth on technological developments, moneys and fluctuations interest rates and exchange rates in Indonesia. E3S Web of Con-ferences, 33(05008), 1-6. google scholar
  • Nair, M., Pradhan, R. P., & Arvin, M. P. (2020). Endogenous dynamics between R&D, ICT, and economic growth: Empirical evidence from the OECD Countries. Technology in Society, 62, 2-12. google scholar
  • Nasab, E. H., & Aghaei, M. (2009). The effect of ICT on economic growth: Further evidence. International Bulletin of Business Administration, 5, 46-56. google scholar
  • Nchake, M. A., & Shuaibu, M. (2022). Investment in ICT infrastructure and inclusive growth in Africa. Scientific African, 17, 1-16. google scholar
  • Pasara, M. T., & Garidzirai, R. (2020). Causality effects among gross capital formation, unemployment, and economic growth in South Africa. Economies, 8(2), 1-26. google scholar
  • Pesaran, M. H. (2004). General diagnostic test for cross section dependence in panels. CESifo Working Pa-per, 1229, 46. google scholar
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross section dependence. Journal of Applied Econometrics, 22, 265-312. google scholar
  • Pohjola, M. (2001). Information technology and economic growth: Introduction and conclusions. Matti, P., (Eds.). Information Technology, Productivity, and Economic Growth: International Evidence and Impli-cations for Economic Development. Oxford Academic. google scholar
  • Poku, K. (2022). The influence of government expenditure on economic growth in Ghana: An Ardl approach. Cogent Economics and Finance, 10(1), 1-16. google scholar
  • Romdhane, Y. B., Loukil, S., & Kammaoun, S. (2020). Economic African development in the context of FinTech. Akbar, R. Vd., (Eds.). Employing Recent Technologies for Improved Digital Governance. IGI Global Publisher of Timely Knowledge, pp. 273-286. google scholar
  • Romer, P. M. (1990). Endogenous technological change. Journal of Political Economy, 98(5), Part 2, 71102. google scholar
  • Sadigov, S., Lyulyov, O., & Vasylieava, T. (2020). Economic growth and public governance: foresight sce-narios. 55th International Scientific Conference on Economic and Social Development, Economic and Social Development, 1/4, 613-624. google scholar
  • Salahuddin, M., & Gow, J. (2016). The effects of internet usage, financial development, and trade openness on economic growth in South Africa: A time series analysis. Telematics and Informatics, 33(4), 11411154. google scholar
  • Schueffel, P. (2016). Taming the beast: A scientific definition of Fintech. Journal of Innovation Management, 4(4), 32-54. google scholar
  • Shen, Y., Hu, W., & Hueng, C. J. (2021). Digital financial inclusion and economic growth: A cross-country study. Procedia Computer Science, 187,218-223. google scholar
  • Shkarlet, S., Dbuyna, M., & Zhuk, O. (2018). Determinants of the financial services market functioning in the era of the informational economy development. Baltic Journal of Economic Studies, 4(3), 349-57. google scholar
  • Song, N., & Appiah-Otoo, I. (2022). The impact of fintech on economic growth: Evidence from China. Sus-tainability, 14(10), 1-17. google scholar
  • Solow, R. M. (1956) A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65-94. google scholar
  • Spearman, C. (1094). The proof and measurement of association between two things. The American Journal of Psychology, 15(1), 72-101. google scholar
  • Sassi, S., & Goaied, M. (2013). Financial development, ICT diffusion and economic growth: lessons from MENA region. Telecommun Policy, 37(4-5), 252-261. google scholar
  • Tatoğlu Y. F. (2018). Panel Zaman Serileri Analizi. Beta Yayıncılık, İstanbul. google scholar
  • Tatoğlu Y. F. (2020). Panel Zaman Ekonometrisi. Beta Yayıncılık, 2020, İstanbul. google scholar
  • Toader, E., Firtescu, B. N., Roman, A., & Anton, S. G. (2018). Impact of information and communication technology infrastructure on economic growth: An empirical assessment for the EU countries. Sustaina-bility, 10(3750), 1-22. google scholar
  • Torero, M., Chowdhury, S. K., & Bedi, A. S. (2006). Telecommunications infrastructure and economic growth: A Cross-country Analysis. Maximo, T., & Joachim, V. B. (Eds.). Information and Communication Technologies for Development and Poverty Reduction: The Potential of Telecommunications. The John Hopkins University Press, pp. 21-63. google scholar
  • Türedi, S. (2013). Bilgi ve iletişim teknolojilerinin ekonomik büyümeye etkisi: Gelişmiş ve gelişmekte olan ülkeler için panel veri analizi. Gümüşhane Üniversitesi Sosyal Bilimler Elektronik Dergisi, 4(7), 298-322. google scholar
  • Utami, Y. (2022). Analysis of the impact of financial technology (FinTech) on the Indonesian economy in the New Normal Era. International Journal of Economics, Business and Accounting Research, 6(4), 1-6. google scholar
  • Yapraklı, S., & Sağlam, T. (2010). Türkiye’de bilgi iletişim teknolojileri ve ekonomik Büyüme: Ekonometrik bir analiz. Ege Akademik Bakış, 10(2), 577-598. google scholar
  • Yılmaz, H. D., & Kırışkan, I. (2020). Türkiye’de telekomünikasyon altyapısı ve ekonomik büyüme. bilig -Türk Dünyası Sosyal Bilimler Dergisi, 92, 55-84. google scholar
There are 68 citations in total.

Details

Primary Language English
Subjects Business Administration
Journal Section Articles
Authors

Aydın Gürbüz 0000-0002-2428-2327

Meltem Kılıç 0000-0001-8978-9076

Emre Tatlıyer 0000-0001-6863-2520

Publication Date September 30, 2024
Submission Date May 19, 2023
Published in Issue Year 2024 Volume: 53 Issue: 2

Cite

APA Gürbüz, A., Kılıç, M., & Tatlıyer, E. (2024). The Impact of Fintech on Economic Growth: Evidence from Panels of Turkic and Southeast Asian Countries. Istanbul Business Research, 53(2), 229-248. https://doi.org/10.26650/ibr.2024.53.1299620

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