Financial Technology (FinTech) as a Financial Development Factor in the EU Countries

Olga Lavrinenko, Edmunds Čižo (), Svetlana Ignatjeva, Alina Danileviča () and Krzysztof Krukowski
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Olga Lavrinenko: Institute of Humanities and Social Sciences, Daugavpils University, Parades Street 1-421, LV-5401 Daugavpils, Latvia
Edmunds Čižo: Department of Economics, Daugavpils University, Parades Street 1-232, LV-5401 Daugavpils, Latvia
Svetlana Ignatjeva: Department of Computer Science, Daugavpils University, Parades Street 1-413, LV-5401 Daugavpils, Latvia
Alina Danileviča: Institute of Humanities and Social Sciences, Daugavpils University, Parades Street 1-421, LV-5401 Daugavpils, Latvia
Krzysztof Krukowski: Faculty of Economics, University of Warmia and Mazury in Olsztyn, Oczapowskiego 4, 10-972 Olsztyn, Poland

Economies, 2023, vol. 11, issue 2, 1-20

Abstract: The aim of the research is to determine the impact of financial technology (FinTech) on financial development in EU countries. The multi-dimensional nature of the concepts described above and the low availability of data for regions smaller than countries makes it difficult to investigate the link between financial development and FinTech, as well as affects the values of the results due to a certain averaging of indices across countries. The study examines the Global FinTech Index and the Financial Development Index, which characterize financial development in the EU countries, as well as the sub-indices of the Financial Development Index. The article applies frequency analysis and correlation analysis methods. A positive linear relationship between the Global Fintech Index and the Financial Markets Index sub-index, as well as its components Financial Markets Depth Index and Financial Markets Efficiency Index, has been identified. There is also a positive linear relationship between the Global FinTech Index and the Financial Institutions Depth Index, while a negative linear relationship has been identified between the Global FinTech Index and the Financial Institutions Access Index.

Keywords: financial development; EU; financial technology (FinTech) (search for similar items in EconPapers)
JEL-codes: E F I J O Q (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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