Impact of Digital Finance on Regional Economic Growth through Technological Innovation: Based on Provincial Panel Data

Hongfei Yuan, Xu Zhang and Yongyou Nie ()
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Hongfei Yuan: Sanda University, Dept. of Finance, Shengxiang Business School
Xu Zhang: Macau University of Science and Technology, Dept. of Finance, School of Business
Yongyou Nie: Shanghai University, School of Economics

A chapter in Proceedings of the 2025 International Conference on Financial Risk and Investment Management (ICFRIM 2025), 2025, pp 1233-1245 from Springer

Abstract: Abstract Digital financial inclusion has become essential for regional economic growth. This paper explores its impact on regional economic growth through the lens of technological innovation, using provincial panel data from 2011 to 2021. A fixed-effects model examines how digital finance promotes regional growth via technological innovation, controlling for other variables. The study addresses the issue of endogeneity by using lagged digital finance and mobile phone penetration as instruments. The research finds that digital finance significantly enhances regional economic growth by stimulating technological innovation, especially in areas with higher levels of digital development. This highlights the importance of integrating digital finance into innovation-driven growth strategies. The unique contribution of this paper lies in exploring the indirect mechanisms through which digital finance drives economic growth, offering a novel approach to this relationship.

Keywords: digital finance; regional economic growth; level of technological innovation (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-748-9_133

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DOI: 10.2991/978-94-6463-748-9_133

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