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The Emergence of the Global Fintech Market: Economic and Technological Determinants

Christian Haddad and Lars Hornuf

No 6131, CESifo Working Paper Series from CESifo Group Munich

Abstract: We investigate the economic and technological determinants inducing entrepreneurs to establish ventures with the purpose of reinventing financial technology (fintech). We find that countries witness more fintech startup formations when the economy is well-developed and venture capital is readily available. Furthermore, the number of secure Internet servers, mobile telephone subscriptions, and the available labor force have a positive impact on the development of this new market segment. Finally, the more difficult it is for companies to access loans, the higher is the number of fintech startups in a country. Overall, the evidence suggests that fintech startup formation need not be left to chance, but active policies can influence the emergence of this new sector.

Keywords: fintech; entrepreneurship; startups; financial institutions (search for similar items in EconPapers)
JEL-codes: K00 L26 O30 (search for similar items in EconPapers)
Date: 2016
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