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Does digital financial inclusion moderate or exacerbate output volatility?

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  • Sasidaran Gopalan
  • Ramkishen S. Rajan

Abstract

Fintech, broadly encompassing financial innovations enabled by digital technology, has seen phenomenal growth across emerging and developing economies (EMDEs) over the last few years. While the fintech revolution can facilitate broader financial inclusion and spur overall economic growth, concerns have been raised about the possible impact of fintech on growth volatility. Using a selected heterogeneous panel of 40 EMDEs spanning 2009 to 2017 we find that greater digital financial inclusion persistently exacerbates output volatility, although this result holds true only in countries with low banking concentration. Our results are robust to both different definitions of digital financial inclusion and alternative methodologies controlling for potential endogeneity.

Suggested Citation

  • Sasidaran Gopalan & Ramkishen S. Rajan, 2022. "Does digital financial inclusion moderate or exacerbate output volatility?," Applied Economics Letters, Taylor & Francis Journals, vol. 29(19), pages 1804-1809, November.
    • Handle: RePEc:taf:apeclt:v:29:y:2022:i:19:p:1804-1809
    DOI: 10.1080/13504851.2021.1963400
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    Cited by:

    1. Sasidaran Gopalan & Bhavya Gupta & Ramkishen S. Rajan, 2023. "Financial globalisation in ASEAN+3: Navigating the financial trilemma," Global Policy, London School of Economics and Political Science, vol. 14(3), pages 464-476, June.
    2. Sulehri, Fiaz Ahmad & Ali, Amjad, 2024. "Financial Inclusion Dynamics: A Cross-Country Examination of Bank Concentration and Policy Strategies," MPRA Paper 121284, University Library of Munich, Germany.
    3. Foguesatto, Cristian Rogério & Righi, Marcelo Brutti & Müller, Fernanda Maria, 2024. "Is there a dark side to financial inclusion? Understanding the relationship between financial inclusion and market risk," The North American Journal of Economics and Finance, Elsevier, vol. 72(C).

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