Nội dung được dịch bởi AI, chỉ mang tính chất tham khảo
Các yếu tố thúc đẩy đổi mới tài chính ở châu Phi hạ Sahara
Tóm tắt
Hầu hết các nghiên cứu về đổi mới tài chính ở châu Phi chủ yếu tập trung vào từng quốc gia và ở cấp độ doanh nghiệp, với rất ít hoặc không có trọng tâm vào các nghiên cứu xuyên quốc gia. Do đó, kiến thức thu được từ những phát hiện này không thể áp dụng rộng rãi. Điều gì thúc đẩy sự đổi mới tài chính ở khu vực hạ Sahara (SSA) vẫn là một câu hỏi nghiên cứu chưa có lời đáp. Do đó, nghiên cứu này điều tra các yếu tố thúc đẩy đổi mới tài chính tại SSA bằng cách sử dụng dữ liệu từ 46 quốc gia trong khoảng thời gian từ 1978 đến 2017. Dữ liệu được thu thập từ Các chỉ số phát triển thế giới, Chỉ số toàn cầu hoá và Chỉ số phát triển tài chính toàn cầu và được phân tích bằng phương pháp Hệ thống ước lượng tổng quát các phương pháp nhất định (SGMM). Kết quả cho thấy cạnh tranh, phát triển công nghệ, quy định và thuế là những yếu tố quan trọng thúc đẩy đổi mới tài chính tại SSA. Những kết quả tương tự cũng đã được tìm thấy cho các biện pháp riêng lẻ của đổi mới tài chính: ATM và Ngân hàng không chi nhánh. Để kiểm tra tính ổn định, các mô hình đã được xác định là hiệu ứng cố định trong bảng, hiệu ứng ngẫu nhiên, và tính toán lại. Các phát hiện về cơ bản nhất quán với các ước lượng SGMM. Ý nghĩa chính sách là các quốc gia trong SSA cần ưu tiên những yếu tố được xác định này để đổi mới tài chính phát triển thịnh vượng trong khu vực. Do đó, chính phủ tại SSA nên tạo ra một môi trường thuận lợi để thúc đẩy quá trình đổi mới tài chính.
Từ khóa
#Đổi mới tài chính #châu Phi hạ Sahara #yếu tố thúc đẩy #cạnh tranh #phát triển công nghệ #quy định #thuế #phương pháp SGMMTài liệu tham khảo
Ajide FM (2016) Financial innovation and sustainable development in selected countries in West Africa. J Entrepreneurship, Management Innovation 12(3):85–112
Akamavi RK (2005) A research agenda for investigation of product innovation in the financial services sector. J Services Marketing. https://doi.org/10.1108/08876040510620148
Al-Sharieh, S., & Mention, A. L. (2013). Open innovation and intellectual property: the relationship and its challenges. In Contemporary perspectives on technological innovation, management and policy: dark side of technological innovation (No. 5, pp. 111–136). RMIT University.
Anginer, D., Demirguc-Kunt, A., and Huisinga, H. (2018). How does corporate governance affect bank capitalisation strategies? Journal of Financial Intermediation, 35 (Part A), 17–31.
Arellano M, Bond S (1991) Some tests of specification for panel data: monte carlo evidence and an application to employment equations. Rev Econ Stud 58(2):277–297
Arellano M, Bover O (1995) Another look at the instrumental variable estimation of error-components models. Journal of Econometrics 68(1):29–51
Arthur KNA (2017) Financial innovation and its governance: cases of two major innovations in the financial sector. Financial Innovation 3:1–12
Asongu SA (2013) How has mobile phone penetration stimulated financial development in Africa. J Afr Bus 14(1):7–118
Baldwin, J. R. (1997). The importance of research and development for innovation in small and large Canadian manufacturing firms. Statistics Canada Analytical Studies Paper (107).
Bara A, Mudsingiri C (2016) Financial innovation and economic growth: evidence from simbabwe. Investment Management Financial Invocations 12(2):2016
Barman, R. D., Hanfy, F. B., Rajendran, R., Masood, G., Dias, B., & Maroor, J. P. (2021). A critical review of determinants of financial innovation in global perspective. Materials Today: Proceedings.
Barnett V. (2005), “Interpolation of Missing Data in Time Series for Air Quality Analysis,”Environmental Science & Technology, vol. 39, no. 15, pp. 5544–5550. [Online]. Available: https:/pubs.acs.org/doi/abs/https://doi.org/10.1021/es048584%2B
Beck T, Chen TW, Lin C, Song F, Xu L (2017) Financial innovation: the bright and the dark sides. J Bank Finance 79:1–10
Bernanke, B. S. (2007). Reflections on the yield curve and monetary policy (No. 175).
Bhattacharyya S, Nanda V (2000) Client discretion, switching costs, and financial innovation. The Review of Financial Studies 13(4):1101–1127
Blundell R, Bond S (1998) Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics 87(1):115–143
Boot AW, Marinč M (2010) Financial innovation: Economic growth versus instability in bank-based versus financial market driven economies. Int Business Commerce 2(1):1–32
Boot AW, Thakor AV (1997a) Financial system architecture. The Rev Financial Stud 10(3):693–733
Boot AW, Thakor AV (1997b) Banking scope and financial innovation. The Rev Financial Stud 10(4):1099–1131
Boot AW, Thakor AV, Udell GF (2016) Bank financing for SMEs: evidence across countries and bank ownership types. J Finan Services Res 49(2–3):201–227
Calomiris CW (2009) Financial innovation, regulation, and reform. Cato J 29:65
Cohen, W. M., & Klepper, S. (1996). Firm sise and the nature of innovation within industries: the case of process and product R&D. The review of Economics and Statistics, 232–243.
Cooper I (1986) Innovations: new market instruments. Oxf Rev Econ Policy 2(4):1–17
DAVIS , F . D . (1986) . A technology acceptance model for empirically testing new end-user information systems: theory and results . Ph . D . dissertation , MIT Sloan School of Management, Cambridge , MA .
Demirguc-Kunt, A., Klapper, L., and Singer, D. (2018). Financial inclusion and inclusive growth: A review of recent empirical evidence. Policy Research Working Paper No. 8815. World Bank.
Demombynes, G. and Thegeya, A. (2012), Kenya’s Mobile Revolution and the Promise of Mobile Savings, World Bank Policy Research Working Paper, No. 5988
Drew SA (1995) Accelerating innovation in financial services. Long Range Plan 28(4):1–21
Dunne JP, Kasekende E (2018) Financial innovation and money demand: evidence from Sub-Saharan Africa. South African J Economics 86(4):428–448
Elmendorf, D. W. (2008). Financial innovation and housing: Implications for monetary policy. The Brookings Institution, unpublished paper (April 21).
Flood, M. D. (1992). Two faces of financial innovation. Federal Reserve Bank of St. Louis Review 74 (5) 3–17.
Fowowe B, Babatunde A (2013) The effect of financial development on poverty and inequality in African countries. Manch Sch 81(4):562–585
Frame WS, White LJ (2004) Empirical studies of financial innovation: lots of talk, little action? Journal of Economic Literature 42(1):116–144
Gennaioli N, La Porta R, Lopes-de-Silanes F, Shleifer A (2013) Human capital and regional development. Quart J Econ 128(1):105–164
Gygli S, Haelg F, Potrafke N, Sturm JE (2019) The KOF globalisation index revisited. Rev Int Organisations 14(3):543–574
Hannan, T. H., and McDowell, J. M. (1984). The determinants of technology adoption: The case of the banking firm. The RAND Journal of Economics, 328–335.
Hicks, D. & Niehans J., (1983). Bank Innovations, Multinational Banking and Monetary Policy. Journal of Banking and Finance, 537–551.
Hunt RM (2010) Business method patents and US financial services. Contemp Econ Policy 28(3):322–352
Ibekwe, A. O. (2021). Financial Innovation and Performance of Deposit Money Banks in Nigeria.
Mention AL, Torkkeli M (eds) (2014) Innovation in financial services: a dual ambiguity. Cambridge Scholars Publishing
Issahaku H, Harvey SK, Abor JY (2016) Does development finance pose an additional risk to monetary policy? Review of Development Finance 6(1):91–104
Johnson, S., and Kwak, J. (2009). Finance: Before the next meltdown. Democracy, (13).
Jolliffe, I. T. (2002). Principal component analysis. Wiley Online Library.
Kane, E. J. (1981). Accelerating inflation, technological innovation, and the decreasing effectiveness of banking regulation.
Kasekende, E. (2016). Financial innovation and money demand in sub-Saharan Africa.
Kasman S, Kasman A (2015) Bank competition, concentration and financial stability in the Turkish banking industry. Econ Syst 39(3):502–517. https://doi.org/10.1016/j.ecosys.2014.12.00310.1016/j.ecosys.2014.12.003
Khraisha T, Arthur K (2018) Can we have a general theory of financial innovation processes? A Conceptual Review Financial Innovation 4(1):1–27
Krugman P. (1991), Geography and Trade. Increasing Returns and economic geography. J Polit. MIT Press 1991b Econ. 99 (31) 483–499
Laeven L, Levine R, Michalopoulos S (2015) Financial innovation and endogenous growth. Journal of Financial Intermediation 24(1):1–24
Lerner J (2006) The new financial thing: the origins of financial innovations. J Financ Econ 79(2):223–255
Lerner J (2010) The future of public efforts to boost entrepreneurship and venture capital. Small Bus Econ 35(3):255–264
Lerner J, Tufano P (2011) The consequences of financial innovation: a counterfactual research agenda. Annu Rev Financ Econ 3(1):41–85
Levine R (2005) Finance and growth: theory and evidence. Handbook of Economic Growth 1:865–934
Llewellyn, D. T. (1992). Competition, Diversification, and Structural Change in the British Financial System. In Banking Structures in Major Countries (pp. 429–468). Springer, Dordrecht.
Mas, I. (2009). The economics of branchless banking. innovations, 4(2).
Mas, I., and Morawcsynski, O. (2009). Designing mobile money services lessons from M-PESA. Innovations: Technology, Governance, Globalisation, 4 (2), 77–92.
Maurer B (2013) Retail Electronic Payments Systems for value Transfers in the Developing World. Thesis, University of California, Department of Anthropology
Mention AL (2011) Co-operation and co-opetition as open innovation practices in the service sector: which influence on innovation novelty? Technovation 31(1):44–53
Miller MH (1986) Financial innovation: the last twenty years and the next. J Financial Quantitative Analysis 21(4):459–471
Mishra S, Sarkar U, Taraphder S, Datta S, Swain D, Saikhom R et al (2017) Multivariate statistical data analysis- principal component analysis (PCA). Int J Livestock Res 7(5):60–78. https://doi.org/10.5455/ijlr.20170415115235
Muthinja, M. M. (2016). Financial innovations and bank performance in Kenya: evidence from branchless banking models (PhD thesis). School of Economic and Business Sciences, University of the Witwatersrand, Johannesburg.
Muthinja MM, Chipeta C (2018) What drives financial innovations in Kenya’s commercial banks? An empirical study on firm and macro-level drivers of branchless banking. J Afr Bus 19(3):385–408
Napier, M. (2010). Real Money, New Frontiers: Case Studies of Financial Innovation in Africa, Paperback.
Nasir MR, Yong T, Muhammad IN (2021) Financial innovation and economic growth: Empirical evidence from China, India and Pakistan. Int J Financ Econ 26:6036–6059
Nekesa SM, Olweny T (2018) Effect of Financial innovation on financial performance: a case study of deposit-taking savings and credit cooperative societies in Kajiado county. Unpublished MBA project, University of Nairobi
Ngari, J. M. K., and Muiruri, J. K. (2014). Effects of financial innovations on the financial performance of commercial banks in Kenya.
Nguema, C.L (2019), On Financial Innovation in Developing Countries: The determinants of mobile banking and financial development in Africa. https://doi.org/10.3917/ji.029.0069
Prusa, T. J., and Schmits Jr, J. A. (1994). Can companies maintain their initial innovative thrust? A study of the PC software industry. The Review of Economics and Statistics, 523–540.
Sârbu C, Pop HF (2005) Principal component analysis versus fussy principal component analysis: a case study: the quality of Danube water (1985–1996). Talanta 65(5):1215–1220
Schueffel PE, Vadana II (2015) Open Innovation in the financial services sector-a global literature review. J Innovation Manag 3(1):25–48
Schumpeter JA (1950) Capitalism, Socialism, and Democracy, 3rd edn. Harper and Brothers, New York
Sekhar S, Gudimetla V (2013) Theorems and theories of financial innovation: models and mechanism perspective. Financial Quantitative Analysis, FQA 1(2):26–29
Shlens, J. (2014). A tutorial on principal component analysis. arXiv preprint arXiv:1404.1100.
Silber WL (1983) The process of financial innovation. Am Econ Rev 73(2):89–95
Štreimikienơ,D.(2014).World economic forum 2012. Available at: http://www.mruni.eu/lt/mokslo_ darbai/ie/archyvas/dwn.php?id=310859.
Subairu M, Oyedeko Y (2018) Financial innovation and industrial growth volatility: evidence from the Nigerian banking industry. NDIC Quarterly 33(1):21–44
Sukamulja S, Sikora CO (2018) The new era of financial innovation: the determinants of bitcoin’s price. J Indonesian Economy Business: JIEB 33(1):46–64
Tamara, D., Manurung, A. H., Warganegara, D. L., & Rusmanto, T. (2019). The Determinants of Financial Innovation.
Thacker, K.U.M., Wright, G.A.N. (2012), Building Business models for Money, MicroSave Briefing Note No. 116
Tufano P (2003) Financial innovation. In: Handbook Econ Finance, vol 1, pp 307–335