Will digital financial development affect the effectiveness of monetary policy in emerging market countries?

References

• Açikgöz, Ö., & Günay, A. (2020). The early impact of the COVID-19 pandemic on the global and Turkish economy. Turkish Journal of Medical Sciences, 50(SI-1), 520–526. https://doi.org/10.3906/sag-2004-6
   PubMed Web of Science ®Google Scholar
• Ali, R., Barrdear, J., Clews, R., & Southgate, J. (2014). The economics of digital currencies. Bank of England Quarterly Bulletin, Q3. SSRN: https://ssrn.com/abstract=2499418
   Google Scholar
• Al-Laham, M., Al-Tarwneh, H., & Abdallat, N. (2009). Development of electronic money and its impact on the central bank role and monetary policy. Issues in Informing Science and Information Technology, 6, 339–349. https://doi.org/10.28945/3328
   Google Scholar
• Allen, F. (2012). Trends in financial innovation and their welfare impact: an overview. European Financial Management, 18(4), 493–514. https://doi.org/10.1111/j.1468-036X.2012.00658
   Web of Science ®Google Scholar
• Allen, S., Čapkun, S., Eyal, I., & Fanti, G. (2020). Design choices for central bank digital currency: policy and technical considerations [No. w27634]. National Bureau of Economic Research. https://doi.org/10.3386/w27634
   Google Scholar
• Anselin, L. (2002). Under the hood issues in the specification and interpretation of spatial regression models. Agricultural Economics, 27(3), 247–267. https://doi.org/10.1111/j.1574-0862.2002.tb00120.x
   Web of Science ®Google Scholar
• Anselin, L., & Kelejian, H. H. (1997). Testing for spatial error autocorrelation in the presence of endogenous regressors. International Regional Science Review, 20(1-2), 153–182. 01397.x https://doi.org/10.1111/j.1539-6975.2010
   Web of Science ®Google Scholar
• Anselin, L., Le Gallo, J., & Jayet, H. (2008). Spatial panel econometrics. In The econometrics of panel data (pp. 625–660). Springer. https://doi.org/10.1007/978-3-540-75892-1_19
   Google Scholar
• Arner, D. W., Barberis, J. N., Walker, J., Buckley, R. P., Dahdal, A. M., & Zetzsche, D. A. (2020). Digital finance & the COVID-19 crisis. University of Hong Kong Faculty of Law Research Paper (2020/017). SSRN: https://ssrn.com/abstract=3558889
   Google Scholar
• Baber, H. (2020). Spillover effect of Covid19 on the global economy. Transnational Marketing Journal, ), 8(2), 177–196. https://doi.org/10.33182/tmj.v8i2.1067
   Google Scholar
• Bakare, A. S. (2011). A theoretical analysis of capital formation and growth in Nigeria. Far East Journal of Psychology and Business, 3(2), 11–24. https://econpapers.repec.org/article/fejarticl/v_3a3a_3ay_3a2011_3ai_3a2_3ap_3a11-24.htm.
   Google Scholar
• Bera, A., Sosa-Escudero, W., & Yoon, M. (2001). Tests for the error component model in the presence of local misspecification. Journal of Econometrics, 101(1), 1–23. https://doi.org/10.1016/S0304-4076(00)00071-3
   Web of Science ®Google Scholar
• Berentsen, A. (1998). Monetary policy implications of digital money. Kyklos, 51(1), 89–118. https://doi.org/10.1111/1467-6435.00039
   Web of Science ®Google Scholar
• Binder, M., Lieberknecht, P., Quintana, J., & Wieland, V. (2017). Model uncertainty in macroeconomics: On the implications of financial frictions [CEPR Discussion Paper No. DP12013]. SSRN: https://ssrn.com/abstract=2961776.
   Google Scholar
• Bordo, M. D., & Levin, A. T. (2017). Central bank digital currency and the future of monetary policy (No. w23711). National Bureau of Economic Research. SSRN: https://ssrn.com/abstract=3023109
   Google Scholar
• Buchak, G., Matvos, G., Piskorski, T., & Seru, A. (2018). Fintech, regulatory arbitrage, and the rise of shadow banks. Journal of Financial Economics, 130(3), 453–483. https://doi.org/10.2139/ssrn.2941561
   Web of Science ®Google Scholar
• Carrier, J. G., & Heyman, J. M. (1997). Consumption and political economy. The Journal of the Royal Anthropological Institute, 3(2), 355–373. https://doi.org/10.2307/3035024
   Web of Science ®Google Scholar
• Castells, M. (2017). Another economy is possible: Culture and economy in a time of crisis. John Wiley & Sons, https://doi.org/10.1177/1742766519838186
   Google Scholar
• Cevik, S., & Correa-Caro, C. (2020). Growing (un) equal: Fiscal policy and income inequality in China and BRIC+. Journal of the Asia Pacific Economy, 25(4), 634–653. https://doi.org/10.1080/13547860.2019.1699985
   Web of Science ®Google Scholar
• Chen, X., & Funke, M. (2013). The dynamics of catch-up and skill and technology upgrading in China. Journal of Macroeconomics, 38, 465–480. https://doi.org/10.1016/j.jmacro.2013.07.002
   Web of Science ®Google Scholar
• Chicheke, A. (2009). Monetary policy, inflation, unemployment and the Phillips curve in South Africa [Doctoral dissertation, University of Fort Hare]. http://hdl.handle.net/20.500.11837/715.
   Google Scholar
• Crone, T. M. (2007). A pattern of regional differences in the effects of monetary policy. Business Review, 108(3), 9–19. https://ideas.repec.org/a/fip/fedpbr/y2007iq3p9-19.html
   Google Scholar
• David-West, O., Iheanachor, N., & Kelikume, I. (2018). A resource-based view of digital financial services (DFS): An exploratory study of Nigerian providers. Journal of Business Research, 88, 513–526. https://doi.org/10.1016/j.jbusres.2018.01.034
   Web of Science ®Google Scholar
• DeLong, J. B., Summers, L. H., Feldstein, M., & Ramey, V. A. (2012). Fiscal policy in a depressed economy. Brookings Papers on Economic Activity, 2012(1), 233–297. [with comments and discussion]. https://doi.org/10.2307/23287218
   Google Scholar
• Duca, J. V., & Whitesell, W. C. (1995). Credit cards and money demand: A cross-sectional study. Journal of Money, Credit and Banking, 27(2), 604–623. https://doi.org/10.2307/2077886
   Web of Science ®Google Scholar
• Durgun, Ö., & Timur, M. C. (2015). The effects of electronic payments on monetary policies and central banks. Procedia - Social and Behavioral Sciences, 195, 680–685. https://doi.org/10.1016/j.sbspro.2015.06.271
   Google Scholar
• Elhorst, J. P. (2003). Specification and estimation of spatial panel data models. International Regional Science Review, 26(3), 244–268. https://doi.org/10.1177/0160017603253791
   Web of Science ®Google Scholar
• Elhorst, J. P. (2010). Spatial panel data models. In M. M. Fischer & A. Getis (Eds.), Handbook of applied spatial analysis. Springer. https://doi.org/10.1007/978-3-642-03647-7_19
   Google Scholar
• Ely, B. (1996). Digital money and monetary policy: Separating facts from fiction in the future of money in the information age [Paper presentation]. Cato Institute's 14th Annual Monetary Conference. http://www.Cato.org/moneyconf
   Google Scholar
• Feng, G., Jingyi, W., Fang, W., Tao, K., Xun, Z., & Zhiyun, C. (2020). Measuring China’s digital financial inclusion: Index compilation and spatial characteristics. Economics (Quarterly), 19(04), 1401–1418. https://doi.org/10.13821/j.cnki.ceq.2020.03.12.
   Google Scholar
• Friedman, M. (1968). The role of monetary policy. American Economic Review, 58(1), 1–17. https://doi.org/10.1007/978-1-349-24002-9_11
   Web of Science ®Google Scholar
• Fung, B., Molico, M., & Stuber, G. (2014). Electronic money and payments: Recent developments and issues. https://ideas.repec.org/p/bca/bocadp/14-2.html.
   Google Scholar
• Funk, R. J., & Hirschman, D. (2014). Derivatives and deregulation: Financial innovation and the demise of Glass–Steagall. Administrative Science Quarterly, 59(4), 669–704. https://doi.org/10.2139/ssrn.2374496
   Web of Science ®Google Scholar
• Gandja, S. V., Estay, C., & Tchankam, J. P. (2015). Alternative finance for micro‐enterprises: A foundation for sustainable development or just humanitarian aid? Strategic Change, 24(1), 33–47. https://doi.org/10.1002/jsc.1996
   Google Scholar
• Giles, J. A., & Williams, C. L. (2000). Export-led growth: A survey of the empirical literature and some non-causality results. Part 2. The Journal of International Trade & Economic Development, 9(4), 445–470. https://doi.org/10.1080/096381900750056867
   Google Scholar
• Glocker, C., & Piribauer, P. (2021). Digitalization, retail trade, and monetary policy. Journal of International Money and Finance, 112, 102340. https://doi.org/10.1016/j.jimonfin.2020.102340
   Web of Science ®Google Scholar
• Gomber, P., Koch, J. A., & Siering, M. (2017). Digital finance and FinTech: Current research and future research directions. Journal of Business Economics, 87(5), 537–580. https://doi.org/10.1007/s11573-017-0852-x
   Google Scholar
• Gretta, S. A. A. B. (2017). Financial inclusion and growth. The Business & Management Review, 8(4), 434. https://cberuk.com/cdn/conference_proceedings/conference_78515.pdf.
   Google Scholar
• Hasan, I., and Kwak, B., & Li, X. (2020, November 12). Financial technologies and the effectiveness of monetary policy transmission. SSRN: https://ssrn.com/abstract=3743203 or https://doi.org/10.2139/ssrn.3743203
   Google Scholar
• Hu, B., & Zheng, L. (2016). Digital finance: Definition, models, risk, and regulation. In Development of China’s financial supervision and regulation (pp. 31–58). Palgrave Macmillan. https://doi.org/10.1057/978-1-137-52225-2_2
   Google Scholar
• Humphrey, D. B., Pulley, L. B., & Vesala, J. M. (1996). Cash, paper, and electronic payments: A cross-country analysis. Journal of Money, Credit and Banking, 28(4), 914–939. https://doi.org/10.2307/2077928
   Web of Science ®Google Scholar
• Igoni, S., Onwumere, J. U. J., & Ogiri, I. H. (2020). The Nigerian digital finance environment and its economic growth: Pain or gain. Asian Journal of Economics, Finance and Management, 1–10. https://globalpresshub.com/index.php/AJEFM/article/view/824
   Google Scholar
• LeSage, J., & Pace, R. K. (2009). Introduction to spatial econometrics. Chapman & Hall/CRC. https://doi.org/10.1111/j.1467-985X.2010.00681_13.x
   Google Scholar
• Keister, T., & Sanches, D. (2019). Should central banks issue digital currency? [Federal Reserve Bank of Philadelphia Working Paper no. 19–26]. https://doi.org/10.21799/frbp.wp.2019.26
   Google Scholar
• Lee, L. F., & Yu, J. (2010). Estimation of spatial autoregressive panel data models with fixed effects. Journal of Econometrics, 154(2), 165–185. https://doi.org/10.1016/j.jeconom.2009.08.001
   Web of Science ®Google Scholar
• Lyons, A. C., & Kass-Hanna, J. (2021). Financial inclusion, financial literacy and economically vulnerable populations in the Middle East and North Africa. Emerging Markets Finance and Trade, 57(9), 2699–2738. https://doi.org/10.1080/1540496X.2019.1598370
   Web of Science ®Google Scholar
• Manyika, J., Lund, S., & Singer, M. (2016). Digital finance for all: Powering inclusive growth in emerging economies (pp. 1–15). McKinsey Global Institute. https://ideas.repec.org/p/bca/bocadp/14-2.html.
   Google Scholar
• Martin, R. (2012). Regional economic resilience, hysteresis, and recessionary shocks. Journal of Economic Geography, 12(1), 1–32. https://doi.org/10.1093/jeg/lbr019
   Web of Science ®Google Scholar
• Martin, R., & Sunley, P. (2006). Path dependence and regional economic evolution. Journal of Economic Geography, 6(4), 395–437. https://doi.org/10.1093/jeg/lbl012
   Web of Science ®Google Scholar
• Mathai, K. (2009). What is monetary policy? Finance & Development, 46, 46–47. https://www.imf.org/external/pubs/ft/fandd/2009/09/pdf/basics.pdf.
   Google Scholar
• McCallum, B. T. (1993). Specification and analysis of a monetary policy rule for Japan (No. w4449). National Bureau of Economic Research. https://www.nber.org/papers/w4449.
   Google Scholar
• Meaning, J., Dyson, B., Barker, J., & Clayton, E. (2018). Broadening narrow money: Monetary policy with a central bank digital currency. https://doi.org/10.2139/ssrn.3180720
   Google Scholar
• Mirza, N., Naqvi, B., Rahat, B., Rizvi, S. K. & Abbas, (2020). Price reaction, volatility timing, and funds’ performance during COVID-19. Finance Research Letters, 36, 101657. https://doi.org/10.1016/j.frl.2020.101657
   PubMed Web of Science ®Google Scholar
• Mishkin, F. S. (2007). The economics of money. Banking, and financial markets. Pearson Education. http://qiewuyfive.ru/rokib.pdf
   Google Scholar
• Mishra, P., & Montiel, P. (2013). How effective is monetary transmission in low-income countries? A survey of the empirical evidence. Economic Systems, 37(2), 187–216. https://doi.org/10.1016/j.ecosys.2012.12.001
   Web of Science ®Google Scholar
• Mishra, P., Montiel, P., Pedroni, P., & Spilimbergo, A. (2014). Monetary policy and bank lending rates in low-income countries: Heterogeneous panel estimates. Journal of Development Economics, 111, 117–131. https://doi.org/10.1016/j.jdeveco.2014.08.005
   Web of Science ®Google Scholar
• Mitha, A. Z., Arner, S. A., & Douglas, W. (2020). Governing global digital finance (July 12, 2020) [University of Hong Kong Faculty of Law Research Paper, No. 2020/045]. SSRN: https://ssrn.com/abstract=3678518 or https://doi.org/10.2139/ssrn.3678518
   Google Scholar
• Muli, C. M. (2019). The effect of digital finance on money demand in Kenya [Doctoral dissertation, University of Nairobi]. http://erepository.uonbi.ac.ke/handle/11295/109385
   Google Scholar
• Nsiah, C., Fayissa, B., & Wu, C. (2016). The spatial effects on the rate of economic growth: Evidence from Sub-Saharan Africa. The Journal of Developing Areas, 50(1), 275–288. https://doi.org/10.1353/jda.2016.0005
   Google Scholar
• Obinne, G., Efanga, U., & Clifford, E. (2020). Investigating the impact of digital finance on money supply in Nigeria. https://www.researchgate.net/publication/343470464
   Google Scholar
• Owyang, M. T., & Wall, H. J. (2009). Regional VARs and the channels of monetary policy. Applied Economics Letters, 16(12), 1191–1194. https://doi.org/10.1080/13504850701367247
   Web of Science ®Google Scholar
• Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340. https://doi.org/10.1016/j.bir.2017.12.003
   Web of Science ®Google Scholar
• Ozili, P. K. (2020). Comparing digital finance in the UK, US, India and Nigeria. SSRN: https://ssrn.com/abstract=3742184 or https://doi.org/10.2139/ssrn.3742184
   Google Scholar
• Pace, R. K., LeSage, J. P., & Zhu, S. (2011). Spatial dependence in regressors and its effect on estimator performance. SSRN 1801241. https://ssrn.com/abstract=1801241
   Google Scholar
• Pakhnenko, O., Rubanov, P., Hacar, D., Yatsenko, V., & Vida, I. (2021). Digitalization of financial services in European countries: Evaluation and comparative analysis. Journal of International Studies, 14(2), 267–282. https://doi.org/10.14254/2071-8330.2021/14-2/17
   Google Scholar
• Plassaras, N. A. (2013). Regulating digital currencies: bringing Bitcoin within the reach of IMF. Chicago Journal of International Law, 14, 377.
   Google Scholar
• Rahman, A. J. (2018). Deflationary policy under digital and fiat currency competition. Research in Economics, 72(2), 171–180. https://doi.org/10.1016/j.rie.2018.04.004
   Web of Science ®Google Scholar
• Rizvi, S. K. A., Mirza, N., Naqvi, B., & Rahat, B. (2020). Covid-19 and asset management in EU: A preliminary assessment of performance and investment styles. Journal of Asset Management, 21(4), 281–291. https://doi.org/10.1057/s41260-020-00172-3
   Web of Science ®Google Scholar
• Ross, S. A. (2002). Neoclassical finance, alternative finance and the closed end fund puzzle. European Financial Management, 8(2), 129–137. https://doi.org/10.1111/1468-036X.00181
   Google Scholar
• Salvary, S. C. (2006). Countries in transition and monetary policy: a framework for policy development. The IUP Journal of Monetary Economics, 4(1), 19–36. https://ssrn.com/abstract=1000638
   Google Scholar
• Santoso, W., Trinugroho, I., & Risfandy, T. (2019). What determine loan rate and default status in financial technology online direct lending? Evidence from Indonesia. Emerging Markets Finance and Trade, 56(2), 1–19. https://doi.org/10.1080/1540496X.2019.1605595
   Web of Science ®Google Scholar
• Scheau, M. C. (2020). A cryptocurrency spectrum short analysis. Journal of Risk and Financial Management, 13(8), 184. https://doi.org/10.3390/jrfm13080184
   Web of Science ®Google Scholar
• Settlements, B. F. I. (2008). Electronic finance: a new perspective and challenges. Social Science Electronic Publishing, 42(1-2), 1–4. https://doi.org/10.2139/ssrn.1187567
   Google Scholar
• Snellman, J. S., Vesala, J. M., & Humphrey, D. B. (2001). Substitution of noncash payment instruments for cash in Europe. Journal of Financial Services Research, 19(2/3), 131–145. https://doi.org/10.1023/A:1011151219545
   Web of Science ®Google Scholar
• Stiglitz, J. (2020). Priorities for the COVID-19 economy. Project Syndicate, 1. https://www.socialeurope.eu/priorities-for-the-covid-19-economy
   Google Scholar
• Tanaka, K., Yamada, T., & Watanabe, T. (2010). Applications of gram: Charlier expansion and bond moments for pricing of interest rates and credit risk. Quantitative Finance, 10(6), 645–662. https://doi.org/10.1080/14697680903193371
   Web of Science ®Google Scholar
• Tehranchian, A. M., Jafari Samimi, A., & Yazdandoust, A. (2012). The impact of modern technology on demand for money in Iran. Iranian Economic Review, 16(32), 133–148. https://ideas.repec.org/a/eut/journl/v17y2012i2p133.html.
   Google Scholar
• Tian, X., Geng, Y., Dai, H., Fujita, T., Wu, R., Liu, Z., Masui, T., & Yang, X. (2016). The effects of household consumption pattern on regional development: a case study of shanghai. Energy, 103, 49–60. https://doi.org/10.1016/j.energy.2016.02.140
   Web of Science ®Google Scholar
• Topcu, E., Altinoz, B., & Aslan, A. (2020). Global evidence from the link between economic growth, natural resources, energy consumption, and gross capital formation. Resources Policy, 66, 101622. https://doi.org/10.1016/j.resourpol.2020.101622
   Web of Science ®Google Scholar
• Tristram, C. (2001). The technology review 10: Emerging technologies that will change the world. Technology Review, 104(4), 97–103. https://doi.org/10.1152/physiol.00016.2004
   Google Scholar
• Tule, M. K., & Oduh, M. O. (2016). Financial innovations and the future of monetary policy in Nigeria. Economics of Innovation and New Technology, 26(5), 453–476. https://doi.org/10.1080/10438599.2016.1229854
   Web of Science ®Google Scholar
• Turnovsky, S. J. (1997). Fiscal policy in a growing economy with public capital. Macroeconomic Dynamics, 1(3), 615–639. https://doi.org/10.1017/S1365100597004045
   Google Scholar
• Wang, R., Qi, Z., & Shu, Y. (2020). Multiple relationships between fixed-asset investment and industrial structure evolution in China–based on Directed Acyclic Graph (DAG) analysis and VAR model. Structural Change and Economic Dynamics, 55, 222–231. https://doi.org/10.1016/j.strueco.2020.09.001
   Web of Science ®Google Scholar
• Wasiaturrahma, W., Wahyuningtyas, Y. T., & Ajija, S. R. (2019). Non cash payment and demand for real money in Indonesia. Journal of Economics, Business & Accountancy Ventura, 22(1), 1–8. https://doi.org/10.14414/jebav.v22i1.1575
   Google Scholar
• Wong, C. Y., & Eng, Y. K. (2020). P2P finance and the effectiveness of monetary controls. The Manchester School, 88(4), 617–639. https://doi.org/10.1111/manc.12312
   Web of Science ®Google Scholar
• Woodford, M. (2001). The Taylor rule and optimal monetary policy. American Economic Review, 91(2), 232–237. https://doi.org/10.1257/aer.91.2.232
   Web of Science ®Google Scholar
• Yan, Z. Y. (2013). Some thoughts on the current Internet financial risks. Zhejiang Jin Rong, 32(12), 40–42.
   Google Scholar
• Yin, X. S., Yi, Z. H., & Xiang, Y. B. (2020). The selection and co-location of traditional and structure monetary policy instruments: An analysis from the perspective of structural leverage resolving. Financial Research, 63(6), 60–77.
   Google Scholar
• Zavolokina, L., Dolata, M., & Schwabe, G. (2016, December). FinTech transformation: How IT-enabled innovations shape the financial sector. In FinanceCom 2016 (pp. 75–88). Springer. https://doi.org/10.1007/978-3-319-52764-2_6
   Google Scholar
• Zetzsche, D., Buckley, R., Arner, D., & Barberis, J. (2017). From fintech to teach-in: The regulatory challenges of data-driven finance. Social Science Electronic Publishing. https://doi.org/10.2139/ssrn.2959925.
   Google Scholar
• Zhu, X., Song, B., Ni, Y., Ren, Y., & Li, R. (2016). Digital finance-from traditional finance to digital and internet finance. In Business trends in the digital era (pp. 161–190). Springer. https://doi.org/10.1007/978-981-10-1079-8_9.
   Google Scholar