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A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: closed (30 April 2023) | Viewed by 32062

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Special Issue Editors

Dr. John Beirne

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Guest Editor

Asian Development Bank Institute, Tokyo 100-6008, Japan
Interests: macroeconomics; international finance; financial stability

Prof. Dr. David G. Fernandez

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Guest Editor

Sim Kee Boon Institute for Financial Economics, Singapore Management University, Singapore
Interests: sustainable finance; financial technology; fintech

Special Issue Information

Dear Colleagues,

This Special Issue on “Digital Finance and Sustainability” targets papers to be presented at a virtual conference on the topic organized by the Asian Development Bank Institute (ADBI) and the Sim Kee Boon Institute for Financial Economics at Singapore Management University (SKBI/SMU). Authors interested in being considered for this Special Issue should submit their papers to the conference by 17 October 2022. More details about the conference, including the link for submission, can be found here: https://www.adb.org/adbi/research/call-for-papers/digital-finance-and-sustainability.

Digitalization helps to transform economies through supporting inclusive growth and enhancing economy-wide productivity, with an important role for digital finance and trade. More recently, initiatives on sustainable digital finance and green fintech have been at the core of a new strand of research on the nexus between digital finance and environmental sustainability. In addition, the promotion of a sound and efficient digital payments system, both at national and cross-border levels, is an important mechanism for reducing inequality. Recognizing the faster pace of digital transformation and innovations in digital finance post-pandemic, striking the right balance between financial regulation and enabling financial innovation is key. Likewise, digitalization in trade finance helps to promote greater economic integration and competitiveness. The link between digital finance and sustainable economic and environmental outcomes is currently not very well understood, while many economies lie at different stages of financial development and digital finance adoption.

ADBI, SKBI/SMU, and Sustainability are seeking original research papers on digital finance and its implications for sustainable and inclusive economic growth. Selected papers will be featured during a related conference at the end of 2022, to be held virtually. Selected papers will also be considered for open-access publication in a Special Issue of Sustainability. Papers may also be considered for publication in the ADBI Working Paper Series.

While papers can have a global dimension, papers with a focus on Asia and the Pacific are desirable. Paper topics of interest include, but are not limited to:

Fintech and sectoral productivity;
Fintech and inclusive growth;
Digital finance and resilience to macroeconomic shocks;
Digital payment systems and economic efficiency;
Digital finance and monetary policy effectiveness;
Digital credit intermediation and financial stability;
Central bank digital currencies, cross-border digital financial flows and economic integration;
Trade finance and competitiveness;
Digital financial inclusion and long-run growth;
Digital finance and environmental sustainability;
Sustainable digital finance and green fintech.

Submission Procedure

Authors should submit full manuscripts of around 8,000 words, including an abstract of 100 words, via this link (https://www.adb.org/adbi/research/call-for-papers/digital-finance-and-sustainability) by 17 October 2022. All paper submissions must be original and not under consideration for publication elsewhere. Authors of selected papers will be notified by 31 October and invited to present at a virtual conference, which will take place at the end of 2022. Papers to be considered for the special issue will be announced after the conference.

Dr. John Beirne
Prof. Dr. David G. Fernandez
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

digital finance
fintech
sustainable finance
digital financial inclusion
central bank digital currencies
digital cross-border capital flows
sustainable economic development

Published Papers (14 papers)

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Editorial

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5 pages, 197 KiB

Open AccessEditorial

Digital Finance and Sustainability: Impacts, Challenges, and Policy Priorities

by John Beirne and David G. Fernandez

Sustainability 2023, 15(20), 14830; https://doi.org/10.3390/su152014830 - 13 Oct 2023

Viewed by 1467

Abstract

Digitalization helps to transform economies through supporting inclusive growth and enhancing economy-wide productivity, with the important role of digital finance being a key component of this [...] Full article

(This article belongs to the Special Issue Digital Finance and Sustainability)

Research

Jump to: Editorial

29 pages, 2669 KiB

Open AccessArticle

Do Digitalization and Digital Finance Help Small Firms Survive Global Economic Uncertainty in Central and West Asia? Evidence from Rapid Surveys

by Shigehiro Shinozaki

Sustainability 2023, 15(13), 10696; https://doi.org/10.3390/su151310696 - 6 Jul 2023

Viewed by 1532

Abstract

The Russia–Ukraine conflict disrupted a V-shaped economic post-pandemic recovery in Central and West Asia. It affected global supply chains and slowed the region’s growth momentum while adding inflationary pressures. Private businesses were adversely affected by the impact of the conflict and global sanctions against the Russian Federation, with the effects being more pronounced for micro and small firms. The pandemic helped create a base of digitalized firms. As the impact of the conflict began to be felt, how did business digitalization affect the operations of small firms? Would digital finance help fill unmet financing demand from small firms during the difficult time brought by the conflict? This paper assesses the impact of the conflict on digitalized small firms’ operations and discusses the effect of digital finance, and whether it helps small firms survive global economic uncertainty. It uses a linear probability regression based on rapid business surveys conducted in seven Central and West Asian countries—Armenia, Azerbaijan, Georgia, Kazakhstan, the Kyrgyz Republic, Tajikistan, and Uzbekistan. The results show that digitalization has yet to allow small firms to take full advantage of the opportunities it offers for more efficient business operations. Digital finance has yet to be well accepted and used by small businesses, even those already digitalized. Based on the analysis, the paper suggests four policy implications that can help promote business digitalization of small firms and the use of digital finance across the region. Full article

(This article belongs to the Special Issue Digital Finance and Sustainability)

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34 pages, 3310 KiB

Open AccessArticle

Gender-Inclusive Development through Fintech: Studying Gender-Based Digital Financial Inclusion in a Cross-Country Setting

by Sabyasachi Tripathi and Meenakshi Rajeev

Sustainability 2023, 15(13), 10253; https://doi.org/10.3390/su151310253 - 28 Jun 2023

Cited by 2 | Viewed by 3002

Abstract

Financial inclusion (FI) for vulnerable populations, such as women, is critical for achieving gender equality, women’s empowerment, and thereby, inclusive growth. Sustainable development goal 5 considers gender equality as a fundamental right and views the empowerment of women as a necessary step. Access to finance is a significant means to empower a person. In this regard, the use of digital financial services is of particular significance for women as it allows them easier access to financial products for business and household needs. For implementing policies to reduce financial exclusion of women, it is necessary to first measure the extent of FI in society. While there are several attempts to measure FI for the general population, there is limited literature on the gender-based measurement of FI. This paper fills this important research gap by developing a gender-based FI index (GFII) focusing particularly on digital services and evaluating the performance of countries across the globe (by considering 109 countries based on data availability) in terms of a gender-based FI measure developed by us. This index is developed using two separate indices, a digital financial service usage index (DFI) and a conventional financial service usage index (CFI). We calculate it for different countries for 2011, 2014, 2017, and 2021 using the Global Findex databaseIt helps us to investigate the performance of different countries over the years in ensuring the financial inclusion of women and how digital services are penetrating over the years. One contribution of the paper is to relate the Gender Development Index (GDI) and Gender Inequality Index (GII) of countries, two well-known measures of inclusive and sustainable development, with GFII and DFI for female (DFIF). This exercise shows that while there is a positive correlation between these two sets of indicators, there are a number of countries that are high (or low) in gender development (or inequality) that need to improve their digital FI. Interestingly, using the Global Findex database and the Feasible Generalized Least Squares (FGLS) and instrumental variable panel data model, we show that health, education, labour force participation rate, and political empowerment of women significantly impact the digital financial inclusion of women. The paper brings out relevant policy suggestions for improving women’s digital financial access and thereby enhancing gender empowerment for faster and more inclusive growth. Full article

(This article belongs to the Special Issue Digital Finance and Sustainability)

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16 pages, 1092 KiB

Open AccessArticle

Sustainable Financing Strategies for the SMEs: Two Alternative Models

by Monzur Hossain, Naoyuki Yoshino and Kenmei Tsubota

Sustainability 2023, 15(11), 8488; https://doi.org/10.3390/su15118488 - 23 May 2023

Cited by 3 | Viewed by 2745

Abstract

A sustainable financing strategy for SMEs should aim to enhance a low-cost collateral-free supply of loans to SMEs with good track records of repayments to banks. In this paper, we suggest two alternative financing models for SMEs that address certain borrowing constraints of SMEs. First, the model incorporates institutional mechanisms involving the government, banks, and SMEs. The strategy employs a two-pronged approach: (i) the government enhances the supply of loanable funds to banks, and (ii) identifies good SME borrowers through skills development programs and introduces them to banks. This model will reduce default risk and allow banks to offer lower-interest and collateral-free credit to SMEs, thereby improving their access to finance and performance. Second, the model could be extended to accommodate digital finance using a data-driven credit risk score of the borrowers to reduce banks’ default risks and transaction costs with or without government funds. The proposed model could resolve the moral hazard and selection bias problems. Our proposed models are based on a public-private partnership approach and therefore could solve certain borrowing constraints of SMEs. Our empirical results support the model outcomes and therefore are consistent with the predictions of our theoretical models. Full article

(This article belongs to the Special Issue Digital Finance and Sustainability)

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25 pages, 1455 KiB

Open AccessArticle

Impact of the Digital Economy and Financial Development on Residents’ Consumption Upgrading: Evidence from Mainland China

by Dongjing Chen and Xiaotong Guo

Sustainability 2023, 15(10), 8041; https://doi.org/10.3390/su15108041 - 15 May 2023

Cited by 3 | Viewed by 1924

Abstract

Consumption upgrading reflects people’s pursuit of a better life and is an important engine of high-quality economic development. Based on the panel data of 30 provinces in China from 2006 to 2021, this study analyses the impact and mechanism of the digital economy and financial development on residents’ consumption upgrading from a macro perspective. The findings demonstrate that the digital economy, financial development, and their synergistic effect significantly promote residents’ consumption upgrading, which improves the overall level of residents’ consumption expenditure and promotes the transformation of the residents’ consumption structure from subsistence to development and enjoyment expenditure. The common mechanism of the digital economy and financial development is industrial structure optimization. The positive effects of the digital economy, financial development, and their synergy on residents’ consumption upgrading have obvious regional and urban–rural heterogeneity and show nonlinear characteristics with the advancement of new urbanization. Full article

(This article belongs to the Special Issue Digital Finance and Sustainability)

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16 pages, 579 KiB

Open AccessArticle

Impacts of Digital Economy on Urban Entrepreneurial Competencies: A Spatial and Nonlinear Perspective

by Kai Zhao, Jiaqi Yang and Wanshu Wu

Sustainability 2023, 15(10), 7900; https://doi.org/10.3390/su15107900 - 11 May 2023

Cited by 1 | Viewed by 1432

Abstract

The vigorous rise of the digital economy not only affects the dynamic system and development path of entrepreneurial activities, but also brings new opportunities to enhance urban entrepreneurial competencies. The purpose of this paper is to investigate whether the digital economy supported by digital technologies can become a new kinetic energy that can enhance urban entrepreneurial competencies in the context of the “New Normal”. Based on the sample of 286 cities in China, this paper investigates the temporal and spatial characteristics of urban entrepreneurial competencies and analyzes the spatial effect of the digital economy on urban entrepreneurial competencies using the spatial dynamic panel Durbin model. Furthermore, this paper examines whether the impact of the digital economy on urban entrepreneurial competencies has a “threshold effect” in different business environments by using threshold spatial dynamic panel model. It is found that: (1) Urban entrepreneurial competencies have obvious spatial dependence; (2) The digital economy harms the entrepreneurial competencies of neighboring cities; (3) In different business environments, the impact of the digital economy on urban entrepreneurial competencies shows obvious non-linear characteristics. Full article

(This article belongs to the Special Issue Digital Finance and Sustainability)

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24 pages, 1568 KiB

Open AccessArticle

How Does Digital Finance Affect Energy Efficiency?—Characteristics, Mechanisms, and Spatial Effects

by Ya Wu, Yin Liu and Minglong Zhang

Sustainability 2023, 15(9), 7071; https://doi.org/10.3390/su15097071 - 23 Apr 2023

Cited by 5 | Viewed by 1584

Abstract

The boundaries of traditional financial services have been expanded by digital finance, which has boosted their effectiveness and quality while encouraging energy-efficient production and lifestyles, and also influencing energy efficiency. This connection between energy efficiency and digital finance is empirically investigated in this paper using panel data from 278 cities from 2011 to 2019. The main findings indicate that energy efficiency can be greatly increased via digital finance. Moreover, usage depth and digitalization level can improve energy efficiency while coverage inhibits it; developed digital finance regions, central regions, and resource-based cities have all seen improvements in energy efficiency. Furthermore, green technology innovation and R&D investment are mechanisms for digital finance that can improve energy efficiency. Finally, further research illustrates that digital finance can improve local energy efficiency while inhibiting neighboring areas’ efficiency, though this effect is insignificant. This research provides additional impetus for a rise in energy efficiency due to the growth of digital finance. Full article

(This article belongs to the Special Issue Digital Finance and Sustainability)

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25 pages, 378 KiB

Open AccessArticle

Digital Financial Inclusion, Land Transfer, and Agricultural Green Total Factor Productivity

by Yang Shen, Xiaoyang Guo and Xiuwu Zhang

Sustainability 2023, 15(8), 6436; https://doi.org/10.3390/su15086436 - 10 Apr 2023

Cited by 14 | Viewed by 2961

Abstract

Improving agricultural green total factor productivity is important for achieving high-quality economic development and the SDGs. Digital inclusive finance, which combines the advantages of digital technology and inclusive finance, represents a new scheme that can ease credit constraints and information ambiguity in agricultural production. First, this study focused on agro-ecological functions; we incorporated total agricultural carbon sequestration and emissions extraction into the evaluation system and used the mixed-direction-distance function to calculate agricultural green total factor productivity. Then, based on panel data from 31 provinces in China collected from 2011 to 2021, we used the two-way fixed effect model, the interactive fixed effect, and the plausibly exogenous variable method to test the impact of digital financial inclusion on agricultural green total factor productivity, and its mechanism of action. The panel-corrected standard error and fixed effect Driscoll–Kraay methods were used to account for the unobserved heterogeneity and cross-section dependence in the panel data. The results showed that digital financial inclusion can significantly improve agricultural green total factor productivity. This conclusion remained valid following robustness tests using the spatial econometric model and the method of changing explanatory variables. Digital financial inclusion can improve agricultural green total factor productivity by facilitating the transfer of agricultural land. Sound digital infrastructure and strict green credit policies enhance the role of digital inclusive finance in promoting the green development of agriculture. These conclusions could help the financial sector to formulate flexible, accurate, reasonable, and appropriate financial policies and products that would support agriculture, and enhance the role of digital inclusive finance in promoting sustainable agricultural development. Full article

(This article belongs to the Special Issue Digital Finance and Sustainability)

21 pages, 316 KiB

Open AccessArticle

Can Fintech Alleviate the Financing Constraints of Enterprises?—Evidence from the Chinese Securities Market

by Yang Lyu, Zheng Ji, Xiaoqi Zhang and Zhe Zhan

Sustainability 2023, 15(5), 3876; https://doi.org/10.3390/su15053876 - 21 Feb 2023

Cited by 6 | Viewed by 1999

Abstract

Whether Fintech enabled by big data technology can improve the efficiency of credit allocation and how it would do has always been the focus in the capital market, especially the intermediary mechanism, which has not yet been convincingly explained. This paper empirically tests the logical relationship and micro mechanism between Fintech and the corporate financing constraint dilemma by using the data of China’s A-share non-financial listed companies from 2011 to 2018. The research found that Fintech has a significant mitigation effect on corporate financing constraints, and the coverage capability of Fintech has a stronger mitigation effect compared to the depth of use. Mechanism research shows that the “technology enabling” role of Fintech can alleviate the financing constraints of enterprises by reducing the degree of information asymmetry between capital supply and demand sides and reducing financing costs. Heterogeneity research shows that the mitigation effect of Fintech on corporate financing constraints is more significant in enterprises with private property, non-main board listing, senior executives with high financial literacy, and enterprises with strong competitive positions in the industry. Further research shows that, in order to identify the impact of Fintech on corporate financing types under an environment without internal control defects, Fintech enables enterprises facing financing constraints to obtain more commercial credit and bank loans; at a time when it is difficult to obtain bank loans, commercial credit has become an alternative financing method of bank loans, promoting the transfer of credit resources from traditional mortgage guarantees to enterprise commercial credit. This study provides a perspective for the research on how Fintech alleviates corporate financing constraints, and it reveals the characteristics of digital empowerment in the development of China’s capital market, providing a theoretical basis and evidence supporting the formulation of relevant policies. Full article

(This article belongs to the Special Issue Digital Finance and Sustainability)

20 pages, 1417 KiB

Open AccessArticle

Has Digital Financial Inclusion Narrowed the Urban–Rural Income Gap? A Study of the Spatial Influence Mechanism Based on Data from China

by Pengju Liu, Yitong Zhang and Shengqi Zhou

Sustainability 2023, 15(4), 3548; https://doi.org/10.3390/su15043548 - 15 Feb 2023

Cited by 11 | Viewed by 3017

Abstract

Although extant literature has extensively discussed the poverty reduction effect of digital financial inclusion, few papers have explored the association from a spatial perspective. Based on the Peking University Digital Financial Inclusive Index, this study empirically tests the impact of digital financial inclusion on the urban–rural income gap in China. To perform the analysis, this paper employs the spatial Durbin model (SDM) with double fixed effects and a mediating effect model. We find that (1) there is a significant positive spatial correlation between digital financial inclusion and the urban–rural income gap, and both variables have certain spatial agglomeration characteristics; (2) digital financial inclusion has a significant promotion effect and a positive spatial spillover effect on reducing the urban–rural income gap; and (3) the test of the spatial influence mechanism shows that the above effect is achieved by promoting industrial structure upgrading. This paper combines the above results to propose corresponding policy recommendations, which are valuable for other developing countries and emerging economies with similar backgrounds to China. Full article

(This article belongs to the Special Issue Digital Finance and Sustainability)

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20 pages, 297 KiB

Open AccessArticle

Impact of Digital Financial Inclusion on Residents’ Income and Income Structure

by Qianqian Li and Qilin Liu

Sustainability 2023, 15(3), 2196; https://doi.org/10.3390/su15032196 - 24 Jan 2023

Cited by 9 | Viewed by 3179

Abstract

Digital financial inclusion (DFI) plays an increasingly important role in raising residents’ income levels and optimizing income structures. Using data from the 2015–2019 China Household Finance Survey (CHFS), this paper examines the impact of DFI on residents’ income and income structure from a microeconomic perspective using OLS fixed effects models and panel Tobit models. It was found that (1) DFI significantly raises residents’ income, increasing their total annual per capita household income by CNY4200, and increasing their annual per capita household wage income, business income and property income by CNY2430, CNY1030, and CNY450, respectively. In terms of different functions of DFI, the use of digital payment, digital lending and digital financing can raise the annual per capita household income of residents by CNY4250, CNY10,360 and CNY3050, respectively. (2) DFI increases wage income by enhancing residents’ household employment level, increases business income by promoting residents’ entrepreneurship, and increases property income by improving the financial market participation. (3) DFI has a more significant effect on increasing income for higher income groups as well as rural residents. The findings of this paper provide theoretical and practical support for optimizing the design of financial inclusion policies and exploring new drivers of income growth for residents. Full article

(This article belongs to the Special Issue Digital Finance and Sustainability)

13 pages, 1177 KiB

Open AccessArticle

Digital Finance and Advanced Manufacturing Industry Development in China: A Coupling Coordination Analysis

by Kun Ma, Xuehui Xia and Lijun Liu

Sustainability 2023, 15(2), 1188; https://doi.org/10.3390/su15021188 - 9 Jan 2023

Cited by 3 | Viewed by 1346

Abstract

The coordinated development of digital finance and the advanced manufacturing industry is vital for high-quality economic development. Based on the provincial data of China from 2012 to 2020, this study applied the coupling coordination degree model, σ convergence model and Dagum–Gini coefficient decomposition method to analyze the coupling coordination level, convergence characteristics, spatial differences and sources of digital financial and advanced manufacturing industry development in China. The results show that the coupling coordination level between the two has crossed from the run-in transition stage to the coordinated development stage and shows a rapid growing trend. The coupling coordination degree of the eastern region is the highest, followed by the central and western regions. It has an obvious convergence trend, and the overall difference is significantly reduced. The intra-regional difference of coupling coordination degree in the western region is the largest, indicating the comparatively larger gap in the development of digital finance and the advanced manufacturing industry among western provinces. The inter-regional difference between the east–west regions is the largest and is the main source of overall differences, which proves the fact of unbalanced development between regions. It is suggested to adopt differentiated regional policies to promote the coordinated development of digital finance and the advanced manufacturing industry. Full article

(This article belongs to the Special Issue Digital Finance and Sustainability)

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19 pages, 731 KiB

Open AccessArticle

Digital Finance and High-Quality Development of State-Owned Enterprises—A Financing Constraints Perspective

by Haijuan Xie, Jinyuan Wen and Xiaohui Wang

Sustainability 2022, 14(22), 15333; https://doi.org/10.3390/su142215333 - 18 Nov 2022

Cited by 7 | Viewed by 1834

Abstract

The report of the 20th National Congress pointed out that high-quality development is the primary task of building a modern socialist country in an overall sense. Based on the background of high-quality economic development in the new era, this document studies the influence mechanism between digital finance and high-quality development of state-owned enterprises based on total factor productivity (TFP) by taking A-share state-owned listed companies on the Shanghai and Shenzhen stock exchanges from 2015 to 2020 as samples. The findings are as follows: Digital finance promotes the high-quality development of state-owned enterprises by alleviating financing constraints; grouping regression shows that digital finance has a stronger driving effect on the high-quality development of large state-owned enterprises and enterprises with a high technical level. The threshold regression model shows that digital finance has a single threshold effect on the high-quality development of state-owned enterprises. Further research shows that the higher the development level of supply chain finance, the stronger the influence of digital finance on the high-quality development of state-owned enterprises through financing constraints. The higher the shareholding ratio of institutional investors, the stronger the mediating effect of financing constraints. The research results of this paper not only enrich the research on the factors that influence the high-quality development of state-owned enterprises but also provide support for the government to formulate high-quality development policies for enterprises. Full article

(This article belongs to the Special Issue Digital Finance and Sustainability)

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16 pages, 268 KiB

Open AccessArticle

Examining the Impact of Digital Finance on Farmer Consumption Inequality in China

by Lang Wang, Yuping Chen and Shijun Ding

Sustainability 2022, 14(20), 13575; https://doi.org/10.3390/su142013575 - 20 Oct 2022

Cited by 9 | Viewed by 1612

Abstract

The development of digital finance has significantly changed farmer consumption behavior. This study used data from the China Household Finance Survey of 2015, 2017, and 2019 to examine whether digital finance can eliminate consumption inequality among farmers in China. In doing so, it provides empirical evidence for strategies for balancing social development and ensuring sustainable economic development. This study had three main findings. First, digital finance can significantly alleviate consumption inequality among farmers. Compared to basic consumption, digital finance is more effective at alleviating developmental consumption inequality. Second, digital finance can reduce consumption inequality among farmers by increasing online shopping and reducing income inequality. Third, the effect of digital finance on farmer consumption inequality is more significant in eastern China, among low-income farmers, and among farmers with primary education. These findings indicate that there is a “digital divide” and an “education threshold” in digital finance. Based on these results, this paper suggests measures for alleviating consumption inequality among farmers. Full article

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