Exploring the Interplay of Broad Money Growth, Financial Expansion, and Digital Connectivity: Implications for Economic Growth Across Developed, Developing, and Emerging Economies
This study examines the impact of broad money growth, financial inclusion, and digital connectivity on GDP growth in developed, developing, and emerging economies from 1994 to 2022. Using World Bank data and employing Jamovi for statistical analysis, the research applies descriptive statistics, corr...
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Universidad Francisco de Paula Santander
2025
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| author | Yangailo, Tryson |
| author_browse | Yangailo, Tryson |
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| description | This study examines the impact of broad money growth, financial inclusion, and digital connectivity on GDP growth in developed, developing, and emerging economies from 1994 to 2022. Using World Bank data and employing Jamovi for statistical analysis, the research applies descriptive statistics, correlation analysis, and regression analysis to uncover the relationships among these variables. The results show that broad money growth is positively correlated with GDP growth, with stronger effects in emerging markets compared to developed and developing economies. Financial inclusion, as measured by account ownership, and digital connectivity, as reflected in mobile phone subscriptions and internet usage, contribute significantly to economic growth, especially in less stable environments. This study differs from previous research by providing a comprehensive cross-country analysis that integrates financial inclusion and digital connectivity and examines their combined impact on economic growth. Unlike previous studies, which have often focused on a single region or variable, this research provides a holistic view of how financial inclusion and digital infrastructure interact in different economic contexts. It highlights the differential impact of these factors in different economic environments, providing nuanced insights into their collective influence on GDP growth. The findings underscore the critical importance of expanding financial services and improving digital infrastructure to promote economic development. Policy implications include prioritizing financial inclusion and digital connectivity to boost economic performance, especially in developing and emerging economies. Future research should examine sector-specific impacts and include additional variables such as political stability. This study contributes to the literature by offering a broader perspective on the interplay of financial and digital factors, providing new insights into their effects in different economic environments. |
| first_indexed | 2026-06-19T15:28:42Z |
| format | Online |
| id | oai:revistas.ufps.edu.co:article-4815 |
| institution | IDEP |
| language | spa |
| last_indexed | 2026-06-19T15:28:42Z |
| publishDate | 2025 |
| publishDateRange | 2025 |
| publishDateSort | 2025 |
| publisher | Universidad Francisco de Paula Santander |
| publisherStr | Universidad Francisco de Paula Santander |
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| spelling | oai:revistas.ufps.edu.co:article-48152025-05-13T14:48:53Z Exploring the Interplay of Broad Money Growth, Financial Expansion, and Digital Connectivity: Implications for Economic Growth Across Developed, Developing, and Emerging Economies Exploración de la interacción entre el crecimiento del dinero en sentido amplio, la expansión financiera y la conectividad digital: Implicaciones para el crecimiento económico en las economías desarrolladas, en desarrollo y emergentes Yangailo, Tryson Inclusión financiera conectividad digital crecimiento económico crecimiento monetario amplio análisis comparativo Financial Inclusion Digital Connectivity Economic Growth Broad Money Growth Comparative Analysis This study examines the impact of broad money growth, financial inclusion, and digital connectivity on GDP growth in developed, developing, and emerging economies from 1994 to 2022. Using World Bank data and employing Jamovi for statistical analysis, the research applies descriptive statistics, correlation analysis, and regression analysis to uncover the relationships among these variables. The results show that broad money growth is positively correlated with GDP growth, with stronger effects in emerging markets compared to developed and developing economies. Financial inclusion, as measured by account ownership, and digital connectivity, as reflected in mobile phone subscriptions and internet usage, contribute significantly to economic growth, especially in less stable environments. This study differs from previous research by providing a comprehensive cross-country analysis that integrates financial inclusion and digital connectivity and examines their combined impact on economic growth. Unlike previous studies, which have often focused on a single region or variable, this research provides a holistic view of how financial inclusion and digital infrastructure interact in different economic contexts. It highlights the differential impact of these factors in different economic environments, providing nuanced insights into their collective influence on GDP growth. The findings underscore the critical importance of expanding financial services and improving digital infrastructure to promote economic development. Policy implications include prioritizing financial inclusion and digital connectivity to boost economic performance, especially in developing and emerging economies. Future research should examine sector-specific impacts and include additional variables such as political stability. This study contributes to the literature by offering a broader perspective on the interplay of financial and digital factors, providing new insights into their effects in different economic environments. Este estudio examina el impacto del crecimiento del dinero en sentido amplio, la inclusión financiera y la conectividad digital en el crecimiento del PIB en las economías desarrolladas, en desarrollo y emergentes desde 1994 hasta 2022. Utilizando datos del Banco Mundial y Jamovi para el análisis estadístico, la investigación emplea estadísticas descriptivas, correlación y análisis de regresión para explorar las relaciones entre estas variables. Los resultados muestran que el crecimiento del dinero en sentido amplio está positivamente correlacionado con el crecimiento del PIB, con efectos más fuertes en los mercados emergentes. La inclusión financiera, medida por la titularidad de cuentas, y la conectividad digital, indicada por las suscripciones a teléfonos móviles y el uso de Internet, también contribuyen significativamente al crecimiento económico, especialmente en entornos menos estables. Estas conclusiones subrayan la importancia de ampliar los servicios financieros y la infraestructura digital para impulsar el desarrollo económico. Los responsables políticos deben dar prioridad a la inclusión financiera y la conectividad digital para mejorar los resultados económicos, especialmente en las economías en desarrollo y emergentes. Universidad Francisco de Paula Santander 2025-01-01 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf text/html text/xml https://revistas.ufps.edu.co/index.php/profundidad/article/view/4815 10.22463/24221783.4815 Revista Científica Profundidad Construyendo Futuro; Vol. 22 No. 22 (2025): Enero-Junio; 55-71 Revista Científica Profundidad Construyendo Futuro; Vol. 22 Núm. 22 (2025): Enero-Junio; 55-71 2422-2518 spa https://revistas.ufps.edu.co/index.php/profundidad/article/view/4815/6007 https://revistas.ufps.edu.co/index.php/profundidad/article/view/4815/6059 https://revistas.ufps.edu.co/index.php/profundidad/article/view/4815/6352 /*ref*/Ahmad, M., Majeed, A., Khan, M. A., Sohaib, M., & Shehzad, K. (2021). Digital financial inclusion and economic growth: Provincial data analysis of China. China Economic Journal, 14(3), 291-310. https://doi.org/10.1080/17538963.2021.1882064 /*ref*/Bukht, R., & Heeks, R. (2017). 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Digital banking and financial inclusion: a review of practices in the USA and Nigeria. Finance & Accounting Research Journal, 6(3), 463-490. DOI: https://doi.org/10.51594/farj.v6i3.971 /*ref*/Oloyede, A. A., Faruk, N., Noma, N., Tebepah, E., & Nwaulune, A. K. (2023). Measuring the impact of the digital economy in developing countries: A systematic review and meta-analysis. Heliyon, 9(7), 1-19. /*ref*/Ozili, P. K. (2020). Theories of financial inclusion. In Uncertainty and challenges in contemporary economic behaviour (pp. 89-115). Emerald Publishing Limited. https://doi.org/10.1108/978-1-80043-095-220201008 Ozturk, I., & Ullah, S. (2022). Does digital financial inclusion matter for economic growth and environmental sustainability in OBRI economies? An empirical analysis. Resources, Conservation and Recycling, 185, 106489. https://doi.org/10.1016/j.resconrec.2022.106489 /*ref*/Pucha Medina, P. M., García-Ramos, R., & Díaz Díaz, B. (2024). Internal Control in Microfinance Institutions in Ecuador. In Building Global Societies Towards an ESG World: A Sustainable Development Goal in the 21st Century (pp. 265-289). Cham: Springer Nature Switzerland. /*ref*/Qu, J., Simes, R., & O'Mahony, J. (2017). How do digital technologies drive economic growth?. Economic Record, 93, 57-69. https://doi.org/10.1111/1475-4932.12340 /*ref*/Salahuddin, M., & Gow, J. (2016). The effects of Internet usage, financial development and trade openness on economic growth in South Africa: A time series analysis. Telematics and Informatics, 33(4), 1141-1154. https://doi.org/10.1016/j.tele.2015.11.006 /*ref*/Sharma, H., & Díaz Andrade, A. (2023). Digital financial services and human development: current landscape and research prospects. Information Technology for Development, 29(4), 582-606. https://doi.org/10.1080/02681102.2023.2199189 /*ref*/Shofawati, A. (2019). The role of digital finance to strengthen financial inclusion and the growth of SME in Indonesia. KnE Social Sciences, 389-407. DOI 10.18502/kss.v3i13.4218 /*ref*/Solomon, E. M., & van Klyton, A. (2020). The impact of digital technology usage on economic growth in Africa. Utilities policy, 67, 101104. https://doi.org/10.1016/j.jup.2020.101104 /*ref*/Xun, Z., Guanghua, W., Jiajia, Z., & Zongyue, H. (2020). Digital economy, financial inclusion and inclusive growth. China Economist, 15(3), 92-105. DOI:10.19602/j.chinaeconomist.2020.05.07 /*ref*/Zhang, W., Zhao, S., Wan, X., & Yao, Y. (2021). Study on the effect of digital economy on high-quality economic development in China. PloS one, 16(9), e0257365. https://doi.org/10.1371/journal.pone.0257365 Derechos de autor 2025 Universidad Francisco de Paula Santander https://creativecommons.org/licenses/by-nc/4.0 |
| spellingShingle | Inclusión financiera conectividad digital crecimiento económico crecimiento monetario amplio análisis comparativo Financial Inclusion Digital Connectivity Economic Growth Broad Money Growth Comparative Analysis Yangailo, Tryson Exploring the Interplay of Broad Money Growth, Financial Expansion, and Digital Connectivity: Implications for Economic Growth Across Developed, Developing, and Emerging Economies |
| title | Exploring the Interplay of Broad Money Growth, Financial Expansion, and Digital Connectivity: Implications for Economic Growth Across Developed, Developing, and Emerging Economies |
| title_alt | Exploración de la interacción entre el crecimiento del dinero en sentido amplio, la expansión financiera y la conectividad digital: Implicaciones para el crecimiento económico en las economías desarrolladas, en desarrollo y emergentes |
| title_full | Exploring the Interplay of Broad Money Growth, Financial Expansion, and Digital Connectivity: Implications for Economic Growth Across Developed, Developing, and Emerging Economies |
| title_fullStr | Exploring the Interplay of Broad Money Growth, Financial Expansion, and Digital Connectivity: Implications for Economic Growth Across Developed, Developing, and Emerging Economies |
| title_full_unstemmed | Exploring the Interplay of Broad Money Growth, Financial Expansion, and Digital Connectivity: Implications for Economic Growth Across Developed, Developing, and Emerging Economies |
| title_short | Exploring the Interplay of Broad Money Growth, Financial Expansion, and Digital Connectivity: Implications for Economic Growth Across Developed, Developing, and Emerging Economies |
| title_sort | exploring the interplay of broad money growth financial expansion and digital connectivity implications for economic growth across developed developing and emerging economies |
| topic | Inclusión financiera conectividad digital crecimiento económico crecimiento monetario amplio análisis comparativo Financial Inclusion Digital Connectivity Economic Growth Broad Money Growth Comparative Analysis |
| topic_facet | Inclusión financiera conectividad digital crecimiento económico crecimiento monetario amplio análisis comparativo Financial Inclusion Digital Connectivity Economic Growth Broad Money Growth Comparative Analysis |
| url | https://revistas.ufps.edu.co/index.php/profundidad/article/view/4815 |
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