Financial Innovation and Sustainable Development in Selected Countries in West Africa

• Autorzy: Folorunsho M. Ajide
• Języki publikacji: EN

Abstrakty

Innowacje finansowe są nieodzownym elementem współczesnego systemu finansowego. Badania zaprezentowane w artykule dotyczą znaczenia innowacji finansowych dla konkurencji bankowej oraz ich wpływu na zrównoważony rozwój w ośmiu krajach Afryki Zachodniej i zostały oparte na wskaźnikach rozwoju opracowanych przez Bank Światowy z lat 2000-2013. W badaniach jako zmienne objaśniane wykorzystano wskaźnik wzrostu jak i rozwoju, a wśród zmiennych objaśniających znalazły się między innymi dwie zmienne opisujące konkurencyjność, dwie zmiennie określające innowacje finansowe. Na podstawie analizy danych panelowych stwierdzono, że wzrost efektywności w systemie bankowym wywołany przez konkurencję i innowacje finansowe przyczynia się do wzrostu gospodarczego i rozwoju. W modelach dwie zmienne objaśniające w zakresie konkurencyjności okazały się statystycznie istotne, natomiast zmienne w zakresie innowacji finansowych nie były istotne -jedna wykazywała negatywny, podczas gdy druga pozytywny wpływ na wskaźniki rozwoju. Badania ujawniły zróżnicowane efekty innowacji finansowych zaadaptowanych w systemach finansowych, co oznacza, że efekt wzrostu wywołany przez innowacje finansowe jest wrażliwy na dobór zmiennej objaśniającej. Zmniejszenie popytu na pieniądz wywołane innowacjami finansowymi może spowolnić wzrost gospodarczy i rozwój. Wynika to z faktu, że osoby fizyczne mogą konwertować swoje aktywa z bardziej płynnych na mniej płynne. Z drugiej strony innowacje finansowe mogą potencjalnie wpłynąć na wzrost popytu na pieniądz jeżeli system płatności zostanie usprawniony i indywidualny popyt na bardziej płynne aktywa zostanie przeniesiony na sektor produkcyjny. W związku z tym stwierdza się, że w celu zapewnienia funkcjonowania efektywnego systemu finansowego polityka powinna pobudzać konkurencję i efektywność w systemie bankowym jak i innowacje finansowe. (abstrakt oryginalny)

EN

Financial innovation has given a new trend to modern financial system and its importance has been widely recognized. This study investigated the effect of financial innovation augmented with bank competition on sustainable development in eight West African countries. Data were sourced from World Bank development indicators from years 2000-2013. We used two proxies of competitions, two proxies of financial innovations and regressed them on a growth indicator as well as development indicator with other control variables. Using panel data estimations, our results confirmed that an increase in banking efficiency driven by competition and financial innovation would improve economic growth and development. While the two proxies of competition were significant, the financial innovations were not significant; one displayed a negative, while the other exhibited a positive relationship with development. These results revealed the differential effects of different financial innovations adopted in the financial system. That is, the growth effect of financial innovation is sensitive to the choice of proxy. A reduction in demand for money caused by financial innovations could deter economic growth and development. This is because individuals would move away from more liquid assets to less liquid assets. On the other hand, financial innovations could potentially lead to an increase in money demand if payment systems improve and individual's demand for more liquid assets is channeled to productive sectors. We therefore concluded that policies which would drive competition and efficiency in the banking industry as well as financial innovation should be introduced to ensure effective functioning of the financial system. (original abstract)

Słowa kluczowe

PL

Innowacje finansowe; Rozwój zrównoważony; Konkurencja; Rozwój

EN

Financial innovations; Sustainable development; Competition; Development

• Czasopismo: Journal of Entrepreneurship, Management and Innovation (JEMI)
• Rocznik: 2016
• Tom: 12
• Numer: nr 3 Innovation In Finance
• Strony: 85-111

Twórcy

autor

Folorunsho M. Ajide

• Southwestern University, Nigeria

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Identyfikatory

DOI

10.7341/20161234