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<p>This study examines the combined effects of financial development and technical advancement on economic growth, utilizing a balanced panel of 50 countries from 2002 to 2022 and employing feasible generalized least squares (FGLS) methodology. The results emphasize a distinct synergy between finance and technology. Although individual ICT indicators mobile access, internet usage, and research and development exhibit a negative correlation with growth, their interaction with financial development is positive, indicating that technology fosters growth solely when underpinned by a robust financial system. The results indicate that during crises, finance and ICT independently hinder growth, although their synergistic effect enhances economic stability. During post-crisis periods, this beneficial interaction intensifies. Cross-country findings demonstrate that research and development bolsters resilience in high-income nations, whereas mobile connection and information and communication technology channels are more critical for growth in emerging economies. The Random Forest study indicates superior forecasting performance of finance-technology interactions during post-crisis periods. The study underscores the necessity of merging financial development with technical advancement to attain sustainable economic growth.</p>

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Cross impact of technology and finance on economic growth: evidence across globe

  • 期刊论文

  • 发表日期：

    2026年5月19日

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  • Alok Arun,
  • Sibanjan Mishra,
  • Bibhuti Bhusan Mishra

摘要

This study examines the combined effects of financial development and technical advancement on economic growth, utilizing a balanced panel of 50 countries from 2002 to 2022 and employing feasible generalized least squares (FGLS) methodology. The results emphasize a distinct synergy between finance and technology. Although individual ICT indicators mobile access, internet usage, and research and development exhibit a negative correlation with growth, their interaction with financial development is positive, indicating that technology fosters growth solely when underpinned by a robust financial system. The results indicate that during crises, finance and ICT independently hinder growth, although their synergistic effect enhances economic stability. During post-crisis periods, this beneficial interaction intensifies. Cross-country findings demonstrate that research and development bolsters resilience in high-income nations, whereas mobile connection and information and communication technology channels are more critical for growth in emerging economies. The Random Forest study indicates superior forecasting performance of finance-technology interactions during post-crisis periods. The study underscores the necessity of merging financial development with technical advancement to attain sustainable economic growth.