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<p>Sustainable economic development has garnerd hugeattention among the global challenges like climate change, poverty, and inequality. Based on the innovation diffusion theory, this study endevours to explore sustainable economic development is affected by the financial development and information, communication, and technology (ICT) in Asia. For this purpose this study employs a dataset of 17 Asian countries over a a 15 years period of 2006–2020. The study constructs composite and multidimensional indices for financial development and ICT across various significant attributes. Further we apply the a Panel ARDL-PMG estimators to test our baseline models. The findings suggests that Sustainable Ecnomic Development is significantly improved by both both financial development (β = 0.321, <i>p</i> &lt; 0.01) and ICT (β = 0.278, <i>p</i> &lt; 0.01) in the long run. However in the short-run coefficients remain positive and significant at the 10% level. Further error correction term of − 0.716 indicates a rapid adjustment toward long-run equilibrium. We further conduct the Pairwise Dumitrescu-Hurlin causality tests to confirm the bi-directional causality among the variables and results remain consistent across several estimators such as Driscoll-Kraay, FGLS, SUR, PCSE, System GMM, and quantile regressions. These findings suggest for a more robust and integrated approach to foster financial sector development and emphasize on an integrated policy approach which fosters financial sector deepening and ICT diffusion to promote sustainable economic progress in Asia.</p>

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Financial development meets digitalization: joint pathways to sustainable growth in Asia

  • 期刊论文

  • 发表日期：

    2026年5月27日

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  • Ajid Ur Rehman,
  • Shahzad Hussain,
  • Muhammad Akbar,
  • Nader Naifar

摘要

Sustainable economic development has garnerd hugeattention among the global challenges like climate change, poverty, and inequality. Based on the innovation diffusion theory, this study endevours to explore sustainable economic development is affected by the financial development and information, communication, and technology (ICT) in Asia. For this purpose this study employs a dataset of 17 Asian countries over a a 15 years period of 2006–2020. The study constructs composite and multidimensional indices for financial development and ICT across various significant attributes. Further we apply the a Panel ARDL-PMG estimators to test our baseline models. The findings suggests that Sustainable Ecnomic Development is significantly improved by both both financial development (β = 0.321, p < 0.01) and ICT (β = 0.278, p < 0.01) in the long run. However in the short-run coefficients remain positive and significant at the 10% level. Further error correction term of − 0.716 indicates a rapid adjustment toward long-run equilibrium. We further conduct the Pairwise Dumitrescu-Hurlin causality tests to confirm the bi-directional causality among the variables and results remain consistent across several estimators such as Driscoll-Kraay, FGLS, SUR, PCSE, System GMM, and quantile regressions. These findings suggest for a more robust and integrated approach to foster financial sector development and emphasize on an integrated policy approach which fosters financial sector deepening and ICT diffusion to promote sustainable economic progress in Asia.