FinTech, financial inclusion, and green growth in ASEAN-5 countries: evidence from multidimensional panel analysis methods

Basit Öğe Kaydı
dc.contributor.authorDemirkale, Ozge
dc.contributor.authorDuran, Naime Irem
dc.contributor.authorHan, Aysegul
dc.contributor.authorSeyranlioglu, Onur
dc.date.accessioned2026-01-31T15:09:04Z
dc.date.available2026-01-31T15:09:04Z
dc.date.issued2025
dc.departmentİstanbul Beykent Üniversitesi
dc.description.abstractThis study aims to examine the effects of FinTech development and financial inclusion on green growth in ASEAN-5 countries (Indonesia, Malaysia, the Philippines, Singapore, and Thailand) over the period 1995-2023. Using PMG, Panel FMOLS, and Panel DOLS estimators alongside wavelet coherence analysis, we investigate both the individual and interaction-based impacts of FinTech and financial inclusion. PARDL-PMG, Panel DOLS and Panel FMOLS results indicate that FinTech development and financial inclusion each exert a significant positive effect on green growth. At the same time, their interaction term highlights the complementary benefits of an inclusive digital financial (DF) ecosystem. Dumitrescu-Hurlin causality tests confirm a bidirectional relationship between green growth and the FinTech-inclusion interaction, as well as a unidirectional causality running from FinTech to green growth. Wavelet coherence analyses reveal particularly strong time-frequency co-movement patterns in Singapore, Indonesia, and the Philippines. Overall, the results suggest that digital financial ecosystems can support green growth, provided that targeted policies address structural asymmetries. This study fills a gap in the literature as the first comprehensive analysis of the long-run, time-frequency effects of the FinTech-financial inclusion interaction in the ASEAN-5 region. Given the contribution of digital financial systems to green growth, it is essential that policymakers develop inclusive, coherent, and structurally sensitive digital finance policies in order to fully realize this potential. These findings imply that policymakers should design inclusive digital-finance frameworks that balance innovation with sustainability.JEL Classification O16, Q56, G21, C33.
dc.identifier.doi10.3389/fams.2025.1679956
dc.identifier.issn2297-4687
dc.identifier.scopus2-s2.0-105027790347
dc.identifier.scopusqualityQ2
dc.identifier.urihttps://doi.org./10.3389/fams.2025.1679956
dc.identifier.urihttps://hdl.handle.net/20.500.12662/10807
dc.identifier.volume11
dc.identifier.wosWOS:001647592900001
dc.identifier.wosqualityQ3
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.language.isoen
dc.publisherFrontiers Media Sa
dc.relation.ispartofFrontiers in Applied Mathematics And Statistics
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.snmzKA_WoS_20260128
dc.subjectFinTech
dc.subjectfinancial inclusion
dc.subjectgreen growth
dc.subjectASEAN-5
dc.subjectpanel data analysis
dc.subjectwavelet coherence analysis
dc.titleFinTech, financial inclusion, and green growth in ASEAN-5 countries: evidence from multidimensional panel analysis methods
dc.typeArticle

Dosyalar

Koleksiyon

WoS İndeksli Yayınlar Koleksiyonu
Scopus İndeksli Yayınlar Koleksiyonu