We study impact of internet and mobile usage on nine different indicators of financial development (FD), including depth, access, and efficiency of both, financial markets, and financial institutions, as well as overall financial development. We apply Granger causality and cointegration tests, PMG ARDL and PDOLS, and a two-step system GMM to a sample of 109 economies and two sub-samples (62 low- and middle-income economies (LMEs), 47 high-income economies (HIEs)) over the period of 1998–2017. The Granger causality tests show long-run bi-directional causality between internet/mobile usage and financial development. We find that internet usage has a significant negative impact on overall financial development, which could be attributed to a negative impact on financial institutions with all their three dimensions, depth, access, and efficiency. At the same time, internet has significant positive impact on financial markets with its three dimensions. Contrary to the opposing effects internet usage, mobile usage has a significant positive impact on all nine indices of financial development. The PMG ARDL and PDOLS estimations clarify that the positive impact of the internet is a short run effect, while the negative effect is a long-run one. The mobile usage impact is a long-run phenomenon. The estimations for two sub-samples show consistently positive impact of mobile phones in HIEs, whereas the results for LMEs are less robust.

我们研究了互联网和移动使用对金融发展（FD）九个不同指标的影响，包括金融市场和金融机构的深度，访问和效率以及整体金融发展。我们将Granger因果关系和协整检验，PMG ARDL和PDOLS以及两步系统GMM应用于109个经济体的样本和两个子样本（62个中低收入经济体（LME），47个高收入经济体（ HIEs））在1998-2017年期间。Granger因果关系测试显示了互联网/移动设备使用之间的长期双向因果关系和金融发展。我们发现，互联网的使用会对整体金融发展产生重大的负面影响，这可以归因于其对金融机构的三个方面，深度，访问和效率的负面影响。同时，互联网从三个方面对金融市场产生了重大的积极影响。与互联网使用的不利影响相反，移动使用对金融发展的所有九个指标都具有显着的积极影响。PMG ARDL和PDOLS估计清楚地表明，互联网的积极影响是短期效应，而消极影响是长期效应。对移动使用的影响是一种长期现象。对两个子样本的估计表明，手机对HIE具有持续的积极影响，而LME的结果则不那么可靠。