ABSTRACT

This paper constructs a series of digital economy indexes and explores the impact of financial risk on the development of the global digital economy based on panel data of 121 countries for the period 2003–2019. Furthermore, we analyze regional heterogeneity and asymmetry. The main findings indicate that: (1) an increase of financial risk by 1% can impede the development of the global digital economy by 0.085%; (2) in high-income, upper-middle income, and lower-middle income countries, financial risk negatively affects the global digital economy; (3) financial risk has shown a significantly negative impact on the digital economy from 2009 to 2019; and (4) the financial risk has higher negative effects on the digital economy at the lower quantiles.

摘要

本文基于2003-2019年121个国家的面板数据，构建了一系列数字经济指标，探讨了金融风险对全球数字经济发展的影响。此外，我们分析了区域异质性和不对称性。主要研究结果表明：（1）金融风险每增加1%，全球数字经济发展就会受到0.085%的阻碍；(2) 在高收入、中高收入和中低收入国家，金融风险对全球数字经济产生负面影响；（3）2009-2019年金融风险对数字经济的负面影响显着；（4）金融风险对较低分位数数字经济的负面影响较大。