The issue of how financial development affects international trade has gained much attention in the literature, both theoretical and empirical, without investigating the various transmission channels of financial development on international trade. Significantly, how the digital economy modulates the effects of financial development on trade remains unexplored. Our study addresses these research gaps using panel data from 47 African economies spanning 1990 to 2019. Our findings based on the dynamic system GMM approach show that the direct impacts of financial development and the digital economy have been crucial in driving international trade in Africa in the short and long runs. Second, in the short and long runs, the digital economy serves as a vital channel through which financial development has the most significant impact on trade in Africa. Third, the robustness checks by excluding countries endowed with natural resources in Africa provide robust evidence that digital technology and finance matter for trade. Further, the study discloses an important novelty in that the marginal effects on trade increase when financial development in Africa interacts with the digital economy. In light of these findings, we conclude that policy reforms should focus on policies that encourage the development of the digital economy and its use in the financial sector in Africa.

金融发展如何影响国际贸易的问题在理论和实证文献中都引起了广泛关注，而没有研究金融发展对国际贸易的各种传导渠道。值得注意的是，数字经济如何调节金融发展对贸易的影响仍未得到探索。我们的研究利用 1990 年至 2019 年 47 个非洲经济体的面板数据解决了这些研究空白。我们基于动态系统 GMM 方法的研究结果表明，金融发展和数字经济的直接影响对于推动非洲的国际贸易至关重要。短期和长期运行。其次，从短期和长期来看，数字经济是金融发展对非洲贸易影响最大的重要渠道。第三，排除非洲拥有自然资源的国家的稳健性检查提供了强有力的证据，证明数字技术和金融对贸易很重要。此外，该研究揭示了一个重要的新奇之处，即当非洲的金融发展与数字经济相互作用时，对贸易的边际效应会增加。鉴于这些发现，我们得出结论，政策改革应侧重于鼓励数字经济发展及其在非洲金融部门使用的政策。该研究揭示了一个重要的新奇之处，即当非洲的金融发展与数字经济相互作用时，对贸易的边际效应会增加。鉴于这些发现，我们得出结论，政策改革应侧重于鼓励数字经济发展及其在非洲金融部门使用的政策。该研究揭示了一个重要的新奇之处，即当非洲的金融发展与数字经济相互作用时，对贸易的边际效应会增加。鉴于这些发现，我们得出结论，政策改革应侧重于鼓励数字经济发展及其在非洲金融部门使用的政策。