Reshaping financial systems: The role of ICT in the diffusion of financial innovations – Recent evidence from European countries - Publication - Bridge of Knowledge

Your account

login

Search

Reshaping financial systems: The role of ICT in the diffusion of financial innovations – Recent evidence from European countries

Abstract

Exchange-traded funds (ETFs) are among the fastest-growing types of innovative financial products. The emergence and spread of these instruments have been facilitated by the digital revolution. Information and communication technology (ICT) is profoundly reshaping the global economic landscape, laying solid foundations for unrestricted and unbounded flows of information and knowledge, eliminating information asymmetries, and furthering the rapid diffusion of financial innovations worldwide. This work contributes to the literature by exploring the linkages between variations in ICT penetration and the development and expansion of financial innovation on stock exchanges in ten European countries: France, Germany, Hungary, Italy, Norway, Poland, Spain, Switzerland, Turkey, and the United Kingdom. The analysis covers the period from 2004 to 2019, and uses panel and country-specific regression models to verify the relationship hypothesized between increasing ICT penetration and the development of exchange-traded funds. Our findings indicate that ICT spreads evenly in all the countries, laying solid foundations for the development of innovative financial products. We also find that ICT positively influences the diffusion of ETFs, regardless of the other possible determinants considered; however, despite the high level of ICT adoption in most of the economies analyzed, ETF market development has not been universal, with substantial between-country differences.

Citations

  • 1 9

    CrossRef

  • 0

    Web of Science

  • 2 0

    Scopus

Authors (2)

Cite as

Full text

download paper
downloaded 133 times
Publication version
Accepted or Published Version
License
Creative Commons: CC-BY open in new tab

Keywords

Details

Category:
Articles
Type:
artykuły w czasopismach
Published in:
TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE no. 167,
ISSN: 0040-1625
Language:
English
Publication year:
2021
Bibliographic description:
Lechman E., Marszk A.: Reshaping financial systems: The role of ICT in the diffusion of financial innovations – Recent evidence from European countries// TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE -Vol. 167, (2021), s.120683-
DOI:
Digital Object Identifier (open in new tab) 10.1016/j.techfore.2021.120683
Verified by:
Gdańsk University of Technology

seen 197 times

Recommended for you

Information and communication technologies versus diffusion and substitution of financial innovations. The case of exchange-traded funds in Japan and South Korea

2021

The Emergence of ETFs in Asia-Pacific

2019

New technologies and diffusion of innovative financial products: Evidence on exchange-traded funds in selected emerging and developed economies

2019

Tracing financial innovation diffusion and substitution trajectories. Recent evidence on exchange-traded funds in Japan and South Korea.

2018
Meta Tags