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Exploring the Spatial Spillovers of Digital Finance on Urban Innovation and Its Synergy with Traditional Finance

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Title: Exploring the Spatial Spillovers of Digital Finance on Urban Innovation and Its Synergy with Traditional Finance
Authors: Xiaoling Song, Xuan Qin, Wanmeng Wang, Rita Yi Man Li
Source: Emerging Science Journal, Vol 9, Iss 1, Pp 433-450 (2025)
Publisher Information: Ital Publication, 2025.
Publication Year: 2025
Collection: LCC:Technology (General)
LCC:Social sciences (General)
Subject Terms: digital finance, financial inclusion, innovation level, spatial spillover, belt and road initiative, fintech., Technology (General), T1-995, Social sciences (General), H1-99
More Details: Research on the driving role of digital finance in urban innovation is scarce. Most existing literature focuses on whether digital or traditional finance contributes more to innovation, ignoring the spatial spillover effect of digital finance and failing to explore whether digital finance complements traditional finance in promoting innovation. Moreover, current studies focus on the provincial dimension but elaborate very little on the implications of BRI node cities. This study fills in the gaps by focusing on the spatial spillover effects of digital finance on urban innovation and complementary functions of traditional finance. It applies the spatial Durbin model to 26 China BRI node cities from 2013 to 2020. The results indicated that digital finance has a significant positive effect on the innovation level of these cities, suggesting that digital and traditional finance systems are complementary in promoting innovation. Moreover, the evidence of spatial spillover proves that innovations in node cities influence neighboring regions. This paper contributes to the interaction between digital finance and urban innovation with new insights. It also fills the literature gap by underlining the spatial dynamics rather than traditional panel approaches. The results are useful for policymakers in harnessing financial mechanisms for innovation and economic growth. Doi: 10.28991/ESJ-2025-09-01-024 Full Text: PDF
Document Type: article
File Description: electronic resource
Language: English
ISSN: 2610-9182
Relation: https://ijournalse.org/index.php/ESJ/article/view/2891; https://doaj.org/toc/2610-9182
DOI: 10.28991/ESJ-2025-09-01-024
Access URL: https://doaj.org/article/9510713b7f7c44d9b2a7aeee31ba9b4e
Accession Number: edsdoj.9510713b7f7c44d9b2a7aeee31ba9b4e
Database: Directory of Open Access Journals
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  Data: <searchLink fieldCode="AR" term="%22Xiaoling+Song%22">Xiaoling Song</searchLink><br /><searchLink fieldCode="AR" term="%22Xuan+Qin%22">Xuan Qin</searchLink><br /><searchLink fieldCode="AR" term="%22Wanmeng+Wang%22">Wanmeng Wang</searchLink><br /><searchLink fieldCode="AR" term="%22Rita+Yi+Man+Li%22">Rita Yi Man Li</searchLink>
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  Data: Emerging Science Journal, Vol 9, Iss 1, Pp 433-450 (2025)
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  Data: Research on the driving role of digital finance in urban innovation is scarce. Most existing literature focuses on whether digital or traditional finance contributes more to innovation, ignoring the spatial spillover effect of digital finance and failing to explore whether digital finance complements traditional finance in promoting innovation. Moreover, current studies focus on the provincial dimension but elaborate very little on the implications of BRI node cities. This study fills in the gaps by focusing on the spatial spillover effects of digital finance on urban innovation and complementary functions of traditional finance. It applies the spatial Durbin model to 26 China BRI node cities from 2013 to 2020. The results indicated that digital finance has a significant positive effect on the innovation level of these cities, suggesting that digital and traditional finance systems are complementary in promoting innovation. Moreover, the evidence of spatial spillover proves that innovations in node cities influence neighboring regions. This paper contributes to the interaction between digital finance and urban innovation with new insights. It also fills the literature gap by underlining the spatial dynamics rather than traditional panel approaches. The results are useful for policymakers in harnessing financial mechanisms for innovation and economic growth. Doi: 10.28991/ESJ-2025-09-01-024 Full Text: PDF
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      – SubjectFull: digital finance
        Type: general
      – SubjectFull: financial inclusion
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      – SubjectFull: innovation level
        Type: general
      – SubjectFull: spatial spillover
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      – SubjectFull: belt and road initiative
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