DIGITALIZATION AND ECONOMIC GROWTH NEXUS IN THE ASEAN REGION
Sažetak
The digitalization of the economy has emerged as a pivotal driver of growth in the ASEAN region. The prevalence of non-cash transactions and e-commerce has increased exponentially in recent years, and these developments have been widely discussed in academic and public discourse. This study examines the impact of e-money and e-commerce on economic growth in 11 ASEAN countries. The data were obtained from the World Bank and the Statista Research Department. The data were analyzed using the System-Generalized Method of Moments (SYS-GMM) model with a dynamic panel data structure. The findings indicate that e-money has no discernible impact on economic growth, whereas e-commerce exerts a positive and statistically significant influence on economic growth. This study highlights that e-commerce is pivotal in facilitating market expansion, enhancing efficiency, and fostering innovation.
Reference
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Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68, 29–51. https://doi.org/https://doi.org/10.1016/0304-4076(94)01642-D
Armunanto, Y. N., Marselina, & Suparta, I. W. (2021). E-Commerce Effect on Economic Growth In Asean Countries. International Journal of Economics and Management Studies, 8(2), 100–104. https://doi.org/10.14445/23939125/ijems-v8i2p114
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Basalma, E. O. (2024). The Long-Run Effect of E-commerce on Economic Growth in Saudi Arabia. Cognizance Journal of Multidisciplinary Studies, 4(2), 1–19. https://doi.org/10.47760/cognizance.2024.v04i02.001
Brunner, N., Mayrpeter, G., & Kühleitner, M. (2022). Parameter estimation of the Solow–Swan fundamental differential equation. Heliyon, 8(10), e10816. https://doi.org/10.1016/j.heliyon.2022.e10816
Danisewicz, P., & Elard, I. (2023). The real effects of financial technology: Marketplace lending and personal bankruptcy. Journal of Banking and Finance, 155, 1–22. https://doi.org/10.1016/j.jbankfin.2023.106986
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Elseoud, E., & Abou, M. S. (2014). Electronic Commerce and Economic Growth in Saudi Arabia. International Journal of Economics, Commerce and Management United Kingdom, 2(5), 1–16.
Givelyn, I., Rohima, S., Mardalena, M., & Widyanata, F. (2022). The Impact of Cashless Payment on Indonesian Economy: Before and During Covid-19 Pandemic. Jurnal Ekonomi Pembangunan, 20(1), 89–104. https://doi.org/10.29259/jep.v20i1.17898
Ibarra, L., Partida, A., & Aguilar, D. (2015). Electronic Commerce as a Business Strategy: Impact in Consumption Habits in Hermosillo, Sonora’s Inhabitants. Procedia - Social and Behavioral Sciences, 175, 275–282. https://doi.org/10.1016/j.sbspro.2015.01.1201
Kabir, A. I., Jakowan, Md., Bosu, J., Mohsin, S., & Hamim, R. (2020). The Emergence of E-Commerce Sites and Its Contribution towards the Economic Growth of Bangladesh: A Quantitative Study. Informatica Economica, 24(3), 40–53. https://doi.org/10.24818/issn14531305/24.3.2020.04
Kadigi, R. M. J., Robinson, E., Szabo, S., Kangile, J., Mgeni, C. P., De Maria, M., Tsusaka, T., & Nhau, B. (2022). Revisiting the Solow-Swan model of income convergence in the context of coffee producing and re-exporting countries in the world. Sustainable Futures, 4, 100082. https://doi.org/10.1016/j.sftr.2022.100082
Mashabi, M., & Wasiaturrahma, W. (2021). Electronic Based Payment Systems and Economic Growth in Indonesia. Jurnal Ilmu Ekonomi Terapan, 6(1), 97–121. https://doi.org/10.20473/jiet.v6i1.26287
Nopiah, R., Ekaputri, R. A., Barika, B., & Febriani, R. E. (2024). Impact of E-Commerce on Indonesia Economic Growth: Intermediation Models with Financial Technology Constraint. Riset Ekonomi Pembangunan, 9(1), 1–23. https://doi.org/10.31002/rep.v9i1.1216
Oyewole, O. S., Gambo, J., Abba, M., & Onuh, M. E. (2013). Electronic Payment System and Economic Growth: A Review of Transition to Cashless Economy in Nigeria. International Journal of Scientific Engineering and Technology, 2, 913–918.
Pang, Y. X., Ng, S. H., & Lau, W. T. (2022). Digital Cashless Payments and Economic Growth: Evidence from CPMI Countries. Capital Markets Review, 30(2), 63–89. https://www.mfa.com.my/cmr/v30_i2_a4/
Pelletier, A., Khavul, S., & Estrin, S. (2014). Mobile payment services in developing countries. International Growth Centre, 1–12. www.theigc.org
Popovska-Kamnar, N. (2014). The Use of Electronic Money and Its Impact on Monetary Policy. Journal of Contemporary Economic and Business Issues, 1(2), 79–92. https://hdl.handle.net/10419/147460
Pratiwi, K. D. (2022). E-Commerce and Economic Growth in Indonesia: Analysis of Panel Data Regression. GEMA PUBLICA, 7(1), 171–186. https://doi.org/https://doi.org/10.14710/gp.7.1.2022.171-186
Setiawan, B., Nugraha, D. P., Irawan, A., Nathan, R. J., & Zoltan, Z. (2021). User innovativeness and fintech adoption in Indonesia. Journal of Open Innovation: Technology, Market, and Complexity, 7(3), 1–18. https://doi.org/10.3390/joitmc7030188
Slozko, O., & Pelo, A. (2014). The Electronic Payments as A Major Factor for Futher Economic Development. Economics and Sociology, 7(3), 130–140. https://doi.org/10.14254/2071-789X.2014/7-3/13
Statista Research Department. (2023). Fintech - statistics & facts. https://www.statista.com/topics/2404/fintech/#topicOverview
Statista Research Department. (2024a). Digital Commerce - Brunei Darussalam. https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-commerce/brunei-darussalam#transaction-value
Statista Research Department. (2024b). Digital Commerce - Cambodia. https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-commerce/cambodia#transaction-value
Statista Research Department. (2024c). Digital Commerce - Filipina. https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-commerce/philippines#transaction-value
Statista Research Department. (2024d). Digital Commerce - Indonesia. https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-commerce/indonesia#transaction-value
Statista Research Department. (2024e). Digital Commerce - Laos. https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-commerce/laos#transaction-value
Statista Research Department. (2024f). Digital Commerce - Malaysia. https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-commerce/malaysia#transaction-value
Statista Research Department. (2024g). Digital Commerce - Myanmar. https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-commerce/myanmar#transaction-value
Statista Research Department. (2024h). Digital Commerce - Singapore. https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-commerce/singapore#transaction-value
Statista Research Department. (2024i). Digital Commerce - Thailand. https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-commerce/thailand#transaction-value
Statista Research Department. (2024j). Digital Commerce - Timor Leste. https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-commerce/timor-leste#transaction-value
Statista Research Department. (2024k). Digital Commerce - Vietnam. https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-commerce/vietnam#transaction-value
Statista Research Department. (2024l). Digital Payments - Brunei Darussalam. https://www.statista.com/outlook/dmo/fintech/digital-payments/brunei-darussalam#transaction-value
Statista Research Department. (2024m). Digital Payments - Cambodia. https://www.statista.com/outlook/dmo/fintech/digital-payments/cambodia#transaction-value
Statista Research Department. (2024n). Digital Payments - Filipina. https://www.statista.com/outlook/dmo/fintech/digital-payments/philippines#transaction-value
Statista Research Department. (2024o). Digital Payments - Indonesia. https://www.statista.com/outlook/dmo/fintech/digital-payments/indonesia#transaction-value
Statista Research Department. (2024p). Digital Payments - Laos. https://www.statista.com/outlook/dmo/fintech/digital-payments/laos#transaction-value
Statista Research Department. (2024q). Digital Payments - Malaysia. https://www.statista.com/outlook/dmo/fintech/digital-payments/malaysia#transaction-value
Statista Research Department. (2024r). Digital Payments - Myanmar. https://www.statista.com/outlook/dmo/fintech/digital-payments/myanmar#transaction-value
Statista Research Department. (2024s). Digital Payments - Singapore. https://www.statista.com/outlook/dmo/fintech/digital-payments/singapore#transaction-value
Statista Research Department. (2024t). Digital Payments - Thailand. https://www.statista.com/outlook/dmo/fintech/digital-payments/thailand#transaction-value
Statista Research Department. (2024u). Digital Payments - Timor Leste. https://www.statista.com/outlook/dmo/fintech/digital-payments/timor-leste#transaction-value
Statista Research Department. (2024v). Digital Payments - Vietnam. https://www.statista.com/outlook/dmo/fintech/digital-payments/vietnam#transaction-value
Tee, H. H., & Ong, H. B. (2016). Cashless payment and economic growth. Financial Innovation, 2(4), 1–9. https://doi.org/10.1186/s40854-016-0023-z
The Jakarta Post. (2019). Indonesia among top e-money drivers in Southeast Asia: S&P report. The Jakarta Post. https://www.thejakartapost.com/news/2019/11/19/indonesia-among-top-e-money-drivers-in-southeast-asia-sp-report.html
Times of India. (2023). India tops world ranking in digital payments, beats China by huge margin: Report. Times of India. https://timesofindia.indiatimes.com/gadgets-news/india-tops-world-ranking-in-digital-payments-beats-china-by-huge-margin-report/articleshow/100944643.cms
Tinungki, G. M., Robiyanto, R., & Hartono, P. G. (2022). The Effect of COVID-19 Pandemic on Corporate Dividend Policy in Indonesia: The Static and Dynamic Panel Data Approaches. Economies, 10(1), 1–18. https://doi.org/10.3390/economies10010011
Tran, L., & Wang, W. (2023). Cashless Payments Impact to Economic Growth: Evidence in G20 Countries and Vietnam—Vietnamese Government with a Policy to Support Cashless Payments. American Journal of Industrial and Business Management, 13(4), 247–269. https://doi.org/10.4236/ajibm.2023.134017
Utami, B. H. S., Warsono, W., Kurniasari, D., Usman, M., & Elfaki, F. A. (2014). Generalized Method of Moments’ Characteristics and Its Application on Panel Data. Science International Lahore, 26(3), 985–990.
Widayat, W., Masudin, I., & Satiti, N. R. (2020). E-Money payment: Customers’ adopting factors and the implication for open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 6(3), 1–14. https://doi.org/10.3390/JOITMC6030057
Wijanarka, T., & Kadek, N. D. A. P. S. (2022). The Role of SMEs in Indonesian E-Commerce to the Indonesian Economy during the Covid-19 Pandemic. Journal of World Trade Studies, 7(1), 33–48. https://doi.org/https://doi.org/10.22146/jwts.v6i2.4821
Wong, T. L., Lau, W. Y., & Yip, T. M. (2020). Cashless Payments and Economic Growth: Evidence from Selected OECD Countries. Journal of Central Banking Theory and Practice, 9, 189–213. https://doi.org/10.2478/jcbtp-2020-0028
World Bank. (2024). GDP Growth (annual %). https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?end=2022&start=2017
Zandi, M., Singh, V., & Irving, J. (2013). The Impact of Electronic Payments on Economic Growth. Moody’s Analytics: Economic and Customer Credit Analytics, 217(2), 1–16.
Aminata, J., & Sjarif, G. E. (2020). Towards a Cashless Society in Indonesia: The Impact on Economic Growth and Interest Rate. Indonesian Journal of Economics, Entrepreneurship and Innovation, 1(2), 2721–8287. https://doi.org/10.31960/ijoeei.v1i2.705
Anvari, R. D., & Norouzi, D. (2016). The Impact of E-commerce and R&D on Economic Development in Some Selected Countries. Procedia - Social and Behavioral Sciences, 229, 354–362. https://doi.org/10.1016/j.sbspro.2016.07.146
Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68, 29–51. https://doi.org/https://doi.org/10.1016/0304-4076(94)01642-D
Armunanto, Y. N., Marselina, & Suparta, I. W. (2021). E-Commerce Effect on Economic Growth In Asean Countries. International Journal of Economics and Management Studies, 8(2), 100–104. https://doi.org/10.14445/23939125/ijems-v8i2p114
ASEAN Indonesia. (2023). Digitalization enhances ASEAN Region’s Financial Inclusion. https://asean2023.id/en/news/digitalization-enhances-asean-regions-financial-inclusion
Basalma, E. O. (2024). The Long-Run Effect of E-commerce on Economic Growth in Saudi Arabia. Cognizance Journal of Multidisciplinary Studies, 4(2), 1–19. https://doi.org/10.47760/cognizance.2024.v04i02.001
Brunner, N., Mayrpeter, G., & Kühleitner, M. (2022). Parameter estimation of the Solow–Swan fundamental differential equation. Heliyon, 8(10), e10816. https://doi.org/10.1016/j.heliyon.2022.e10816
Danisewicz, P., & Elard, I. (2023). The real effects of financial technology: Marketplace lending and personal bankruptcy. Journal of Banking and Finance, 155, 1–22. https://doi.org/10.1016/j.jbankfin.2023.106986
E-Commerce Nation. (2023). Top 10 Countries with the Largest E-commerce Industry. https://www.ecommerce-nation.com/top-10-countries-with-the-largest-e-commerce-industry/
Edeki, S. O., Arowosegbe, D. O., Akinlabi, G. O., & Khalique, C. M. (2024). Solution analysis of Solow Growth Model for financial practices and applications. Partial Differential Equations in Applied Mathematics, 11, 100905. https://doi.org/10.1016/j.padiff.2024.100905
Elseoud, E., & Abou, M. S. (2014). Electronic Commerce and Economic Growth in Saudi Arabia. International Journal of Economics, Commerce and Management United Kingdom, 2(5), 1–16.
Givelyn, I., Rohima, S., Mardalena, M., & Widyanata, F. (2022). The Impact of Cashless Payment on Indonesian Economy: Before and During Covid-19 Pandemic. Jurnal Ekonomi Pembangunan, 20(1), 89–104. https://doi.org/10.29259/jep.v20i1.17898
Ibarra, L., Partida, A., & Aguilar, D. (2015). Electronic Commerce as a Business Strategy: Impact in Consumption Habits in Hermosillo, Sonora’s Inhabitants. Procedia - Social and Behavioral Sciences, 175, 275–282. https://doi.org/10.1016/j.sbspro.2015.01.1201
Kabir, A. I., Jakowan, Md., Bosu, J., Mohsin, S., & Hamim, R. (2020). The Emergence of E-Commerce Sites and Its Contribution towards the Economic Growth of Bangladesh: A Quantitative Study. Informatica Economica, 24(3), 40–53. https://doi.org/10.24818/issn14531305/24.3.2020.04
Kadigi, R. M. J., Robinson, E., Szabo, S., Kangile, J., Mgeni, C. P., De Maria, M., Tsusaka, T., & Nhau, B. (2022). Revisiting the Solow-Swan model of income convergence in the context of coffee producing and re-exporting countries in the world. Sustainable Futures, 4, 100082. https://doi.org/10.1016/j.sftr.2022.100082
Mashabi, M., & Wasiaturrahma, W. (2021). Electronic Based Payment Systems and Economic Growth in Indonesia. Jurnal Ilmu Ekonomi Terapan, 6(1), 97–121. https://doi.org/10.20473/jiet.v6i1.26287
Nopiah, R., Ekaputri, R. A., Barika, B., & Febriani, R. E. (2024). Impact of E-Commerce on Indonesia Economic Growth: Intermediation Models with Financial Technology Constraint. Riset Ekonomi Pembangunan, 9(1), 1–23. https://doi.org/10.31002/rep.v9i1.1216
Oyewole, O. S., Gambo, J., Abba, M., & Onuh, M. E. (2013). Electronic Payment System and Economic Growth: A Review of Transition to Cashless Economy in Nigeria. International Journal of Scientific Engineering and Technology, 2, 913–918.
Pang, Y. X., Ng, S. H., & Lau, W. T. (2022). Digital Cashless Payments and Economic Growth: Evidence from CPMI Countries. Capital Markets Review, 30(2), 63–89. https://www.mfa.com.my/cmr/v30_i2_a4/
Pelletier, A., Khavul, S., & Estrin, S. (2014). Mobile payment services in developing countries. International Growth Centre, 1–12. www.theigc.org
Popovska-Kamnar, N. (2014). The Use of Electronic Money and Its Impact on Monetary Policy. Journal of Contemporary Economic and Business Issues, 1(2), 79–92. https://hdl.handle.net/10419/147460
Pratiwi, K. D. (2022). E-Commerce and Economic Growth in Indonesia: Analysis of Panel Data Regression. GEMA PUBLICA, 7(1), 171–186. https://doi.org/https://doi.org/10.14710/gp.7.1.2022.171-186
Setiawan, B., Nugraha, D. P., Irawan, A., Nathan, R. J., & Zoltan, Z. (2021). User innovativeness and fintech adoption in Indonesia. Journal of Open Innovation: Technology, Market, and Complexity, 7(3), 1–18. https://doi.org/10.3390/joitmc7030188
Slozko, O., & Pelo, A. (2014). The Electronic Payments as A Major Factor for Futher Economic Development. Economics and Sociology, 7(3), 130–140. https://doi.org/10.14254/2071-789X.2014/7-3/13
Statista Research Department. (2023). Fintech - statistics & facts. https://www.statista.com/topics/2404/fintech/#topicOverview
Statista Research Department. (2024a). Digital Commerce - Brunei Darussalam. https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-commerce/brunei-darussalam#transaction-value
Statista Research Department. (2024b). Digital Commerce - Cambodia. https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-commerce/cambodia#transaction-value
Statista Research Department. (2024c). Digital Commerce - Filipina. https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-commerce/philippines#transaction-value
Statista Research Department. (2024d). Digital Commerce - Indonesia. https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-commerce/indonesia#transaction-value
Statista Research Department. (2024e). Digital Commerce - Laos. https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-commerce/laos#transaction-value
Statista Research Department. (2024f). Digital Commerce - Malaysia. https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-commerce/malaysia#transaction-value
Statista Research Department. (2024g). Digital Commerce - Myanmar. https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-commerce/myanmar#transaction-value
Statista Research Department. (2024h). Digital Commerce - Singapore. https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-commerce/singapore#transaction-value
Statista Research Department. (2024i). Digital Commerce - Thailand. https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-commerce/thailand#transaction-value
Statista Research Department. (2024j). Digital Commerce - Timor Leste. https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-commerce/timor-leste#transaction-value
Statista Research Department. (2024k). Digital Commerce - Vietnam. https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-commerce/vietnam#transaction-value
Statista Research Department. (2024l). Digital Payments - Brunei Darussalam. https://www.statista.com/outlook/dmo/fintech/digital-payments/brunei-darussalam#transaction-value
Statista Research Department. (2024m). Digital Payments - Cambodia. https://www.statista.com/outlook/dmo/fintech/digital-payments/cambodia#transaction-value
Statista Research Department. (2024n). Digital Payments - Filipina. https://www.statista.com/outlook/dmo/fintech/digital-payments/philippines#transaction-value
Statista Research Department. (2024o). Digital Payments - Indonesia. https://www.statista.com/outlook/dmo/fintech/digital-payments/indonesia#transaction-value
Statista Research Department. (2024p). Digital Payments - Laos. https://www.statista.com/outlook/dmo/fintech/digital-payments/laos#transaction-value
Statista Research Department. (2024q). Digital Payments - Malaysia. https://www.statista.com/outlook/dmo/fintech/digital-payments/malaysia#transaction-value
Statista Research Department. (2024r). Digital Payments - Myanmar. https://www.statista.com/outlook/dmo/fintech/digital-payments/myanmar#transaction-value
Statista Research Department. (2024s). Digital Payments - Singapore. https://www.statista.com/outlook/dmo/fintech/digital-payments/singapore#transaction-value
Statista Research Department. (2024t). Digital Payments - Thailand. https://www.statista.com/outlook/dmo/fintech/digital-payments/thailand#transaction-value
Statista Research Department. (2024u). Digital Payments - Timor Leste. https://www.statista.com/outlook/dmo/fintech/digital-payments/timor-leste#transaction-value
Statista Research Department. (2024v). Digital Payments - Vietnam. https://www.statista.com/outlook/dmo/fintech/digital-payments/vietnam#transaction-value
Tee, H. H., & Ong, H. B. (2016). Cashless payment and economic growth. Financial Innovation, 2(4), 1–9. https://doi.org/10.1186/s40854-016-0023-z
The Jakarta Post. (2019). Indonesia among top e-money drivers in Southeast Asia: S&P report. The Jakarta Post. https://www.thejakartapost.com/news/2019/11/19/indonesia-among-top-e-money-drivers-in-southeast-asia-sp-report.html
Times of India. (2023). India tops world ranking in digital payments, beats China by huge margin: Report. Times of India. https://timesofindia.indiatimes.com/gadgets-news/india-tops-world-ranking-in-digital-payments-beats-china-by-huge-margin-report/articleshow/100944643.cms
Tinungki, G. M., Robiyanto, R., & Hartono, P. G. (2022). The Effect of COVID-19 Pandemic on Corporate Dividend Policy in Indonesia: The Static and Dynamic Panel Data Approaches. Economies, 10(1), 1–18. https://doi.org/10.3390/economies10010011
Tran, L., & Wang, W. (2023). Cashless Payments Impact to Economic Growth: Evidence in G20 Countries and Vietnam—Vietnamese Government with a Policy to Support Cashless Payments. American Journal of Industrial and Business Management, 13(4), 247–269. https://doi.org/10.4236/ajibm.2023.134017
Utami, B. H. S., Warsono, W., Kurniasari, D., Usman, M., & Elfaki, F. A. (2014). Generalized Method of Moments’ Characteristics and Its Application on Panel Data. Science International Lahore, 26(3), 985–990.
Widayat, W., Masudin, I., & Satiti, N. R. (2020). E-Money payment: Customers’ adopting factors and the implication for open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 6(3), 1–14. https://doi.org/10.3390/JOITMC6030057
Wijanarka, T., & Kadek, N. D. A. P. S. (2022). The Role of SMEs in Indonesian E-Commerce to the Indonesian Economy during the Covid-19 Pandemic. Journal of World Trade Studies, 7(1), 33–48. https://doi.org/https://doi.org/10.22146/jwts.v6i2.4821
Wong, T. L., Lau, W. Y., & Yip, T. M. (2020). Cashless Payments and Economic Growth: Evidence from Selected OECD Countries. Journal of Central Banking Theory and Practice, 9, 189–213. https://doi.org/10.2478/jcbtp-2020-0028
World Bank. (2024). GDP Growth (annual %). https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?end=2022&start=2017
Zandi, M., Singh, V., & Irving, J. (2013). The Impact of Electronic Payments on Economic Growth. Moody’s Analytics: Economic and Customer Credit Analytics, 217(2), 1–16.
Objavljeno
2025/04/24
Rubrika
Originalni naučni članak
