S1 Dataset -

Given the importance of ICT diffusion in the development of the financial sector, this analysis is an effort to analyze the transmission channels between the two in high-income and middle and low-income economies over 2001–2019. We have used three variables, including the ICT index, individuals using the internet, and mobile subscribers, to represent ICT and three indices, including the financial development index, financial institution index, and financial market index, to make our results reliable and robust. We utilized a GMM method for conducting the empirical analysis. Generally, our results imply that ICT diffusion positively impacts financial development in high-income economies and negatively impacts middle and low-income economies. Our findings suggest that middle- and low-income-economy policymakers should follow the footprint of the high-income economies and increase the role of ICT in the financial sector for its development.

鉴于信息与通信技术（ICT）扩散对金融行业发展的重要意义，本研究旨在探究2001至2019年间高收入、中低收入经济体中二者之间的传导路径。本研究选取三类变量表征ICT发展水平，分别为ICT指数、互联网用户数与移动电话用户数；同时选取金融发展指数、金融机构指数与金融市场指数三类指标，以确保研究结果具备可靠性与稳健性。本研究采用广义矩估计（GMM）方法开展实证分析。整体而言，研究结果显示：ICT扩散对高收入经济体的金融发展具有显著正向影响，而对中低收入经济体的金融发展则呈现负向影响。本研究结果表明，中低收入经济体的政策制定者应借鉴高收入经济体的经验，强化ICT在金融行业发展中的作用。