Impact of Digital Financial Inclusion on Economic Resilience: A Spatial Panel Analysis of Direct and Spillover Effects

This study examines the impact of digital financial inclusion on economic resilience in East and Southeast Asian countries over the period 2010–2024. Composite indices for digital financial inclusion and economic resilience are constructed using principal component analysis (PCA). The study employs panel regression and spatial econometric models (SAR and SEM) to assess both direct and spillover effects. The results indicate that digital financial inclusion has a positive and statistically significant effect on economic resilience, with the strongest impact observed in developing economies, insignificant effects in least-developed countries, and diminishing or negative effects in developed economies. Additionally, spatial dependence across countries is confirmed. The findings highlight the importance of digital financial infrastructure and the need for development-stage-specific policy design to enhance economic resilience.