توسعه مالی، ساختار بازار سرمایه و شکاف دیجیتالی جهانی

This paper examines the extent to which financial development and financial structure may explain cross-country diffusion of information communication technology (ICT). Using panel data for 76 emerging and advanced countries for the period 1990–2003, it finds that credit and stock market development tends to foster ICT diffusion, but financial structure does not appear to have any significant relationship with it. The conclusions, which are consistent with what theory might predict, highlight the role of financial development in the market for knowledge-based products. The finding that financial development is an important determinant of ICT diffusion implies that countries with underdeveloped financial markets may sink even further to the information-poor and noncommunicating side of the global digital divide.

The global economy is being driven by greater integration of world markets and the spectacular growth of information and communication technologies (ICTs). Recent events, especially the acceleration of productivity in the United States since 1995, have increased interest in this area; certainly, the acceleration seems to be connected with more investment in ICTs (Chinn and Fairlies, 2004). Interest in the global diffusion of technology has also been increased by arguments that ICT might contribute to the spread of knowledge diffusion by making communication more efficient and might even allow developing countries to leapfrog traditional methods of increasing productivity (Steinmueller, 2001). The problem, however, is that in many countries technological diffusion is hampered by the limited capacity of networks to carry large amounts of knowledge swiftly and the limited access of individuals even to networks in which knowledge products are minimal (Adriani and Becchetti, 2003). In this direction, the development of financial markets may affect both ICT diffusion and its impact on economic growth. In particular, well-developed financial markets can make it easier to finance projects designed to increase the capacity of networks and the quality of peripherals.

This paper has examined the role of financial development and financial structure in explaining cross-country diffusion of ICT for a group of developing and advanced countries. There are four major findings: 1. Income influences ICT infrastructure as it relates to higher use of fixed and mobile phones, the Internet, and PCs. 2. Government trade policies have a positive impact on ICT – openness is associated with the adoption and adaptation of technology. This finding is generally consistent with the results of other studies. 3. Financial development is associated with more use of ICTs. In particular, development of stock markets and banks tends to foster ICT diffusion. 4. The structure of a country’s capital market does not seem to have any significant relationship with ICT diffusion.