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Digitization of the Financial System in the World Economy


Olena Sydorovych, Oksana Perchuk, Mariana Fedyk, Svitlana Klymenko, Igor Matviy, Liudmyla Chupryna, Igor Yaremko


Vol. 21  No. 12  pp. 611-619


This article is devoted to the study of digital finance development in the global economy. The study aims to show the digital finance development level in different states and its impact on their economic development. In the course of the study, three hypotheses are put forward: 1) increased spending on innovation contributes to the competitiveness of financial services; 2) digital technology makes the financial systems of states more developed; 3) the development of digital finance contributes to the competitiveness at the level of states. Correlation and regression analysis are applied for building the empirical study. The results of the study helped to understand the digital finance concept. It also shows the main stages of digital finance development, the digitalization rank of the countries, the impact of digitalization on the financial and economic sphere. According to the results of empirical analysis, it is confirmed that the countries that invest more in innovative technologies are more developed. Therefore, digitalization has a significant value for the financial system and has a synergistic effect on all areas of the economy.


Innovation, Digital Finance, Globalization, Competitiveness, R&D Spending