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<p>This study explores the interrelationship between Mobile Financial Transaction Services (MFTS), transaction velocity (TV), and GDP growth, all examined through the lens of a Knowledge-Based Economy (KBE). This study further examines the potential of digital financial expansion to enhance macroeconomic performance through knowledge-related mechanisms, including innovation capacity, digital skills, and institutional adaptability. Using quarterly data from Bangladesh and China between 2014 and 2024, the analysis employed Johansen cointegration (JCT), Vector Error Correction Models (VECM), Impulse Response Functions (IRF), and Autoregressive Distributed Lag (ARDL). The empirical model integrates transaction indicators (amount and number) with velocity measures and knowledge proxies, including R&amp;D intensity, digital literacy, e-learning, innovation indices, and costs. Structural breaks and post-COVID adjustments were evaluated using Chow tests and Granger causality analysis. The results indicate stable long-term cointegration between transactional velocity and GDP in both countries, revealing a relationship between MFTS transactions and economic growth. The post-COVID elasticities increased to 0.956 in Bangladesh and 0.985 in China, demonstrating a strengthened digital-economic synergy. Bangladesh exhibits a diffusion-oriented trend, indicating significant increases in knowledge-related elasticities by declining cost barriers. China shows higher baseline innovation and R&amp;D coefficients, reflecting the integration of digital finance within formal innovation systems. Dynamic adjustment suggests that improved macroeconomic responsiveness to digital acceleration. By extending the Quantity Theory of Money to a digital form (M × V_digital), this study views transactional velocity as an indicator of knowledge circulation, offering insights into the role of mobile finance in knowledge-based economic development.</p>

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Mobile Financial Transactions Services as Knowledge Infrastructure: A Comparative Analysis of Digital Financial Velocity and Economic Learning in Bangladesh and China

  • 期刊论文

  • 发表日期：

    2026年4月16日

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  • Leo Vashkor Dewri

摘要

This study explores the interrelationship between Mobile Financial Transaction Services (MFTS), transaction velocity (TV), and GDP growth, all examined through the lens of a Knowledge-Based Economy (KBE). This study further examines the potential of digital financial expansion to enhance macroeconomic performance through knowledge-related mechanisms, including innovation capacity, digital skills, and institutional adaptability. Using quarterly data from Bangladesh and China between 2014 and 2024, the analysis employed Johansen cointegration (JCT), Vector Error Correction Models (VECM), Impulse Response Functions (IRF), and Autoregressive Distributed Lag (ARDL). The empirical model integrates transaction indicators (amount and number) with velocity measures and knowledge proxies, including R&D intensity, digital literacy, e-learning, innovation indices, and costs. Structural breaks and post-COVID adjustments were evaluated using Chow tests and Granger causality analysis. The results indicate stable long-term cointegration between transactional velocity and GDP in both countries, revealing a relationship between MFTS transactions and economic growth. The post-COVID elasticities increased to 0.956 in Bangladesh and 0.985 in China, demonstrating a strengthened digital-economic synergy. Bangladesh exhibits a diffusion-oriented trend, indicating significant increases in knowledge-related elasticities by declining cost barriers. China shows higher baseline innovation and R&D coefficients, reflecting the integration of digital finance within formal innovation systems. Dynamic adjustment suggests that improved macroeconomic responsiveness to digital acceleration. By extending the Quantity Theory of Money to a digital form (M × V_digital), this study views transactional velocity as an indicator of knowledge circulation, offering insights into the role of mobile finance in knowledge-based economic development.