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All Journal EkBis: Jurnal Ekonomi dan Bisnis
Nurhan, Cinta Laura
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Economics, Econometrics & Finance

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Does Digital Finance Reduce Cash Holdings? Evidence on Money Demand in ASEAN Dewanti, Nala Syifa; Nurhan, Cinta Laura; Inayati, Alfaina Zia
EkBis: Jurnal Ekonomi dan Bisnis Vol. 9 No. 2 (2025): EkBis: Jurnal Ekonomi dan Bisnis
Publisher : Fakultas Ekonomi dan Bisnis Islam, UIN Sunan Kalijaga Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/EkBis.2025.9.2.2813

Abstract

This study investigates the impact of digital finance, alongside globalization and exchange rates, on money demand in six ASEAN countries (Indonesia, Malaysia, Singapore, Thailand, Philippines, and Vietnam) from 2015-2023. The primary purpose is to analyze how digital financial transformation influences cash holdings and monetary stability in a developing regional context, an area with limited empirical evidence. Utilizing a panel data regression approach with fixed effects model estimation, the research employs indicators suc as ATM density, mobile subscriptions, internet penetration, the KOF Globalization index, and official exchange rates. The main findings remain dominant drivers: ATM access and globalization have positive effects on broad money demand. However, a composite Digital Financial Inclusion Index consolidating digital variables exhibits a strong positive significant effect, digital advancements holistically strengthen financial deepening. The study contributes to monetary economics by highlighting the complex, evolving nexus between digitalization and money demand in emerging economies.
Co-Authors Dewanti, Nala Syifa Inayati, Alfaina Zia