Аңдатпа
The rapid expansion of digital financial services has strengthened digital financial inclusion by overcoming limitations of traditional finance. However, evidence on the long-run relationship between digital financial inclusion and economic growth remains limited in Central Asian transition economies, where cross-country heterogeneity in digital infrastructure, institutional quality, and financial development may shape different growth outcomes. This study examines the long-run relationship between digital financial inclusion and economic growth in five Central Asian countries from 2004 to 2024. A PCA-based index capturing the digital-access dimension of financial inclusion is constructed using mobile cellular subscriptions and Internet use. The empirical analysis combines fixed-effects estimation, Driscoll–Kraay standard errors, the pooled mean group estimator, and an instrumental-variable approach. The main estimates show a positive and statistically significant association between digital financial inclusion and GDP per capita, while country-interaction estimates reveal significant cross-country heterogeneity in this relationship. Unlike previous studies relying on single-country evidence and single indicators, this study provides region-specific evidence by jointly analyzing long-run dynamics, cross-country heterogeneity, and a composite measure of the digital-access dimension of financial inclusion. The findings suggest a positive long-run association between digital financial inclusion and economic growth in Central Asian transition economies, with the magnitude of this relationship varying across countries. Thus, policies aimed at expanding digital financial inclusion should be complemented by improvements in financial development, institutional quality, and digital infrastructure.