Cashless Payments and Economic Growth: Evidence From Selected ASEAN Countries
Date
6-2022
Degree
Bachelor of Science in Economics
College
College of Economics and Management (CEM)
Adviser/Committee Chair
Maria Luisa G. Valera
Committee Member
Amelia L. Bello, Maria Angeles O. Catelo, Agham C. Cuevas
Restrictions
Restricted: Not available to the general public. Access is available only after consultation with author/thesis adviser and only to those bound by the confidentiality agreement.
Abstract
Evidence from previous literature claimed that cashless payments have a positive relationship with economic growth and it has the potential to stimulate economies. Academic intellectuals and policymakers have explored the possibilities of moving towards a cashless economy; however, there is a lack of literature focused on the ASEAN setting. Hence, this study intends to determine the relationship between cashless payments and economic growth in the selected ASEAN countries.
Observing an increase in the value of transactions of cashless payments over the years, this study analyzed the behavior of cashless payments and economic growth using graphical and tabular statistics. Econometric procedures were also employed including panel cointegration, panel vector error correction model, and Granger causality test to identify the presence of long-run and short-run relationships between the gross domestic product per capita and its explanatory variables, namely, credit card, debit card, e-money, inflation, broad money, and real interest. Annual time series data on Indonesia, Malaysia, Philippines, Singapore, and Thailand from 2010 to 2020 were used in the analysis.
The results indicate that e-money showed the most notable increase compared to card payments. Yet, only the Philippines showed a continuous increase in e-money during the COVID-19 pandemic, while the other countries experienced a decline. Nonetheless, it was proved that there is a significant relationship between economic growth and the explanatory variables both in the short run and the long run. Therefore, this study recommends promoting cashless payments as a policy implication by supplementing the accessibility of cashless transactions for all consumers.
Language
English
LC Subject
Electronic funds transfers, Economic development
Location
UPLB College of Economics and Management (CEM)
Call Number
LG 993.5 2022 E2 D46
Recommended Citation
De Mesa, Lissa Andrea F., "Cashless Payments and Economic Growth: Evidence From Selected ASEAN Countries" (2022). Undergraduate Theses. 11863.
https://www.ukdr.uplb.edu.ph/etd-undergrad/11863
Document Type
Thesis
