SIR-金融科技时代是否让我们感到幸福_18页_1mb

Title: Is the Fintech Era Making Us Happy?
Journal: Social Indicators Research
Authors: Van Le, Bao Khac Quoc Nguyen
Date: Accepted March 2025

Objective
The study analyzes the impact of financial technology (Fintech) innovation on human happiness sentiment across different economic contexts. It uses time series data from 2015 to 2021, including periods of economic stability and global volatility, to assess whether Fintech improves or diminishes well-being.

Methodology
The research employs daily data from the INDXX Global Fintech Thematic Index (IFINX) and Twitter's Daily Happiness Sentiment Index (DHS). It applies bivariate Generalized Autoregressive Conditional Heteroskedasticity (GARCH) modeling to examine interactions, focusing on return and volatility transmissions. Statistical tests confirm the stochastic properties and model adequacy.

Key Findings
Fintech development has a statistically significant negative effect on happiness sentiment, observed in both stable and volatile economic conditions. During the COVID-19 pandemic (2020-2021), this negative impact intensifies, with bidirectional negative trade-offs between Fintech and happiness returns. Happiness plays a role in mitigating risks during uncertainties, as shown by hedging effectiveness in a quasi-portfolio model.

Conclusion
The findings indicate that while Fintech drives economic growth, it does not enhance happiness and may reduce it. This innovation involves a trade-off, with policymakers advised to integrate happiness metrics into technological policies to avoid adverse outcomes and promote sustainable development. Limitations include proxy selection, particularly with the Twitter-based happiness index.