发表时间：2023-08-01
摘要：The relationship between digital financial development and household consumption has drawn much attention from both academia and policymakers. Previous studies have documented that digital financial development fosters the growth of household consumption expenditure, but little attention is paid to its impact on household consumption upgrading. Using China Family Panel Studies data and Digital Financial Inclusion Index, we examine the impact of digital financial development on Chinese household consumption structure. We find that the development of digital ffnance promotes household consumption upgrading. Liquidity constraints, payment convenience, investment efficiency and household risk-hedging ability are proven to be important channels in the mechanism. Our findings are robust to the dynamic GMM estimation and instrumental variable analysis. It implies that the government should devote more efforts to developing digital finance to promote consumption upgrading, and hence economic growth.
关键词：Digital finance;Household consumption;Consumption upgrading;China Family Panel Studies
期刊名称：Economic Modeling