Digital Finance,Financial Marketization and Economic Fluctuations
Based on China's provincial panel data from 2011 to 2020,fixed effect and panel threshold models are constructed to analyze the impact of digital finance on e-conomic fluctuations,and explore the mechanism paths through which digital fi-nance affects the level of financial development and the level of financial marketiza-tion to have an impact on economic fluctuations.It was found that digital finance has a significant dampening effect on economic fluctuations,accompanied by a double threshold effect.Digital finance can contribute to economic fluctuations at lower levels,beyond the first threshold,digital finance exhibits a significant dampe-ning effect on economic fluctuations,But the marginal dampening effect of digital finance on economic volatility declines after digital finance is above the second threshold value.Digital finance weakens the dampening effect of financial develop-ment and financial marketization on economic volatility by weakening the"financial decelerator"effect of financial development and reducing the level of direct finan-cing.Therefore,the development of digital finance should be reasonably guided and the pace of financial marketization should be steadily pushed forward,so as to real-ize the positive effect of digital finance on the stable growth of the economy.
Digital FinanceEconomic FluctuationsFinancial MarketizationDirect FinanceFinancial Decelerator
万方数据
维普
