Impact of Credit Risk Premium on Real Interest Rate in the Context of Digital Inclusive Finance:Based on the Multiple Threshold Model Analysis and the Explanations from the Perspective of Behavioral Economics
Impact of Credit Risk Premium on Real Interest Rate in the Context of Digital Inclusive Finance:Based on the Multiple Threshold Model Analysis and the Explanations from the Perspective of Behavioral Economics
Financial market activities are vulnerable to people's sensory cognition.In light of the rapid growth of digital in-clusive finance,its development emerges as an increasingly significant indicator perceptible to individuals within the credit mar-ket.According to simultaneous contrast and successive contrast of the signals,people may change their economic decisions and behaviors.Research shows that digital inclusive finance casts significant influences on the real interest rate via credit transmis-sion mechanism and multiple threshold effect,and the threshold variables show a significant time-lag effect.In the credit mar-ket,individuals'engagement with digital inclusive finance often mirrors the principles of sensory threshold and sensory adapta-tion.The development of digital inclusive finance can weaken the interest rate market's response to credit risk premiums.As digital inclusive finance develops more rapidly,people become more optimistic when facing credit risks.
关键词
数字普惠金融/信用风险溢价/多重门槛模型/感觉阈限/信贷市场
Key words
digital inclusive finance/credit risk premium/multiple threshold model/sensory threshold/credit market
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