Research on the Common Prosperity Effects of Inclusive Finance
In the era of global economy's digital transformation,studying the impact of inclusive finance on common pros-perity based on cross-countries panel data can provide a new perspective from the lens of inclusive finance to promote the Chi-nese style modernization of common prosperity.Based on the financial market constraint theory,this article discussed the mechanism of inclusive finance promoting com-mon prosperity by reducing financial market constraints.By using cross-countries panel data from 185 economies spanning from 2011 to 2021,the paper tested the theoretical hypothesis.The results of this paper have found that the enhancement of the supply capacity of digital driven inclusive finance was an important factor for the global development of inclusive finance.Relieving financial market constraints was the core mechanism for inclusive finance to promote common prosperity.Improving the supply capacity of inclusive finance could promote economic growth and narrow income gaps by reducing financing costs.Promoting the use of inclusive finance and enhancing its business sustainability would also lower the threshold of financial services and promote economic growth.The common prosperity effect of inclusive finance was stronger in countries with higher internet penetration,national edu-cation level,coverage of small and micro financial institutions,and lower financial market access constraint policies.The above analysis and conclusion provide empirical evidence and policy reference for vigorously developing inclusive fi-nance and promoting the modernization of Chinese style common prosperity.
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