Income Risk,Inclusive Finance,and Inter-temporal Smoothing of Household Consumption:Empirical Evidence based on CHFS
Promoting household consumption is of great significance to the high-quality de-velopment of the Chinese economy.Meanwhile,inclusive finance and household consumption have become increasingly intertwined.In this study,China Household Finance Survey(CHFS)data were used to examine whether inclusive finance is conducive to alleviating the inhibitory effects of income risk on household consumption.The results show that inclusive finance significantly allevi-ates the inhibitory effects of income risk on household consumption.Such an alleviating effect is mainly achieved by reducing liquidity constraints,improving risk management,and expanding the social networks of households.Heterogeneity analysis found that the mitigating effect was most pronounced among low-income households and households in underdeveloped areas;however,the effect was restricted by individuals'financial literacy and social trust.Therefore,measures should be taken to improve national financial literacy and enhance social trust to better leverage the eco-nomic effects of inclusive finance.
NETL
NSTL
万方数据
