Spatiotemporal Effects and Mechanisms of Inclusive Finance on Local Debt in China
Based on the panel data of prefecture-level cities and above in China from 2011 to 2021,this study employs fixed effects models,quantile regression,and spatial lag models to analyze,examining the spatiotemporal effects and mechanisms of inclusive finance on the scale of local government debt.The findings are as follows:1)In terms of temporal effect,the development of inclusive finance has the effect of reducing the scale of local government debt.This debt-reduction effect diminishes as the scale of local debt increases and exhibits heterogeneity based on factors such as population migration,urban location,economic development level,and urban commercial level.2)In terms of spatial effect,the development of inclusive finance not only directly reduces the scale of local government debt,but also indirectly reduces the scale of government debt in neighboring regions through spillover effects,and the direct effect is more pronounced than the indirect effect.3)The development of inclusive finance reduces local government debt by promoting industrial structure upgrades,enhancing the rationalization of industrial structures,and narrowing local fiscal gaps.It should focus on strengthening the institutional mechanisms that enable finance to effectively serve the real economy,leveraging the role of inclusive finance in reducing local government debt scales and jointly fostering high-quality economic development.
inclusive financelocal government debtreal economyspatial effectshigh-quality developmentmechanism of actionindustrial structure
万方数据
维普
