Digital Finance,Household Debt and Financial Remediation——An Empirical Study Based on the Special Remediation of P2P Online Loan Risks
Based on the data from four periods of China Household Finance Survey(CHFS)in 2013,2015,2017 and 2019,we constructed the Probit model and fixed-effects model to analyze the impact of digital finance on household debt,and constructed the intensity DID model to explore whether the implementation of financial remedia-tion policies can effectively reduce household debt based on the special remediation of the risk of P2P online lending,which has been a typical sample of financial remediation in recent years.It is found that:first,the use of digital fi-nance significantly increased the probability of household indebtedness and the level of debt;second,after financial remediation,the level of debt of households using digital finance appeared to be significantly lower;third,Heteroge-neity analysis shows that the debt-relieving effect of financial remediation policies on households using digital finance is more pronounced in the central and western regions,among poor and rural households,and plays a useful role in Chi-na's process of winning the battle against poverty and implementing the rural revitalization strategy.The conclusions of the study have important policy implications for China's standardized development of digital finance,the prevention of financial risks,and the consolidation and expansion of the results of poverty alleviation and rural revitalization in an ef-fective manner.
digital financehousehold debtfinancial renovationpoverty alleviationrural revitalization
万方数据
