A Study of the Impact of Digital Financial Inclusion on Household Consumer Borrowing and Lending:Moderating Effect Based on Financial Literacy
The relationship between digital financial inclusion and household consumer borrowing and lending was explored based on panel data from the China Household Finance Survey for 2015,2017 and 2019.The study shows that digital financial inclusion has an expansionary effect on household consumer borrowing and lending,with a stronger expansionary effect on lower-level consumer borrowing and lending,and that improved financial literacy strengthens the expansionary effect of digital financial inclusion on consumer borrowing and lending.In terms of the sub-dimensions of digital financial inclusion,the expansionary effect of digital financial inclusion on consumer borrowing and lending mainly stems from the increase in the breadth of coverage and depth of use,with the degree of digitisation playing a smaller role.Heterogeneity analysis reveals that the expansionary effect of digital financial inclusion on consumer borrowing and lending is more pronounced in the"long tail",it has a stronger expansionary effect on the consumer borrowing and lending of rural and central and western households.In addition,there is an instrumental threshold and a knowledge threshold for this expansionary effect,and households with smartphones and high levels of education are more likely to have access to consumer loans.
digital financial inclusionconsumer borrowing and lendingfinancial literacyChinese household financial survey
NETL
NSTL
万方数据
