Research on the Impact of the Digital Economy on the Local Fiscal Sustainability in China
The growth of the digital economy and the expansion of the data factor market have created new opportunities for achieving Local Fiscal Sustainability.This article develops indicators for local fis-cal sustainability and utilizes intermediary effect models and panel threshold models to empirically ana-lyze the impact of the digital economy on local fiscal sustainability and its underlying mechanisms.The study reveals that the digital economy not only has a direct positive effect on local fiscal sustainability but also demonstrates intermediary effects.It enhances local fiscal sustainability by strengthening fiscal decentralization and improving the efficiency of fiscal expenditure,with a non-linear marginal effect that is increasing.Furthermore,the promoting effect of the digital economy on local fiscal sustainability illus-trates the Matthew effect,which further exacerbates regional disparities in fiscal sustainability.Accord-ingly,this article offers policy recommendations to enhance local fiscal sustainability in three areas:es-tablishing external conditions,repairing endogenous mechanisms,and improving institutional frame-works.
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