Research on the Impact of Digital Inclusive Finance on Residents'Income Mobility
From the dual perspectives of the"dividend"and"divide"of digital inclusive finance,this paper empirically tests the nonlinear impact of digital inclusive finance on residents'income mobility using the China Family Panel Studies(CFPS)data from 2010 to 2020 through a panel Ordered-Probit model.The baseline findings reveal an inverted U-shaped influence of digital inclusive finance on upward income mobility among residents.This is primarily attributed to the significant positive effects of the coverage and digitization level of digital inclusive finance on upward income mobility,while the depth of digital inclusive finance usage is not significant.Mechanism analysis indicates that digital inclusive finance mainly influences upward income mobility through household liquidity constraints and the efficiency of household financial asset allocation,with certain threshold effects observed.Heterogeneity analysis shows that digital inclusive finance has a significant inverted U-shaped impact on upward income mobility among urban households and residents in developed eastern regions,and it significantly promotes upward income mobility in areas with strong financial regulation.However,it does not significantly enhance upward income mobility among low-income households in the base period or in less developed central and western regions.The conclusions of this paper provide new empirical evidence for digital inclusive finance in facilitating upward income mobility among residents and offer valuable policy insights for regulating wealth accumulation mechanisms.
Digital Inclusive FinanceIncome MobilityDividend EffectGap Effect
NETL
NSTL
万方数据
