Jie Li|Yu Wu|Jing Jian Xiao
The impact of digital finance on household consumption: Evidence from China
Southwestern University of Finance and Economics|Institute of Economics|Southwestern University of Finance and Economics|University of Rhode Island
using panel data china household finance survey chfs 2013 2015 2017 digital inclusive finance index developed peking university study examined impacts digital inclusive finance household consumption explored mechanisms results suggest digital inclusive finance could promote households consumption heterogeneity analysis showed households fewer assets lower income less financial literacy third fourthtier cities experienced larger facilitating effects digital finance consumption compared counterparts consumption categories digital finance positively correlated food clothing house maintenance medical care education entertainment expenditures terms consumption structure digital finance mainly promoted recurring household expenditures rather nonrecurring expenditures analyses based mediating model found online shopping digital payment obtainment online credit purchase financing products internet business insurance main mediating variables digital finance affected household consumption