How does digital inclusive finance affect economic resilience: Evidence from 285 cities in China |
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| Institution: | 1. School of Economics, Zhejiang University of Technology, 310023 Hangzhou, China;2. Business School, Yancheng Teachers University, 224007 Yancheng, China;1. Department of Digital Economy, Shanghai University of Finance and Economics, No 777 Guoding Road, Shanghai 200433, China;2. School of Information Management & Engineering, Shanghai University of Finance and Economics, No 777 Guoding Road, Shanghai 200433, China;3. Faculty of Business information, Shanghai Business School, No 123 Fengpu Avenue, Shanghai 201400, China;1. College of Finance, Nanjing Agricultural University, Nanjing 210095, China;2. School of Advanced Agricultural Sciences, Peking University, Beijing 100871, China;3. Business School, Hohai University, Nanjing 211100, China;1. University of the Aegean, Department of Business Administration, Greece;2. University of Piraeus, Department of Maritime Studies, 21 Lampraki & Distomou Str., 851833 Piraeus, Greece |
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| Abstract: | Digital inclusive finance can provide effective financial services to consumers and enterprises that are excluded from traditional finance, thereby improving the vitality and resilience of the economy. Using panel data from 285 Chinese cities from 2011 to 2020, this study explores the mechanism of the impact of digital inclusive finance on economic resilience. We also empirically test the direct effect of digital inclusive finance on economic resilience, the moderating effect of the market environment, and the transmission path of mediating variables. The study shows that improving the level of digital inclusive finance has a positive impact on economic resilience, which mainly stems from the deepening of the coverage breadth and use depth of digital inclusive finance and gradually increases over time. In the heterogeneity analysis, we find that the enhanced effect of digital inclusive finance on economic resilience is more significant in the central and eastern regions and in cities with larger economies in China. Further mechanism analysis reveals that the better the financial market environment and business environment are, the stronger the role of digital inclusion finance in promoting economic resilience. In addition, the increase in innovative technology and the growth of the consumption level are two important mediating variables for digital inclusive finance to actively contribute to economic resilience. |
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