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| Digital Finance's Heterogeneous Effects On Rural Financial Demand: Evidence From China Household Finance Survey and Inclusive Digital Finance Index |
| FU Qiuzi, HUANG Yiping
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International Department, the People's Bank of China;
the National School of Development & Institute of Digital Finance, Peking University |
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Abstract Based on the Chinese Household Financial Survey and Digital Inclusive Financial Index of Peking University, this paper adopts a model with instrumental variables on panel data to study the heterogeneity of digital finance on different types of rural formal financial needs. The results show that different formats of digital finance have different effects on rural financial demand. On the one hand, development of digital finance reduces the level of productive rural formal credit demand. The effects with people using smartphones are more obvious. On the other hand, the demand for rural consumptive formal credit has increased with development of digital finance, especially for groups with higher education levels and online shopping habits, reflecting the multidimensional effects of digital finance such as improving transaction efficiency, and boosting consumption. For the first time, this paper conducts empirical research on the relationship between digital finance and rural financial needs, and also provides references for future rural financial policies.
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Received: 01 September 2018
Published: 21 December 2018
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