| Demographic change is a process that most countries will go through,and de-veloped countries entered the aging population earlier.As the most populous devel-oping country in the world,China's aging population has been on the rise since 2000.With the increasing aging of the population,China can no longer rely on the "demo-graphic dividend" to promote economic development.Besides,as the core of modern economy,the high-quality development of finance will inject continuous vitality into the economy.It is of practical significance to accurately grasp the impact of aging population on financial development during the transition period.This paper studies the impact of population aging on regional financial develop-ment from both theoretical and empirical perspectives.First of all,the aging of the population and the current situation of regional financial development were expound-ed,and the aging of China's population and the situation of regional financial devel-opment were comprehensively grasped.Then based on a variety of theories from the household savings capital market and insurance market to analyze the aging popula-tion on the regional financial development mechanism.On the basis of systematic analysis of the functional mechanism of aging population on regional financial de-velopment,on the one hand,the direct impact of aging population on regional finan-cial development is empirically tested,and the conclusion of controlling different variables and the impact of aging population on regional financial development in four regions is drawn.On the other hand,based on the threshold model,the impact of population aging on regional financial development under the threshold variable of industrial upgrading is analyzed.This paper has the following conclusions.Firstly,the analysis of the current situ-ation shows that the aging process in China is accelerating.From the analysis of the aging development of the population in various provinces and cities,the time and de-gree of entering the aging society in eastern,central and western regions are not the same.In addition to the obvious regional differences,the phenomenon of "urban-rural inversion" is also very serious.Regional financial development has been developing rapidly in the past 10 years,with great regional differences,and there is still much room for improvement.Secondly,the impact of population aging on regional financial development is not consistent under different control variables.The combined effect of economic development level,opening-up level and population aging is stronger,and the effect has a certain spatial heterogeneity.The promotion effect of population aging on regional financial development is more intense in central region,but in the eastern region has not passed the significance test.Thirdly,this paper uses the triple threshold model to find that the aging population has a significant threshold effect on the regional financial development.The impact coefficient increases first,then weak-ens and then strengthens until it reaches the optimal threshold.The regional aging population also has a significant threshold effect on the regional financial develop-ment.The difference is that with the different stages of industrial upgrading,the elas-ticity coefficient,that is,the sensitivity of regional financial development to popula-tion aging,is different.Finally,this paper puts forward the following policy Sugges-tions,including that accelerating the improvement of the old-age security system,that expanding investment in education and health,that releasing the dividend of the el-derly population,that encouraging financial innovation,that launching appropriate financial products,actively promoting industrial upgrading and tapping new drivers of economic growth. |
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