| With the empowerment of digital technology,China’s digital financial inclusion has been developing rapidly,the construction of information infrastructure has been improved,and the institutional guarantee has been gradually improved.The development of digital inclusive finance not only brings convenience to the lives of households,but also breaks the geographical separation of traditional inclusive finance.It enables households to obtain financial services and diversified financial products anytime and anywhere.At the same time,the development of digital financial inclusion brings so many benefits to residents’ families,for example,easing the credit constraints of household and promoting residents’ entrepreneurship.However,along with the convenience which brought by the development of digital inclusive finance to households,the risks that arise also restrict households.The emergence of "zero savings" and "Huabei clan" has made households financial vulnerability change inadvertently.As an important part of China’s social and economic sectors,the family’s financial vulnerability cannot be ignored.In view of this,this paper conducts an empirical analysis on the impact of digital financial inclusion on household financial vulnerabilities based on the Peking University Digital Financial Inclusive Index and China Household Finance Survey(CHFS)data in 2011,2013,2015,and 2017.First,this paper conducts a basic test and a robustness test on the impact of digital financial inclusion on household financial vulnerability.Secondly,a detailed analysis of the impact of different dimensions of digital financial inclusion and different aspects of household financial vulnerabilities.Finally,analyze the heterogeneity of the impact of digital financial inclusion on household financial vulnerability from three aspects:economic development,urban and rural areas,and education level.The study found that:(1)the development of digital financial inclusion will reduce household financial vulnerability;(2)the broadening of the coverage and the depth use of digital financial inclusion will have a more significant impact on the reduction of household financial vulnerability;(3)The development of digital financial inclusion has the effect of reducing the financial vulnerability of households in urban and rural areas,eastern,central and western regions,and households with different levels of education.In comparison,urban residents,eastern coastal areas,and highly educated households are more significant.The possible contributions of this paper are:(1)This paper supplements the research on the financial vulnerability of households through the research on the impact of digital financial vulnerability;(2)This paper studies the financial vulnerability of general households instead of limiting to poor or rural households,which helps us to better understand the overall picture of household financial vulnerability in our country;(3)This paper analyzes the impact of different dimensions of digital financial inclusion and different aspects of household financial vulnerabilities.Furthermore,it further studies the heterogeneity of digital financial inclusion on household financial vulnerability from three aspects:economic development difference,urban-rural difference,and education level difference,enriching the multi-dimensional research of digital financial inclusion and household financial vulnerability. |
