Government digital policy breaks the mystery of “limited participation” in China's home finance market
Abstract This study uses a two-step approach to construct a multi-period double-difference model and introduces a quasi-natural experiment of the Broadband China pilot policy to investigate whether household financial market participation at the urban level is affected by the digital economy, which...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Nature Portfolio
2023-11-01
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| Series: | Scientific Reports |
| Online Access: | https://doi.org/10.1038/s41598-023-47372-6 |
| _version_ | 1797576794300219392 |
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| author | Lu Xing DongHao Han Hui Xie |
| author_facet | Lu Xing DongHao Han Hui Xie |
| author_sort | Lu Xing |
| collection | DOAJ |
| description | Abstract This study uses a two-step approach to construct a multi-period double-difference model and introduces a quasi-natural experiment of the Broadband China pilot policy to investigate whether household financial market participation at the urban level is affected by the digital economy, which is significant for promoting Chinese households' shift from savings to investment and alleviating the long-standing problem of insufficient household financial market participation in China. In terms of direct impact, the digital economy increases the household financial market participation rate of urban residents by 3.26%, and increases the financial market participation rate of highly financially literate households by 2.14%; in terms of indirect impact, the development of the digital economy increases the total number of household smart Internet devices by 8.27%, and similarly increases the attention to household financial information by a significant 4.22%, which further positively influences the household financial market participation rate. This paper also evaluates the individual and regional differences of the digital economy on household financial market participation, and the estimated causal effect of the digital economy on household financial market participation is purer, which expands the scope of research on the digital economy and household financial market participation, and provides a certain reference basis and policy inspiration for the government to promote the construction of the digital economy. |
| first_indexed | 2024-03-10T21:59:46Z |
| format | Article |
| id | doaj.art-cff3a85471654618b4f27a657c72927f |
| institution | Directory Open Access Journal |
| issn | 2045-2322 |
| language | English |
| last_indexed | 2024-03-10T21:59:46Z |
| publishDate | 2023-11-01 |
| publisher | Nature Portfolio |
| record_format | Article |
| series | Scientific Reports |
| spelling | doaj.art-cff3a85471654618b4f27a657c72927f2023-11-19T13:01:30ZengNature PortfolioScientific Reports2045-23222023-11-0113111010.1038/s41598-023-47372-6Government digital policy breaks the mystery of “limited participation” in China's home finance marketLu Xing0DongHao Han1Hui Xie2School of Business, Yunnan University of Finance and EconomicsSchool of Mathematical Sciences, Fudan UniversitySchool of Business, Kunming University of Science and TechnologyAbstract This study uses a two-step approach to construct a multi-period double-difference model and introduces a quasi-natural experiment of the Broadband China pilot policy to investigate whether household financial market participation at the urban level is affected by the digital economy, which is significant for promoting Chinese households' shift from savings to investment and alleviating the long-standing problem of insufficient household financial market participation in China. In terms of direct impact, the digital economy increases the household financial market participation rate of urban residents by 3.26%, and increases the financial market participation rate of highly financially literate households by 2.14%; in terms of indirect impact, the development of the digital economy increases the total number of household smart Internet devices by 8.27%, and similarly increases the attention to household financial information by a significant 4.22%, which further positively influences the household financial market participation rate. This paper also evaluates the individual and regional differences of the digital economy on household financial market participation, and the estimated causal effect of the digital economy on household financial market participation is purer, which expands the scope of research on the digital economy and household financial market participation, and provides a certain reference basis and policy inspiration for the government to promote the construction of the digital economy.https://doi.org/10.1038/s41598-023-47372-6 |
| spellingShingle | Lu Xing DongHao Han Hui Xie Government digital policy breaks the mystery of “limited participation” in China's home finance market Scientific Reports |
| title | Government digital policy breaks the mystery of “limited participation” in China's home finance market |
| title_full | Government digital policy breaks the mystery of “limited participation” in China's home finance market |
| title_fullStr | Government digital policy breaks the mystery of “limited participation” in China's home finance market |
| title_full_unstemmed | Government digital policy breaks the mystery of “limited participation” in China's home finance market |
| title_short | Government digital policy breaks the mystery of “limited participation” in China's home finance market |
| title_sort | government digital policy breaks the mystery of limited participation in china s home finance market |
| url | https://doi.org/10.1038/s41598-023-47372-6 |
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