The Income-generating Effects of Traditional Finance and Digital Inclusive Finance on Poverty Reduction: Differences and Complementarities

JIANG Mei-shan; LIANG Tai-yuan

Volume 38 Issue 5

Sep. 2023

Turn off MathJax

Article Contents

Article Navigation > Journal of Guangdong University of Finance & Economics > 2023 > 38(5): 57-74

JIANG Mei-shan, LIANG Tai-yuan. The Income-generating Effects of Traditional Finance and Digital Inclusive Finance on Poverty Reduction: Differences and Complementarities[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(5): 57-74.

Citation:

JIANG Mei-shan, LIANG Tai-yuan. The Income-generating Effects of Traditional Finance and Digital Inclusive Finance on Poverty Reduction: Differences and Complementarities[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(5): 57-74.

Citation:

JIANG Mei-shan, LIANG Tai-yuan. The Income-generating Effects of Traditional Finance and Digital Inclusive Finance on Poverty Reduction: Differences and Complementarities[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(5): 57-74.

PDF( 1314 KB)

The Income-generating Effects of Traditional Finance and Digital Inclusive Finance on Poverty Reduction: Differences and Complementarities

College of Economics and Management, South China Agricultural University, Guangzhou 510642, China

Received Date: 2023-03-15
Available Online: 2023-11-28
Publish Date: 2023-09-28

Abstract

Abstract

The deep empowerment of traditional finance by financial technology has important research value and broad prospects, and injects new momentum for rural residents to reduce poverty and increase their income. Using panel data of 290 cities in China from 2011 to 2021, this study empirically tests the impact of traditional finance and digital financial inclusion on the income of rural residents. The results show: firstly, traditional finance has not played its role as an effective service provider, and its impact on rural residents' income is limited and weak; secondly, digital inclusive finance significantly contributes to the growth of rural residents' income, and its income-increasing effect is significant compared with traditional finance, with the depth of use and the degree of digitization having significant income-increasing effects, but the effect of the breadth of coverage being not significant; thirdly, there is a synergistic and complementary relationship between traditional finance and digital inclusive finance in promoting income growth of rural residents, mainly reflected in the positive moderating effect of traditional finance development on poverty reduction and income growth of digital inclusive finance; fourthly, the income effects of traditional finance and digital inclusive finance on rural residents are non-linear and stage-specific, and show a stepwise increase with the upgrade of economic development and urbanization level. Digital inclusive finance significantly weakens the threshold effect constraint and have an absolute advantage in the income-raising effect. Therefore, it is recommended to promote the digital transformation of traditional finance and the coordinated interaction of the two financial models to help rural residents' income growth and the smooth realization of common prosperity.
- traditional finance,
- digital financial inclusion,
- income of rural residents,
- poverty alleviation and income generation,
- collaborative complementarity

FullText(HTML)

References(53)

References

[1]	汪晨, 万广华, 吴万宗. 中国减贫战略转型及其面临的挑战[J]. 中国工业经济, 2020(1): 5-23. doi: 10.19581/j.cnki.ciejournal.2020.01.001
[2]	ABRAHAM T W. Estimating the effects of financial access on poor farmers in rural northern Nigeria[J]. Financial Innovation, 2018, 4(1): 1-20. doi: 10.1186/s40854-017-0085-6
[3]	BOURGUIGNON F, MORRISSON C. Inequality and development: the role of dualism[J]. Journal of Development Economics, 1998, 57(2): 233-257. doi: 10.1016/S0304-3878(98)00089-3
[4]	GUSTAFSSON B A, SHI L, SICULAR T. Inequality and public policy in China[M]. Cambridge: Cambridge University Press, 2008.
[5]	陈宗胜. 试论从普遍贫穷迈向共同富裕的中国道路与经验——改革开放以来分配激励体制改革与收入差别轨迹及分配格局变动[J]. 南开经济研究, 2020(6): 3-22. https://www.cnki.com.cn/Article/CJFDTOTAL-NKJJ202006001.htm
[6]	YANG Y, ZHOU L, ZHANG C, et al. Public health services, health human capital, and relative poverty of rural families[J]. International Journal of Environmental Research and Public Health, 2022, 19(17): 11089. doi: 10.3390/ijerph191711089
[7]	SUN H, LI X, LI W, et al. Differences and influencing factors of relative poverty of urban and rural residents in China based on the survey of 31 provinces and cities[J]. International Journal of Environmental Research and Public Health, 2022, 19(15): 9015. doi: 10.3390/ijerph19159015
[8]	WANG C, WANG Y, FANG H, et al. Determinants of rural poverty in remote mountains of southeast China from the household perspective[J]. Social Indicators Research, 2020, 150(3): 793-810. doi: 10.1007/s11205-020-02348-1
[9]	刘一伟. 劳动力流动、收入差距与农村居民贫困[J]. 财贸研究, 2018(5): 54-63. doi: 10.19337/j.cnki.34-1093/f.2018.05.006
[10]	胡宗义, 刘灿, 刘亦文. 农村正规金融和非正规金融发展的农村居民收入效应研究[J]. 经济地理, 2014(12): 147-152. doi: 10.15957/j.cnki.jjdl.2014.12.022
[11]	孙玉奎, 周诺亚, 李丕东. 农村金融发展对农村居民收入的影响研究[J]. 统计研究, 2014(11): 90-95. doi: 10.19343/j.cnki.11-1302/c.2014.11.012
[12]	BENSON C, ARNOLD M, DE lA FUENTE A, et al. Financial innovations for social and climate resilience: establishing an evidence base[R]. Washington, DC: The World Bank, 2012.
[13]	GEDA A, SHIMELES A, ZERFU D. Finance and poverty in Ethiopia: a household-level analysis[M]//Financial development, institutions, growth and poverty reduction. London: Palgrave Macmillan, 2008: 61-86.
[14]	苏基溶, 廖进中. 中国金融发展与收入分配、贫困关系的经验分析——基于动态面板数据的研究[J]. 财经科学, 2009(12): 10-16. https://www.cnki.com.cn/Article/CJFDTOTAL-CJKX200912003.htm
[15]	张荣. 我国农村金融发展对农民收入增长的影响研究——基于2003-2014年数据的实证分析[J]. 技术经济与管理研究, 2017(2): 119-123. https://www.cnki.com.cn/Article/CJFDTOTAL-JXJG201702023.htm
[16]	YU G, LU Z. Rural credit input, labor transfer and urban-rural income gap: evidence from China[J]. China Agricultural Economic Review, 2021, 13(4): 872-893. doi: 10.1108/CAER-09-2020-0229
[17]	温涛, 冉光和, 熊德平. 中国金融发展与农民收入增长[J]. 经济研究, 2005(9): 30-43. https://www.cnki.com.cn/Article/CJFDTOTAL-JJYJ200509004.htm
[18]	叶志强, 陈习定, 张顺明. 金融发展能减少城乡收入差距吗?——来自中国的证据[J]. 金融研究, 2011(2): 42-56. https://www.cnki.com.cn/Article/CJFDTOTAL-JRYJ201102006.htm
[19]	MEI B, KHAN A A, KHAN S U, et al. Complementarity or substitution: a study of the impacts of internet finance and rural financial development on agricultural economic growth[J]. Agriculture, 2022, 12(11): 1786. doi: 10.3390/agriculture12111786
[20]	SEHRAWAT M, GIRI A K. Financial development and income inequality in India: an application of ARDL approach[J]. International Journal of Social Economics, 2015, 41: 1194-1208.
[21]	GREENWOOD J, JOVANOVIC B. Financial development, growth, and the distribution of income[J]. Journal of Political Economy, 1990, 98(5): 1076-1107. doi: 10.1086/261720
[22]	AGHION P, BOLTON P. A theory of trickle-down growth and development[J]. The Review of Economic Studies, 1997, 64(2): 151-172.
[23]	KIM D H, LIN S C. Nonlinearity in the financial development-income inequality nexus[J]. Journal of Comparative Economics, 2011, 39(3): 310-325.
[24]	周慧珺, 龚六堂. 金融发展与高收入群体收入分配的"库兹涅茨效应"——来自收入分布形状参数的实证检验[J]. 世界经济文汇, 2020(1): 1-16. https://www.cnki.com.cn/Article/CJFDTOTAL-SZWH202001001.htm
[25]	郭峰, 王靖一, 王芳, 等. 测度中国数字普惠金融发展: 指数编制与空间特征[J]. 经济学(季刊), 2020(4): 1401-1418. https://www.cnki.com.cn/Article/CJFDTOTAL-JJXU202004013.htm
[26]	张志元, 李肸. 共同富裕背景下数字普惠金融减贫有效性研究[J]. 济南大学学报: 社会科学版, 2022(1): 117-132. https://www.cnki.com.cn/Article/CJFDTOTAL-JILI202201012.htm
[27]	张小锋, 王菁彤. 数字普惠金融对区域经济协调发展的影响效应[J]. 商业研究, 2022(2): 40-48. https://www.cnki.com.cn/Article/CJFDTOTAL-BUSI202202005.htm
[28]	DAS S, CHATTERJEE A. Impacts of ICT and digital finance on poverty and income inequality: a sub-national study from India[J]. Information Technology for Development, 2023, 29(2-3): 378-405.
[29]	HE C, LI A, LI D, et al. Does digital financial inclusion mitigate the negative effect of climate variation on rural residents' income growth in China?[J]. International Journal of Environmental Research and Public Health, 2022, 19(14): 8280.
[30]	张勋, 万广华, 张佳佳, 等. 数字经济、普惠金融与包容性增长[J]. 经济研究, 2019(8): 71-86. https://www.cnki.com.cn/Article/CJFDTOTAL-JJYJ201908006.htm
[31]	刘锦怡, 刘纯阳. 数字普惠金融的农村减贫效应: 效果与机制[J]. 财经论丛, 2020(1): 43-53. https://www.cnki.com.cn/Article/CJFDTOTAL-CJLC202001005.htm
[32]	尹志超, 张栋浩. 金融普惠、家庭贫困及脆弱性[J]. 经济学(季刊), 2020(5): 153-172. https://www.cnki.com.cn/Article/CJFDTOTAL-JJXU202005009.htm
[33]	傅利福, 厉佳妮, 方霞, 等. 数字普惠金融促进包容性增长的机理及有效性检验[J]. 统计研究, 2021(10): 62-75. https://www.cnki.com.cn/Article/CJFDTOTAL-TJYJ202110007.htm
[34]	陈慧卿, 陈国生, 魏晓博, 等. 数字普惠金融的增收减贫效应——基于省际面板数据的实证分析[J]. 经济地理, 2021(3): 184-191. https://www.cnki.com.cn/Article/CJFDTOTAL-JJDL202103020.htm
[35]	钱海章, 陶云清, 曹松威, 等. 中国数字金融发展与经济增长的理论与实证[J]. 数量经济技术经济研究, 2020(6): 26-46. https://www.cnki.com.cn/Article/CJFDTOTAL-SLJY202006002.htm
[36]	黄益平, 黄卓. 中国的数字金融发展: 现在与未来[J]. 经济学(季刊), 2018(4): 1489-1502. https://www.cnki.com.cn/Article/CJFDTOTAL-JJXU201804009.htm
[37]	吴晓求. 互联网金融: 成长的逻辑[J]. 财贸经济, 2015(2): 5-15. https://www.cnki.com.cn/Article/CJFDTOTAL-CMJJ202305001.htm
[38]	ARJUNWADKAR P Y. FinTech: the technology driving disruption in the financial services industry[M]. Boca Raton: CRC Press, 2018.
[39]	赵慧倩. 传统普惠金融和数字普惠金融减贫效应比较研究[D]. 杭州: 浙江大学, 2021.
[40]	QI H, YANG K, WANG W. Does FinTech change the market power of traditional banks in China?[J]. Journal of Business Economics and Management, 2022, 23(5): 1060-1083.
[41]	张岳, 彭世广. 数字普惠金融与农村传统金融机构[J]. 华南农业大学学报: 社会科学版, 2021(3): 14-26. https://www.cnki.com.cn/Article/CJFDTOTAL-HNNA202103002.htm
[42]	郭峰, 王瑶佩. 传统金融基础、知识门槛与数字金融下乡[J]. 财经研究, 2020(1): 19-33. https://www.cnki.com.cn/Article/CJFDTOTAL-CJYJ202001003.htm
[43]	许月丽, 孙昭君, 李帅. 数字普惠金融与传统农村金融: 替代抑或互补?——基于农户融资约束放松视角[J]. 财经研究, 2022(6): 34-48. https://www.cnki.com.cn/Article/CJFDTOTAL-CJYJ202206003.htm
[44]	LIU G, ZHANG C. Does financial structure matter for economic growth in China[J]. China Economic Review, 2020, 61: 101194.
[45]	乔海曙, 陈力. 金融发展与城乡收入差距"倒U型"关系再检验——基于中国县域截面数据的实证分析[J]. 中国农村经济, 2009(7): 68-76, 85. https://www.cnki.com.cn/Article/CJFDTOTAL-ZNJJ200907010.htm
[46]	张应良, 徐亚东. 金融发展、劳动收入分配与城乡收入差距——基于省级面板数据的实证分析[J]. 改革, 2020(11): 135-146. https://www.cnki.com.cn/Article/CJFDTOTAL-REFO202011010.htm
[47]	HANSEN B E. Threshold effects in non-dynamic panels: estimation, testing, and inference[J]. Journal of Econometrics, 1999, 93(2): 345-368.
[48]	WOOLDRIDGE J M. Econometric Analysis of Cross Section and Panel Data[M]. Cambridge: MIT Press, 2010.
[49]	郭峰, 孔涛, 王靖一. 互联网金融空间集聚效应分析——来自互联网金融发展指数的证据[J]. 国际金融研究, 2017(8): 75-85. https://www.cnki.com.cn/Article/CJFDTOTAL-GJJR201708008.htm
[50]	赵亚雄, 王修华. 数字金融、家庭相对收入及脆弱性——兼论多维"鸿沟"的影响[J]. 金融研究, 2022(10): 77-97. https://www.cnki.com.cn/Article/CJFDTOTAL-JRYJ202210005.htm
[51]	ARMENDÁRIZ B, MORDUCH J. The economics of microfinance[M]. Cambridge: MIT Press, 2010.
[52]	高帆, 李童. 中国城乡资本流动存在"卢卡斯之谜"吗[J]. 经济学家, 2016(3): 75-86. https://www.cnki.com.cn/Article/CJFDTOTAL-JJXJ201603015.htm
[53]	熊毅, 粟勤. 地方政府债务、金融发展水平与新型城镇化高质量发展[J]. 统计与决策, 2022(23): 112-116. https://www.cnki.com.cn/Article/CJFDTOTAL-TJJC202223021.htm