Analysis on the Impact and Its Heterogeneity of Monetary Policy Regulation on the Development of Digital Finance

WANG Ren; JIA Wen-hao; ZHU Yuan

Volume 38 Issue 5

Sep. 2023

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WANG Ren, JIA Wen-hao, ZHU Yuan. Analysis on the Impact and Its Heterogeneity of Monetary Policy Regulation on the Development of Digital Finance[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(5): 37-56.

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WANG Ren, JIA Wen-hao, ZHU Yuan. Analysis on the Impact and Its Heterogeneity of Monetary Policy Regulation on the Development of Digital Finance[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(5): 37-56.

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Analysis on the Impact and Its Heterogeneity of Monetary Policy Regulation on the Development of Digital Finance

1.
School of Finance, Capital University of Economics and Business, Beijing 100070
2.
School of Finance, Chongqing Technology and Business University, Chongqing 400067, China

Received Date: 2023-04-17
Available Online: 2023-11-28
Publish Date: 2023-09-28

Abstract

Abstract

The development of digital financial business not only originates from the application of scientific and technological innovation achievements, but also is rooted in the specific monetary policy environment. Taking the change of monetary policy environment as the research object, using the panel data set of 337 prefecture-level cities in China from 2011 to 2020, this paper, with the text word frequency method, systematically combs the cyclical effects and heterogeneity of monetary policy regulation on the development of digital finance. It is found that monetary policy regulation has obvious counter-cyclical effects on the development of domestic digital finance, and the actual effects on different types of digital financial services are significantly different. The mode of monetary policy operation also exerts a significant influence on the cyclical characteristics of digital finance, and its influence is also heterogeneous at the time and regional level. Therefore, to promote the orderly and healthy development of domestic digital financial services, we should not only create a matching monetary policy environment based on the complementary and alternative effects of digital finance on traditional financial services, but also improve the existing monetary policy framework and create targeted digital financial development strategies for different types of digital financial services and regional financial environment constraints.
- digital finance,
- monetary policy,
- monetary regulation mode,
- counter-cyclical,
- heterogeneity

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References(49)

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