普惠金融、流动性约束与家庭消费

Inclusive Finance,Liquidity Constraints and Household Consumption

采用中国家庭金融调查(CHFS)四期面板数据和北京大学数字普惠金融指数分析了普惠金融对家庭消费的影响。研究表明,普惠金融显著促进家庭消费支出,且对处在中低分位数的家庭消费支出的促进作用更强。进一步机制分析发现,普惠金融对高流动性资产不足的家庭消费具有显著促进作用,而对高流动性资产充足的家庭而言,普惠金融对其消费的促进作用并不稳健,即普惠金融在一定程度上缓减了家庭面临的流动性约束进而促进家庭消费。

This paper analyzes the impact of inclusive finance on household consumption by using the China Household Finance Survey and Peking University Digital Inclusive Financial Index.The study shows that inclusive finance significantly promotes household consumption,especially for household consumption in the low and middle quantiles.Further mechanism analysis finds that inclusive finance has a significant role in promoting household consumption with insufficient liquid assets,while for households with sufficient liquid assets,inclusive finance is not robust to its consumption.To a certain extent,inclusive finance promotes household consumption by alleviating liquidity constraints.