The effects of place-based information technology policy on digital finance development: Evidence from China

IF 7.9 2区经济学 Q1 ECONOMICS Economic Analysis and Policy Pub Date : 2024-09-05 DOI:10.1016/j.eap.2024.09.010

Hongshan Ai , Lin Xiang , Xiaoqing Tan , Haorui Yao , Li Han

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Abstract

Using the Smart City Pilot (SCP) policy as a quasi-experiment, we evaluate the causal effect of place-based information technology policy on digital finance development with a difference-in-differences (DID) approach. Our DID estimates indicate that the SCP policy significantly boosts digital financial inclusion (DFI) in China. Relative to non-pilot cities, this policy increases the DFI index by 1.44 in pilot cities. This increase in the DFI index is mainly driven by the deepened usage of digital finance. Heterogeneity analyses show that the implementation of the SCP policy exerts larger influences on digital finance development in eastern cities, cities with high administrative levels or more education resources, and non-resource-based cities. Furthermore, the stimulated development of the information industry and the improved business environment are two important channels to explain the positive impact of the implementation of this place-based information technology policy on digital finance development.

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基于地方的信息技术政策对数字金融发展的影响：来自中国的证据

我们将智慧城市试点（SCP）政策作为一个准实验，采用差分法（DID）评估了基于地方的信息技术政策对数字金融发展的因果效应。我们的 DID 估计结果表明，SCP 政策显著促进了中国的数字金融包容性（DFI）。与非试点城市相比，该政策使试点城市的数字金融包容性指数提高了 1.44。数字普惠金融指数的提高主要是由于数字金融使用的深化。异质性分析表明，在东部城市、行政级别高或教育资源丰富的城市以及非资源型城市，SCP 政策的实施对数字金融发展的影响更大。此外，刺激信息产业发展和改善营商环境是解释基于地方的信息技术政策的实施对数字金融发展产生积极影响的两个重要渠道。

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来源期刊

Economic Analysis and Policy ECONOMICS-

CiteScore

9.80

自引率

9.20%

发文量

231

审稿时长

93 days

期刊介绍： Economic Analysis and Policy (established 1970) publishes articles from all branches of economics with a particular focus on research, theoretical and applied, which has strong policy relevance. The journal also publishes survey articles and empirical replications on key policy issues. Authors are expected to highlight the main insights in a non-technical introduction and in the conclusion.