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Does the Inclusive Finance Index really represent the level of inclusive finance? – Evidence from P2P lending market

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  • Hou, Xiaojuan
  • Jin, Ming

Abstract

The digital financial inclusion index of Peking University is controversy over the validity. This study uses digital financial inclusion index of Peking University to investigate the impact of digital financial inclusion in the P2P market, exploring the effectiveness of this index in measuring digital financial inclusion. Results show that digital financial inclusion increases personal loan duration, lowers borrowing rates, and improves loan success rates, which reveals the digital financial inclusion index provides borrowers more inclusive financial services and this index is effective in measuring digital inclusive finance. Borrowers who are not-interprovincial migrants, males, younger, and non-government employees experience a broader range of inclusive finance benefits. Mechanism analysis indicates digital financial inclusion affects P2P lending by enhancing regional trust and financial development.

Suggested Citation

  • Hou, Xiaojuan & Jin, Ming, 2025. "Does the Inclusive Finance Index really represent the level of inclusive finance? – Evidence from P2P lending market," Economic Analysis and Policy, Elsevier, vol. 87(C), pages 1482-1500.
    • Handle: RePEc:eee:ecanpo:v:87:y:2025:i:c:p:1482-1500
    DOI: 10.1016/j.eap.2025.07.017
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    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D19 - Microeconomics - - Household Behavior - - - Other
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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