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Does digital finance spatial correlation drive income convergence?

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  • Fang, Xia
  • Zhang, Yun
  • Lv, Shuqing
  • Tan, Longxin

Abstract

Digital finance significantly boosts household incomes and reduces regional disparities. Although digital finance can narrow income inequality, the spatial impact of digital finance on income convergence remains inadequately examined. This study evaluates whether and how the spatial correlation with central digital finance regions promotes income convergence, by employing a modified gravity model and data from Zhejiang Province in China. The empirical evidence shows that digital finance spatial correlation can contribute to income growth. Notably, low-income regions derive a stronger growth impetus by enhancing spatial correlation with central digital finance regions, narrowing the income inequality with high-income regions. Specifically, capital flow, technological innovation, and business creation are three effective mechanisms. Heterogeneity analysis demonstrates that the convergence effect is particularly significant for regions with mountains and without high-speed rail (HSR) stations, underscoring the spatial penetration capabilities of digital finance. Governments should encourage more cross-regional digital finance cooperation to achieve balanced regional development.

Suggested Citation

  • Fang, Xia & Zhang, Yun & Lv, Shuqing & Tan, Longxin, 2025. "Does digital finance spatial correlation drive income convergence?," Economic Modelling, Elsevier, vol. 153(C).
    • Handle: RePEc:eee:ecmode:v:153:y:2025:i:c:s0264999325003037
    DOI: 10.1016/j.econmod.2025.107308
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