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Aging population and digital inclusive finance, a natural experiment from china

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  • Jinghong Zhou
  • Xixi Ye

Abstract

This paper studies the role played by the digitization level of inclusive finance for the aging population. We leverage an unexpected Chinese national strategy that promotes mobile internet and other internet related integration in China to identify the impact of changes in state policies on the digitization level for inclusive finance in a regression discontinuity design. Although aging population is negatively correlated with the digitization level of inclusive finance, our empirical analysis reveals that the policy shock significantly increased the digitization level of inclusive finance among the aging population. We also find two opposite mechanisms: the income effect and the caring effect. Finally, our study suggests that the economic and social outcomes of the digitization level among aging population are bifurcated: happiness decreased but real estate investment increased.

Suggested Citation

  • Jinghong Zhou & Xixi Ye, 2023. "Aging population and digital inclusive finance, a natural experiment from china," PLOS ONE, Public Library of Science, vol. 18(11), pages 1-21, November.
    • Handle: RePEc:plo:pone00:0287292
    DOI: 10.1371/journal.pone.0287292
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    References listed on IDEAS

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    3. Gradstein, Mark & Kaganovich, Michael, 2004. "Aging population and education finance," Journal of Public Economics, Elsevier, vol. 88(12), pages 2469-2485, December.
    4. Gianni Carbonaro & Eugenio Leanza & Philip McCann & Francesca Medda, 2018. "Demographic Decline, Population Aging, and Modern Financial Approaches to Urban Policy," International Regional Science Review, , vol. 41(2), pages 210-232, March.
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    6. David S. Lee & Thomas Lemieux, 2010. "Regression Discontinuity Designs in Economics," Journal of Economic Literature, American Economic Association, vol. 48(2), pages 281-355, June.
    7. Ayse Demir & Vanesa Pesqué-Cela & Yener Altunbas & Victor Murinde, 2022. "Fintech, financial inclusion and income inequality: a quantile regression approach," The European Journal of Finance, Taylor & Francis Journals, vol. 28(1), pages 86-107, January.
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    Cited by:

    1. Zhang, Ping & Yang, Huilin & Chen, Chen & Wang, Tao & Jia, Ximeng, 2025. "The impact of population aging on corporate digital transformation: Evidence from China," Technological Forecasting and Social Change, Elsevier, vol. 214(C).

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