Digital Financial Inclusion and Rural Household Debt Risks
利用2016-2020年中国家庭追踪调查数据，首次揭示数字普惠金融长期动态推高农村家庭杠杆率，主要通过激发物质欲望和降低收入不确定性，对中西部、纯农业及拥有两套住房的家庭影响更显著。
ABSTRACT Technology is a double‐edged sword. Departing from extant literature that centres on urban households, this study is the first to document the long‐run dynamic effects of digital inclusive finance on rural household debt risk in China. Using four waves (2016–2020) of the China Family Panel Studies (CFPS), we identify both the impact and underlying mechanisms. Results indicate that digital inclusive finance (DFI) significantly raises rural households' leverage by fueling material aspirations and reducing income uncertainty. The effect is most pronounced in the central and western regions, among purely agricultural households, and among those owning two dwellings. This study contributes new empirical evidence on the relationship between DFI and debt risks among rural households, thus offering valuable insights for policymakers in developing countries striving to foster the development of DFI in rural areas.