TITLE:
The Impact of Digital Inclusive Finance on the High-Quality Development of Guangdong’s Real Economy: An Analysis Based on Spatial Econometric Models
AUTHORS:
Qianyi Dong, Wanxia Li, Youcheng Wu, Wenfeng Li, Dejiang Sun
KEYWORDS:
Digital Financial Inclusion, Real Economy, Moran Index, Spatial Durbin Model
JOURNAL NAME:
Theoretical Economics Letters,
Vol.13 No.4,
August
17,
2023
ABSTRACT: The real economy is the lifeline of a country and the foundation for
stable economic operation. Serving the real economy is the responsibility of
the financial sector, and developing inclusive digital finance is essential for
the real economy. This study aims to explore the impact mechanism and spatial
spillover effects of inclusive digital finance on the high-quality development
of the real economy in Guangdong Province. Panel data from Guangdong Province
and its 21 prefecture-level cities from 2014 to 2020 are selected, and an indicator system for inclusive digital finance
and high-quality development of the real economy is constructed. The study
employs spatial econometric models for empirical analysis. The empirical results
show that: 1) There is spatial dependence between inclusive digital finance and
high-quality development of the real economy in Guangdong Province. The spatial
correlation of inclusive digital finance development in each prefecture-level
city generally shows a downward trend, while the spatial correlation of
high-quality development of the real economy shows an overall upward
trend. 2) The overall Pearl River Delta urban agglomeration has a high level of
development in both inclusive digital
finance and high-quality development of the real economy, which can
radiate and drive neighboring regions. 3) There is polarization in the
high-quality development of the real economy among prefecture-level cities in
Guangdong Province, and the development pattern remains relatively unchanged,
characterized by the distribution pattern of high-high agglomeration areas and
low-low agglomeration areas. 4) Inclusive digital finance has a significant
positive promoting effect on the high-quality development of the real economy
in Guangdong Province, and the depth of inclusive digital finance usage is one of the important driving forces.
5) Inclusive digital finance has a negative spatial spillover effect on
the high-quality development of the real
economy in Guangdong Province, indicating that the development of inclusive
digital finance in one area may inhibit the high-quality development of
the real economy in adjacent areas. 6) The breadth of coverage in different
dimensions has a positive spatial spillover effect on the high-quality
development of the real economy in Guangdong Province, while usage depth has a
negative spatial spillover effect.