Digital Inclusive Finance and Household Consumption Smoothing: An Analysis Based on Life-Cycle Consumption Theory

Fangfei Dong

doi:10.47297/wspdecWSP2515-797303.20261005

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Digital Inclusive Finance and Household Consumption Smoothing: An Analysis Based on Life-Cycle Consumption Theory

10卷第5期

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Digital Inclusive Finance and Household Consumption Smoothing: An Analysis Based on Life-Cycle Consumption Theory
Digital Inclusive Finance and Household Consumption Smoothing: An Analysis Based on Life-Cycle Consumption Theory
Zhejiang Sci-Tech University, Hangzhou, Zhejiang, 310018, China
2026年10卷第5期页码：14-21
网络首发：2026-08-14，

纸质出版：2026-05-30
DOI：10.47297/wspdecWSP2515-797303.20261005
Accepted：

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Fangfei Dong. (2026). Digital Inclusive Finance and Household Consumption Smoothing: An Analysis Based on Life-Cycle Consumption Theory. 发展经济学, 10(5), 14-21.

Dong Fangfei.Digital Inclusive Finance and Household Consumption Smoothing: An Analysis Based on Life-Cycle Consumption Theory[J].Development Economics of China,2026,10(05):14-21.
Fangfei Dong. (2026). Digital Inclusive Finance and Household Consumption Smoothing: An Analysis Based on Life-Cycle Consumption Theory. 发展经济学, 10(5), 14-21. DOI： 10.47297/wspdecWSP2515-797303.20261005.

Dong Fangfei.Digital Inclusive Finance and Household Consumption Smoothing: An Analysis Based on Life-Cycle Consumption Theory[J].Development Economics of China,2026,10(05):14-21. DOI： 10.47297/wspdecWSP2515-797303.20261005.

摘要

Abstract

The digital economy has become a pivotal engine propelling China's economic development

greatly energizing the domestic consumer market and tapping domestic demand potential. Drawing upon the China Digital Inclusive Finance Index and provincial panel data of 31 Chinese provinces from 2015 to 2024

this study uses a fixed-effects panel model

mediation effect analysis

and grouped heterogeneity regression

supplemented by robustness tests. To clarify the specific mechanisms by which digital inclusive finance exerts its consumption-smoothing effects on households

this paper empirically analyzes the transmission mechanism of digital inclusive finance on household consumption smoothing from a life-cycle perspective

and also studies its heterogeneous impact. Empirical findings suggest that digital inclusive finance can markedly enhance household consumption smoothing as well as enhance residents' intertemporal consumption allocation capabilities. Digital inclusive finance achieves its positive effect on stabilizing household consumption through three main pathways: alleviating liquidity constraints

broadening wealth management channels

and reducing transaction costs. Heterogeneity test results reveals that the boosting effect of digital inclusive finance on household consumption smoothing is more marked in the eastern regions and economically advanced regions

while it is weaker in the central and western areas and less developed areas. Drawing on the analysis results

targeted policy measures are proposed.

关键词

Keywords

references

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