In the rapidly evolving landscape of today’s digital economy,Financial Technology(Fintech)emerges as a trans-formative force,propelled by the dynamic synergy between Artificial Intelligence(AI)and Algorithmic Trading...In the rapidly evolving landscape of today’s digital economy,Financial Technology(Fintech)emerges as a trans-formative force,propelled by the dynamic synergy between Artificial Intelligence(AI)and Algorithmic Trading.Our in-depth investigation delves into the intricacies of merging Multi-Agent Reinforcement Learning(MARL)and Explainable AI(XAI)within Fintech,aiming to refine Algorithmic Trading strategies.Through meticulous examination,we uncover the nuanced interactions of AI-driven agents as they collaborate and compete within the financial realm,employing sophisticated deep learning techniques to enhance the clarity and adaptability of trading decisions.These AI-infused Fintech platforms harness collective intelligence to unearth trends,mitigate risks,and provide tailored financial guidance,fostering benefits for individuals and enterprises navigating the digital landscape.Our research holds the potential to revolutionize finance,opening doors to fresh avenues for investment and asset management in the digital age.Additionally,our statistical evaluation yields encouraging results,with metrics such as Accuracy=0.85,Precision=0.88,and F1 Score=0.86,reaffirming the efficacy of our approach within Fintech and emphasizing its reliability and innovative prowess.展开更多
The vigorous development of information and communications technology has accelerated reshaping of the financial industry. The COVID-19 pandemic has further catalyzed the demand for digital financial services. Digital...The vigorous development of information and communications technology has accelerated reshaping of the financial industry. The COVID-19 pandemic has further catalyzed the demand for digital financial services. Digital financial inclusion relies on information technology to overcome spatial limitations. In this case, the research question is whether it adheres to the spatial laws governing conventional financial activities. This study uses exploratory spatial data analysis and a geographical detector to elucidate the spatiotemporal characteristics and factors influencing digital financial inclusion at the county level in China(Data don’t include that of Hong Kong, Macao and Taiwan of China) from 2014 to 2020. The research findings indicate: first, China’s county-level digital financial inclusion is generally increasing and exhibits significant spatial autocorrelation. Second, population density, level of traditional financial development, government regulation, and education level are key determinants of China’s county-level digital financial inclusion. Third,policies should be differentiated by region to narrow the spatial gap in digital financial inclusion. The results provide a reference for other developing countries on using digital technology to develop financial inclusion.展开更多
This study examines the effects of digital financial inclusion on non-farm employment of rural labor and the mediating mechanism of innovation and entrepreneurship activity using China Family Panel Studies(CFPS)and th...This study examines the effects of digital financial inclusion on non-farm employment of rural labor and the mediating mechanism of innovation and entrepreneurship activity using China Family Panel Studies(CFPS)and the provincial index of digital financial inclusion.Through the empirical test of the Probit model and mediation effect model,we found that:firstly,digital financial inclusion can promote non-farm employment of rural labor,with the level of digitalization having the most significant impact;secondly,by encouraging innovation and entrepreneurial activity,digital financial inclusion can promote non-farm employment of rural labor;thirdly,the driving effect of digital financial inclusion on non-farm employment of rural labor is more pronounced among the unmarried,eastern region,and male labor.Therefore,we should improve the construction of rural digital infrastructure and accelerate the development of inclusive rural finance to promote more diversified non-farm employment options for“disadvantaged groups”;encourage and support innovation at the government level,and create a favorable atmosphere for innovation and entrepreneurship.Simultaneously,farmers’digital literacy and financial knowledge should be improved so that more can adopt and take advantage of digital financial inclusion.展开更多
Current financial discourse suggests the imminence of a cashless society,a concept that arose from the global popularization of digital financial services and the development of technologies with the potential for app...Current financial discourse suggests the imminence of a cashless society,a concept that arose from the global popularization of digital financial services and the development of technologies with the potential for application in financial markets.However,claims about the impending obsolescence of paper money are neither disruptive nor a novelty.Instead,this paper argues that the conversion of money from paper to bits has been a gradual,adaptive process,and that money is already digital.Moreover,in this paper we propose that the statuses of electronic money(e-money)and banknotes have switched in the view of monetary authorities.展开更多
Financial resilience refers to a start-up's capacity to anticipate,plan for,respond to,and adapt to gradual change and abrupt unforeseen shocks to survive and thrive by enacting appropriate economic policies to de...Financial resilience refers to a start-up's capacity to anticipate,plan for,respond to,and adapt to gradual change and abrupt unforeseen shocks to survive and thrive by enacting appropriate economic policies to decrease budget deficits.Economic history tells us that more companies fail to emerge from a downturn than go into or during it.Many studies have been done on financial resilience in many dimensions,but no one has studied start-ups’organizational readiness for financial resilience.This gap inspires the current research,which uses the Total Interpretive Structural Modelling(TISM)approach to identify financial resilience factors and analyze hierarchical interrelationships start-ups’organizational readiness factors for financial resilience.This article aims to identify,assess,and categorize start-up organizational preparation elements for financial resilience.The result shows that the first importance should be given to digital financial innovation,liquidity planning,going concern consideration,financial strategy of CFOs,and cyberthreats.Managers of start-ups can utilize the findings of this study to prepare for financial resilience professionally.In a fast-paced environment,start-ups may use financial resilience to gain a competitive edge.展开更多
In light of China's generally backward agricultural mechanization levels,it becomes crucial to shore up this weak link with endogenous driving force.The digital financial inclusion offers a approach to addressing ...In light of China's generally backward agricultural mechanization levels,it becomes crucial to shore up this weak link with endogenous driving force.The digital financial inclusion offers a approach to addressing the challenges related to agricultural mechanization.This study,collecting data from 1,869 counties and using the Spatial Autoregressive Model with Spatial Autoregressive Disturbances(SARAR model),analyzes the equilibrium and disequilibrium effects of digital financial inclusion on agricultural mechanization,as well as the mechanisms through which digital financial inclusion operates.The findings indicate that both digital financial inclusion and agricultural mechanization exhibittspatialspillovereffects.The development of digital financial inclusion emerges as a significant driver for promoting agricultural mechanization.Furthermore,the impact of digital financial inclusion on agricultural mechanization varies based on the level of agricultural economic development,with counties characterized by less developed agriculture,plain topography,and strong agricultural sectors benefiting more from digital financial inclusion.Additionally,digital financial inclusionini directlyboosts agricultural mechanizationby increasing farmers income and encouraging investment in fixed assets.Therefore,it is crucial to harness the benefits brought by the development of digital financial inclusion while promoting agricultural mechanization,and regions should tailor their approaches to promote digital financial inclusion development according to their local conditions.展开更多
In this paper,we investigate the effect of digital financial inclusion(DFI)on household consumption smoothing in China.We use four waves of the biennial China Family Panel Studies from 2010 to 2016,during which time D...In this paper,we investigate the effect of digital financial inclusion(DFI)on household consumption smoothing in China.We use four waves of the biennial China Family Panel Studies from 2010 to 2016,during which time DFI has significantly developed alongside financial technology across China.We split household income shocks into permanent and transitory components,and evaluate if DFI may help households to buffer against these shocks.We find that households are not able to insure against permanent shocks to income,but they can smooth approximately 70 percent of transitory shocks to income.We also find that DFI has diminished households'ability to insure against transitory income shocks.This is partly because online purchase may lead to the oversensitivity of consumption to income.In addition,we find that contrary to DFI,traditional financial sector development contributes to better household consumption smoothing against transitory income shocks.展开更多
Financial inclusion has become an important development strategy in many countries,and related research is increasing.Financial inclusion in China has had significant progress recently.It has gradually formed a unique...Financial inclusion has become an important development strategy in many countries,and related research is increasing.Financial inclusion in China has had significant progress recently.It has gradually formed a unique and sustainable development path with supporting policies and regulations as well as rapid development and application of digital technology.While challenges remain,the experience of Chinese financial inclusion provides valuable lessons and research directions for policymakers and researchers.展开更多
With the rapid development of fintech as represented by the internet,artificial intelligence,blockchain,cloud computing and big data,especially the evolution of big data and deep learning,and the major changes in fina...With the rapid development of fintech as represented by the internet,artificial intelligence,blockchain,cloud computing and big data,especially the evolution of big data and deep learning,and the major changes in financial service models and products in recent years,the development of global inclusive finance has undergone different stages,from“micro finance,”through“inclusive finance,”to“digital financial inclusion.”In the context of growing global competition in the financial sector,many countries are promoting digital financial inclusion and formulating applicable national development strategies.Therefore,it is suggested that China should further strengthen support policies,increase its influence on global financial governance,construct a long-term regulatory mechanism for digital financial inclusion,and build digital inclusive financial infrastructure in order to improve the international competitiveness of China’s financial industry.展开更多
Digital financial inclusion(DFI)has the advantage of promoting information sharing,reducing transaction costs,and providing microloan platforms for small and medium-sized enterprises.It has also made outstanding contr...Digital financial inclusion(DFI)has the advantage of promoting information sharing,reducing transaction costs,and providing microloan platforms for small and medium-sized enterprises.It has also made outstanding contributions to decreasing CO_(2) emissions.However,the volatility correlation between DFI and CO_(2) emissions is still relatively unexplored.This research uses the spatial autoregressive process with conditional heteroscedastic errors(SARspARCH)model to evaluate the spatial fluctuation spillover impacts of DFI on CO_(2) emissions in 284 Chinese cities covering the period 2011-2016 following the IPAT model.The results indicate that CO_(2) emissions have significant spatial spillover and volatility effects.The fitted value of SARspARCH estimation results is more realistic than the SAR and spARCH model.DFI alleviates average CO_(2) emissions in Chinese cities.Moreover,spatial volatility weakens the negative influence of DFI on average carbon emissions.This study provides insights from which governments can strengthen inter-regional communication and synergistic emission-reduction capabilities,and promote the digitization of the financial sector to achieve carbon neutrality goals.展开更多
Recent years have seen an increasing integration of fintech and inclusive loans,leading to significant changes in banking business models and operations.The paper analyzes the impact of fintech on bank risks and perfo...Recent years have seen an increasing integration of fintech and inclusive loans,leading to significant changes in banking business models and operations.The paper analyzes the impact of fintech on bank risks and performance.The research findings show the following results.First,fintech has made banks more willing to issue inclusive loans.Second,by leveraging fintech,banks have lowered the risks associated with inclusive loans and improved their performance,particularly manifested by inclusive loans to small and micro enterprises.Third,in regard to financial geographic heterogeneity,with the increasing distance between branches and sub-branches,and head office,fintech,as an effective regulating tool,can help to improve the inclusive loan operations and risk control capabilities of remote branches and sub-branches.This paper argues that digital financial inclusion contributes to the stable operation of banks;banks can take advantage of fintech to digitalize and intelligentize financial inclusion,thereby improving business efficiency,reducing risk exposures and expanding profitability.Therefore,banks should adhere to the“prudent and stable”risk appetite and“small and decentralized”credit granting principle to make safe,convenient and impartial inclusive finance services available to a variety of market entities.When implementing the inclusive finance development strategy,head office should consider different results among branches and sub-branches due to their varied financial geographic locations,and release differentiated assessment and incentive policies to branches and sub-branches based on economic regions in a bid to minimize policy spillovers.展开更多
基金This project was funded by Deanship of Scientific Research(DSR)at King Abdulaziz University,Jeddah underGrant No.(IFPIP-1127-611-1443)the authors,therefore,acknowledge with thanks DSR technical and financial support.
文摘In the rapidly evolving landscape of today’s digital economy,Financial Technology(Fintech)emerges as a trans-formative force,propelled by the dynamic synergy between Artificial Intelligence(AI)and Algorithmic Trading.Our in-depth investigation delves into the intricacies of merging Multi-Agent Reinforcement Learning(MARL)and Explainable AI(XAI)within Fintech,aiming to refine Algorithmic Trading strategies.Through meticulous examination,we uncover the nuanced interactions of AI-driven agents as they collaborate and compete within the financial realm,employing sophisticated deep learning techniques to enhance the clarity and adaptability of trading decisions.These AI-infused Fintech platforms harness collective intelligence to unearth trends,mitigate risks,and provide tailored financial guidance,fostering benefits for individuals and enterprises navigating the digital landscape.Our research holds the potential to revolutionize finance,opening doors to fresh avenues for investment and asset management in the digital age.Additionally,our statistical evaluation yields encouraging results,with metrics such as Accuracy=0.85,Precision=0.88,and F1 Score=0.86,reaffirming the efficacy of our approach within Fintech and emphasizing its reliability and innovative prowess.
基金Under the auspices of National Natural Science Foundation of China (No.42171188)Natural Science Foundation of Guangdong Province (No.2022A1515010992)。
文摘The vigorous development of information and communications technology has accelerated reshaping of the financial industry. The COVID-19 pandemic has further catalyzed the demand for digital financial services. Digital financial inclusion relies on information technology to overcome spatial limitations. In this case, the research question is whether it adheres to the spatial laws governing conventional financial activities. This study uses exploratory spatial data analysis and a geographical detector to elucidate the spatiotemporal characteristics and factors influencing digital financial inclusion at the county level in China(Data don’t include that of Hong Kong, Macao and Taiwan of China) from 2014 to 2020. The research findings indicate: first, China’s county-level digital financial inclusion is generally increasing and exhibits significant spatial autocorrelation. Second, population density, level of traditional financial development, government regulation, and education level are key determinants of China’s county-level digital financial inclusion. Third,policies should be differentiated by region to narrow the spatial gap in digital financial inclusion. The results provide a reference for other developing countries on using digital technology to develop financial inclusion.
基金Ministry of Education Humanities and Social Science Foundation Youth Project“Micro-Quantification,Action Mechanism and Impact Research on Financialization of Entity Enterprises”[Grant number.19YJC790106]National Social Science Fund“Mechanism Analysis and Optimization Path Research of Digital Finance Supporting the Improvement of development efficiency of SMEs”[Grant number.21BJY047]+1 种基金Science and Technology Research Program of Chongqing Municipal Education Commission of China:“Research on the Mechanism and Path of Green Finance to Promote Poverty Alleviation in Poor areas in Western China”[Grant number.KJQN201900550]Science and Technology Research Program of Chongqing Municipal Education Commission of China:“Research on Financial Efficiency and High-quality Innovation Development from the Perspective of the Innovation Value Chain”[Grant number.KJQN202000540].
文摘This study examines the effects of digital financial inclusion on non-farm employment of rural labor and the mediating mechanism of innovation and entrepreneurship activity using China Family Panel Studies(CFPS)and the provincial index of digital financial inclusion.Through the empirical test of the Probit model and mediation effect model,we found that:firstly,digital financial inclusion can promote non-farm employment of rural labor,with the level of digitalization having the most significant impact;secondly,by encouraging innovation and entrepreneurial activity,digital financial inclusion can promote non-farm employment of rural labor;thirdly,the driving effect of digital financial inclusion on non-farm employment of rural labor is more pronounced among the unmarried,eastern region,and male labor.Therefore,we should improve the construction of rural digital infrastructure and accelerate the development of inclusive rural finance to promote more diversified non-farm employment options for“disadvantaged groups”;encourage and support innovation at the government level,and create a favorable atmosphere for innovation and entrepreneurship.Simultaneously,farmers’digital literacy and financial knowledge should be improved so that more can adopt and take advantage of digital financial inclusion.
基金This research received no specific grant from any funding agency in the public,commercial,or not-for-profit sectors.
文摘Current financial discourse suggests the imminence of a cashless society,a concept that arose from the global popularization of digital financial services and the development of technologies with the potential for application in financial markets.However,claims about the impending obsolescence of paper money are neither disruptive nor a novelty.Instead,this paper argues that the conversion of money from paper to bits has been a gradual,adaptive process,and that money is already digital.Moreover,in this paper we propose that the statuses of electronic money(e-money)and banknotes have switched in the view of monetary authorities.
文摘Financial resilience refers to a start-up's capacity to anticipate,plan for,respond to,and adapt to gradual change and abrupt unforeseen shocks to survive and thrive by enacting appropriate economic policies to decrease budget deficits.Economic history tells us that more companies fail to emerge from a downturn than go into or during it.Many studies have been done on financial resilience in many dimensions,but no one has studied start-ups’organizational readiness for financial resilience.This gap inspires the current research,which uses the Total Interpretive Structural Modelling(TISM)approach to identify financial resilience factors and analyze hierarchical interrelationships start-ups’organizational readiness factors for financial resilience.This article aims to identify,assess,and categorize start-up organizational preparation elements for financial resilience.The result shows that the first importance should be given to digital financial innovation,liquidity planning,going concern consideration,financial strategy of CFOs,and cyberthreats.Managers of start-ups can utilize the findings of this study to prepare for financial resilience professionally.In a fast-paced environment,start-ups may use financial resilience to gain a competitive edge.
基金"Mechanism and Policy Optimization of Digital Finance on the Release of County Structure Dividends in Shandong Province"(No.20CSDJ48)special project supported by the Shandong Social Science Planning:Digital Shandong Research Project+3 种基金the"Research on the Impact Mechanism and Optimization Path of High Standard Farmland Construction on Agricultural Land Efficiency"(No.202102063)a postdoctoral innovation project in Shandong Provinceand the"Research on the Implementation Effect and Mechanism of High Standard Farmland Construction:From the Perspective of Agricultural Land Efficiency"(No.QDSKL2101025)a program supported by the Qingdao Philosophy and Social Science Planning Project.
文摘In light of China's generally backward agricultural mechanization levels,it becomes crucial to shore up this weak link with endogenous driving force.The digital financial inclusion offers a approach to addressing the challenges related to agricultural mechanization.This study,collecting data from 1,869 counties and using the Spatial Autoregressive Model with Spatial Autoregressive Disturbances(SARAR model),analyzes the equilibrium and disequilibrium effects of digital financial inclusion on agricultural mechanization,as well as the mechanisms through which digital financial inclusion operates.The findings indicate that both digital financial inclusion and agricultural mechanization exhibittspatialspillovereffects.The development of digital financial inclusion emerges as a significant driver for promoting agricultural mechanization.Furthermore,the impact of digital financial inclusion on agricultural mechanization varies based on the level of agricultural economic development,with counties characterized by less developed agriculture,plain topography,and strong agricultural sectors benefiting more from digital financial inclusion.Additionally,digital financial inclusionini directlyboosts agricultural mechanizationby increasing farmers income and encouraging investment in fixed assets.Therefore,it is crucial to harness the benefits brought by the development of digital financial inclusion while promoting agricultural mechanization,and regions should tailor their approaches to promote digital financial inclusion development according to their local conditions.
基金Jennifer T.Lai gratefully acknowledges financial support from the National Science Foundation of China(No.71403061)the Fund Projects of Guangdong University of Foreign Studies(Nos.18ZD01 and HW2018012)the Foundation of Southern China Institute of Fortune Management Research.Xingjian Yi gratefully acknowledges financial support from the National Social Science Foundation of China(No.15ZDA013).
文摘In this paper,we investigate the effect of digital financial inclusion(DFI)on household consumption smoothing in China.We use four waves of the biennial China Family Panel Studies from 2010 to 2016,during which time DFI has significantly developed alongside financial technology across China.We split household income shocks into permanent and transitory components,and evaluate if DFI may help households to buffer against these shocks.We find that households are not able to insure against permanent shocks to income,but they can smooth approximately 70 percent of transitory shocks to income.We also find that DFI has diminished households'ability to insure against transitory income shocks.This is partly because online purchase may lead to the oversensitivity of consumption to income.In addition,we find that contrary to DFI,traditional financial sector development contributes to better household consumption smoothing against transitory income shocks.
基金This research did not receive any specific grant from funding agencies in the public,commercial,or not-for-profit sectors.
文摘Financial inclusion has become an important development strategy in many countries,and related research is increasing.Financial inclusion in China has had significant progress recently.It has gradually formed a unique and sustainable development path with supporting policies and regulations as well as rapid development and application of digital technology.While challenges remain,the experience of Chinese financial inclusion provides valuable lessons and research directions for policymakers and researchers.
基金This paper is supported by the Key Program of National Social Science Foundation of China(No.13AJY018)the Program of National Social Science Foundation of China(No.16BFX098).
文摘With the rapid development of fintech as represented by the internet,artificial intelligence,blockchain,cloud computing and big data,especially the evolution of big data and deep learning,and the major changes in financial service models and products in recent years,the development of global inclusive finance has undergone different stages,from“micro finance,”through“inclusive finance,”to“digital financial inclusion.”In the context of growing global competition in the financial sector,many countries are promoting digital financial inclusion and formulating applicable national development strategies.Therefore,it is suggested that China should further strengthen support policies,increase its influence on global financial governance,construct a long-term regulatory mechanism for digital financial inclusion,and build digital inclusive financial infrastructure in order to improve the international competitiveness of China’s financial industry.
基金supported by the National Social Science Foundation of China(Grant No.20VGQ003)the Natural Science Fund of Hunan Province(2022JJ40647).
文摘Digital financial inclusion(DFI)has the advantage of promoting information sharing,reducing transaction costs,and providing microloan platforms for small and medium-sized enterprises.It has also made outstanding contributions to decreasing CO_(2) emissions.However,the volatility correlation between DFI and CO_(2) emissions is still relatively unexplored.This research uses the spatial autoregressive process with conditional heteroscedastic errors(SARspARCH)model to evaluate the spatial fluctuation spillover impacts of DFI on CO_(2) emissions in 284 Chinese cities covering the period 2011-2016 following the IPAT model.The results indicate that CO_(2) emissions have significant spatial spillover and volatility effects.The fitted value of SARspARCH estimation results is more realistic than the SAR and spARCH model.DFI alleviates average CO_(2) emissions in Chinese cities.Moreover,spatial volatility weakens the negative influence of DFI on average carbon emissions.This study provides insights from which governments can strengthen inter-regional communication and synergistic emission-reduction capabilities,and promote the digitization of the financial sector to achieve carbon neutrality goals.
基金This paper is supported by the key program of National Social Science Foundation of China“Research on China’s Carbon Market and Carbon Financial System Construction and Emission Reduction Incentive Mechanisms”(No.18AZD012)two key programs of National Natural Science Foundation of China“Private Placement Discount Strategy and Probing and Tunneling Mechanisms”(No.71672107)“Fund Behavior and Stock Correlation and Stock Prices”(No.72073086).
文摘Recent years have seen an increasing integration of fintech and inclusive loans,leading to significant changes in banking business models and operations.The paper analyzes the impact of fintech on bank risks and performance.The research findings show the following results.First,fintech has made banks more willing to issue inclusive loans.Second,by leveraging fintech,banks have lowered the risks associated with inclusive loans and improved their performance,particularly manifested by inclusive loans to small and micro enterprises.Third,in regard to financial geographic heterogeneity,with the increasing distance between branches and sub-branches,and head office,fintech,as an effective regulating tool,can help to improve the inclusive loan operations and risk control capabilities of remote branches and sub-branches.This paper argues that digital financial inclusion contributes to the stable operation of banks;banks can take advantage of fintech to digitalize and intelligentize financial inclusion,thereby improving business efficiency,reducing risk exposures and expanding profitability.Therefore,banks should adhere to the“prudent and stable”risk appetite and“small and decentralized”credit granting principle to make safe,convenient and impartial inclusive finance services available to a variety of market entities.When implementing the inclusive finance development strategy,head office should consider different results among branches and sub-branches due to their varied financial geographic locations,and release differentiated assessment and incentive policies to branches and sub-branches based on economic regions in a bid to minimize policy spillovers.
