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《Financial Economics Research》 2018-02
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Household Wealth and Financial Exclusion:CFPS-based Empirical Analysis

Zhou Yang;Ren Kezhen;Liu Xuejin;School of Economics and Management,Wuhan University;Peking University HSBC Business School;  
Based on 2014 data of the China Family Panel Studies( CFPS),this study utilized the value of total household assets to measure household wealth. The empirical results revealed that the increase in household wealth could significantly reduce the likelihood of residents being excluded by formal financial institutions. Households with higher levels of wealth tended to accelerate their capital accumulation through participation in the financial market. As a result,wealth inequality in China continues to worsen. Further analysis on the urban and rural sub-samples showed that the increase in household wealth appeared to be more conducive to the alleviation of financial exclusion of rural residents. Therefore,it is recommended that the government take measures to change financial institutions ' discrimination towards the less wealthy population group and encourage them to provide financial services so as to share financial resources and promote the development of inclusive finance.
【Fund】: 国家自然科学基金项目(71703114)
【CateGory Index】: F126;F832
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