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Aging of population, digital financial inclusion, and public education expenditure

Author

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  • Wang, Huilin
  • Liu, Jiliang

Abstract

Based on panel data from 2011 to 2022, this paper explores the correlation between the aging of population and public education expenditure. The baseline regression indicates that the intensification of the aging population suppresses the intensity of public education expenditure. Mechanism analysis confirms that digital inclusive finance and urbanization can mitigate this suppressive effect. Additionally, heterogeneity analysis reveals that differences in social consumption levels and geographical locations lead to variations in the suppressive effect of the aging population.

Suggested Citation

  • Wang, Huilin & Liu, Jiliang, 2025. "Aging of population, digital financial inclusion, and public education expenditure," Finance Research Letters, Elsevier, vol. 73(C).
    • Handle: RePEc:eee:finlet:v:73:y:2025:i:c:s1544612324016817
    DOI: 10.1016/j.frl.2024.106652
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    More about this item

    Keywords

    Aging of population; Digital financial inclusion; Public education expenditure;
    All these keywords.

    JEL classification:

    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • H52 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Education
    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid

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