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

Huilin Wang and Jiliang Liu

Finance Research Letters, 2025, vol. 73, issue C

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.

Keywords: Aging of population; Digital financial inclusion; Public education expenditure (search for similar items in EconPapers)
JEL-codes: G21 H52 I22 J14 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:73:y:2025:i:c:s1544612324016817

DOI: 10.1016/j.frl.2024.106652

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