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Table 3.
The effect of digital finance on household risk sharing
Full sample:HH idiosyncratic consumption growth
(1)(2)(3)
ΔlogY˜ijt 0.849*** 0.678** 0.632** 
 (0.285) (0.285) (0.291) 
logDFjt × ΔlogY˜ijt −0.147*** −0.114** −0.150*** 
 (0.055) (0.055) (0.057) 
logBCjt × ΔlogY˜ijt 0.027 0.019 0.019 
 (0.017) (0.017) (0.018) 
Controls 
Controls interactions 
HH. FE, time FE 
Observations 15,926 15,926 15,926 
R2 0.30 0.31 0.31 
Full sample:HH idiosyncratic consumption growth
(1)(2)(3)
ΔlogY˜ijt 0.849*** 0.678** 0.632** 
 (0.285) (0.285) (0.291) 
logDFjt × ΔlogY˜ijt −0.147*** −0.114** −0.150*** 
 (0.055) (0.055) (0.057) 
logBCjt × ΔlogY˜ijt 0.027 0.019 0.019 
 (0.017) (0.017) (0.018) 
Controls 
Controls interactions 
HH. FE, time FE 
Observations 15,926 15,926 15,926 
R2 0.30 0.31 0.31 

Note:Dependent variable: household idiosyncratic consumption growth. DFjt is the measure of digital inclusive finance, and BCjt is the ratio of bank credits to GDP in city region. Controls: household demographics, employment dummies, gender and age of the household head, the education level of family members, smartphone ownership, the use of financial instruments (bank card, participation in social insurance), and city level GDP growth. Control interactions are the interactions terms of controls with ΔlogY˜ijt. Robust standard errors reported in brackets are clustered at household level.

***Statistically significant at the 1 percent level; **statistically significant at the 5 percent level.

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