Digital financial inclusion, the Covid-19 effect, and impact on the multidimensional aspects of wellbeing and income inequalities

The Covid-19 pandemic has undoubtedly constituted a major exogenous economic shock globally, with severe short-term recessions inevitably causing a deterioration in households' living conditions across countries. This study investigates how digital financial inclusion impacted subjective and monetary wellbeing, as well as inequality, among Togolese household heads before and after the pandemic. Using data from the Harmonized Living Standards Measurement Study conducted by Togo's National Institute of Statistics and Demographic Studies in 2018-2019 and 2021-2022, encompassing 6,171 and 6,462 households respectively, a smooth instrumental variable quantile regression analysis was performed. The findings reveal a clear benefit of digital financial inclusion in empowering households to safeguard and improve their monetary wellbeing, even reducing income inequality. However, digital financial inclusion did not translate to improved subjective wellbeing or further reduced income inequality. In fact, the Covid-19 shock exacerbated these shortcomings. These results underscore the multifaceted nature of wellbeing and emphasize the need for public policies acknowledging this complexity to ensure inclusive, equitable progress despite future challenges.

新冠疫情无疑是一场全球性重大外生经济冲击，各国普遍遭遇的严重短期衰退不可避免地导致全球范围内家庭的生活境况恶化。本研究旨在探究新冠疫情前后，多哥家庭户主的主观福祉、经济福祉以及收入不平等状况受数字金融普惠（Digital Financial Inclusion）的影响。本研究采用多哥国家统计与人口研究所于2018-2019年及2021-2022年开展的统一生活水平衡量研究（Harmonized Living Standards Measurement Study）数据，该数据集分别涵盖6171户与6462户家庭，并采用平滑工具变量分位数回归分析（Smooth Instrumental Variable Quantile Regression Analysis）开展实证分析。研究结果显示，数字金融普惠可有效赋能家庭，助力其保障并改善经济福祉，同时还能缓解收入不平等。然而，数字金融普惠并未实现主观福祉的提升，也未能进一步缩小收入差距。事实上，新冠疫情冲击进一步加剧了上述短板。本研究结果凸显了福祉的多维度属性，同时强调，为应对未来各类挑战，需制定契合福祉复杂性的公共政策，以实现包容性与公平性的发展。