Artificial intelligence development and household financial asset allocation

Hongjiao Liu

doi:10.1016/j.iref.2025.104365

Artificial intelligence development and household financial asset allocation

Hongjiao Liu

Department of Applied Finance

Research output: Contribution to journal › Article › peer-review

5 Citations (Scopus)

1 Downloads (Pure)

Abstract

This paper investigates the impact of artificial intelligence (AI) development on household financial asset allocation. Using data from the 2019 China Household Finance Survey (CHFS) and employing the Tobit model, the study finds that higher levels of AI development significantly increase the proportion of financial assets allocated by households. Robustness tests using Probit and other models confirm the significance of these results. Furthermore, the study explores the mechanisms through which AI development influences household financial asset allocation, including improving job quality and promoting high-quality economic development. A heterogeneity analysis is conducted to examine differences in this effect across factors such as city size, the number of properties owned by households, levels of social trust, and the sophistication of industrial structures.

Original language	English
Article number	104365
Pages (from-to)	1-13
Number of pages	13
Journal	International Review of Economics and Finance
Volume	102
DOIs	https://doi.org/10.1016/j.iref.2025.104365
Publication status	Published - Sept 2025

Bibliographical note

© 2025 The Author. Published by Elsevier Inc. Version archived for private and non-commercial use with the permission of the author/s and according to publisher conditions. For further rights please contact the publisher.

Keywords

Artificial intelligence
CHFS
Household financial asset allocation
Tobit model

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10.1016/j.iref.2025.104365Licence: CC BY-NC

Publisher version (open access)Final published version, 681 KBLicence: CC BY-NC

Cite this

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abstract = "This paper investigates the impact of artificial intelligence (AI) development on household financial asset allocation. Using data from the 2019 China Household Finance Survey (CHFS) and employing the Tobit model, the study finds that higher levels of AI development significantly increase the proportion of financial assets allocated by households. Robustness tests using Probit and other models confirm the significance of these results. Furthermore, the study explores the mechanisms through which AI development influences household financial asset allocation, including improving job quality and promoting high-quality economic development. A heterogeneity analysis is conducted to examine differences in this effect across factors such as city size, the number of properties owned by households, levels of social trust, and the sophistication of industrial structures.",

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N2 - This paper investigates the impact of artificial intelligence (AI) development on household financial asset allocation. Using data from the 2019 China Household Finance Survey (CHFS) and employing the Tobit model, the study finds that higher levels of AI development significantly increase the proportion of financial assets allocated by households. Robustness tests using Probit and other models confirm the significance of these results. Furthermore, the study explores the mechanisms through which AI development influences household financial asset allocation, including improving job quality and promoting high-quality economic development. A heterogeneity analysis is conducted to examine differences in this effect across factors such as city size, the number of properties owned by households, levels of social trust, and the sophistication of industrial structures.

AB - This paper investigates the impact of artificial intelligence (AI) development on household financial asset allocation. Using data from the 2019 China Household Finance Survey (CHFS) and employing the Tobit model, the study finds that higher levels of AI development significantly increase the proportion of financial assets allocated by households. Robustness tests using Probit and other models confirm the significance of these results. Furthermore, the study explores the mechanisms through which AI development influences household financial asset allocation, including improving job quality and promoting high-quality economic development. A heterogeneity analysis is conducted to examine differences in this effect across factors such as city size, the number of properties owned by households, levels of social trust, and the sophistication of industrial structures.

KW - Artificial intelligence

KW - CHFS

KW - Household financial asset allocation

KW - Tobit model

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JO - International Review of Economics and Finance

JF - International Review of Economics and Finance

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ER -

Artificial intelligence development and household financial asset allocation

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