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Analysis on the Difference of the Influence of Economic Financialization on Regional Economic Growth

Received: 6 February 2023     Accepted: 28 March 2023     Published: 31 March 2023
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Abstract

With the continuous development of the financial industry and its increasing impact on the real economy, it has become the key force to promote the growth of the real economy, and finance has become the new power source of a new round of economic growth. The rapid development of the financial industry has deepened the degree of economic financialization, increasing the impact on the growth of the real economy and the regional growth pattern. The study found that there are significant differences in the impact of economic financialization on the real economy at the three regional levels in China. The eastern economic financialization significantly promotes the growth of the real economy, while the central and western economic financialization will not have a significant impact on the real economy. At the same time, when scientific and technological innovation is taken as the threshold variable, It can be found that there are significant threshold effects and regional heterogeneity in the impact of economic financialization on the growth of regional real economy. Based on this, this paper suggests strengthening the construction of financial industry in the central and western regions, including infrastructure construction, talent team, etc; Guided by deepening market-oriented reform, we should give full play to market potential and achieve coordinated economic development between and within regions; Grasp the principle of "degree", constantly improve the regional financial comprehensive competitiveness, and improve and perfect the construction of ecological environment such as the legal and credit environment.

Published in Science Innovation (Volume 11, Issue 2)
DOI 10.11648/j.si.20231102.13
Page(s) 50-56
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2023. Published by Science Publishing Group

Keywords

Economic Financialization, Regional Economic Growth, Real Economy, Threshold Effect

References
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[3] Siong Hook Law and Nirvikar Singh. Does too much finance harm economic growth? [J]. Journal of Banking and Finance, 2014, 41: 36-44.
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[5] Saint Paul, G. Technological Choice, Financial Markets and Economic Development [J]. European Economic Review, 2016 (3): 763-781.
[6] 杜两省, 胡海洋, 姚晨. 制度环境、技术创新资本流动与区域发展——基于空间集聚视角的研究 [J]. 西南民族大学学报 (人文社科版), 2020, 41 (02): 142-151.
[7] Khatatbeh Ibrahim N. and Moosa Imad A.. Financialization and income inequality: An extreme bounds analysis [J]. The Journal of International Trade & Economic Development, 2022, 31 (5): 692-707.
[8] Li Jia et al. Debt-Driven Property Boom, Land-Based Financing and Trends of Housing Financialization: Evidence from China [J]. Land, 2022, 11 (11): 1967-1967.
[9] Yu and Li and Huang. Financial Functions and Financial Development in China: A Spatial Effect Analysis [J]. Emerging Markets Finance and Trade, 2017, 53 (9).
[10] 罗茜, 王军, 朱杰. 数字经济发展对实体经济的影响研究 [J]. 当代经济管理, 2022, 44 (07): 72-80.
[11] 吴金燕, 滕建州. 经济金融化对实体经济影响的区域差异研究——基于省级面板数据的空间计量研究 [J]. 经济问题探索, 2020 (07): 15-27.
[12] 张天舒, 唐一鸣, 马靖淳. 金融集聚对实体经济发展的影响机制分析——基于长三角和珠三角城市群的实证研究 [J]. 东北师大学报 (自然科学版), 2022, 54 (04): 1 44-154.
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[14] 王黎明, 王宁. 人才集聚、科技创新与经济高质量增长的交互效应——基于省级面板数据VAR模型的实证分析 [J]. 河南师范大学学报 (哲学社会科学版), 2021, 48 (01): 88-94.
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  • APA Style

    Yu Ping, Li Ying-fei. (2023). Analysis on the Difference of the Influence of Economic Financialization on Regional Economic Growth. Science Innovation, 11(2), 50-56. https://doi.org/10.11648/j.si.20231102.13

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    ACS Style

    Yu Ping; Li Ying-fei. Analysis on the Difference of the Influence of Economic Financialization on Regional Economic Growth. Sci. Innov. 2023, 11(2), 50-56. doi: 10.11648/j.si.20231102.13

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    AMA Style

    Yu Ping, Li Ying-fei. Analysis on the Difference of the Influence of Economic Financialization on Regional Economic Growth. Sci Innov. 2023;11(2):50-56. doi: 10.11648/j.si.20231102.13

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  • @article{10.11648/j.si.20231102.13,
      author = {Yu Ping and Li Ying-fei},
      title = {Analysis on the Difference of the Influence of Economic Financialization on Regional Economic Growth},
      journal = {Science Innovation},
      volume = {11},
      number = {2},
      pages = {50-56},
      doi = {10.11648/j.si.20231102.13},
      url = {https://doi.org/10.11648/j.si.20231102.13},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.si.20231102.13},
      abstract = {With the continuous development of the financial industry and its increasing impact on the real economy, it has become the key force to promote the growth of the real economy, and finance has become the new power source of a new round of economic growth. The rapid development of the financial industry has deepened the degree of economic financialization, increasing the impact on the growth of the real economy and the regional growth pattern. The study found that there are significant differences in the impact of economic financialization on the real economy at the three regional levels in China. The eastern economic financialization significantly promotes the growth of the real economy, while the central and western economic financialization will not have a significant impact on the real economy. At the same time, when scientific and technological innovation is taken as the threshold variable, It can be found that there are significant threshold effects and regional heterogeneity in the impact of economic financialization on the growth of regional real economy. Based on this, this paper suggests strengthening the construction of financial industry in the central and western regions, including infrastructure construction, talent team, etc; Guided by deepening market-oriented reform, we should give full play to market potential and achieve coordinated economic development between and within regions; Grasp the principle of "degree", constantly improve the regional financial comprehensive competitiveness, and improve and perfect the construction of ecological environment such as the legal and credit environment.},
     year = {2023}
    }
    

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  • TY  - JOUR
    T1  - Analysis on the Difference of the Influence of Economic Financialization on Regional Economic Growth
    AU  - Yu Ping
    AU  - Li Ying-fei
    Y1  - 2023/03/31
    PY  - 2023
    N1  - https://doi.org/10.11648/j.si.20231102.13
    DO  - 10.11648/j.si.20231102.13
    T2  - Science Innovation
    JF  - Science Innovation
    JO  - Science Innovation
    SP  - 50
    EP  - 56
    PB  - Science Publishing Group
    SN  - 2328-787X
    UR  - https://doi.org/10.11648/j.si.20231102.13
    AB  - With the continuous development of the financial industry and its increasing impact on the real economy, it has become the key force to promote the growth of the real economy, and finance has become the new power source of a new round of economic growth. The rapid development of the financial industry has deepened the degree of economic financialization, increasing the impact on the growth of the real economy and the regional growth pattern. The study found that there are significant differences in the impact of economic financialization on the real economy at the three regional levels in China. The eastern economic financialization significantly promotes the growth of the real economy, while the central and western economic financialization will not have a significant impact on the real economy. At the same time, when scientific and technological innovation is taken as the threshold variable, It can be found that there are significant threshold effects and regional heterogeneity in the impact of economic financialization on the growth of regional real economy. Based on this, this paper suggests strengthening the construction of financial industry in the central and western regions, including infrastructure construction, talent team, etc; Guided by deepening market-oriented reform, we should give full play to market potential and achieve coordinated economic development between and within regions; Grasp the principle of "degree", constantly improve the regional financial comprehensive competitiveness, and improve and perfect the construction of ecological environment such as the legal and credit environment.
    VL  - 11
    IS  - 2
    ER  - 

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Author Information
  • School of Economics, Wuhan University of Technology, Wuhan, China

  • School of Economics, Wuhan University of Technology, Wuhan, China

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