The Financial Agglomeration Effect and the Influencing Mechanism of the Rise of City Clusters

Abstract

Abstract: The formation and evolution of city clusters are deeply influencing financial agglomeration and regional financial development; however, the traditional researches have neglected the influence of city clusters on financial agglomeration. By measuring the financial agglomeration degree of 18 city clusters in China, this paper studies the temporal and spatial characteristics and the financial agglomeration effect of financial agglomeration during the process of the evolution of city clusters as well as the mechanism affecting the financial agglomeration in city clusters with the help of the β convergence model and the spatial econometric technology. The findings show that city clusters are becoming a significant factor affecting financial agglomeration. To be specific, financial resources are accelerating the agglomeration from non-city clusters to city clusters, and from underdeveloped city clusters to developed city clusters. The internal of city clusters at different development stages has different“center-outskirts”agglomeration effects; the underdeveloped city clusters show a siphonic effect, the rapidly developing city clusters a connected effect, the developed city clusters a radiation effect, and the down turning city clusters a dissipation effect. The level of coordinated development within city clusters is an important mechanism affecting financial agglomeration. Therefore, we should speed up the planning and construction of city clusters, innovate the coordinated development mechanism for city clusters, and promote the coordinated development of regional finance.

Key words: financial agglomeration, city clusters, center-outskirts, siphon effect, radiation effect

CLC Number:

F832.1

XIE Yang, HONG Zheng. The Financial Agglomeration Effect and the Influencing Mechanism of the Rise of City Clusters[J]. Contemporary Finance & Economics, 2022, 0(2): 66-78.

References

[1] 王如玉,王志高,梁琦,陈建隆. 金融集聚与城市层级[J]. 经济研究,2019,(11):165-179.
[2] 俞颖,苏慧琨,李勇. 区域金融差异演进路径与机理[J]. 中国工业经济,2017,(4):74-93.
[3] Fujita M., Krugman P., Venables A.J. The Spatial Economy: Cities, Regions, and International Trade[M]. Cambridge: The MIT Press, 2001.
[4] 朱虹,徐琰超,尹恒. 空吸抑或反哺:北京和上海的经济辐射模式比较[J]. 世界经济,2012,(3): 111-124.
[5] Myrdal G.Economic Theory and Underdeveloped Regions[M]. New York: Harper & Row, 1957.
[6] Lefebvre H.Space: Social Product and Use Value[M]. New York: Irvington, 1979.
[7] 徐晔,宋晓薇. 金融集聚、空间外溢与全要素生产率——基于GWR模型和门槛模型的实证研究[J]. 当代财经,2016,(10):45-59.
[8] Porteous S.D. Economic/Commercial Interests and the World's Intelligence Services: A Canadian Perspective[J]. International Journal of Intelligence and Counter Intelligence, 1995, 8(3): 275-306.
[9] Leyshon A., Thrift N.Access to Financial Services and Financial Infrastructure Withdrawal: Problems and Policies[J]. Area, 1994, 26(3): 268-275.
[10] 王晶晶,岳中刚. 金融集聚、本地需求规模与地区工资差异——基于中国地级及以上城市面板数据的实证分析[J].当代财经,2016,(3):87-95.
[11] 张学良,李培鑫. 城市群经济机理与中国城市群竞争格局[J]. 探索与争鸣,2014,(9):59-63.
[12] Meijers E., Burger M.Spatial Structure and Productivity in US Metropolitan Areas[J]. Environment and Planning A, 2010, 42(6): 1402.
[13] 李培鑫. 城市群的演进规律和一体化发展特征分析[J]. 上海城市管理,2019,(5):15-20.
[14] Marshall L.C. Incentive and Output: A Statement of the Place of the Personnel Manager in Modern Industry[J]. Journal of Political Economy, 1913, 28(9): 713.
[15] 刘倩,朱书尚,吴非. 城市群政策能否促进区域金融协调发展?——基于方言视角下的实证检验[J]. 金融研究,2020,(3): 39-57.
[16] 皮亚彬,陈耀. 大国内部经济空间布局:区位、禀赋与一体化[J]. 经济学(季刊),2019,(4):1289-1310.
[17] 何宗樾,宋旭光. 直接融资、间接融资与经济增长——基于中国季度数据的实证研究[J]. 云南财经大学学报,2019,(11):40-48.
[18] 洪正,谢漾. 财政分权制度、市场分割同群效应与产能过剩[J]. 中南大学学报(社会科学版),2021,(4):111-127.
[19] 赵勇,魏后凯. 政府干预、城市群空间功能分工与地区差距——兼论中国区域政策的有效性[J]. 管理世界,2015,(8):14-29+187.
[20] Kelejian H.H., Prucha I. R. A Generalized Spatial Two-Stage Least Squares Procedure for Estimating a Spatial Autoregressive Model with Autoregressive Disturbances[J]. The Journal of Real Estate Finance and Economics, 1998, 17(1): 99-121.