How Does Transportation Infrastructure Promote Regional Financial Development? A Test Based on the Transmission Mechanism of Generalized Transportation Costs

Abstract

Abstract: By using the provincial panel data from 1997 to 2017, this paper explores the impact of transportation infrastructure on regional financial developments. The function of improving transportation infrastructure is reflected in two aspects, i.e., the travel time saving effect and the freight cost reducing effect. The result of an empirical test with Han-Philips dynamic spatial econometric model suggests that both of them have a positive and significant effect on the travel time saving effect and freight cost reduction effect, and the impact of the former is stronger than that of the latter. Based on the mediating effect model, it is believed that there exist four impact mechanisms in regional finance development, i.e., the learning and sharing mechanism and the human resource matching mechanism that are based on travel time saving, and the market potential expansion and industrial agglomeration mechanism that are based on the reduction of freight costs. The impact of the above four mechanisms on financial scale and financial efficiency differs under different spatial conditions: as for financial scale, the learning and sharing mechanism and the human resource matching mechanism are more significant in regions with adjacent locations or short economic distances, while the effect of adjacent geographical distance is more reflected in the market potential expansion and industrial agglomeration mechanism; as for financial development efficiency, the four mechanisms all have more prominent effect in geographically adjacent areas.

Key words: transportation infrastructure, financial development, dynamic spatial econometrics, mediating effect, new economic geography

CLC Number:

F512.3

WANG Zi-li, LIN Xiao-yan. How Does Transportation Infrastructure Promote Regional Financial Development? A Test Based on the Transmission Mechanism of Generalized Transportation Costs[J]. Journal of Jiangxi University of Finance and Economics, 2021, 0(1): 43-54.

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