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

Yu Ping; Li Ying-fei

doi:doi:10.11648/j.si.20231102.13

| Peer-Reviewed

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

Yu Ping, Li Ying-fei

Published in Science Innovation (Volume 11, Issue 2)

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

Views: Downloads:

Download PDF

Share This Article

Twitter
Linked In
Facebook

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

[1]	Foster, John Bellamy. The Financialization of Accumulation [J]. Monthly Review, 2010, 62 (5): 1-17.
[2]	张成思, 张步昙. 再论金融与实体经济:经济金融化视角 [J]. 经济学动态, 2015 (06): 56-66.
[3]	Siong Hook Law and Nirvikar Singh. Does too much finance harm economic growth? [J]. Journal of Banking and Finance, 2014, 41: 36-44.
[4]	Banerjee A. V., Newman A. F., Occupational Choice and the Process of Development [J]. Journal of Political Economy, 2016 (2): 274-298.
[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.
[13]	Fu Jiangyuan et al. The Impact of High-Quality Ener- gy Development and Technological Innovation on the Real Economy of the Yangtze River Economic Belt in China: A Spatial Economic and Threshold Effect Analysis [J]. Sustainability, 2023, 15 (2): 1453-1453.
[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.
[15]	Per H. Hansen. From Finance Capitalism to Financialization: A Cultural and Narrative Perspective on 150 Years of Financial History 1 [J]. Enterprise and Society, 2014, 15 (4): 605-642.

Cite This Article

Plain Text BibTeX RIS

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

Copy | Download

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

Copy | Download

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

Copy | Download

@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}
}

Copy | Download

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  -

Copy | Download

Author Information

Yu Ping

School of Economics, Wuhan University of Technology, Wuhan, China
Li Ying-fei

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

Download PDF

Sections

Plain Text BibTeX RIS

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

Copy | Download

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

Copy | Download

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

Copy | Download

@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}
}

Copy | Download

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  -

Copy | Download