How agglomeration in the financial services industry influences economic growth : evidence from Chinese cities
Lin Liang, Shanglang Lin, and Yong Li
This paper empirically tests the effect of financial knowledge spillovers on agglomeration in China's financial services industry and examines the external effects on cities' economies. The authors apply hierarchical linear modeling to examine a data set that comprises 276 Chinese cities and draw the following conclusions. Firstly, they find that agglomeration in the financial services industry and the Jacobs spillovers of industry diversification both promote financial knowledge spillovers in terms of industry specialization. Secondly, agglomeration in this studied industry has a significant positive influence on a city’s economic growth, while financial knowledge spillovers have a significant but negative effect on a city's economic growth. Thirdly, the tendency towards agglomeration in the financial services industry in a few major cities is clear and the clustering significantly influences cities' boundaries. Finally, China's financial services industry is limited by a serious degree of regulation and is dominated by the main banking institutions.
Year of publication: |
2014
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Authors: | Liang, Lin ; Lin, Shanglang ; Li, Yong |
Publisher: |
Kiel : Kiel Inst. for the World Economy |
Subject: | Financial services industry agglomeration | industry specialization | knowledge spillovers | city economies | hierarchical linear modeling | Finanzdienstleistung | Financial services | Agglomerationseffekt | Agglomeration effect | China | Regionales Cluster | Regional cluster | Ballungsraum | Metropolitan area | Spillover-Effekt | Spillover effect | Wissenstransfer | Knowledge transfer | Finanzsektor | Financial sector |
Saved in:
freely available
Extent: | Online-Ressource (22 S.) |
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Series: | Economics : the open-access, open-assessment e-journal. - Kiel : [Verlag nicht ermittelbar], ISSN 1867-8009, ZDB-ID 2324936-5. - Vol. 2014-6 |
Type of publication: | Book / Working Paper |
Type of publication (narrower categories): | Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature |
Language: | English |
Notes: | Systemvoraussetzungen: Acrobat Reader |
Other identifiers: | hdl:10419/92415 [Handle] |
Classification: | G20 - Financial Institutions and Services. General ; O4 - Economic Growth and Aggregate Productivity |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10010240624