Spatial Spillover Effect of Financial Structure and Ｒeal Economy Development: Ｒesearch Based on Spatial Durbin Model
Spatial Spillover Effect of Financial Structure and Ｒeal Economy Development: Ｒesearch Based on Spatial Durbin Model
Author：Zhou Yue，Dong Zhu Journal：Inquiry into Economic Issues Date：2020(05)
Abstract
:
This paper divides financial structure into macro － financial structure and financial market structure.
First
，
it analyzes the current situation of financial structure and real economy development from these two aspectsFur
ther constructs the two－level index system of financial structure
，
and studies the spillover effect of the provincial finan
cial structure and real economy development in China by using Spatial Durbin Model
(
SDM
)
．The results show that the
local financial market structure
，
financial opening structure and securities industry structure have a direct impact on the
real economy development.The financial market structure and securities industry has a positive effect on the real econo
my development.There are spillover effects in macro－financial structure
，
especially in financial industry structure and
financial market structure. Therefore
，
it proposed that Chinese financial market should build a multi- level capital mar
ket structure
，
and implement open policies to improve the structural matching between the financial system and the real
economic development．
Keyword: Financial structure; Ｒeal economy; Spatial spillover effect; Macro － financial structure; Financial industry structure
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