The Study Of Financial Industry Agglomeration And Regional Economic Growth Based On The Perspective Of Endogenous

Industry agglomeration has become an universal economic phenomenon all over the world.With the development of economic integration and financial globalization,the barriers of productive factors has weaken gradually,international trade exchangesincrease largely,the information technology develops rapidly,financial innovation continues to deepen,the role of the financial industry in the area of economic development continues to strengthen and becomes more important.Financial activities form a global network,the financial industry agglomeration phenomenon is also surging,which has developed into an universal and irreversible trend of globalization.Therefore,the study of the spatial characteristics of financial activity,endogenous relations with regional economic growth,has strategic importance and significance.At present,the studies only considered the effect of agglomeration for regional economic growth,but the papers of interactive relationship between agglomeration and the growth of economic are rare.In fact,the changing process of economic growth and industrial clusters are difficult to separate.Basing on the endogenous factor of agglomeration and economic growth,this paper investigates the interactive relationship between financial agglomeration and economic growth in a qualitative way of Co-integration test and Granger Causality test.The 29 province data is used in the period of 2005-2012.Meanwhile,this paper constructs a simultaneous equations model,using two-stage least squares(2SLS)for endogenous test and estimate in order to reveal the further relationship.The study results show that:(1)There exists the Granger causality relationship between financial agglomeration and regional economic growth.Namely,they interplay and interact with each other and have a long-term stable equilibrium relationship.In addition,only the economic has developed to a certain extent can the financial agglomeration be promoted significantly,and the influence also has time-lag effect.(2)Financial concentration and economic growth have "reverse-U relationship",which means that economic growth has threshold effect on financial industry concent-ration.When the economic development has reached a certain level,a sharp increase in congestion cost will eventually hinder the concentration of financial industry.(3)The economic level and openness,the quality of urbanization,the financial efficiency all promote the financial industry agglomeration;the information technology has no significant effect on it;In the economic growth model,human capital shows some inhibitory effect on economic growth.(4)Chinese financial agglomeration has a positive promoting effect on regional economic growth through rational allocation of resources,technical innovations and progresses,technological spillover,but the effect is weak and different.Finally,the article propose some suggestions on improve the level and quality of financial industrial agglomeration effectively,realize the economic sustainable growth according to the empirical results.