The Spatial Econometric Research On Financial Agglomeration And The Regional Economic Growth

Agglomeration as an universal economic phenomenon has exist for a long in theworld. Financial service industry as the core industry in the modern service industry,has formed three major international financial gathering area-New York, London andTokyo. Affected by this, the domestic financial agglomeration phenomenon is alsoprosperous，such as Beijing financial street，Shanghai pudong. Financial agglomerationdevelopment has become a global increasingly ubiquitous and irreversible trend.On the basis of expounding the theory of financial agglomeration and economicgrowth, this paper measures and analyses our country’s regional financial gatheringstatus by constructing the measure index for financial gathering degree and differences,and then make an empirical research on the effect relation between financialagglomeration and economic growth by establishing the spatial panel data model withspatial econometrics. The results of the study show that:(1) financial agglomerationphenomenon indeed exist in the regions of our country, but overall agglomerationdegree is not high, and the regional agglomeration difference is big;(2) economic andfinancial activities have strong spatial rely and positive spatial spillover effect;(3)financial agglomeration benefits promote economic growth in time, but the bigdifferences in space weaken the effect;(4) at present, capital accumulation is still themain driving force of economic growthin in our country;(5)there is a stable actionmechanism that financial agglomeration promote the financial function deepening byaccelerating capital accumulation and driving technological innovation, and thenpromote economic growth, moreover, capital accumulation is the main acting way now;(6) human capital increase, investment increase and government controls and adjustsmacroeconomic effectively all have significant stimulative effects on the economicgrowth in China. So, all over the regions in our country should effectively promotefinancial agglomeration development, strengthening the provincial cooperation oneconomy and financial, promote financial resources flowing free in regional, payattention to the cultivation of financial talents, drive technology innovation, improvethe financial service efficiency, and then improve the economic growth rate.