The Relation Study Of Financial Industry Clustering And Regional Economic Growth

Finance is the core of modern economy.Due to the difference of geographical position, resources endowment and policy difference, the regional financial development of our country present the characteristics of imbalance and inharmonious. With the dynamic change of time and space about financial resources and geographical conditions, the financial industry produce agglomeration phenomenon in some certain regional space. This phenomenon as the significant process of financial development for economic growth in the region has an important role.The State Council officially approved the "Shandong Peninsula Blue Economic Zone Development Plan", which marks that the construction of the Shandong Peninsula Blue Economic Zone(hereinafter referred to as "blue economic zone") turn into a formal national strategy,and this need the help of finance.By simultaneously active in the country to deepen economic reform, will transfer mode, adjusting structure, promoting development as the focus of development, and guide to "market play a decisive role in the allocation of resources ".In this background, the Shandong provincial government also put "Financial Reform " and proposed the building of " Jinan regional financial center " and " Qingdao wealth management center " construction plan, which require further development of the financial and understand the relationship between the blue economic zone finance industrial agglomeration and regional economic growth.Firstly,this article organize reviewed theory of the financial industry agglomeration and regional economic growth, then describe the status of the blue economic zone economic growth and financial development, and measure the extent of the geographical financial industry cluster through the financial industry location quotient.Based on the related data of the Shandong peninsula blue economic zone from 1980 to 2013, this paper uses unit root test to judge the sequence stationary of variables, then uses co-integration test to ensure the long-term stable equilibrium relationship between variables, and through the Granger causality test shows that the financial industry clustering and economic growth exists bidirectional causality, and further validated by impulse response function,finally gets the empirical conclusions: there exists a long-term stable equilibrium relationship between financial industry and economic growth in Shandong peninsula blue economic zone, and the financial industry clustering promotes the economic growth in this area to some extent. According to the empirical results, combining with the practical situation of the blue economic zone, put forward series suggestions:Adjust the industry structure in this area, give priority to the develop of financial industry; Improve the financial system, promote the financial function play effectively; Optimize the financial environment, strengthen the foundation of financial industry development; Promote the construction of “Qingdao Wealth Management Center”, improve the standard of financial industry clustering, etc.