The Synergistic Analysis Between Financial Resources Efficiency And Regional Economic Growth In The Yangtze River Economic Zone

There is no doubt that finance plays an important role in economic growth.But the economic growth need to be sustainable. The economy is now in China’s New Normal even though China has deepened financial reformation constantly.So financial resources efficiency is the prerequisite for the further promoting of economic growth.In the long term,the financial operation may go bad and the economic may become imbalance if we unilaterally pursuit high economic growth or high financial resources efficiency without considering about the practical situation.Whether or not the financial resources efficiency and economic growth keeps co-development.How much does the financial resources efficiency affect the economic growth.Whether or not the affect relates to spatial dependence between sample data observations. The Yangtze river economic zone accounts for40% of the Chinese economy,so it has some realistic significance to research the finance in The Yangtze river economic zone.Following preceding logic,this paper is in the following chapters:Firstly,bases on economic and financial date from 2003-2014 in The Yangtze river economic zone, the paper build index system of financial resources efficiency from the perspective of macro and micro,and apply the Projection Pursuit Classification model to evaluate comprehensive assessment level of financial resources efficiency.Secondly,by using synergy development model,this paper calculate synergy and development degree between financial resources efficiency and economic growth of provinces in the Yangtze river economic zone.After classification,the paper starts analysis from the time and spatial dimension. And then using the spatial econometric methods,this paper test spatial correlation by global auto-correlation analysis and local auto-correlation analysis. By using spatial weight matrix,this paper builds up three models and they are Spatial Lag Model(SLM),Spatial Error Model(SEM),Tobit model(SDM) based on panel data.These models are used to quantify effect and spatial spillover effects of financial resourcesefficiency on economic growth.Finally, based on empirical analysis’ s results, this article is drawing the conclusion:financial resources efficiency of provinces changes little over time,and the highest is the lower reaches of the Yangtze River.There is large disparities among provinces.Most of the provinces are waves between moderate synergistic and marginal synergistic type. In addition there are some kinds of lag in financial resources efficiency in most provinces.The results show that the financial resources efficiency can positively affect the economic growth as a whole.Besides,there really exist spatial spillover effects,and it is also significantly positive.Accordingly,it provided some related policy proposal,such as implementing differentiated Monetary Policy, strengthening regional economic cooperation,establishing regional financial system,constructing a well financial ecology environment and so on.It provides valuable references for“One Belt And One Road”, “Beijing-Tianjin- Hebei” and“Chengdu-Chongqing Economic Area” regional economic integration,etc.