The Spatial Spillover Effect Of The Financial Services Industry Cluster On The Economic Growth In Jiangsu

The Yangtze River Delta region,as the most important growing economic zone in China has always played a key role in the sustained development and economic restructuring process.Its financial services industry and regional economic growth are closely linked,and in the most active sector in the Yangtze River Delta region—Jiangsu,more and more financial institutions are coming across the region to coordinate the organization and being involved in business activities.The financial service industry cluster has become an inevitable trend in the development of the financial sector in Jiangsu Province.Therefore,how to promote local development of the financial industry around,optimize resource allocation efficiency,and promote regional economic growth has become a real problem which is worthy of study.The main purpose of this paper is to investigate the status of the financial industry prefecture in the representative 13 cities.We use sophisticated financial agglomeration measurements by insurance,securities and banking industries in three dimensions to show each province.Around the scale of development of the financial services industry,gather speed and characteristics,and then combine it with spatial econometric models to explore ways to influence financial agglomeration and spillover effects for regional economic growth.Finally we analyze the results and put forward policy recommendations.First,in the literature review,the paper defines the concept and characteristics of the financial service industry.We summarize the existing classical financial agglomeration theory and discuss scholars' results between economic growth and the role of regional financial agglomeration spillover effects from the perspective of regional economics and spatial economics.Next,this paper uses the insurance,the securities and the bank industry data and economic data from 2005 to 2014 to discuss the overall development of financial services industry and the degree of concentration.Then this paper compares different parts in Jiangsu and summarizes the characteristics and differences.Then,this paper uses MATLAB 2015a and OpenGeoDa 1.2.0 software to establish spatial econometric models for the quantitative analysis of the financial agglomeration.Finally it puts forward some policy recommendations.Conclusions are as follows.First,there are financial services industry clusters in Jiangsu Province.Securities and insurance industry cluster degree is significantly greater than banking,southern financial agglomeration is greater than the northern and middle area.Second,Financial activities in Jiangsu Province have significant spatial autocorrelation,spatial dependence and spatial spillover effect.Third,financial services industry clusters promote the economic growth by expanding the scale of capital and improving capital utilization efficiency.