Research On The Spillover Effect Of Financial Development On Economic Growth

From the perspective of the economic and financial development in all countries in the world,the role and effect of financial development in different economic development periods on economic growth are not the same.In the same economy,the role of financial development in different periods of economic growth may even be completely opposite.Since the reform and opening up,the financial system has strongly supported the steady and rapid development of China's economy.The degree of financialization of China's economy has been constantly improving.At the same time,however,we have also noticed that after years of development,the conditions in various aspects of China's economic growth and financial development have changed tremendously compared with the past.The gap between economic growth and financial development in the region has been constantly widened,the imbalance in regional development has been deepening,and the quality of financial development And efficiency,there are still problems in the real economy financing.The financial development and economic growth have shown some incommensurability.At this stage,the task of China's economic restructuring and upgrading is arduous,and it is necessary to correctly understand and give full play to the role of financial development in China's economic growth.The first law of geography points out that there must exist spatial correlation between things,and the spatial correlation is related to the distance.Ignoring the spatial correlation for econometric analysis will lead to errors in the estimation results.Based on the present situation of China's financial development and economic growth as well as the description of its spatial distribution and the statistical analysis of the provincial economic growth space,the paper finds that there is spatial correlation between the growth of provincial economy and the necessity of analyzing the impact of financial development on economic growth Function,understand the spillover effect of financial development on economic growth.The regression results of the Dobin model of panel data in 30 provincial administrative regions(excluding Tibet)from 2005 to 2015 show that financial development has a significant positive spatial spillover effect on economic growth with spatial correlation,and the indirect spillover effect is greater than direct spillover Effect,indicating that the economic growth in this region is obviously affected by the financial development in other regions.The investment in fixed assets and labor input in this region also have a positive spillover effect on the economic growth in the surrounding areas.However,purchases by local governments have a negative spillover effect on the economic growth in the surrounding areas effect.In terms of the regression coefficient of each variable,the effect of financial development on economic growth is lower than the investment in fixed assets and government purchase,which has room for improvement.On the regression results of spatial Dobbin model,the article further uses the partial differential method to accurately measure the spatial spillover effect of the variables on the intra-regional and inter-regional economic growth.The total effect of government purchases did not pass the significant test,but the other variables had no obvious conclusion Variety.Finally,based on the empirical conclusions,the article suggests that we should continue to deepen the financial development strategy to enhance the quality and efficiency of financial development,to give greater play to the role of financial development in economic growth;to strengthen the construction of regional financial centers and to use the positive development of financial development in the interregional The spillover effect of space will promote the coordinated development of regional economy;enhance the financial construction in central and western regions,give full play to the spillover effect of financial development within and between regions,and stimulate the economic growth potential in central and western regions.