The Development Of Financial Service Trade And Regional Economic Growth

Since the 1990 s,the service industry and service trade have developed rapidly across the world.The service industry and service trade have become an important component of regional economic development.Due to its unique position of the financial industry,financial services trade plays an important role in the development of service trade and regional economy.Can financial services trade really promote regional economic growth? How it influences ? Under the background of high-quality integration of the Yangtze River Delta,Shanghai's financial services trade plays a leading role in the development of the Yangtze River Delta economy.Based on the economic growth of financial services trade,this paper attempts to empirically analyze the relationship between financial services trade and regional economic growth.This article can be divided into three parts.The first part is concerned with the theory including chapter 1-3.It firstly introduces the background and significance of financial service trade research.Then this paper clarifies its foundation and value.In the end,it sorts out the framework to make clear the methods,ideas.In this part,it also elaborates on the concept of financial service trade and economic growth,the theoretical basis,the status of domestic and foreign research.The second part focuses on the empirical analysis in chapter 4.On the basis of an overview of Shanghai's financial services trade,including current situation,opportunity and challenge,this paper uses the database of Shanghai financial services trade from 2001 to 2016 to test the relationship between financial services trade and regional economic growth.At the same time,it aims to figure out how Shanghai's financial service trade works.By using the impulse response function,we analyze the dynamic changes between Shanghai's financial service trade and economic growth.The third part: the conclusion.This part mainly includes chapter 5.Based on the empirical analysis,this part gives systematic conclusions on the key issues.We also provides specific andtargeted policy recommendations for Shanghai.The main conclusions are as following: 1.In the long run,whether import or export,of financial service trade has a positive impact on economic growth,It can be considered that the import and export of Shanghai financial services trade has driven regional economic growth.The test of causality shows that Shanghai's financial services trade is the cause of economic growth,but economic growth is not the cause of financial services trade.2.From the perspective of production factors,financial services trade has promoted Shanghai's economic growth by promoting labor accumulation and technological progress.The capital accumulation effect of financial services trade has not been verified.From the perspective of the intensity of action,the export of financial services trade has the greatest impact on technological progress.We also find that the impact of export is far greater than the import,which reminds us that the technological spillover effects through foreign financial institutions is limited.We should pay more attention to encourage domestic financial institutions to go out in order to realize technological progress in practice.3.The two paths,financial industry and goods trade,have been verified.It can be considered that the development of regional financial service trade has promoted regional economic growth by promoting financial industry and trade in goods.As an important part of service trade,research of financial service trade needs to be enriched in both theoretical research and policy practice.Through the investigation of the relationship between financial service trade and regional economic growth and the path of action in Shanghai,the paper has enriched and improved the research in the field of financial service trade,and made up for the research gap in the field of urban financial service trade.On the other hand,this paper focused on Shanghai,which corresponds to the background of China's international financial center and FTA,has a strong practical significance.