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Land Finance,Infrastructure Construction And Regional Economic Growth

Posted on:2023-07-07Degree:MasterType:Thesis
Country:ChinaCandidate:X Y WangFull Text:PDF
GTID:2569306614979089Subject:Western economics
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Since 1990,China’s economy has maintained high-speed,medium and high-speed growth,and has made remarkable achievements in the fields of economic aggregate,industrialization and urbanization.Behind this achievement,we find that land elements and unique land system not only provide land security for the development of industrialization and urbanization,but also bring abundant capital;Cities,parks,roads and other infrastructure have also been greatly improved;After the 2008 financial crisis,China’s land market gradually turned to land finance and other phenomena.In this context,in order to understand the logic of China’s economic growth,we need to deeply investigate the role of land in the process of economic development,connect land finance with infrastructure construction,and pay attention to the process of China’s economic development,and gradually form a chain with "land management-land mortgage/guaranteed financing(land financialization)-investment infrastructure-regional economic growth-debt repayment" as the backbone.Therefore,from the perspective of local financing platform,this paper uses theoretical and empirical analysis methods to explore the impact of local governments on economic growth by taking financing platform as carrier and land as collateral.In terms of theoretical analysis,this paper summarizes the relevant literature in the fields of economic growth,land financing and infrastructure construction,and combs the history of China’s land system and the development process of local financing platforms;In the empirical aspect,the benchmark regression adopts the fixed effect model,and uses the methods of replacing explanatory variables,dynamic panel data model and controlling the interest spread of urban investment bonds to test the robustness,and takes infrastructure construction as the intermediary variable to test the above mechanism.The results show that the land finance model with the issuance of bonds by local financing platforms as the main means has significantly improved the per capita GDP level of the prefecture level city and the economic growth rate represented by GDP.In the process of land finance affecting regional economic development,infrastructure construction plays a key intermediary role.At the same time,the heterogeneity test in the empirical chapter also confirms the hypothesis that the effect of land financial model has regional heterogeneity in the eastern and central and western regions.
Keywords/Search Tags:Land finance, Infrastructure, Economic growth, Local financing platform
PDF Full Text Request
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