Financial openness and Chinese regional growth imbalance: New insight from spatial spillovers |
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| Institution: | 1. School of Economics and Statistics, Guangzhou University, Guangzhou, PR China;2. School of Finance and Southern China Institute of Fortune Management Research, Guangdong University of Foreign Studies, Guangzhou, PR China;1. School of Economics and Management, Open University of Cyprus, Latsia 2252, Cyprus;2. University of Pretoria, Department of Economics, Pretoria 0002, South Africa;3. University of Evry, Batiment La poste, Office 226, 2, rue du Facteur, Cheval 91025, Évry, France;1. Business School, Shantou University, 243 Daxue Road, Shantou, Guangdong, 515063 China;2. School of Accounting, Hangzhou Dianzi University, Hangzhou, China;3. Guagndong Technion-Israel Institute of Technology, Shantou, China;1. Institute of Fortune Management Research, Guangzhou, China;2. Business School, University of Sydney, Australia;3. Lingnan College, Sun Yat-sen University, China;4. School of Finance, Guangdong University of Foreign Studies, China;5. School of Finance, Zhejiang Gongshang University, China |
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| Abstract: | This paper uses spatial panel methods and Chinese provincial data from 2003 to 2017 to study the spatial spillovers of financial openness on economic growth. The results show, first, a positive direct effect and an overall negative spatial spillover of financial openness on provincial growth. Second, there are two spatial spillover channels: a positive growth externality and a harmful resource competition among provinces. Third, we estimate the state dependence and dynamics of spatial spillover, and find that the negative spatial spillover is smaller in provinces with high levels of financial openness and in the long term; thus, the negative spatial spillover declined over time. These results are robust to the choice of SDM and GNS spatial econometrics methods and under different spatial weight matrices. |
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| Keywords: | Financial openness Regional growth imbalance Spatial spillover Resource competition |
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