Financial Development and the Pattern of Industrial Specialization:Evidence from China

摘要：

　　The paper investigates how financial development can influence the patterns of industrial specialization among Chinese regions.We find that industrial sectors that need more external finance are disproportionately agglomerated in regions with more developed financial market.Moreover,we find that both foreign direct investment (FDI) and informal financing channels play a dominant role in shaping the patterns of industrial specialization in China.Proxies for formal financial markets,e.g.banking system and capital market,in contrast,have few effects on regional industrial agglomeration.Our results on the role of financial development remain robust to the use of instrumental variable estimation and to control for other traditional determinants of regional specialization.

关键词： Financial Development Financial Dependence Regional Specialization

作者: Qing He Chang Xue Chenqi Zhu

作者单位: School of Finance & China Financial Policy Research Center,Renmin University of China Department of Economics,the Chinese University of Hong Kong

会议类型: 国际会议

会议名称: 2013 China Finance Review International Conference(第六届(2013)中国金融评论国际研讨会)

会议地点: 上海

会议语种:英文

页码: 998-1029

在线出版日期: 2013-07-08（万方平台首次上网日期，不代表论文的发表时间）