长三角区域金融一体化发展水平测度研究

On Measurement of Regional Financial Integration Develop⁃ment Level in Yangtze River Delta

长三角金融一体化是长三角一体化的重要组成部分,大力推进金融一体化发展对促进长三角建设具有重要意义。基于2010—2021年长三角地区的41个市的面板数据,运用F-H模型、GMM估计方法测量长三角地区金融一体化发展水平,并考察了地方政府和经济周期对区域金融一体化的影响。实证研究发现:长三角地区金融资源的流动性较好,金融一体化水平相对较高,地方政府之间的政策壁垒影响长三角区域金融一体化发展。在此分析上,对长三角金融一体化发展提出以下建议:政府“适度介入”,构建区域金融新体制;打破行政壁垒,加强区域合作;推进金融开放,避免区域内经济“内卷化”。

Yangtze River Delta financial integration is an important part of the Yangtze River Delta integration,and vigorously promote the development of financial integration is of great significance to promote the construction of the Yangtze River Delta.Based on the panel data of 41 cities in the Yangtze River Delta region from 2010 to 2021,this paper uses F-H model and GMM estimation method to measure the development level of financial integration in the Yangtze River Delta region,and examines the impact of local government and economic cycle on regional financial integration.The empirical study found that the liquidity of financial resources in the Yangtze River Delta region is good,the level of financial integration is relatively high,and the policy barriers between local governments affect the development of financial integration in the Yangtze River Delta region.In this analysis,this paper puts forward the following suggestions for the development of financial integration in the Yangtze River Delta:the government should“moderately intervene”and build a new regional financial system,break administrative barriers and strengthen regional cooperation,promote financial openness and avoid“involution”of the regional economy.