金融开放的区域经济协调发展效应——以长江三角洲城市群为例

The Effect of Coordinated Development of Regional Economies under Financial Openness:A Sample of the Urban Agglomeration of the Yangtze River Delta

金融开放对促进区域经济一体化发展具有显著的作用。通过测算长江三角洲城市群26个城市2005—2016年的金融开放水平,利用面板空间计量模型在地理距离、经济距离和邻接空间三种权重矩阵下对金融开放的经济效应进行了实证分析。研究发现,金融开放的经济增长效应显著,且存在显著的空间溢出效应;在经济距离权重矩阵下,金融开放水平表现出较强的空间关联性,说明城市之间经济的相对发展水平是影响金融开放溢出效应的原因;在邻近关系上,金融开放也具有显著的空间相关性,表明本地的经济增长除与本地金融开放水平有关外,也与相邻城市金融开放水平有关;但分析认为,地理距离不是决定金融开放经济效应的主要因素;存在金融发展水平提升、产业结构高级化和营商环境改善等实现机制,且金融开放溢出效应的叠加效应强化了该实现机制。据此,本文认为,以五大都市圈为单元进行金融开放,并与相应的发展政策相结合将是促进长江三角洲城市群一体化发展的有效途径。

Financial openness has played a significant role in promoting regional integration development.By measuring the financial opening level of 26 cities in the urban agglomeration of Yangtze River Delta from 2005 to 2016,the panel spatial econometric model is used to empirically analyze the economic effects of financial openness under three weighting matrices of geographic distance,economic distance and adjacent space.The study finds that the economic growth effect of financial openness is significant,and there is a significant spatial spillover effect.Under the economic distance weight matrix,the financial openness level shows a strong spatial correlation,indicating that the relative development level of the economy between cities really affects the spillover effect of financial openness.Financial openness in neighboring relations also has a significant spatial correlation,indicating that local economic growth is related to the level of local financial openness and to the financial openness of neighboring cities.However,the geographical distance is not the main factor determining the economic effect of financial openness.There are realization mechanisms such as upgrading the level of financial development,advancing industrial structure and improving business environment,which are strengthened by the superposition effect of spillover effect of the financial openness.Conclusions are drawn that combined with developing corresponding policies,the opening of five major metropolitan areas as a unit will be an effective way to promote the integrated development of the Yangtze River Delta urban agglomeration.