Technological Innovation, Financial Development and Real Economy Growth——An Analysis of Yangtze River Economic Zone Based on Dynamic Spatial Model
WANG Fa-yuan1,2, ZHENG Jun1,2
1.Research Institute of Changjiang Economic Belt Development, Yangtze University, Jingzhou 434023, China; 2.School of Management, Yangtze University, Jingzhou 434023, China
Abstract：
By means of dynamic spatial durbin model, this paper investigates the relationship among scientific and technological innovation, financial development and real economy growth based on data in these aspects of 11 provinces and cities in the Yangtze River Economic Belt from 1999 to 2016. The results show that the spatial effects of development are taking shape in Yangtze River Economic Belt, and there is a positive spillover effect in the development of real economy. Scientific and technological innovation and financial development have a positive effect on the development of the local real economy but a negative one on the neighboring provinces and cities. Moreover, the cross-term of scientific and technological innovation and financial development has a direct negative effect and a positive indirect effect on the real economy growth. The increase in openness and human capital has a significant positive spillover effect on neighboring regions. Therefore, it is a must that the real economy be vigorously developed and the regional spatial spillover effect be given full play to.
WANG Fa-yuan, ZHENG Jun.Technological Innovation, Financial Development and Real Economy Growth——An Analysis of Yangtze River Economic Zone Based on Dynamic Spatial Model[J] Economic Survey, 2019,V36(4): 157-164
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