Regional Institutional Change and Financial Marketization: a Heterogeneity Study Based on Urbanization
MA Qing1, FU Qiang2, WANG Qing-yu2
1.School of Economics & Management, Chongqing Normal University, Chongqing 40047, China; 2.School of Economics and Business Administration, Chongqing University, Chongqing 40044, China
Abstract��
Adopting the GMM model and Panel 2SLS method, this paper uses provincial penal data of China from 2000 to 2013 in its exploration of the relationship among urbanization, regional institutional environment changes and financial marketization. The empirical results show that economic institutional environment change and urbanization both effectively promote financial marketization. Institutional changes in the economic field indirectly affect the degree of financial marketization through urbanization. The restraint of institutional environment is one of the important reasons for China��s slow process of regional financial marketization after the reform and opening up. Institutional change in the economic field indirectly promote the level of the financial marketization through its impact on urbanization, which accelerates the development of China��s non-state-owned economy and provides opportunities and momentum for the efficient allocation of economic resources.
MA Qing, FU Qiang, WANG Qing-yu.Regional Institutional Change and Financial Marketization: a Heterogeneity Study Based on Urbanization[J] Economic Survey, 2018,V35(3): 23-31
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