Abstract This paper uses the method of Malmquist index and the method of regional entropy to measure Total Factor Productivity and the level of financial agglomeration respectively. By using dynamic panel data model, the paper tests the empirical relationship between financial agglomeration and the growth of TFP from the national level and the regional level. The result finds that the bank industry and the stock industry agglomeration can significantly promote the growth of the TFP, and the growth effects of the TFP is related with the regional factors. The contribution to the growth of the TFP from the bank industry agglomeration is bigger than from the stock industry agglomeration. The security industry agglomeration has a negative effect on the growth of TFP, especially in central and western area. Accordingly, this paper proposes the policy advice that financial agglomeration promotes the TFP to grow in different areas.
HONG Gong-Xiang,ZHANG Lan-Ting,LI Wei-Jun. Regional Heterogeneity of the Effect of Financial Agglomeration on Total Factor Productivity ——An Empirical Study Based on Dynamic Panel Data Model. Economic Survey, 2014, 31(4): 07.
2014, Vol. 31 
