This paper used network analysis method to construct the economic spillover network of 21 cities in Sichuan Province, and measures the network relevance and centrality through some relevant indicators. Combined with QAP quadratic assignment procedure regression method, this paper studied the key influencing factors of regional economic spatial correlation of Sichuan Province. The empirical results show: The economic spatial correlation network of each city has certain stability and hierarchy, but it does not integrate both the high and low disparity areas. The Club effect exists in the regional economic development of the province. The economic spillover effect between cities and states is not only related to the regional spatial adjacency, but also significant affected by the regional development pattern and the industrial structure difference. Moreover, the macroeconomic downturn also has a significant impact on spatial correlation.
By drawing on the concept of sustainable economic development, this study advances the research on debt sustainability in the economic literature. We explore the correlation between local government debt and regional economic growth in 30 provinces in China. Previous studies have established that the development of economic growth between regions is not independent and we, therefore, investigate the spatial effect of regional economic growth due to the existence of a spatial spillover effect or spatial expansion among regions. Using Moran’s scatter plot, a Local Indicator of Spatial Association (LISA) map, and a semiparametric spatial model (SE-SDM), our results demonstrate the following: (1) the spatial agglomeration effect has a significant influence on regional economic growth; (2) the relationship between local government debt and regional economic growth presents nonlinear characteristics, rather than having an inverted U-shaped relationship; (3) the semiparametric spatial model more accurately characterizes in the nonlinear relationship between local government debt and regional economic growth compared to a basic regression model and the spatial Durbin model; and (4) when the scale of local government debt exceeds a certain level, economic growth will be suppressed by the crowding-out of private investment and the reduction of public expenditure.
The finance sector now shows an accelerating trend of virtualization. It is rather pressing for us to enhance coordinated development of the finance market and the real economy. This paper analyzes the mixed conduction mechanism for the finance field and the real economy, and it has been a hot topic in the finance sector to capture the spatial effect and enhance the estimation precision. This paper introduces the regional spatial gravitational effects, which, together with the indicators of the financial market and the real economy, defines the broad economic metric distance and Gravitational effects Spatial Weights Matrix, constructs broad multi-dimensional economic space, and builds multi-variate Spatial-FIAPARCH-DCC models and Spatial SUR contagion models, to explore the impact of the financial crisis on different regions and different real economy sectors. Our research shows that the broad multi-dimensional space has remarkable advantages in the spatial effect between the financial market and the real economy, and there is asymmetric relation between the extent to which the real economy suffers and the degree to which the financial market suffers. The effects of the financial crisis on the real economy show remarkable sectoral industrial agglomeration and hierarchy.
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