The development of the financial industry is affected by external economies of scale and has distinct agglomeration characteristics, which also leads to the differentiation of financial center cities and non-financial center cities. Within a certain range of time and space, the financial resources will gather in the financial center cities. This aggregation process will bring different benefits to the agglomeration centers and peripheral cities. Variety. Based on the free capital model, this paper simulates the evolution of the geographical distribution of the financial industry and its welfare consequences by introducing external economies of scale. The model deduction proves that: as the trade cost decreases, the financial industry will agglomerate to the central area; at the same time, the welfare of the central area will become better with the agglomeration, while the welfare of the peripheral area will be jointly determined by the size of economies of scale and the level of trade costs. Then, based on the data of 272 Chinese cities from 2005 to 2018, this paper verified the existence of slight economies of scale in the urban financial sector by threshold regression, and verified the welfare improvements for both the center and the periphery of financial agglomeration of China's financial center cities in the case of only considering distance friction. However, if the institutional cost is taken into consideration, the current institutional cost significantly hinders the spillover effect of the financial center. With the advancement of the construction of a unified national market and the optimization of the business environment in various places, the reduction of institutional costs is conducive to better exerting the potential Pareto improvement effect of financial center city construction.
GUO Jing
,
NI Peng-fei
,
XU Hai-dong
. Spatial welfare consequences of financial agglomeration in China's cities[J]. Urban Problems, 2023
, 332(3)
: 80
-91
.
DOI: 10.13239/j.bjsshkxy.cswt.230309
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