Analysis on the association of Financial Development, Industrial Structure Optimization and Economic Growth via Panel VAR

Author(s):  
Yiwei Wang ◽  
Yongmei Ding ◽  
Lin Yan
2021 ◽  
Author(s):  
Jianjun Xu ◽  
Xuejiao Ma ◽  
Xiaoqing Xu

Abstract Although studies on the influencing factors of electricity consumption are rich, the focus on the relationship between financial development and electricity consumption is scarce due to the characteristics of financial sector. In fact, the financial development cannot only increase electricity consumption, but also have the spatial spillover effects. Based on the global spatial modelling techniques, the long-term and short-term relationship between financial development and electricity consumption is examined, and the intermediary effect of financial development on electricity consumption through economic growth, urbanization and industrial structure optimization is also verified. Results show that there is a global co-integration relationship between financial development, economic growth, urbanization, industrial structure optimization and China's electricity consumption, rather than a local co-integration relationship. When the short-term change of electricity consumption deviates from the equilibrium state, the global error correction mechanism can promote the unbalanced system to return to equilibrium from time and spatial dimension. This study not only confirms the spatial spillover effects, but also heterogeneous influences of financial development on electricity consumption, which provides new evidence to make relevant policies.


2020 ◽  
Vol 8 (2) ◽  
pp. 130-147
Author(s):  
Shiyi Yuan ◽  
Xiaopeng Sun ◽  
Weiguo Chen ◽  
Yongwu Li

AbstractThe Beijing-Tianjin-Hebei region is one of the regions with the most dynamic economies, highest degrees of openness, strongest innovation capacities and largest populations, as well as an important engine driving China’s economic development. Currently, the development of the Beijing-Tianjin-Hebei region faces many difficulties, including an inefficient distribution of regional functions, imbalance in industrial structure, low sophistication, and serious overburdening of resources and the environment. Promoting the overall coordinated development of the region has become an urgent challenge. In this paper, according to the conventions of industrial structure optimization, the three core indicators of regional industrial structure rationalization, sophistication and ecologicalization are constructed. With the help of the grey dynamic correlation model, the three indicators are coupled with the economic growth rate, and the industrial structure optimization index of the Beijing-Tianjin-Hebei region is comprehensively measured. The study shows that rationalization of the industrial structure in the Beijing-Tianjin-Hebei region is increasing but that this trend is not obvious; sophistication of the industrial structure is relatively high and has also been operating at a high level; however, the overall ecological level of the industrial structure in the Beijing-Tianjin-Hebei region is not high and presents the characteristics of high in the middle and low at both ends. In terms of the relationship between industrial structure and economic growth in the Beijing-Tianjin-Hebei region, ecologicalization of the industrial structure has the greatest influence on economic growth, followed by sophistication of the industrial structure, and rationalization of the industrial structure has the weakest influence.


2021 ◽  
Vol 2021 ◽  
pp. 1-8
Author(s):  
Liyuan Shi

Industrial structure optimization is an important explanatory variable of economic growth. The allocation of production factors among industries affects the evolution of industrial structure and then acts on economic growth. Labor force is one of the most important factors of production. In recent years, there has been a significant wage difference between different industries in China’s labor market, and the employees have shifted from low-wage industries to high-wage industries. Using the sample data of 282 prefecture-level cities from 2008 to 2018, this paper tests whether this wage-guided labor industry allocation will affect economic growth and whether there is an intermediary effect of industrial structure optimization. The empirical results show that the allocation of labor force to high-wage industries not only directly hinders economic growth but also indirectly hinders economic growth through the intermediary effect of industrial structure optimization. Furthermore, this paper makes a comparative study in different regions. The research conclusion shows that promoting the optimization of industrial structure and economic growth depends on correcting the price distortion of labor market and guiding the cross-industry rational allocation of labor force.


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