Spatial Spillover Transmission Effects of Financial Development on Economic-Zone Financial Efficiency in China

This article attempts to fill important knowledge gaps to explore the spatial spillover effects of financial markets on regional financial efficiency in eight economic zones using three-stage superefficiency data envelopment analysis (DEA) and Durbin’s spatial econometric model. The average financial efficiencies in the North coast, East coast, and South coast economic zones reach the superefficiency DEA relatively efficient level, while the average financial efficiencies in the Northeast, Middle Yellow River, Middle Yangtze River, and large West-south and West-north economic zones reach the superefficiency DEA relatively inefficient level. Except for the North coast economic zone, seven equity markets have significant impacts on regional financial efficiency, and local equity markets in the Northeast, South coast, Middle Yellow River, and Middle Yangtze River economic zones generate significant spatial spillover effects on neighboring regions’ financial efficiency. Local credit markets only in the Northeast and South coast economic zones have significant spatial spillover influences on neighboring regions’ financial efficiency. Debt markets in the North coast, East coast, South coast, Middle Yangtze River, and large West-south economic zones have significant influences on regional financial efficiency, and local debt markets in the East coast and Middle Yangtze River economic zones generate significant spatial spillover effects on neighboring regions’ financial efficiency.

Spatiotemporal Evolution and Influencing Factors of Carbon Sink Dynamics at County Scale: A Case Study of Shaanxi Province, China

To explore the spatiotemporal evolution of carbon sinks in Shaanxi Province, and their impact mechanisms, this study used panel data from 107 counties (districts) in Shaanxi Province from 2000 to 2017. First, we conducted spatial distribution directional analysis and exploratory spatial data analysis (ESDA). Then, we constructed a geographic spatial weight matrix and used the spatial panel Durbin model to analyze the driving factors of carbon sink changes in Shaanxi Province, from the perspective of spatial effects. The results showed that: (1) The temporal evolution of carbon sinks during the study period showed an overall upward trend, but the carbon sinks of counties (districts) differed greatly, and the center of gravity of carbon sinks, as a whole, showed the characteristics of “south to north” migration. (2) The carbon sinks of Shaanxi Province have a significant positive global spatial autocorrelation in geographic space. The local spatial pattern was characterized by low-value agglomeration (low-low cluster) and high-value agglomeration (high-high cluster), supplemented by high-value bulge (high-low outlier) and low-value collapse (low-high outlier). (3) The result of the spatial measurement model proved that the spatial Durbin model, with dual fixed effects of time and space, should be selected. In the model results, factors such as population, per capita gross domestic product (GDP), local government general budget expenditure, and local government general budget revenue all reflect strong spatial spillover effects. Accordingly, in the process of promoting “carbon neutrality”, the government needs to comprehensively consider the existence of spatial spillover effects between neighboring counties (districts), and strengthen the linkage-management and control roles of counties (districts) in increasing carbon sinks.

Spatial Spillover Effect and Action Path of Electricity Consumption Driven by China’s Financial Development based on Global Co-integration

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.

Spatial spillover effects of capital factor agglomeration on the urban industrial structure upgrading in China: Based on panel data of 284 prefecture-level cities

The spatial agglomeration of capital factors has become an important force affecting regional economic development and industrial structure. Investigating the spatial relationship of capital factor agglomeration is a key way to accelerate the upgrading of urban industrial structure and realize sustainable development. Based on the panel data of 284 cities in China from 2008 to 2017, we use the theoretical framework of spatial econometrics and estimate the spatial effects of capital factor agglomeration on the upgrading of urban industrial structure. Both the global Moran index and the local Moran scatter chart present that the agglomeration of capital factors and the upgrading index of urban industrial structure shows the characteristics of spatial agglomeration. The results reveal that the agglomeration of capital factors can significantly promote the upgrading of the industrial structure of local and surrounding cities. Still, the spatial spillover effect is not significant. We then explore the possible factors that limit the spatial spillover effects of capital agglomeration. Using the results of the paper, we provide policy suggestions for strengthening urban industrial construction and optimizing the urban governance model.

Spatial Spillover Effects of Renewable Energy on Carbon Emissions in Less-Developed Areas of China

The purpose of this paper is to determine the spatial spillover effects of renewable energy on carbon emissions in China’s less-developed areas. However, few studies have considered this issue from the perspective of less-developed areas. Based on panel data of 21 provinces in China from 2000 to 2017, this paper investigates the spatial spillover effects of renewable energy on carbon emissions using Moran’s I and Spatial Durbin Model (SDM). The results suggest that, first, Moran’s I ranges from 0.378 to 0.519, Moran scatter plot presents that provinces are located in the high–high (HH) and low-low (LL) quadrants, indicating provincial carbon emissions in the study area have a significant spatial correlation and agglomeration. Second, under the three matrices, the direct effect coefficients of renewable energy are − 0.2522, -0.2639 and − 0.2601, this shows that renewable energy is beneficial to local carbon emissions reduction. In contrast, the indirect effect coefficients of renewable energy are 0.0605, 0.1012 and 0.1125, which means higher renewable energy consumption in a single area is conducive to the improvement of carbon emissions to neighbouring areas. Third, urbanization, industrialization, physical capital and other variables have different impacts on local and nearby carbon emissions. This study provides empirical evidence to achieve carbon emission reduction targets by government policymakers.