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1 28 1 Vol. 28 No Research of Finance and Education Jan AV F830 A Schumpeter No

2 Goldsmith Shaw Mckinnon King Levine Pagno AK Levin Loayza Beck Bernat Rey Montouri Fingleton López - Bazo SLM SEM SDM Greene ~

3 Pagno AK Y = AK ⑴ Y GDP K A GDP i 30 t 1 LnY it = c + αlnb it + βlns it + γlni it + ξ it 2 2 c α β γ Y B S I ξ it GDP Wind Anselin LeSage & Pace Spatial Durbin model Elhorst Hausman 1. Spatial lag model SLM 24

4 y it + δ N j = 1 W ij y jt + α + X it β + μ i + λ t + ε it 3 y it i t i = 1 N t = 1 T j W ij y jt y it y jt W ij N N δ α X it β X it μ i λ i ε it 0 σ 2 2. Spatial error model SEM y it = α + X it β + μ i + λ t + it it = ρ N W ij it + ε it 4 j = 1 ρ 3 it Allers and Elhorst Greene SLM SEM SDM Elhorst and Freret Elhorst y it = δ N j = 1 W ij y it + α + X it β + N j = 1 W ij X ijt θ + μ i + λ t + ε it 5 β θ K 1 θ H 0 θ = 0 H 0 θ + δβ = 0 4. LeSage Pace β

5 1 47 I n y = k Y = ρwy + Xβ + WXθ + l n α + ε + ρw Y = Xβ + WXθ + τ n α + ε r = 1 S r W x r S r W = V W I n β r + V W τ n α + V W ε + Wθ r 6 V W = I n - ρw -1 = I n + ρw + ρw 2 + ρw n y 1 S r W 11 S r W 12 S r W 1n x 1r y 2 S r W 21 S r W 22 S r W 2n x 2r + V W l n α + V W ε 8 y S r W n1 S r W n2 S r W x n nn S r W nr M r total = n -1 l' n S r W l n M r direct = n -1 tr S r W M r indirect = M r total - M r direct Delaunay k k i k Elhorst 2012 Wald Wald Wald 1 1 Wald P Wald_spatial_lag Wald_spatial_error Wald_spatial_lag 1% Wald_spatial_ lag Wald_spatial_error SDM Hausman Hausman Hausman % 9

6 PLS Panel Least Squares PLS SLM SEM SDM 2 2 PLS SLM SEM SDM PLS SLM SEM SDM LnB *** *** *** *** LnS *** *** *** *** LnI *** *** *** *** W* LnB *** W* LnS *** W* LnI ** δ *** ** ρ *** R Log - likelihood *** 1% ** 5% * 10% 2 SLM SEM SDM PLS Log - likelihood SLM SEM 1% SLM SEM OLS SLM SEM SLM SEM SDM 2 SDM SDM PLM SLM SEM 2 Wald SDM SDM 2 SDM W* LnY δ 5% SLM

7 1 49 1% % % W* LnB W* LnS W* LnI P LnB LnS LnI P LnB LnS LnI P LnB LnS LnI PLS SDM % % 6. 02% % % % 4 SDM

8 Schumpeter J. A. The Theory of Economic Development An inquiry into profits capital credit interest and the business cycle M. Cambridge MA Harvard University Press Goldsmith R W. Financial Structure and Development M. New Haven Yale University Press Shaw E. Financial Deepening in Economic Growth Models with Spatial Effects M. New York Oxford University Press Mckinnon R. I. Money and Capital in Economic Development M. Washington D. C The Brookings Institution King R G. Levine R. Finance Entrepreneurship and Growth Theory and Evidence J. Journal of Monetary E- conomics Pagano M. Financial Markets and Growth An overview J. European Economic Review

9 Levine R. Loayza N V. Beck T. Financial International and Growth Causality and Causes J. Journal of Monetary Economics Bernat A. Spatial Dependence and Spatial Structure Instability in Applied Regression Analysis J. Journal of Regional Science Rey S. J. Montour B. D. US Regional Income Convergence A Spatial Econometric Perspective J. Regional Studies Bernard Fingleton. Enrique López - Bazo. Empirical Growth Models with Spatial Effects J. Papers in Regional Science Greene W. Reconsidering heterogeneity in panel data estimators of the stochastic frontier model J. Journal of Econometrics J J J J J J J ~ 2008 J J Anselin L. J. Le Gallo H. Jayet. Spatial Panel Econometrics M. Kluwer Academic Publishers Dordrecht Netherland Lesage J R. K Pace. Introduction to Spatial Econometrics M. New York CRC Press Taylor & Francis Group Elhorst J. P. and Freret S. Evidence of Political Yardstick Competition in France Using a Two - Regime Spatial Durbin Model with Fixed Effects J. Journal of Regional Science J J Allers M. A. Elhorst J. P. Tax mimicking and yardstick competition among local governments in the Netherlands J. International Tax and Public Finance Elhorst J. P. Spatial panel data Models. Handbook of Applied Spatial Analysis M. Springer Berlin Heidelberg J R&D J Elhorst J. P. Matlab software for spatial panels J. International Regional Science Review 2012.

10 A Study of Financial Support and Economic Growth Based on the Spatial Panel Durbin Model BAI Ling 1 JIANG Lei 2 1. The Key Lab of Geographic Information Science Chinese Ministry of Education East China Normal University Shanghai China 2. Faculty of Spatial Sciences University of Groningen Groningen 9700AV the Netherlands Abstract Regional economic growth depends heavily on financial system and financial support for regional e- conomic development of China has rendered great space differences. The financial support system is divided into three dimensions which are banking securities and insurance sectors. The effect of financial support system on the economic growth of 30 provinces in mainland China has been analyzed from 1998 to 2010 by employing the Spatial Panel Durbin Model. The results show that the financial support system indicated by the balance of bank loans stock market capitalization and premium income plays a positive role in promoting economic growth but the contributions of the three for economic growth have significant difference the banking sector indicated by the balance of bank loans is the largest then followed by insurance sector indicated by the total premium income the smallest is securities sector indicated by stock market capitalization. The financial system support for regional economic growth shows competition and spillover effects the banking sector presents competition effect whereas securities sector and insurance sector show spillover effects. Finally order to heighten the whole level of economic development in China the policies and recommendations of financial reform were proposed. Key words spatial panel durbin mode financial support economic growth competition and spillover effects