Financial Agglomeration, Energy Efficiency, and Sustainable Development of China’s Regional Economy: Evidence from Provincial Panel Data

Ecological deterioration, air pollution, and resource depletion have shrouded the vast regions of China, raising widespread concerns about the sustainable development of the domestic economy. Although financial agglomeration has become a pivotal approach for China to realize green transformation, th...

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Autores principales:	Haiman Liu, Jiancheng Long, Zunhuan Shen
Formato:	article
Lenguaje:	EN
Publicado:	Hindawi Limited 2021
Materias:	Engineering (General). Civil engineering (General) TA1-2040 Mathematics QA1-939
Acceso en línea:	https://doaj.org/article/ab9e1cfd58dc4cc9a69d84b5fd3ea41b
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spelling	oai:doaj.org-article:ab9e1cfd58dc4cc9a69d84b5fd3ea41b2021-11-15T01:19:08ZFinancial Agglomeration, Energy Efficiency, and Sustainable Development of China’s Regional Economy: Evidence from Provincial Panel Data1563-514710.1155/2021/3871148https://doaj.org/article/ab9e1cfd58dc4cc9a69d84b5fd3ea41b2021-01-01T00:00:00Zhttp://dx.doi.org/10.1155/2021/3871148https://doaj.org/toc/1563-5147Ecological deterioration, air pollution, and resource depletion have shrouded the vast regions of China, raising widespread concerns about the sustainable development of the domestic economy. Although financial agglomeration has become a pivotal approach for China to realize green transformation, there is a lack of evidence against the causal correlation between financial agglomeration and sustainable development of the regional economy. To fill this gap, using the data of 29 provincial capital cities in China spanning from 2009 to 2019 and adopting individual time bidirectional fixed effect model, IV-GMM approach, and alternative modeling techniques, this paper investigates the impact of financial agglomeration on sustainable development of the regional economy for the first time. The results indicate that there is a significant positive correlation between financial agglomeration and the sustainable development of the regional economy. Financial agglomeration facilitates the improvement of regional energy efficiency, and the latter further mediates the relationship between financial agglomeration and sustainable development of the regional economy. In addition, the empirical results also demonstrate that the higher the economic policy uncertainty, the weaker the positive relationship between financial agglomeration and energy efficiency. The present study is of great significance for China to implement energy-saving and emission-reduction tasks and achieve sustainable urban construction.Haiman LiuJiancheng LongZunhuan ShenHindawi LimitedarticleEngineering (General). Civil engineering (General)TA1-2040MathematicsQA1-939ENMathematical Problems in Engineering, Vol 2021 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Engineering (General). Civil engineering (General) TA1-2040 Mathematics QA1-939
spellingShingle	Engineering (General). Civil engineering (General) TA1-2040 Mathematics QA1-939 Haiman Liu Jiancheng Long Zunhuan Shen Financial Agglomeration, Energy Efficiency, and Sustainable Development of China’s Regional Economy: Evidence from Provincial Panel Data
description	Ecological deterioration, air pollution, and resource depletion have shrouded the vast regions of China, raising widespread concerns about the sustainable development of the domestic economy. Although financial agglomeration has become a pivotal approach for China to realize green transformation, there is a lack of evidence against the causal correlation between financial agglomeration and sustainable development of the regional economy. To fill this gap, using the data of 29 provincial capital cities in China spanning from 2009 to 2019 and adopting individual time bidirectional fixed effect model, IV-GMM approach, and alternative modeling techniques, this paper investigates the impact of financial agglomeration on sustainable development of the regional economy for the first time. The results indicate that there is a significant positive correlation between financial agglomeration and the sustainable development of the regional economy. Financial agglomeration facilitates the improvement of regional energy efficiency, and the latter further mediates the relationship between financial agglomeration and sustainable development of the regional economy. In addition, the empirical results also demonstrate that the higher the economic policy uncertainty, the weaker the positive relationship between financial agglomeration and energy efficiency. The present study is of great significance for China to implement energy-saving and emission-reduction tasks and achieve sustainable urban construction.
format	article
author	Haiman Liu Jiancheng Long Zunhuan Shen
author_facet	Haiman Liu Jiancheng Long Zunhuan Shen
author_sort	Haiman Liu
title	Financial Agglomeration, Energy Efficiency, and Sustainable Development of China’s Regional Economy: Evidence from Provincial Panel Data
title_short	Financial Agglomeration, Energy Efficiency, and Sustainable Development of China’s Regional Economy: Evidence from Provincial Panel Data
title_full	Financial Agglomeration, Energy Efficiency, and Sustainable Development of China’s Regional Economy: Evidence from Provincial Panel Data
title_fullStr	Financial Agglomeration, Energy Efficiency, and Sustainable Development of China’s Regional Economy: Evidence from Provincial Panel Data
title_full_unstemmed	Financial Agglomeration, Energy Efficiency, and Sustainable Development of China’s Regional Economy: Evidence from Provincial Panel Data
title_sort	financial agglomeration, energy efficiency, and sustainable development of china’s regional economy: evidence from provincial panel data
publisher	Hindawi Limited
publishDate	2021
url	https://doaj.org/article/ab9e1cfd58dc4cc9a69d84b5fd3ea41b
work_keys_str_mv	AT haimanliu financialagglomerationenergyefficiencyandsustainabledevelopmentofchinasregionaleconomyevidencefromprovincialpaneldata AT jianchenglong financialagglomerationenergyefficiencyandsustainabledevelopmentofchinasregionaleconomyevidencefromprovincialpaneldata AT zunhuanshen financialagglomerationenergyefficiencyandsustainabledevelopmentofchinasregionaleconomyevidencefromprovincialpaneldata
_version_	1718429002757046272

Financial Agglomeration, Energy Efficiency, and Sustainable Development of China’s Regional Economy: Evidence from Provincial Panel Data

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