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On Spatial Spillover and Industrial Agglomeration of Financial Crises to Real Economy

机译:对实体经济金融危机的空间溢出和工业集聚

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The finance sector now shows an accelerating trend of virtualization. It is rather pressing for us to enhance coordinated development of the finance market and the real economy. This paper analyzes the mixed conduction mechanism for the finance field and the real economy, and it has been a hot topic in the finance sector to capture the spatial effect and enhance the estimation precision. This paper introduces the regional spatial gravitational effects, which, together with the indicators of the financial market and the real economy, defines the broad economic metric distance and Gravitational effects Spatial Weights Matrix, constructs broad multi-dimensional economic space, and builds multi-variate Spatial-FIAPARCH-DCC models and Spatial SUR contagion models, to explore the impact of the financial crisis on different regions and different real economy sectors. Our research shows that the broad multi-dimensional space has remarkable advantages in the spatial effect between the financial market and the real economy, and there is asymmetric relation between the extent to which the real economy suffers and the degree to which the financial market suffers. The effects of the financial crisis on the real economy show remarkable sectoral industrial agglomeration and hierarchy.
机译:财务部门现在展示了虚拟化的加速趋势。我们相当迫切地迫使我们加强金融市场的协调发展和实体经济。本文分析了金融领域的混合传导机制和实体经济,这是金融部门的热门话题,以捕获空间效果并提高估计精度。本文介绍了区域空间引力效应,与金融市场和实体经济的指标一起定义了广泛的经济度量距离和引力效应空间重量矩阵,构建了广泛的多维经济空间,并构建多变体空间 - FIA​​PARCH-DCC模型和空间SUR传染模型,探讨金融危机对不同地区和不同实体经济部门的影响。我们的研究表明,广泛的多维空间在金融市场与实际经济之间的空间效应方面具有显着优势,并且在实体经济遭受的程度与金融市场遭受的程度之间存在不对称的关系。金融危机对实体经济的影响表现出卓越的部门产业集聚和等级。

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