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Local Government Debt,Financial Development and FDI:An Empirical Research Based on Spatial Econometrics
Author(s): 
Pages: 52-74
Year: Issue:  3
Journal: Nankai Economic Studies

Keyword:  FDILocal Government DebtFinancial DevelopmentSpatial Econometrics;
Abstract: By using the spatial analysis method of the geography,this paper investigates the spatial distribution pattern of local government debt,financial development and FDI in China′s province level,the results show that the spatial autocorrelation of them is significant. Local government debt,financial development and FDI show clear path dependence characteristics in geographic distribution and form different agglomeration regions in local area. The high value agglomeration regions of local government debt and financial development are FDI′ low value agglomeration regions,and the low value agglomeration regions of local government debt and financial development are FDI′ high value agglomeration regions. Based on the analysis,this article studies the effects of local government debt and financial development on FDI by further building spatial lag model and spatial error model.Results show that local government debt and financial development both have significant negative effects on FDI,and the interaction between local government debt and financial development will strengthen the each other′ negative impact. It is also found that the impact of local government debt and financial development on FDI has significant differences in different regions. The negative influence of local government debt in eastern region and the negative inhibitory effect of financial development in western region is biggest.
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