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| Research on the Dynamic Linkage between Hi-tech Innovation and Financial Development in Yangtze River Economic Belt |
| Bai Jiancheng1,2,Gao Zengan1,Yan Xiang3,Zhang Lixia2 |
| (1.School of Economics and Management,Southwest Jiaotong University,Chengdu 610013,China; 2.Business School of Yancheng Normal University,Yancheng 224002,China; 3.Business School of Hehai University,Nanjing 211100,China) |
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Abstract Four core technologies accelerated financial development,further deepening the complexity of the integration of technology and finance.Based on the provincial panel data of the Yangtze River Economic Belt from 1998 to 2016,the dynamic linkage between scientific and technological innovation and financial development in the whole basin and sub-region is analyzed by using PVAR dynamic model.The research shows that there exist coupling effects between science and technology innovation and financial development at the whole river basin level,but the interaction mechanism is different in each watershed,and none has formed a long-term effective mechanism.In the long run,finance and technology in the lower reaches have a strong "ratchet effect",while in the middle reaches,they are both distinctly influenced by a sustainable growing economy.The development of technology and finance in the downstream areas is partly due to the sustained investment of the state in infrastructure.It is further pointed out that technology enables finance and financial service technology is the key to achieving high quality financial development and inclusive finance in the Yangtze River Economic Belt.
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Received: 12 November 2019
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