The impact of financial contagion on real economy-An empirical research based on combination of complex network technology and spatial econometrics model

Research on the impact of financial agglomeration on the coordinated development of urban ecological green: based on the empirical comparison of four metropolitan areas in the Yangtze River Delta of China

As key carriers of new urbanization, metropolitan areas should pay more attention to the green and coordinated development of economy, society, and environment. Finance is an important tool to support China's high-quality development. Exploring the key dynamics and mechanisms of financial agglomeration for a green and coordinated development is important to obtain strategic support for the green development of the Yangtze River Delta metropolitan area. Using panel data of 25 prefecture-level cities in the four major metropolitan areas of the Yangtze River Delta region from 2003 to 2019, a Dubin model of three types of spatial weight matrices is constructed to explore the impact of financial agglomeration on coordinated ecological green development. Results show that, first, the positive local and neighborhood effects of financial agglomeration on the coordinated ecological green development are mainly reflected in the Hefei, Hangzhou, and Shanghai metropolitan areas and that the intensity of such effect decreases sequentially. Information transfer and technology correlation are important mechanisms to improve the local effect of financial agglomeration, and the neighborhood effect varies from one metropolitan area to another. Second, in addition to the adverse impact of the concentration of financial personnel on the ecological green integration, the agglomeration of securities, banking, and insurance industries can release "green driving potential energy," and the intensity of contribution gradually weakens. Third, the financial agglomeration of Shanghai exerts the strongest radiation effect, those of Nanjing and Hangzhou respectively demonstrate a "U"-shaped and inverted "U"-shaped impact, and that of Hefei does not play a role.

The Role of Economic Contagion in the Inward Investment of Emerging Economies: The Dynamic Conditional Copula Approach

Contagion has been one of the most widely studied and challenging problems in recent economic research. This paper aims at capturing the main impact of contagion risk of the U.S. on foreign direct investment inflows in 18 emerging countries. To quantify the degree of contagion, the time-varying tail dependence copula is employed. Then, the Granger causality test and time series regression analysis are used to investigate the temporal and contemporaneous effects of contagion risk on investment inflows, respectively. Overall, the results confirm the time-varying contagion effects of the U.S. economy on 18 emerging economies. The size of contagion effects gradually increases for all countries, except Thailand, the Philippines, Argentina, and Chile. Furthermore, the results of the Granger causality test and regression reveal that temporal and contemporaneous effects of contagion risk on investment inflows exist in 8 out of 18 countries.

Financial Contagion Patterns in Individual Economic Sectors. The Day-of-the-Week Effect from the Polish, Russian and Romanian Markets

This paper studies the presence of the day-of-the-week (DOW) effect in the financial contagion process observed on individual economic sectors from the Post-Communist East European markets. The only markets that provide national-specific sector indices determined throughout the 2008 financial crisis are Poland, Romania and Russia. The novel methodology combines two existing perspectives from financial literature, by employing a GJR-GARCH framework on a dummy regression model that accounts for both the crisis period and the weekdays. All indices show the presence of the DOW effect during the crisis and/or non-crisis periods, thus signaling their low level of market efficiency. However, the contagion process affects only eight of these indices: the banking, IT and oil and gas sectors from Poland, the chemical, telecommunication and transport sectors from Russia and energy sectors from Russia and Romania. All of them show signs of the DOW effect in contagion: five exhibit higher spillovers on crisis Mondays, while the other three show other weekday patterns. The findings suggest that the DOW effect is not specific to certain countries or certain economic sectors.

Regional innovation distribution and its dynamic evolution: Policy impact and spillover effect-Based on the perspective of innovation motivation

This study aims to explore the direct effect and spillover effect of innovation policy in the distribution and dynamic evolution of the regional innovation from the perspective of innovation motivation using the spatial econometric model. Substantive innovation and strategic innovation in one region could affect innovation in another region. In addition, the direct effect and spatial spillover effect of innovation policy could significantly affect innovation; however, they exert a higher impact on substantive innovation. Considering different policy tools, we found that government subsidies exert a significant positive impact on substantive innovation and strategic innovation, whereas financial institution loans exert a significant negative impact on substantive innovation and strategic innovation. And for the impact range, the government subsidies are higher than that of financial institution loans. Furthermore, this study reveals the leading environmental factors affecting regional innovation and provide a policy basis to promote the construction of an innovation-oriented country.