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ID: 113010

Regional economic growth and spillover effects: an analysis of China's pan pearl river delta area / Chen, Yu; Wu, Yanrui

Wu, Yanrui	Journal Article
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2012.

Summary/Abstract

The Pan Pearl River Delta (PPRD) Regional Co-operation Framework Agreement was signed in 2004. It aims to bring prosperity through partnership among nine Chinese Mainland provinces and China's two special administrative regions. In this paper, we use a dynamic panel data model to examine the economic growth of the PPRD economies from 1985 to 2009. Our analysis confirms the existence of regional growth spillover effects in the PPRD area. Our results also show that economic growth spillover effects of non-PPRD regions on the PPRD regions are greater than those among the PPRD members themselves. These findings imply that economic integration between Chinese provinces has generated considerable spillover effects on regional growth. However, the anticipated benefits of the implementation of the PPRD agreement have not been realized thus far. Therefore, greater effort should be made to promote further economic integration among these members so that their local economies can benefit from the positive spillover effects.

Key Words

Regional economy ; Growth ; Spillover Effects ; Pan Pearl River Delta

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ID: 176587

Too connected to fail? evidence from a chinese financial risk spillover network / Chen, Yu ; Zhang, Weiping ; Hu, Jie

Chen, Yu	Journal Article
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Summary/Abstract

This paper focuses on volatility spillover effects and considers the issue of how to measure the connectedness of networks among financial firms. To assess the network connectedness of firms from different industries, we proposed a novel procedure and applied it to 20 leading financial institutions from four industries in China's stock markets. The results show that the total connectedness of the Chinese financial system was much higher during the stock market crisis between June 2015 and February 2016 than during stable periods of economic development. This analysis can be used to determine which firms play a dominant role in risk transmission throughout the entire system. It is suggested that the government should provide targeted regulatory policies to particular types of firms.

Key Words

Networks ; Connectedness ; LASSO Method ; Volatility Spillover Effect

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