Journal
FINANCE RESEARCH LETTERS
Volume 54, Issue -, Pages -Publisher
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.frl.2023.103754
Keywords
New infrastructure; Industrial structural upgrading; Instrumental variables analysis; Resource allocation; Traditional infrastructure
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Based on Chinese inter-provincial panel data from 2003-2017, and using the instrumental variables analysis, this paper finds that (1) new infrastructure contributes to the upgrading of the industrial structure. (2) This contribution is achieved mainly through three channels of resource allocation optimization, namely promoting technological innovation, accumulating human capital, and guiding capital flows. (3) In regions with larger financial structures and higher levels of traditional infrastructure, the effect of new infrastructure on industrial structure upgrading is more obvious.
Based on Chinese inter-provincial panel data from 2003-2017, and using the instrumental variables analysis, this paper finds that (1) new infrastructure contributes to the upgrading of the industrial structure. (2) This contribution is achieved mainly through three channels of resource allocation optimization, namely promoting technological innovation, accumulating human capital and guiding capital flows. (3) In regions with larger financial structures and higher levels of traditional infrastructure, the effect of new infrastructure on industrial structure upgrading is more obvious.
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