The financialization of urban development and urban labour productivity: evidence from China
研究中国城市发展金融化对劳动生产率的影响，发现两者呈倒U型关系，且金融资源错配和融资约束缓解是背后机制，该效应在欠发达地区更强、2008年后减弱。
This study examines the impact of the financialization of urban development on urban labour productivity. We identify that there is an inverted-‘U’ relationship between the financialization of urban development and urban labour productivity in China. A further investigation shows that the financial resource mismatch and alleviating of financing constraints underpin such an inverted-‘U’ relationship. Our conclusions are robust to a number of robustness checks. Finally, we also find that the financialization effect is stronger in less developed regions, and lower after 2008. This study demonstrates that the financialization of urban development could play complex and time-varying roles in an economy.