Do Financial Structural Characteristics Affect Economic Resilience?
利用2006-2020年中国31省数据，发现金融结构与经济韧性呈倒U型关系，拐点前促进、拐点后抑制，且危机、发展水平等因素起调节作用，区域差异在缩小。
ABSTRACT This study uses data from 31 provinces in China between 2006 and 2020 to investigate the impact of financial structure on economic resilience. The findings show a significant inverted U‐shaped relationship between financial structure and economic resilience. Financial structure has a positive effect on economic resilience before reaching the inflection point; however, the impact becomes negative after reaching it. Endogeneity and robustness tests support this conclusion. Furthermore, factors such as crises, economic development levels, and the financial ecosystem moderate the relationship between financial structure and economic resilience. Finally, convergence tests reveal that disparities in financial structure and economic resilience across different regions in China are gradually narrowing, with financial structure converging towards the inflection point.