The Spatial Correlation between China's Financial Power Structure and Regional Financial Risks——From the Perspective of Implicit Financial Decentralization
The breeding and spreading of regional financial risk in our country are inseparable from the power distribution of finan-cial system.In this paper,the connotation and historical evolution of the"implicit"power struggle between the central government and the local government were analyzed from the perspective of the financial power game between the central government and the lo-cal government.Based on this,the influence mechanism and spill-over mechanism of the implicit financial decentralization on re-gional financial risks were explored.Finally,a spatial measurement model was constructed based on the panel data of 30 provinces from 2009 to 2019 for empirical test.The results show that there is a significant positive spatial autocorrelation between implicit fi-nancial decentralization and regional financial risk in the regions with adjacent economic development level and relatively adjacent geographical location.Implicit financial decentralization has a significant positive promoting effect on regional financial risks in the region and its neighbors.The heterogeneity test shows that the risk effect of hidden financial decentralization is more intense in the central financial underdeveloped areas.Further discussion shows that there is a significant single threshold effect in the relationship between implicit financial decentralization and regional financial risks,and this risk effect will be weakened when the economy de-velops and prospers.Therefore,it is of great significance to promote the institutionalization of financial decentralization and weaken the motivation of local governments to over-intervene in finance for preventing and resolving regional financial risks.
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