Global financial networks and regional development
The financial globalization has underscored the growing significance of global-local financial interactions in delivering regional development,culminating in the emergence of the globalfinancial network concept.This study contends that the global financial network approach not only serves as a crucial conceptual framework for comprehending global-local financial linkages,but also offers a theoretical instrument for scrutinizing regional developments under financial globalization.This paper posits two trajectories for regional development in relation to global financial networks.First,supported by global financial networks,various regional actors can obtain the necessary financial and business services to engage in cross-border financing or financial investment practices.Through this means,regions can leverage the distinct strengths of both domestic and international financial markets for the purpose of achieving regional development objectives,albeit at the expense of greater exposure to global financial risks.Second,through the promotion of the global financial and business services sector,regions have the potential to transform their core cities into pivotal nodes within the global financial networks,thereby augmenting their strategic positions within the global urban hierarchy and fostering financial sector-driven economic growth.The realization of these two development paths hinge on both regional territorialities and strategies,and the ever-changing international political and economy externally.Taken together,this paper underscores the global financial network approach as an instrumental theoretical framework for analyzing regional development issues,and calls for future research endeavors to employ this framework in assessing the repercussions of financial globalization on regional development in China,hereby advancing the theoretical development in the field as well as generating useful policy implications.
cross-border financing and investmentoffshore financial marketsglobal financial networksregional developmentfinancial geography
万方数据
维普
