The Development Mechanism and Spatial Spillover Effect of Market Integration in the Guangdong-Hong Kong-Macao Greater Bay Area——Double Tests Based on Mediation Effect and Threshold Effect
Building a unified national market requires prioritizing regional market integration,and the construction of market integration in the Guangdong-Hong Kong-Macao Greater Bay Area plays an im-portant role in promoting coordinated regional economic development and demonstrating and leading the construction of a unified national market.This paper empirically analyzes the spatial spillover effect of mar-ket integration in the Guangdong-Hong Kong-Macao Greater Bay Area on economic growth based on the panel data of the urban agglomeration in the Guangdong-Hong Kong-Macao Greater Bay Area from 2011 to 2021.The results indicate that there is a significant spatial diffusion effect in the direct effects of market integration under the three spatial weights,while the indirect effect presents spatial echo effect.The local effect of market integration is greater than the neighboring effect;There is a significant spatial diffusion effect in the market integration of the Hong Kong-Shenzhen-Dongguan-Huizhou metropolitan area and the Guangzhou-Foshan-Zhaoqing metropolitan area,while the spatial effect of the market integration of the Macao-Zhuhai-Zhongshan-Jiangmen metropolitan area has not yet been presented;The intermediary mechanism effect test found that market integration promotes economic growth by affecting transportation in-frastructure;The threshold effect test found that both technological innovation and industrial structure up-grading have a single threshold effect.When the two are higher than the threshold values of 4.0089 and 13.9254,respectively,the positive promoting effect of market integration in the Guangdong-Hong Kong-Macao Greater Bay Area on economic growth will be significantly enhanced.The main conclusions have all passed the robustness test.
Guangdong-Hong Kong-Macao Greater Bay AreaMetropolitan areaMarket integra-tionTransportation infrastructureSpatial spillover effects
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