The Impact of Factor Market Distortion on High-quality Economic Development:Empirical Evidence from the Yangtze River Economic Belt
The distortion of the factor market is one of the important reasons affecting the high-quality eco-nomic development of the Yangtze River Economic Belt.Based on the panel data of 107 prefecture-level and above cities in the Yangtze River Economic Belt from 2003 to 2017,this study theoretically analyzes and empirically tests the effects of labor and capital factor market distortions on the high-quality economic development of the Yangtze River Economic Belt economy.It is found that the distortion level of the capital factor market is generally higher than that of the labor factor market,and both have a significant inhibitory effect on the high-quality economic development of the Yangtze River Economic Belt,but the inhibitory effect of the labor factor market distortion is stronger.The integration of urban agglomerations can signifi-cantly alleviate the inhibitory effect of factor market distortion on the high-quality development of the Yan-gtze River Economic Belt economy.The labor factor market distortions in the middle reaches of the Yangtze River Economic Belt have the strongest inhibitory effect on the high-quality economic development,fol-lowed by the upstream and the weakest downstream.The upstream capital factor market has a more signifi-cant inhibitory effect on high-quality economic development.The above research conclusions provide im-portant policy insights for realizing the high-quality development of the Yangtze River Economic Belt econ-omy at the current stage by deepening the reform of interest rate marketization and the reform of the house-hold registration system to form a regional synergistic development pattern.
factor market distortionYangtze River Economic Belthigh-quality economic developmentregional integration
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