中国城市金融韧性测度、区域差异及动态演进  

Measurement,Regional Differences and Dynamic Evolution of Urban Financial Resilience in China

作　　者：林春[1] 张鑫[1] 孙英杰[1] Lin Chun;Zhang Xin;Sun Yingjie(School of Finance and Trade,Liaoning University)

机构地区：[1]辽宁大学金融与贸易学院

出　　处：《国际金融研究》2024年第4期14-23,共10页Studies of International Finance

基　　金：辽宁省社会科学基金重点项目“数字普惠金融赋能辽宁省制造业产业链现代化提升研究”(L23AJL004)资助。

摘　　要：增强金融韧性是筑牢新时代金融安全的重要抓手。基于此,本文以城市金融韧性为切入点,尝试探讨我国城市金融韧性总体水平、区域差异及动态演进。研究发现:样本期内我国金融体系经历了两次外部冲击,按冲击发生时间可将样本期分为三个阶段,各阶段特征明显;我国城市金融韧性存在较为明显的区域差异,并且在稳定调整阶段差异逐渐缩小,但随着第二次冲击的发生差异开始拉大,区域内差异及超变密度是主要差异来源;随着我国金融体系持续深化改革,样本期内我国城市金融韧性整体呈现稳步上升的态势,但存在一定的极化现象。因此,在推动金融韧性提升的过程中,应加强区域间金融要素流动,提升区域金融协调能力,以期为加速深化金融体制改革,助力金融高质量发展提供政策参考。With the development of financial liberalization and the increasing uncertainty of geopolitical factors,China's financial system is becoming increasingly susceptible to external environments,thus increasing the possibility of encountering sudden external shocks.How to enhance the adaptive resilience of China's financial system to maintain national financial stability and security has become a major practical issue that urgently needs to be addressed in China's development.Based on this,this article utilizes urban data from 2008 to 2019 and adopts a counterfactual measurement method to measure the financial resilience of cities in China for the first time.It also employs the Dagum Gini coefficient and kernel density estimation methods to examine the overall level,regional differences,and dynamic evolution of urban financial resilience in China during the sample period.The research found that,during the sample period,China's financial system experienced two external shocks.As a result,the sample period could be divided into three stages based on the timing of these shocks.There were obvious regional differences in China's urban financial resilience,and the differences gradually narrowed during the stable adjustment stage.However,with the occurrence of the second shock,the differences began to widen.The main sources of differences were intragroup disparities and super-variability density.The urban financial resilience in China showed a steady upward trend during the sample period,albeit with a certain polarization phenomenon.The marginal contributions of this paper are as follows:firstly,it innovatively measures the level of regional financial resilience in China at the urban level.Secondly,it uses Dagum Gini coefficient to decompose the regional differences of urban financial resilience in China,and deeply analyzes the reality of the distribution of urban financial resilience in China and the sources of differences.Thirdly,by using kernel density estimation in different time periods,this paper explores the dynamic

关 键 词：城市金融韧性 分布格局 区域差异 动态演进 

分 类 号：F832[经济管理—金融学]