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作者

来源

JOURNAL OF URBAN ECONOMICS,Vol.100,P.80-103

语言

英文

关键字

Edge cities; Agglomeration; Place based investments; GEOGRAPHIC CONCENTRATION; AGGLOMERATION EVIDENCE; SHOPPING MALLS; EXTERNALITIES; INCENTIVES; SPILLOVERS; GOODS

作者单位

[Zheng, Siqi] MIT, Ctr Real Estate, Cambridge, MA 02139 USA. [Zheng, Siqi] MIT, Dept Urban Studies & Planning, Cambridge, MA 02139 USA. [Sun, Weizeng] Jinan Univ, Inst Econ & Social Res, Guangzhou, Guangdong, Peoples R China. [Wu, Jianfeng] Fudan Univ, Sch Econ, Shanghai, Peoples R China. [Wu, Jianfeng] Fudan Univ, China Ctr Econ Studies, Shanghai, Peoples R China. [Kahn, Matthew E.] USC, Dept Econ, Los Angeles, CA USA. [Kahn, Matthew E.] NBER, Cambridge, MA 02138 USA. Kahn, ME (reprint author), USC, Dept Econ, Los Angeles, CA USA.; Kahn, ME (reprint author), NBER, Cambridge, MA 02138 USA. E-Mail: kahnme@usc.edu

摘要

China's government has spent hundreds of billions of dollars to invest in new industrial parks with the intent of boosting the economic growth, by attracting new firms into the parks and also generating spillovers for the local economy. Do such place-based investments in capital raise urban productivity or is this another case of the powerful state misallocating capital in China? This paper measures the localized spillover effects of 110 parks built in eight major cities on firm productivity, wages, and local manufacturing employment growth. We find that the geographic spillover effect of parks is an increasing function of the park's overall human capital level, the FDI share, and its "synergy" with nearby incumbent firms (measured by Marshallian factors). Using geo-coded data, we document that the growth in local employment and wages stimulates nearby local housing construction and retail store openings. The rise of a new production sub-center causes the emergence of a suburban "consumer city". (C) 2017 Published by Elsevier Inc.