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Exploring Regional Differences in Development of Internet Finance:Perspectives of Path Dependence and Government Interference

YAO Yaojun;SHI Danyan;School of Finance,Zhejiang Gongshang University;  
Based on the concept of path dependence and new structural economics,this paper tries to reveal the logic of regional differences of internet finance development and carry out empirical researches with data from prefecture-level cities. Internet finance is sustaining innovation based on traditional finance,which results in path dependence. As a logical result of regional differences in traditional finance,eastern cities take the leading position in internet finance in general. Mid-western areas where traditional finance is less developed are trapped in path dependence,however,these areas have potential comparative advantages in internet finance development,because insufficient supply of traditional financial services has left much broad market for internet finance development. Local governments in these areas can make the best use of the situation,and focus on alleviating the crucial constraints such as talent shortage,to promote these areas to get rid of the lock of path dependence and achieve the potential comparative advantages. This paper shows that,although it is crucial that market should play a decisive role in allocating resources for the sustainable and healthy development of internet finance,without strong supports from traditional finance,it is necessary for finance achieving corner overtaking that an effective government works in good coordination with an efficient market.
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