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Digital economy and cultural-tourism integration: Synergistic effects of financial agglomeration

Author

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  • Lu, Yujia
  • Xu, Ruolin
  • Shi, Lingyan
  • Ma, Wenju

Abstract

With the rapid rise of the digital economy, its integration with the cultural-tourism industry has become essential for regional economic transformation and sustainable growth. This study examines how the digital economy—particularly when reinforced by financial agglomeration—drives this integration. Using empirical data from 2011–2023, the results show that the digital economy significantly promotes cultural-tourism convergence, and this effect is amplified by financial agglomeration. Regression analysis reveals an inverted U-shaped relationship: initial digital expansion fosters integration, but its marginal effect declines once it reaches a threshold. Quantile regression highlights regional heterogeneity, indicating a stronger impact in highly integrated areas where financial agglomeration plays a pivotal role. The findings provide both theoretical and empirical support for regional policy design, emphasizing that financial agglomeration facilitates integration while excessive digitalization may lead to resource misallocation. This study fills a key research gap and offers practical insights for policymakers seeking to balance technological advancement with sustainable cultural-tourism development.

Suggested Citation

  • Lu, Yujia & Xu, Ruolin & Shi, Lingyan & Ma, Wenju, 2026. "Digital economy and cultural-tourism integration: Synergistic effects of financial agglomeration," Finance Research Letters, Elsevier, vol. 88(C).
    • Handle: RePEc:eee:finlet:v:88:y:2026:i:c:s1544612325023748
    DOI: 10.1016/j.frl.2025.109125
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