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The promotion mechanism of financial agglomeration and human capital on urban economic resilience: Based on the moderating effect of industrial structure

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  • Ye, Zhou
  • Li, Jing
  • Chen, Ji

Abstract

The investigation utilizes panel data spanning from 2003 to 2022, encompassing 31 provinces, autonomous regions, and municipalities in China, to examine the effects of financial agglomeration and human capital on economic resilience at the provincial and municipal levels, while factoring in the regulatory effect of industrial composition. The findings reveal a substantial positive association between financial agglomeration and urban economic resilience; human capital exerts a markedly positive influence on urban economic resilience; technological innovation acts as an intermediary in the impact of human capital on economic resilience; industrial composition regulates the connection between the extent of financial agglomeration and economic resilience; and there exists regional variation in the influence of financial agglomeration and human capital on urban economic resilience. This study not only offers a fresh viewpoint on comprehending the internal mechanisms driving provincial and municipal economies but also delineates concrete strategies for policymakers to bolster provincial and municipal economic resilience by enhancing financial agglomeration and elevating human capital quality, thus more effectively countering diverse economic risks.

Suggested Citation

  • Ye, Zhou & Li, Jing & Chen, Ji, 2025. "The promotion mechanism of financial agglomeration and human capital on urban economic resilience: Based on the moderating effect of industrial structure," International Review of Economics & Finance, Elsevier, vol. 97(C).
    • Handle: RePEc:eee:reveco:v:97:y:2025:i:c:s1059056024007561
    DOI: 10.1016/j.iref.2024.103764
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    2. Fu, Bin & Gesang, Meiduo, 2025. "Industrial policy, financial agglomeration, and cultural industry development: Evidence from a natural experiment in China," International Review of Economics & Finance, Elsevier, vol. 103(C).
    3. Zhao, Lijuan & Shi, Junhong & Tao, Ya, 2025. "The impact and mechanism of digital finance on urban economic resilience," International Review of Financial Analysis, Elsevier, vol. 106(C).
    4. Gou, Jun & Hu, Changjian & Xie, Wengang & Si, Yanlin & Li, Yanling, 2025. "Social capital, government intervention, and regional economic resilience," Finance Research Letters, Elsevier, vol. 86(PA).
    5. Lu, Ke & Wei, Yunlin, 2025. "Exploring spatial impacts of transportation infrastructure on financial agglomeration: A moderating role of knowledge spillovers," Transport Policy, Elsevier, vol. 169(C), pages 150-166.
    6. Yao, Fengge & Yu, Jiayi, 2026. "Industrial clusters, financial flow of enterprises, and the enhancement of regional economic resilience," Finance Research Letters, Elsevier, vol. 89(C).
    7. Jiang, Guohai & Chen, Fuzhong & Gu, Mengyi, 2025. "Supply chain digitization and energy resilience: Evidence from China," Energy Economics, Elsevier, vol. 144(C).
    8. Xie, Mufang & Yu, Binbin & Zhong, Changbiao, 2025. "Financial agglomeration and firms' domestic value added in exports: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 103(C).

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