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| Financial Development and Skill Intensity of Chinese Cities |
| SHEN Guangjun, OUYANG Yiling, LI Lixing
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School of Economics, CUFE;
Hanqing Advanced Institute of Economics and Finance, RUC;
National School of Development, PKU |
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Abstract With “capital-skill complementarity” hypothesis and heterogeneous workers, this paper states how financial development determines the regional disparity of skill intensity. Financial development, by facilitating capital deepening, improves the relative demand for skilled labor and results in higher skill premium, which in turn encourages workers (especially those with skill) to immigrate. The skill intensity, therefore, rises. Census data demonstrates the huge and persistent regional disparity in skill intensity across Chinese cities. Empirical analysis based on city-level data shows the high correlation between financial development and skill intensity, which is robust to different proxies and alternative specifications. The channel through which financial development improves skill intensity is also testified. Our study contributes to understanding region disparity of skill intensity and the structural internal migration.
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Received: 17 March 2017
Published: 18 January 2018
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