Fiscal Decentralization and Regional Financial Efficiency: An Empirical Analysis of Spatial Durbin Model

<div>Moran’s <svg height="8.68572pt" id="M80" style="vertical-align:-0.0498209pt" version="1.1" viewbox="-0.0498162 -8.6359 5.68448 8.68572" width="5.68448pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M405 650H141L135 622C222 616 230 610 215 535L133 116C118 41 113 33 29 28L23 0H289L295 28C209 33 205 40 219 116L298 535C312 609 317 616 399 622L405 650Z" id="g113-74"></path><glyph.data ascent="3473" descent="-2876" horiz-adv-x="428" vert-adv-y="428"></glyph.data></g></svg> index scatter diagram of financial efficiency in 2012.</div>

Discrete Dynamics in Nature and Society

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Figure 3

Figure 3: Fiscal Decentralization and Regional Financial Efficiency: An Empirical Analysis of Spatial Durbin Model 