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

Table 1

Moran’s index of regional financial efficiency.

Year	Geographic distance weighting matrix	Mixed geography-economy weighting matrix
2003	0.152	0.130
2004	0.094	0.061
2005	0.094	0.028
2006	0.135	0.092
2007	0.137	0.100
2008	0.075	0.057
2009	0.019	0.024
2010	0.141	0.088
2011	0.140	0.071
2012	0.149	0.052

Note: and , respectively, represent the significant level of 1% and 10%.