Analysis on the Spatial-Temporal Dynamics of Financial Agglomeration with Markov Chain Approach in China

Table 1

Markov transition probability matrix for financial agglomeration at the province level in China.

Periods	Class	Initial distribution	L (%)	ML (%)	MH (%)	H (%)	Limiting distribution
1993–2011	L	0.25	90.99	9.01	0.00	0.00	0.1641
	ML	0.25	4.49	80.49	14.61	0.00	0.3220
	MH	0.25	0.00	13.40	81.82	4.78	0.3560
	H	0.25	0.00	0.00	10.99	89.01	0.1579
1993–2002	L	0.25	93.30	6.70	0.00	0.00	0.1921
	ML	0.25	4.50	81.10	14.40	0.00	0.2861
	MH	0.25	0.00	10.00	86.40	3.60	0.4119
	H	0.25	0.00	0.00	13.50	86.50	0.1099
2003–2011	L	0.25	88.20	11.80	0.00	0.00	0.1442
	ML	0.25	4.50	80.70	14.80	0.00	0.3780
	MH	0.25	0.00	17.20	76.80	6.00	0.3253
	H	0.25	0.00	0.00	12.80	87.20	0.1579