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This study examines the impact of the financialization of urban development on urban labour productivity. We identify that there is an inverted-‘U’ relationship between the financialization of urban development and urban labour productivity in China. A further investigation shows that the financial resource mismatch and alleviating of financing constraints underpin such an inverted-‘U’ relationship. Our conclusions are robust to a number of robustness checks. Finally, we also find that the financialization effect is stronger in less developed regions, and lower after 2008. This study demonstrates that the financialization of urban development could play complex and time-varying roles in an economy.

The financialization of urban development and urban labour productivity: evidence from China