The Economic Diffusion Radius of High-Speed Railway Stations

Fangzhi Liang, Zhenye Yao, Danqin Yang and Hanwen Xu

Finance Research Letters, 2023, vol. 55, issue PB

Abstract: We explore the economic diffusion radius of high-speed railway (HSR) stations. Using spatial differences-in-differences (DID) method, we find that the openings of HSR stations can promote companies’ performance within 20 kms. We also observe a heterogeneity of the effect in different administrative divisions, with a positive impact on surrounding companies in the same city as the nearest station (the "Diffusion Effect"), and a negative impact on companies in neighboring city (the "Backwash Effect"). Our paper helps policy makers better utilize the infrastructure of HSR. Furthermore, the spatial DID method offers a new perspective to address endogeneity in HSR studies.

Keywords: High-speed railway; Economic diffusion radius; Backwash effect; Spatial DID (search for similar items in EconPapers)
JEL-codes: D21 H32 H41 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:55:y:2023:i:pb:s1544612323003720

DOI: 10.1016/j.frl.2023.104000

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