关键词: 金融发展, 人力资本积累, 经济增长, FD-GMM估计

Abstract: This paper constructs an endogenous growth model that analyzes the nonlinear threshold effect of financial development on economic growth from the perspective of human capital accumulation. Based on theoretical study, we adopt the panel data of 30 provinces in China from 2000 to 2020 to construct a dynamic panel threshold regression model, and the model which can solve explanatory variables and threshold variables and is endogenous to conduct empirical test. Firstly, human capital accumulation has a significant positive effect on economic growth around the whole country and in eastern, central and western regions alike. Secondly, a significant double-threshold effect based on human capital accumulation exists in the impact of financial development on economic growth. The financial development has a significant inhibitory effect on the economic growth when human capital accumulation is below the minimum threshold. The financial development is positively but not insignificantly correlated with economic growth when the human capital accumulation lies between the minimum and the maximum threshold. The financial development can significantly enhance the economic growth when human capital accumulation exceeds the maximum threshold. Thirdly, the human capital accumulation gap is the main reason to bring about significant regional difference in the economic growth effect of financial development, the strength and direction of impacts of financial development on economic growth depend on which numerical interval their respective human capital accumulation level is in. Finally, based on theoretical and empirical conclusions, this paper gives some relevant policy proposals.

Key words: Financial Development, Human Capital Accumulation, Economic Growth, FD-GMM Estimation