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The impact of inclusive finance and education investment on new quality productivity: The nonlinear mediating effect of education development

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  • Zhang, Yong
  • Jia, Daizheng

Abstract

This paper explores the nonlinear effects of inclusive finance and educational investment on new quality productivity across different regional education levels. With China's provincial panel data from 2011 to 2023, a functional-coefficient regression model is applied. Results show significant nonlinearities. In regions with lower education, inclusive finance has limited benefits, but its positive impact on new productivity grows with higher education levels. Educational investment also shifts from insignificant to positive as education levels rise. The study underlines the need to optimize educational resources, strengthen financial supervision, and boost the synergy between inclusive finance and education policies for sustainable economic growth.

Suggested Citation

  • Zhang, Yong & Jia, Daizheng, 2025. "The impact of inclusive finance and education investment on new quality productivity: The nonlinear mediating effect of education development," Finance Research Letters, Elsevier, vol. 77(C).
    • Handle: RePEc:eee:finlet:v:77:y:2025:i:c:s1544612325003290
    DOI: 10.1016/j.frl.2025.107065
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    5. Zhu, Tianqi & Zhu, Tiancheng & Zhao, Lu, 2025. "The impact of new quality productive forces on the resilience of industrial chains: The moderating role of digital finance," International Review of Economics & Finance, Elsevier, vol. 102(C).
    6. Xuan, Hui & Guo, Cheng & Dai, Jiapeng, 2025. "Do innovation and entrepreneurship vitality enhance university-industry collaboration? Roles of financial development and educational investment," International Review of Economics & Finance, Elsevier, vol. 103(C).

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