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

Yong Zhang and Daizheng Jia

Finance Research Letters, 2025, vol. 77, issue C

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.

Keywords: New productivity; Education investment; Inclusive finance; Nonlinear effect (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:77:y:2025:i:c:s1544612325003290

DOI: 10.1016/j.frl.2025.107065

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