The Effect of Investment in Education on China’s Economic Growth: The Role of Financial Development

References

• Abu-Saad, I. (2016). Access to higher education and its socio-economic impact among Bedouin Arabs in Southern Israel. International Journal of Educational Research, 76, 96–103. https://doi.org/10.1016/j.ijer.2015.06.001
   Web of Science ®Google Scholar
• Adeyemi, T. O. (2011). Financing of education in Nigeria: An analytical review. American Journal of Social and Management Sciences, 2(3), 295–303. https://doi.org/10.5251/ajsms.2011.2.3.295.303
   Google Scholar
• Adu, G., Marbuah, G., & Mensah, J. T. (2013). Financial development and economic growth in Ghana: Does the measure of financial development matter? Review of Development Finance, 3(4), 192–203. https://hdl.handle.net/10520/EJC146895 https://doi.org/10.1016/j.rdf.2013.11.001
   Google Scholar
• Afzal, M., Rehman, U. H., Farooq, S. M., & Sarwar, K. (2011). Education and economic growth in Pakistan: A cointegration and causality analysis. International Journal of Educational Research, 50(5-6), 321–335. https://doi.org/10.1016/j.ijer.2011.10.004
   Google Scholar
• Awan, M. S., Malik, N., Sarwar, H., & Waqas, M. (2011). Impact of education on poverty reduction. International Journal of Academic Research, 3(1), 659–664. https://mpra.ub.uni-muenchen.de/id/eprint/31826
   Google Scholar
• Bairoliya, N., & Miller, R. (2021). Demographic transition, human capital and economic growth in China. Journal of Economic Dynamics and Control, 127, 104117. https://doi.org/10.1016/j.jedc.2021.104117
   PubMed Web of Science ®Google Scholar
• Balatchandirane, G. (2003). Gender discrimination in education and economic development: A study of South Korea, China and India. International Studies, 40(4), 349–378. https://doi.org/10.1177/002088170304000403
   Google Scholar
• Benos, N., & Zotou, S. (2014). Education and economic growth: A meta-regression analysis. World Development, 64, 669–689. https://doi.org/10.1016/j.worlddev.2014.06.034
   Web of Science ®Google Scholar
• Blomström, M., Lipsey, R. E., & Zejan, M. (1996). Is fixed investment the key to economic growth? The Quarterly Journal of Economics, 111(1), 269–276. https://doi.org/10.2307/2946665
   Web of Science ®Google Scholar
• Bongini, P., Iwanicz-Drozdowska, M., Smaga, P., & Witkowski, B. (2017). Financial development and economic growth: The role of foreign-owned banks in CESEE countries. Sustainability, 9(3), 335–359. https://doi.org/10.3390/su9030335
   Web of Science ®Google Scholar
• Borsi, M. T., Mendoza, O. M. V., & Comim, F. (2022). Measuring the provincial supply of higher education institutions in China. China Economic Review, 71, 101724. https://doi.org/10.1016/j.chieco.2021.101724
   Web of Science ®Google Scholar
• Brown, P. H., & Park, A. (2002). Education and poverty in rural China. Economics of Education Review, 21(6), 523–541. https://doi.org/10.1016/S0272-7757(01)00040-1
   Web of Science ®Google Scholar
• Cerych, L. (1981). Student flows and expenditure in higher education, 1965–1979. Institute of Education, European Cultural Foundation, ERIC Number: ED214419.
   Google Scholar
• Cha, X., & Ding, S. (2006). Can low tuition policy improve education fairness and social welfare? Tsinghua Journal of Education (China), 27(1), 65–70.
   Google Scholar
• Chen, Z., Lv, B., & Liu, Y. (2019). Financial development and the composition of government expenditure: Theory and cross-country evidence. International Review of Economics & Finance, 64, 600–611. https://doi.org/10.1016/j.iref.2019.09.006
   Web of Science ®Google Scholar
• Cheng, X., & Degryse, H. (2007). The impact of bank and non-bank financial institutions on local economic growth in China. Bank of Finland: Institute for Economies in Transition. BOFIT Discussion Papers, 22.
   Google Scholar
• China Education Yearbook Editorial Board. (1984). China education yearbook 1949–1981. People's Education Press.
   Google Scholar
• China Life. (2021). Wonderful life education savings plan. https://www.chinalife.com.hk/products/insurance/wonderful-life-education-savings-plan
   Google Scholar
• Ding, N. (2015). Consumer credits and economic growth in China. The Chinese Economy, 48(4), 269–278. https://doi.org/10.1080/10971475.2015.1044849
   Web of Science ®Google Scholar
• Dollar, D., & Kraay, A. (2002). Growth is good for the poor. Journal of Economic Growth, 7(3), 195–225. https://doi.org/10.1023/A:1020139631000
   Web of Science ®Google Scholar
• Dong, H., & Wan, X. (2012). Higher education tuition and fees in China: Implications and impacts on affordability and educational equity. Current Issue in Education, 15(1). http://cie.asu.edu/ojs/index.php/cieatasu/article/view/811/275
   Google Scholar
• Fan, S., Hazell, P., & Thorat, S. (2000). Government spending, growth and poverty in rural India. American Journal of Agricultural Economics, 82(4), 1038–1051. https://doi.org/10.1111/0002-9092.00101
   Web of Science ®Google Scholar
• Fan, W., Ma, Y., & Wang, L. (2015). Do we need more public investment in higher education? Estimating the external returns to higher education in China. Asian Economic Papers, 14(3), 88–104. https://doi.org/10.1162/ASEP_a_00380
   Web of Science ®Google Scholar
• Financial System Policy Reform. (2021). Financial system. https://chinadashboard.gist.asiasociety.org/winter-2021/page/financial-system
   Google Scholar
• Fleisher, B., Li, H., & Zhao, M. Q. (2010). Human capital, economic growth, and regional inequality in China. Journal of Development Economics, 92(2), 215–231. https://doi.org/10.1016/j.jdeveco.2009.01.010
   Web of Science ®Google Scholar
• Fu, Q., & Ren, Q. (2010). Educational inequality under China’s rural–urban divide: The Hukou system and return to education. Environment and Planning A: Economy and Space, 42(3), 592–610. https://doi.org/10.1068/a42101
   Web of Science ®Google Scholar
• Gao, W., Li, W., Zang, Y., Zhong, Y., & Wu, H. (2021). Stratification of health professional education and its funding disparities: Evidence from China during the period of 1998-2017. Frontiers in Public Health, 9, 800163. https://doi.org/10.3389/fpubh.2021.800163
   PubMed Web of Science ®Google Scholar
• Ghirmay, T. (2004). Financial development and economic growth in Sub-Sahara African countries: Evidence from time series analysis. African Development Review, 16(3), 415–432. https://doi.org/10.1111/j.1017-6772.2004.00098.x
   Web of Science ®Google Scholar
• Gu, J. (2012). Spatial dynamics and determinants of county-level education expenditure in China. Asia Pacific Education Review, 13(4), 617–634. https://doi.org/10.1007/s12564-012-9224-y
   Web of Science ®Google Scholar
• Gu, T. (2021). Wage payments and fixed capital investment in imperfect financial and labor markets: The case of China. China Economic Journal, 14(3), 243–290. https://doi.org/10.1080/17538963.2021.1964772
   Web of Science ®Google Scholar
• Haini, H. (2020). Spatial spillover effects of public health and education expenditures on economic growth: Evidence from China’s provinces. Post-Communist Economies, 32(8), 1111–1128. https://doi.org/10.1080/14631377.2020.1722586
   Web of Science ®Google Scholar
• Hanushek, E. A., & Kim, D. (1995). Schooling, labor force quality, sand economic growth (NBER Working Paper 5399). National Bureau of Economic Research. https://doi.org/10.3386/w5399
   Google Scholar
• Hasan, I., Wachtel, P., & Zhou, M. (2009). Institutional development, financial deepening and economic growth: Evidence from China. Journal of Banking & Finance, 33(1), 157–170. https://doi.org/10.1016/j.jbankfin.2007.11.016
   Web of Science ®Google Scholar
• Hsu, S. (2012). Role of informal finance in China's continuing economic development. The Chinese Economy, 45(1), 28–45. https://doi.org/10.2753/CES1097-1475450102
   Google Scholar
• Ibrahim, M., & Alagidede, P. (2017). Financial sector development, economic volatility and shocks in Sub-Saharan Africa. Physica A: Statistical Mechanics and Its Applications, 484, 66–81. https://doi.org/10.1016/j.physa.2017.04.142
   Web of Science ®Google Scholar
• Jalilian, H., & Kirkpatrick, C. (2002). Financial development and poverty reduction in developing countries. International Journal of Finance & Economics, 7(2), 97–108. https://doi.org/10.1002/ijfe.179
   Web of Science ®Google Scholar
• Ju, J., & Yu, X. (2015). Productivity, profitability, production and export structures along the value chain in China. Journal of Comparative Economics, 43(1), 33–54. https://doi.org/10.1016/j.jce.2014.11.008
   Web of Science ®Google Scholar
• Jung, S. M., & Cha, H. E. (2021). Financial development and income inequality: Evidence from China. Journal of the Asia Pacific Economy, 26(1), 73–95. https://doi.org/10.1080/13547860.2020.1717301
   Web of Science ®Google Scholar
• Kaminsky, G. L., & Reinhart, C. M. (1999). The twin crises: The causes of banking and balance-of-payments problems. The American Economic Review, 89(3), 473–500. https://doi.org/10.1257/aer.89.3.473
   Web of Science ®Google Scholar
• Kurz, H. D. (2010). Technical progress, capital accumulation and income distribution in classical economics: Adam Smith, David Ricardo and Karl Marx. The European Journal of the History of Economic Thought, 17(5), 1183–1222. https://doi.org/10.1080/09672567.2010.522242
   Web of Science ®Google Scholar
• Kwan, A. C., Wu, Y., & Zhang, J. X. (1999). Fixed investment and economic growth in China. Economics of Planning, 32(1), 67–79. https://doi.org/10.1023/A:1003424418042
   Google Scholar
• Law, S. H., & Demetriades, P. (2005). Openness, institutions and financial development (WEFRP Working Paper No. WEF 0012). Institutions and Financial Development. SSRN. https://ssrn.com/abstract=941387 or https://doi.org/10.2139/ssrn.941387
   Google Scholar
• Levine, R., Loayza, N., & Beck, T. (2000). Financial intermediation and growth: Causality and causes. Journal of Monetary Economics, 46(1), 31–77. https://doi.org/10.1016/S0304-3932(00)00017-9
   Web of Science ®Google Scholar
• Levine, R., & Renelt, D. (1992). A sensitivity analysis of cross-country growth regressions. The American Economic Review, 82(4), 942–963. http://www.jstor.org/stable/2117352
   Web of Science ®Google Scholar
• Li, L. (2018). Financial inclusion and poverty: The role of relative income. China Economic Review, 52, 165–191. https://doi.org/10.1016/j.chieco.2018.07.006
   Web of Science ®Google Scholar
• Li, W. (2007). Family background, financial constraints and higher education attendance in China. Economics of Education Review, 26(6), 724–734. https://doi.org/10.1016/j.econedurev.2007.09.001
   Web of Science ®Google Scholar
• Liang, Q., & Teng, J. (2006). Financial development and economic growth: Evidence from China. China Economic Review, 17(4), 395–411. https://doi.org/10.1016/j.chieco.2005.09.003
   Web of Science ®Google Scholar
• Liu, S., Chen, X., Wang, E., & Wang, X. (2020b). Diversifying funding sources for public higher education in China during massification. Education as Change, 24(, 11–26. https://doi.org/10.25159/1947-9417/7158
   Web of Science ®Google Scholar
• Liu, L., & Gao, L. (2021). Financing university sustainability initiatives in China: Actors and processes. International Journal of Sustainability in Higher Education, 22(1), 44–58. https://doi.org/10.1108/IJSHE-11-2019-0333
   Web of Science ®Google Scholar
• Liu, K., Yang, J., & Zou, H. (2020a). Cultural heterogeneity, social policy, and economic growth in China. China Economic Review, 62, 101501. https://doi.org/10.1016/j.chieco.2020.101501
   Web of Science ®Google Scholar
• Liu, G., & Zhang, C. (2020). Does financial structure matter for economic growth in China. China Economic Review, 61, 101194. https://doi.org/10.1016/j.chieco.2018.06.006
   Web of Science ®Google Scholar
• Li, J., Wu, Y., & Xiao, J. J. (2020). The impact of digital finance on household consumption: Evidence from China. Economic Modelling, 86, 317–326. https://doi.org/10.1016/j.econmod.2019.09.027
   Web of Science ®Google Scholar
• Li, K.-W., Yun, L., & Lui, G. C. S. (2009). Economic performance of human capital in post-reform China. The Chinese Economy, 42(1), 40–61. https://doi.org/10.2753/CES1097-1475420102
   Google Scholar
• Lucas, R. E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3–42. https://doi.org/10.1016/0304-3932(88)90168-7
   Web of Science ®Google Scholar
• MacKinnon, D. P., & Dwyer, J. H. (1993). Estimating mediated effects in prevention studies. Evaluation Review, 17(2), 144–158. https://doi.org/10.1177/0193841X9301700202
   Web of Science ®Google Scholar
• MacKinnon, D. P., Warsi, G., & Dwyer, J. H. (1995). A simulation study of mediated effect measures. Multivariate Behavioral Research, 30(1), 41–62.https://doi.org/10.1207/s15327906mbr3001_3
   PubMed Web of Science ®Google Scholar
• Mahi, M., Phoong, S. W., Ismail, I., & Isa, C. R. (2019). Energy–finance–growth nexus in ASEAN-5 countries: An ARDL bounds test approach. Sustainability, 12(1), 5–20. https://doi.org/10.3390/su12010005
   Web of Science ®Google Scholar
• Maneejuk, P., & Yamaka, W. (2021). The impact of higher education on economic growth in ASEAN-5 countries. Sustainability, 13(2), 520–547. https://doi.org/10.3390/su13020520
   Web of Science ®Google Scholar
• Mendoza, O. M. V., Borsi, M. T., & Comim, F. (2022). Human capital dynamics in China: Evidence from a club convergence approach. Journal of Asian Economics, 79, 101441. https://doi.org/10.1016/j.asieco.2022.101441
   Web of Science ®Google Scholar
• Mishra, S., & Narayan, P. K. (2015). A nonparametric model of financial system and economic growth. International Review of Economics & Finance, 39, 175–191. https://doi.org/10.1016/j.iref.2015.04.004
   Web of Science ®Google Scholar
• Mok, K. H. (2009). The growing importance of the privateness in education: Challenges for higher education governance in China. Compare: A Journal of Comparative and International Education, 39(1), 35–49. https://doi.org/10.1080/03057920801951851
   Google Scholar
• Nasir, Z. M., & Nazli, H. (2018). (Working Papers No:12665). eSocialSciences.
   Google Scholar
• Ndubuisi, P. (2017). An examination of the relationship between financial development and economic growth in Nigeria: Application of multivariate VAR framework. African Research Review, 11(2), 134–160. https://doi.org/10.4314/afrrev.v11i2.12
   Google Scholar
• Obi, Z. C., & Obi, C. O. (2014). Impact of government expenditure on education: The Nigerian experience. International Journal of Business and Finance Management Research, 2, 42–48.
   Google Scholar
• Odhiambo, N. M. (2009). Financial deepening and poverty reduction in Zambia: An empirical investigation. International Journal of Social Economics, 37(1), 41–53. https://doi.org/10.1108/03068291011006166
   Google Scholar
• Outreville, J. F. (1999). Financial Development, Human Capital and Political Stability (UNCTAD, Discussion Papers 142). United Nations Conference on Trade and Development.
   Google Scholar
• Ozigi, A. O., & Canham, P. (1979). An introduction to the foundations of education. Macmillan Nigeria Publishers Ltd.
   Google Scholar
• Pan, L., & Mishra, V. (2018). Stock market development and economic growth: Empirical evidence from China. Economic Modelling, 68, 661–673. https://doi.org/10.1016/j.econmod.2017.07.005
   Web of Science ®Google Scholar
• Patrick, H. (1966). Financial development and economic growth in underdeveloped countries. Economic Development and Cultural Change, 14(2), 174–189. https://doi.org/10.1086/450153
   Web of Science ®Google Scholar
• People’s Press. (1985). Documents on the reform of the system of education. People's Press.
   Google Scholar
• Podoshen, J. S., Li, L., & Zhang, J. F. (2011). Materialism and conspicuous consumption in China: A cross-cultural examination. International Journal of Consumer Studies, 35(1), 17–25. https://doi.org/10.1111/j.1470-6431.2010.00930.x
   Web of Science ®Google Scholar
• Preacher, K. J., & Leonardelli, G. J. (2010). Calculation for the Sobel test: An interactive calculation tool for mediation tests. http://quantpsy.org/sobel/sobel.htm
   Google Scholar
• Qian, X., & Smyth, R. (2008). Measuring regional inequality of education in China: Widening coast–inland gap or widening rural–urban gap? Journal of International Development, 20(2), 132–144. https://doi.org/10.1002/jid.1396
   Google Scholar
• Qiu, S., Cao, Q., Xie, P., & Huang, J. (2021). Money is not everything: Funding investment and dual performance of key universities in China. Technology Analysis & Strategic Management, 1–15. https://doi.org/10.1080/09537325.2021.1988556
   Google Scholar
• Qureshi, S. K., & Arif, G. M. (2001). Profile of poverty in Pakistan 1998–99. (MIMAP Technical Paper Series No. 5). Pakistan Institute of Development Economics.
   Google Scholar
• Ravallion, M., & Datt, G. (2002). Why has economic growth been more pro-poor in some states of India than others? Journal of Development Economics, 68(2), 381–400. https://doi.org/10.1016/S0304-3878(02)00018-4
   Web of Science ®Google Scholar
• Riley, S. M., Michael, S. C., & Mahoney, J. T. (2017). Human capital matters: Market valuation of firm investments in training and the role of complementary assets. Strategic Management Journal, 38(9), 1895–1914. https://doi.org/10.1002/smj.2631
   Web of Science ®Google Scholar
• Rioja, F., & Valev, N. (2004). Does one size fit all? A re-examination of the finance and growth relationship. Journal of Development Economics, 74(2), 429–447. https://doi.org/10.1016/j.jdeveco.2003.06.006
   Web of Science ®Google Scholar
• Russino, A. (2018). Financial development and intergenerational education mobility. Review of Development Finance, 8(1), 25–37. https://doi.org/10.1016/j.rdf.2018.05.006
   Web of Science ®Google Scholar
• Samuel, U. D., & Oruta, I. L. (2021). Government expenditure and economic growth in Nigeria: A disaggregated analysis. Path of Science, 7(11), 4022–4035. https://doi.org/10.22178/pos.76-6
   Google Scholar
• Schultz, T. W. (1961). Investment in human capital. The American Economic Review, 51(1), 1–17. http://www.jstor.org/stable/1818907
   Web of Science ®Google Scholar
• Sebki, W. (2021). The impact of education on economic growth in developing countries: Static panel data analysis. Al-Bashaer Economic, 7(1). 978–992. https://doi.org/10.33704/1748-007-001-053
   Google Scholar
• Shan, J. Z., & Morris, A. (2002). Does financial development ‘lead’ economic growth? International Review of Applied Economics, 16(2), 153–168. https://doi.org/10.1080/02692170110118885
   Google Scholar
• Shan, J., & Qi, J. (2006). Does financial development ‘lead’ economic growth? The case of China. Annals of Economics and Finance, 1, 197–216.
   Google Scholar
• Sherov, A. (2015). Foreign experience in financing of higher educational system. Scientific Enquiry in the Contemporary World: Theoretical Basics and Innovation Approach, 1, 92–95.
   Google Scholar
• Sobel, M. E. (1982). Asymptotic intervals for indirect effects in structural equations models. In S. Leinhart (Ed.), Sociological Methodology (Vol. 13, pp. 290–312). Jossey-Bass. https://doi.org/10.2307/270723
   Google Scholar
• Solarin, S. A., & Yen, Y. Y. (2016). A global analysis of the impact of research output on economic. Scientometrics, 108(2), 855–874. https://doi.org/10.1007/s11192-016-2002-6
   Web of Science ®Google Scholar
• Stiglitz, J. E. (1993). The role of the state in financial markets. The World Bank Economic Review, 7(suppl 1), 19–52. https://doi.org/10.1093/wber/7.suppl_1.19
   Google Scholar
• Su, Y., & Liu, Z. (2016). The impact of foreign direct investment and human capital on economic growth: Evidence from Chinese cities. China Economic Review, 37, 97–109. https://doi.org/10.1016/j.chieco.2015.12.007
   Web of Science ®Google Scholar
• Tang, Y. (2022). Government spending on local higher education institutions (LHEIs) in China: Analysing the determinants of general appropriations and their contributions. Studies in Higher Education, 47(2), 423–436. https://doi.org/10.1080/03075079.2020.1750586
   Web of Science ®Google Scholar
• Tchamyou, V. S. (2020). Education, lifelong learning, inequality and financial access: Evidence from African countries. Contemporary Social Science, 15(1), 7–25. https://doi.org/10.1080/21582041.2018.1433314
   Web of Science ®Google Scholar
• The State Council. (2021). China raises student loan ceiling. https://english.www.gov.cn/news/pressbriefings/202109/15/content_WS6141423ac6d0df57f98e02f8.html">https://english.www.gov.cn/news/pressbriefings/202109/15/content_WS6141423ac6d0df57f98e02f8.html
   Google Scholar
• Todaro, M. P., & Smith, S. C. (2012). Economic development (11th ed.). Prentice Hall Pub.
   Google Scholar
• Tsaurai, K. (2018). Is the complementarity between education and financial development a panacea for poverty reduction? The Journal of Developing Areas, 52(4), 227–248. https://doi.org/10.1353/jda.2018.0062
   Google Scholar
• van Eps, M. A., Cooke, M., Creedy, D. K., & Walker, R. (2006). Student evaluations of a year-long mentorship program: A quality improvement initiative. Nurse Education Today, 26(6), 519–524. https://doi.org/10.1016/j.nedt.2006.01.009
   PubMed Web of Science ®Google Scholar
• Wang, C., & Giouvris, E. (2020). The impact of foreign bank entry on Chinese banks and financial liberalization: Recent evidence. The Chinese Economy, 53(2), 177–199. https://doi.org/10.1080/10971475.2019.1688004
   Web of Science ®Google Scholar
• Wang, H. S., & Moll, H. (2010). Education financing of rural households in China. Journal of Family and Economic Issues, 31(3), 353–360.https://doi.org/10.1007/s10834-010-9210-7
   PubMedGoogle Scholar
• Wang, W., & Zhao, Z. J. (2012). Rural taxation reforms and compulsory education finance in China. Journal of Public Budgeting, Accounting & Financial Management, 24(1), 136–162. https://doi.org/10.1108/JPBAFM-24-01-2012-B007
   Google Scholar
• Ware, E. O. (2015). Liquidity management and its effect on profitability in a tough economy: (A case of companies listed on the Ghana Stock Exchange). International Journal of Research in Business Studies and Management, 2(11), 1–33.
   Google Scholar
• Wei, J., & Wang, R. (2011). Student loan reform in China: Problems and challenges. In Financing higher education and economic development in East Asia. ANU Press. https://doi.org/10.22459/FHEEDEA.11.2011.07
   Google Scholar
• Wu, Y., & Kc, S. (2022). Spatial inequality in China’s secondary education: A demographic perspective. Asian Population Studies, 1–22. https://doi.org/10.1080/17441730.2021.2016126
   Google Scholar
• Xiao, J., & Liu, Z. (2014). Inequalities in the financing of compulsory education in China: A comparative study of Gansu and Jiangsu Provinces with spatial analysis. International Journal of Educational Development, 39, 250–263. https://doi.org/10.1016/j.ijedudev.2014.05.004
   Web of Science ®Google Scholar
• Xu, D., & Wu, X. (2022). Separate and unequal: Hukou, school segregation, and educational inequality in urban China. Chinese Sociological Review, 1–25. https://doi.org/10.1080/21620555.2021.2019007
   Google Scholar
• Yang, Z., & Ye, Z. (2016). Domestic market integration in China: The role of the financial sector. The Chinese Economy, 49(5), 343–358. https://doi.org/10.1080/10971475.2016.1193389
   Web of Science ®Google Scholar
• Yang, J., Huang, X., & Liu, X. (2014). An analysis of education inequality in China. International Journal of Educational Development, 37, 2–10. https://doi.org/10.1016/j.ijedudev.2014.03.002
   Web of Science ®Google Scholar
• Yao, S., Wu, B., Su, F., & Wang, J. (2010). The impact of higher education expansion on social justice in China: A spatial and inter-temporal analysis. Journal of Contemporary China, 19(67), 837–854. https://doi.org/10.1080/10670564.2010.508586
   Web of Science ®Google Scholar
• Ye, Z., Qian, L., & Na, Z. (2018). Financial development, urbanization, and urban-rural income disparity: Evidence based on Chinese provincial data. Modern Economy, 09(01), 31–60. https://doi.org/10.4236/me.2018.91003
   Google Scholar
• Yin, Z., Kang, C., Wang, L., Geng, D., & Xiong, Z. (2017). Public security expenditure, education investment, and social stability: An empirical analysis based on provincial panel data from Chin. Revista de Cercetare şi Intervenţie Socială, 59, 239–260.
   Web of Science ®Google Scholar
• Yizengaw, J. Y., & Agegnehu, M. A. (2021). Practices and challenges of school financial resource management implementation in Bahir Dar city administration of Ethiopia: A comparative study between government and private secondary schools. Cogent Education, 8(1), 1884340. https://doi.org/10.1080/2331186X.2021.1884340
   Web of Science ®Google Scholar
• Zhang, H. (2014). The poverty trap of education: Education–poverty connections in Western China. International Journal of Educational Development, 38, 47–58. https://doi.org/10.1016/j.ijedudev.2014.05.003
   Web of Science ®Google Scholar
• Zhang, J., Wang, L., & Wang, S. (2012). Financial development and economic growth: Recent evidence from China. Journal of Comparative Economics, 40(3), 393–412. https://doi.org/10.1016/j.jce.2012.01.001
   Web of Science ®Google Scholar
• Zhang, C., & Zhuang, L. (2011). The composition of human capital and economic growth: Evidence from China using dynamic panel data analysis. China Economic Review, 22(1), 165–171. https://doi.org/10.1016/j.chieco.2010.11.001
   Web of Science ®Google Scholar
• Zhao, L. (2009). Between local community and central state: Financing basic education in China. International Journal of Educational Development, 29(4), 366–373. https://doi.org/10.1016/j.ijedudev.2008.10.005
   Web of Science ®Google Scholar
• Zhou, G., Gong, K., Luo, S., & Xu, G. (2018). Inclusive finance, human capital and regional economic growth in China. Sustainability, 10(4), 1194–1213. https://doi.org/10.3390/su10041194
   Web of Science ®Google Scholar