Economic Growth in Prewar Japan: Human Capital and Financial Development

摘要本研究旨在探讨战前日本经济成长过程中人力资本与金融发展的关系。本文使用了一个由45个县（不包括北海道和冲绳）的观测数据组成的面板数据集。面板估计表明，金融市场的发展在教育对地方经济增长的显著影响中发挥了重要作用，这表明人均所得税（GDP的代表）。每个州的名人在教育和公司治理方面都发挥了重要作用。

The purpose of this study is to explore the relationship between human capital and financial development in the aspect of economic growth in prewar Japan. This paper uses a panel data set consisting of observations on 45 prefectures (excluding both Hokkaido and Okinawa). The panel estimation implies that development of financial markets played the important role of the significant education-effect on the local economic growth, which indicates per capita income tax, a proxy of GDP. Persons of renown in each prefecture played the important role both of educating and of corporate governance.