Economic Growth in Prewar Japan: Human Capital and Financial Development

本研究的目的是从战前日本经济增长的角度探讨人力资本与金融发展的关系。本文使用的是一个包含45个县(不包括北海道和冲绳)的观察数据的面板数据集。面板估计表明，金融市场的发展对地方经济增长的显著教育效应发挥了重要作用，这表明人均收入是GDP的替代指标。每个县的知名人士都发挥了重要的教育和公司治理作用。

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.