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Statistical Analysis of the Influence of Financial Education Expenditure on Economic Growth in Shandong Province

Received: 14 January 2021     Accepted: 2 February 2021     Published: 26 April 2021
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Abstract

Education is a country’s livelihood plan. It provides manpower and technology for development. The role of education in promoting the economy has been recognized by most countries, and the mutual influence of education and economic growth will increase with the improvement of the country’s economic level. Obviously, the leading role of education in the economy has been valued by more countries. Shandong Province, being a big economic province is also a big province for college entrance examination, but there is still the problem of uneven distribution of economic resources. In order to make suggestions for the financial education expenditure in Shandong Province, it is of far-reaching significance to analyze the relationship between financial education expenditure and economic growth (gross regional product). Therefore, this article proposes two research questions. Question 1: Calculated on a per capita basis, is there a long-term equilibrium relationship among the four variables of fiscal education expenditure, scientific undertaking expenditure, total investment in fixed assets of the whole society, and gross regional product? To solve this problem, this article proposes two hypotheses. H0: There is no long-term equilibrium relationship between the four variables. H1: There is a long-term equilibrium relationship between the four variables. Question 2: On a per capita basis, what kind of work does fiscal education expenditure have on economic growth? To solve this problem, this paper proposes two hypotheses. H0: Fiscal education expenditures promote economic growth. H1: Financial education expenditure has a restraining effect on economic growth. In response to question 1, this paper uses Eivews to find a long-term equilibrium relationship between the four variables through the use of ADF test, E-G two-step method, and theoretical research. Aiming at problem 2, this paper uses Eviews software to establish an error correction model and finds that fiscal education expenditure has a promoting effect on economic growth, and for every increase of per capita fiscal education expenditure by one unit, the average per capita GDP increases by 6.688. And theoretical research also supports the results of data analysis. At the end of the article, policy recommendations for the development of financial education are put forward.

Published in International Journal of Data Science and Analysis (Volume 7, Issue 2)
DOI 10.11648/j.ijdsa.20210702.13
Page(s) 39-50
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This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2021. Published by Science Publishing Group

Keywords

Fiscal Education Expenditure, Gross Regional Product, Economic Growth, Long Term Equilibrium, Error Correction Model

References
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[4] Zhu Jian, Liu Yiqing, Chen Pan. Research on the Influence of Educational Financial Expenditure on Economic Growth in Hunan Province [J]. Forum on Contemporary Education, 2020.
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[23] Xu Yingming. The Significance of the Little Picture Work from the Current Situation of Primary and Secondary Education in China [J]. Library Science Research, 1990 (04): 84-88.
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[25] Li Yining. On the Role of Education in Economic Growth [J]. China Social Sciences, 1981.
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    Liu Jiwei. (2021). Statistical Analysis of the Influence of Financial Education Expenditure on Economic Growth in Shandong Province. International Journal of Data Science and Analysis, 7(2), 39-50. https://doi.org/10.11648/j.ijdsa.20210702.13

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    ACS Style

    Liu Jiwei. Statistical Analysis of the Influence of Financial Education Expenditure on Economic Growth in Shandong Province. Int. J. Data Sci. Anal. 2021, 7(2), 39-50. doi: 10.11648/j.ijdsa.20210702.13

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    AMA Style

    Liu Jiwei. Statistical Analysis of the Influence of Financial Education Expenditure on Economic Growth in Shandong Province. Int J Data Sci Anal. 2021;7(2):39-50. doi: 10.11648/j.ijdsa.20210702.13

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  • @article{10.11648/j.ijdsa.20210702.13,
      author = {Liu Jiwei},
      title = {Statistical Analysis of the Influence of Financial Education Expenditure on Economic Growth in Shandong Province},
      journal = {International Journal of Data Science and Analysis},
      volume = {7},
      number = {2},
      pages = {39-50},
      doi = {10.11648/j.ijdsa.20210702.13},
      url = {https://doi.org/10.11648/j.ijdsa.20210702.13},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijdsa.20210702.13},
      abstract = {Education is a country’s livelihood plan. It provides manpower and technology for development. The role of education in promoting the economy has been recognized by most countries, and the mutual influence of education and economic growth will increase with the improvement of the country’s economic level. Obviously, the leading role of education in the economy has been valued by more countries. Shandong Province, being a big economic province is also a big province for college entrance examination, but there is still the problem of uneven distribution of economic resources. In order to make suggestions for the financial education expenditure in Shandong Province, it is of far-reaching significance to analyze the relationship between financial education expenditure and economic growth (gross regional product). Therefore, this article proposes two research questions. Question 1: Calculated on a per capita basis, is there a long-term equilibrium relationship among the four variables of fiscal education expenditure, scientific undertaking expenditure, total investment in fixed assets of the whole society, and gross regional product? To solve this problem, this article proposes two hypotheses. H0: There is no long-term equilibrium relationship between the four variables. H1: There is a long-term equilibrium relationship between the four variables. Question 2: On a per capita basis, what kind of work does fiscal education expenditure have on economic growth? To solve this problem, this paper proposes two hypotheses. H0: Fiscal education expenditures promote economic growth. H1: Financial education expenditure has a restraining effect on economic growth. In response to question 1, this paper uses Eivews to find a long-term equilibrium relationship between the four variables through the use of ADF test, E-G two-step method, and theoretical research. Aiming at problem 2, this paper uses Eviews software to establish an error correction model and finds that fiscal education expenditure has a promoting effect on economic growth, and for every increase of per capita fiscal education expenditure by one unit, the average per capita GDP increases by 6.688. And theoretical research also supports the results of data analysis. At the end of the article, policy recommendations for the development of financial education are put forward.},
     year = {2021}
    }
    

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  • TY  - JOUR
    T1  - Statistical Analysis of the Influence of Financial Education Expenditure on Economic Growth in Shandong Province
    AU  - Liu Jiwei
    Y1  - 2021/04/26
    PY  - 2021
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    DO  - 10.11648/j.ijdsa.20210702.13
    T2  - International Journal of Data Science and Analysis
    JF  - International Journal of Data Science and Analysis
    JO  - International Journal of Data Science and Analysis
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    PB  - Science Publishing Group
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    UR  - https://doi.org/10.11648/j.ijdsa.20210702.13
    AB  - Education is a country’s livelihood plan. It provides manpower and technology for development. The role of education in promoting the economy has been recognized by most countries, and the mutual influence of education and economic growth will increase with the improvement of the country’s economic level. Obviously, the leading role of education in the economy has been valued by more countries. Shandong Province, being a big economic province is also a big province for college entrance examination, but there is still the problem of uneven distribution of economic resources. In order to make suggestions for the financial education expenditure in Shandong Province, it is of far-reaching significance to analyze the relationship between financial education expenditure and economic growth (gross regional product). Therefore, this article proposes two research questions. Question 1: Calculated on a per capita basis, is there a long-term equilibrium relationship among the four variables of fiscal education expenditure, scientific undertaking expenditure, total investment in fixed assets of the whole society, and gross regional product? To solve this problem, this article proposes two hypotheses. H0: There is no long-term equilibrium relationship between the four variables. H1: There is a long-term equilibrium relationship between the four variables. Question 2: On a per capita basis, what kind of work does fiscal education expenditure have on economic growth? To solve this problem, this paper proposes two hypotheses. H0: Fiscal education expenditures promote economic growth. H1: Financial education expenditure has a restraining effect on economic growth. In response to question 1, this paper uses Eivews to find a long-term equilibrium relationship between the four variables through the use of ADF test, E-G two-step method, and theoretical research. Aiming at problem 2, this paper uses Eviews software to establish an error correction model and finds that fiscal education expenditure has a promoting effect on economic growth, and for every increase of per capita fiscal education expenditure by one unit, the average per capita GDP increases by 6.688. And theoretical research also supports the results of data analysis. At the end of the article, policy recommendations for the development of financial education are put forward.
    VL  - 7
    IS  - 2
    ER  - 

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Author Information
  • College of Quantitative and Technological Economics, University of Chinese Academy of Social Sciences, Beijing, China

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