On the"Threshold Effect"between the Provincial Investment and Credit:A New Perspective in Studying Investment Growth
利用中国省级面板数据，通过门槛模型发现信贷变量在不同区间对投资的影响不同，存在低区间“祝福”和高区间“诅咒”效应，表明信贷资源配置失衡，需推进市场化改革。
This paper empirically studies the multi-equilibrium relationship of credit and investment by using panel threshold model based on the sample of Chinese sub-provincial data.And the so-calledthreshold effectis verified,that is,the threshold variable of credit system is divided into different regimes,the relationship between investment and credit shows a different pattern among different regimes,which has given support to the hypothesis ofblessing-in-low-regimeandcurse-in-high-regime.This conclusion indirectly indicates the current disequilibrium in the credit resources allocation,and we should speed up the reform of market-oriented investment system and credit allocation mechanisms.