Threshold Effect of Financial System on High-Quality Economic Development

Table 7

Parameter estimation results with financial system as threshold variable.

Variable	Linear regression	Threshold regression
C	2.04702; (1.20)	0.25270; (0.17)
FCF	−0.89802^∗; (−1.98)
FCF ≤		8.22193^∗∗; (2.45)
< FCF ≤		39.87714^∗∗∗; (8.60)
FCF >		−0.49330^∗∗∗; (−2.84)
ITR	−1.36559^∗; (−1.97)	−0.89511; (−1.41)
PGR	0.31080^∗∗; (3.04)	0.19427^∗∗; (2.09)
UBR	8.55228^∗∗; (3.10)	9.74416^∗∗∗; (3.92)
IDR	−10.98957^∗∗∗; (−6.04)	−9.06780^∗∗∗; (−5.48)
F	2.11	2.69

Note. ∗, ∗∗, and ∗∗∗ mean passing the significance test at the level of 10%, 5%, and 1%, respectively, and statistics of t are in brackets.