Evaluation of the Effect of Financial Development and Human Capital on Gross Domestic Product Growth

Subject Areas : Agriculture Marketing and Commercialization

Tayebeh Shahriyari ¹ ( Department of Management and Accounting, Islamshahr Branch, Islamic Azad University, Islamshahr, Iran )
Somayeh Shokravi ² ( Department of Management and Accounting, Islamshahr Branch, Islamic Azad University, Islamshahr, Iran )
Ali Asghar Lotfi ³ ( Department of Economics, Islamic Azad University, Islamshahr branch, Islamshahr )

Received: 2023-01-05 Accepted : 2023-05-05 Published : 2023-06-01

Keywords: Human Capital, Financial Development, gross domestic product growth, oil-producing countries,

Abstract :

The present research sought to evaluate the impact of financial development and human capital on gross domesticproduct (GDP) growth. A descriptive and correlational study was conducted. Data collection was done using the WorldBank and the International Monetary Fund data to analyze the relationship between variables. Post-event (semiexperimental) research design was applied. The current research pursued a library, analytical-causal study based onpanel data analysis. The statistical population consisted of all oil-producing countries as a case study from 2006 to2020. Ten oil-producing countries were selected as the statistical sample. The results revealed that human capitalpositively and significantly affect the GDP growth of oil-producing countries. Also, a significant correlation wasobserved between financial development and GDP growth of oil-producing countries.

References:

• Arkakoli, A., Yahiizadeh Far, M., Nobakht, M. (2016). Study of international financial development and its impact on the globalization of Iran's economy. Economic Growth and Development Research, 6(22), pp. 56-37.


• Pourshehabi, F., Esfandiari, M. (2016). The role of financial development in direct foreign investment and the promotion of economic growth. Economic Growth and Development Research, 7(28), pp. 113-126.


• Hosseini, M., Ashrafi, Y., Ziami, A. (2016). Evaluation of the relationship between financial development and economic growth in Iran with new variables. Economic Research and Policies. 19(60), pp. 16-34.


• Tagvi M. & Mohammadi, H. The impact of human capital on Iran's economic growth.


• Mohammad Javad Salehi. The effects of human capital on Iran's economic growth.


• Emadzadeh, M. Khosh Akhlaq, R. & Sadeghi, M. (2000). The role of human capital in economic growth


• Ahmadian, F. & Mahdovian M. H. (2015). Assessing the relationship between abundance of natural resources and human capital in OPEC member countries.


• Dadgar, Y. & Nazari, R. (2009). Evaluation of financial development indices in Iran. The First International Conference on the Development of Financing System in Iran. 32, pp. 45-67.


• Shahidi, A. & Yavari, K. (2014). Financial development, capital stock, foreign investment, and economic growth in Iran. Economic Growth Policy, 2(1), pp. 41-68.


• Fazli, M., Khodaparast Pirsarai, N. (2018). Evaluating the impact of commodity export complexity and economic freedom on the economic growth of selected oil exporting countries. Economic Journal, 19(75), 149-189


• Motmani, M. & Ariani, F. (2013). The impact of financial development on the effectiveness of foreign direct investment on economic growth in the West Asia and North Africa. Financial Knowledge of Securities Analysis, 6(18), pp. 1-19.


• Mohammad Aliyari, Akbar Bagheri, Ali Asghar Lotfi, June 2022, Agricultural marketing and commercialization Jornal 6 (I),2022, ISSN print:2676640x, ISSN online 2676-7570


• Ghazaleh Tajilro, Jalal Seyfodinin, Somayeh Shokravi, June 2022, Agricultural marketing and commercialization Jornal (6(I) ISSN, Print, 2676640x, ISSN online, 2676-7570


• Mehrara, M. & Nayini, H. (2009). Evaluating the relationship between financial development and economic growth in selected countries using the dynamic blended data method. Knowledge and Development, 16(26), pp. 143-169.


• Abogan, O.P. Akinola, E.B. and Baruwa, O.I. (2014) Non-Oil Export and Economic Growth in Nigeria (1980-2011). Journal of Research in Economics and International Finance, 3, 1-11.


• Adusei, Michael (2014), Does Economic Growth Promote Financial Development? Research in Applied Economics, Vol 6, No 2, PP: 209-220.


• Akpan, E, Nwosu, G, Eweke, (2017), Causality between Non-Oil Export, Financial Sector Development and Economic Growth:Evidence from Nigeria, Journal of Mathematical Finance, 7, 39-53.


• Angelos, D, Diebold, F.X. and K. Yilmaz (2016), “The Effect of Financial Depth on Capital markets”, International Journal of Forecasting 28(1), pp. 57-66.


• Durusu-Ciftci  et al, (2016), Financial development and economic growth: Some theory and more evidence, Journal of Policy Modeling, Available online 20 August 2016.


• Okafor, E.I., Eje, G.C. and Nwafor, O.C. (2016) Post Deregulation Evaluation of Non-Oil Export and Economic Growth Nexus in Nigeria: An Empirical Analysis. Journal of Economics and Finance, 6, 53-59.


• Riman, H.B., Akpan, E.S., Offiong, A.I. and Ojong, C.M. (2013) Nexus between Oil Revenue, Non-Oil Export and Industrial Output in Nigeria: An Application of the VAR Model. International Journal of Financial Economics, 1, 48-60.


• Samargandi, Nahla, Fidrmuc, Jan and Sugata Ghosh (2013), Financial development and economic growth in an oil-rich economy: The case of Saudi Arabia, Brunel University and Ruhr University- Bochum.


• Shahbaz, M., Van Hoang, T. H., Mahalik, M. K., & Roubaud, D. (2017). Energy consumption, financial development and economic growth in India: New evidence from a nonlinear and asymmetric analysis. Energy Economics, 63, 199-212.