List of Articles

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  1 - The impact of financial inclusion on economic growth: a cross-country analysis
  Akram Ghoreyshvandiabrak Saleh Ghavidel Doostkoui Masoud Soufi Majidpour
  Financial inclusion is a key driver of economic growth. This study evaluates its effect on economic growth in 59 high-income countries from 2004 to 2021, using panel data and quantile methods. Financial inclusion is measured through banking penetration, availability of More

  Financial inclusion is a key driver of economic growth. This study evaluates its effect on economic growth in 59 high-income countries from 2004 to 2021, using panel data and quantile methods. Financial inclusion is measured through banking penetration, availability of banking services, and usage of financial services. The results reveal significant differences among countries, generally enjoying favorable macroeconomic conditions, and indicate slight convergence among them. Positive impacts on economic growth were observed from bank and facility penetration, while ATM penetration and financial deepening showed negative effects. Influential factors include capital, inflation rate, unemployment rate, economic openness, life expectancy, and population growth. The impact of financial inclusion is more pronounced in lower-income countries. Expanding financial inclusion through the Internet and mobile banking, especially in less privileged areas, and enhancing microfinance and user-friendly applications, are pivotal for economic growth. Manuscript profile
• Open Access Article
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  2 - The relationship between exchange rate overshooting and currency substitution in Iran’s economy
  Seyed Mansour  Heshmati Sanzighi Rahman Saadat Esmaeil Abounoori
  Whenever a country is domestic currency cannot fulfill its duties, foreign currency replaces it. Currency substitution is a common phenomenon in developing countries influenced by economic and political factors. One of the most significant economic aspects is exchange r More

  Whenever a country is domestic currency cannot fulfill its duties, foreign currency replaces it. Currency substitution is a common phenomenon in developing countries influenced by economic and political factors. One of the most significant economic aspects is exchange rate overshooting. The main objective of the current study is to investigate the relationship between exchange rate overshooting and currency substitution in Iran. Using Kamin-Ericsson (2003) method, we first examine the foreign currency in circulation and the volume of currency substitution in Iran’s economy using annual data from 1961-2021. Then, the self-explanatory Bayesian Vector Autoregression (BVAR) method is used to investigate the impact of exchange rate overshooting on currency substitution. According to the results, exchange rate overshooting and inflation always lead to increased currency substitution in Iran’s economy. On the other hand, economic growth has a negative effect on currency substitution. Additionally, neutralizing the impact of shocks related to exchange rate overshooting, economic development, and inflation requires more than five years; therefore, economic policymakers must consider the factor when managing currency substitution. Manuscript profile