Trading volume of stock market and economic growth: Moderating the role of Information and Communication Technology by considering to the development of countries

Subject Areas : Financial engineering

Gholamreza Mahfoozi ¹ , Mohsen Akbari ² , Mahsa Farkhonde ³ , Zahra Ayagh ⁴

1 - Department of Economics and Accounting, University of Guilan, Rasht, Iran
2 - Department of Management, University of Guilan, Rasht, Iran
3 - Department of Business Management, University of Guilan, Rasht, Iran
4 - Department of Business Management, University of Guilan, Rasht, Iran

Received: 2019-07-03 Accepted : 2019-07-28 Published : 2019-09-23

Keywords: D83, R53, Trading stock, Economic growth Information and communication technology, Global innovation index. JEL Category: H54,

Abstract :

One of the main factors behind the growth of various countries is the development of financial markets, which has facilitated and accelerated the role of information and communication technology (ICT) in recent years for countries. The purpose of this study is to investigate the effect of stock exchanges on economic growth with the moderation of ICT in developed and developing countries during the period 2011-2016. Data and information about the sample countries are gathered from the reports the global innovation index. The method of fitting the models in the present study is the panel data method using Eviews software. The results showed that ICT affects the relationship between volume of stock exchanges and economic growth only in developed countries, which is due to the development of these types of technologies in developed countries. It seems that developing countries need to be equipped with ICTs as well as developed countries to achieve greater economic growth.