Effect on economic growth in the banking sector and capital markets (the study of Islamic Conference member countries)

Subject Areas : Financial Knowledge of Securities Analysis

Taghi Torabi ¹ , Mahdi Taghavi ² , Mohammad Nasiri ³

1 - Professor of Islamic Azad University, Science and Research Branch
2 - Professor of Islamic Azad University, Science and Research Branch
3 - PhD student of finance, Islamic Azad University, Science and Research Branch

Received: 2014-11-02 Accepted : 2015-01-10 Published : 2015-10-02

Keywords: Financial Development, Economic Growth and Developmen, Panel data, Granger Causality,

Abstract :

Achieving long term and sustainable economic growth in any country is made possible by optimal mobilization and allocation of investment resources in the country's national economy. Extensive and efficient financial markets, in particular efficient capital markets, are essential to achieve this goal. Market economy-based system at the macro level is established on four markets (product market, labor market, money market, and capital market) which among them, two markets (money market and capital market) are associated with the financial sector. The second coin of any country’s economy is its financial sector, which is in fact complementary to the real sector of the economy. The optimal performance of an economic system depends on two efficient, complementary, powerful, and supervised financial and real sectors. The collaboration of these two sectors is a necessary and sufficient prerequisite for an optimal economic system.In this study, the effects of banking sector and capital market on economic growth as well as a causal relationship between economic growth and capital market development and banking sector were investigated using the panel data model. The estimation result of the model indicated that during 1995 to 2014, stock market variables had insignificant negative effects on the production and economic growth of the study countries. In other words, according to these results, it could be stated that during the period in question, the stock market had no effect on the economic growth of these countries. In contrast, banking sector variables had significant positive effects on the productions and economic growth of these countries.

References:

فهرست منابع
 اسلاملوییان، کریم و سخایی، علادالدین
5391 (،" بررسی علیت کوتاه مدت و بلندمدت (
میان توسعه مالی و رشد اقتصادی در خاورمیانه
"، پبوهشهای اقتصادی ایران 21 (، صص (51
- 11 15
 امیری، بهزاد، سللانی، بهزاد) 5388 (،" توسعه
مالی و رشد اقتصادی: مورد کشورهای در قال
توسعه "، اقتصاد میداری )فصلنامه بررسیهای
- اقتصادی(، شلاره 43 ، صص 521 541
 قسینی، سیدمهدی، اشرفی، یکتا، صیامی عراقی،
ابراهیم) 5391 (،" بررسی رابطه توسعه مالی و
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سلیلی فر، مصطفی) 5389 (،" بررسی رابطه علی
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تحلیب عاملی" ،فصلنامه پبوه ها و سیاستهای
- . اقتصادی، سال 58 ،شلاره 11 . صص 13 21
 عصاریآرانی، عباس، ناصری، علیرضا وآقایی
خوندابی، مجید) 5381 (،"توسعه مالی و رشد
اقتصادی: میایسه کشورهای نفتی عضو اوپک و
غیرنفتی در قال توسعه، با استفاده از روش
گشتاورهای تعلیم یافته"، تحیییات اقتصادی،
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 صلدی، سعید. نصرالهی، خدیجه و کرمعلیان
سیچانی، مرتضی) 5381 (،" بررسی رابطه بین
توسعه بازارهای مالی و رشد اقتصادی"، فصلنامه
عللی پبوهشی پبوهشهای اقتصادی، سال هفتم، -
- . شلاره سوم، صص 51 5
 طلاک نایینی، قسین و مهرآرا، محسن
5388 (،" بررسی رابطه توسعه مالی و رشد (
اقتصادی در کشورهای منتخب با روش داده
های تلفییی پویا ) 5919 4113 ("، دان و -
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" بررسی رابطه علی تعلیق مالی و رشد اقتصادی
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قسین) 5391 (،" توسعه مالی و رشد اقتصادی در
کشورهای منا با استفاده از روش پانب پویا
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