O16

Open Access Article

1 - Dynamicity of Gold Demands and its Most Important Determinants: A Panel Data Approach
zahra jalili

The vital role of gold reserves in balance sheets of world central banks on one hand and its attractiveness in investments as a reliable property within an unstable macroeconomic environment on the other hand caused that this precious metal to be paid attention to by po More

The vital role of gold reserves in balance sheets of world central banks on one hand and its attractiveness in investments as a reliable property within an unstable macroeconomic environment on the other hand caused that this precious metal to be paid attention to by policy makers, researchers and market macroeconomic agents even after the collapse of Breton Woods System. This paper presents the estimates of factors that affect physical demand for gold and its dynamicity using panel data approach and Generalized Method of Moments for 25 during 2000-2011. Results indicate that the most important element affecting the demand for gold is the past times demands. Other determinants affecting the demand positively are per capita income, per capita income growth, inflation rate, private sectors credits and real interest rate. Change in variables such as per capita income volatilities, inflation volatilities and stock market value affect the gold demand negatively. Manuscript profile

Open Access Article

2 - تحلیل اثرگذاری مخارج دولت بر نابرابری درآمدی در استان‌های کشور (روش GMM) An Analysis of Government Expenditures Influences on Income Inequality in Provinces of Iran (Using the Generalized Method of Moments(
خسرو نور محمدی عباس عرب مازار نادر مهرگان بامداد پرتویی

Manuscript profile

Open Access Article

3 - The Effect of Financial Development on Income Distribution in Developing Countries and Developed Countries: GMM Method
علی اکبر احمدی محمد اسماعیل رستمی نیا علیرضا غیبی

Considering that the main objective of this study was to investigate the effect of financial development on income distribution (Gini index) in  selected developing countries and  developed countries in the selected time period (2000-2010) is empirical modelin More

Considering that the main objective of this study was to investigate the effect of financial development on income distribution (Gini index) in  selected developing countries and  developed countries in the selected time period (2000-2010) is empirical modeling study using dynamic panel generalized moments (GMM) and use the variables GDP per capita, trade openness indicator, the indicator of financial development, inflation, consumer price index and the Gini coefficient was estimated. The results of the estimation of the model in both developed and developing countries distinguishing short and long term effects is discussed. These results indicate that the coefficient of financial development in developing countries (0/02) have opposite signs developed countries (-0/04) is. As income inequality and financial development theories, different estimates of the relationship between these two variables stated, Financial development in developing countries, the increase in income inequality and the increase in average household income and access many brokers and financial services, reduces income inequality. While in developed countries a negative linear relationship between financial development and income inequality that Byangrkahsh income inequality is due to the development of markets and financial intermediaries. Coefficient of per capita income, inflation and the value of the Gini coefficient by delays in developing countries and developed signs consistent with the model assumptions. Manuscript profile

Open Access Article

4 - The Evaluating of the Effectiveness of Expansionary Fiscal Policies: Comparative Linear and Threshold VAR
عبدالرسول قاسمی صبا نظری

This paper aims to answer the question of whether expansionary fiscal policy (increasing government spending and tax cuts) on economic growth in Iran is in linear or non-linear effects ? On this purpose, the performance of each of these programs using both linear and th More

This paper aims to answer the question of whether expansionary fiscal policy (increasing government spending and tax cuts) on economic growth in Iran is in linear or non-linear effects ? On this purpose, the performance of each of these programs using both linear and threshold vector autoregressive model and the data years 1338 to 1391 is investigated. In this connection, when using the threshold model, the studied period observationsbased on positive or negative output gap was divided into two regimes. Impulse response functions results from the linear model indicate that reduced tax revenues and increased government spending as fiscal stimulus have led to increasing economic growth, but the impact of government spending is greater than tax revenues. Increasing government  spending is  most effective in threshold model, also. In addition, comparison of Impulse response functions from linear and  threshold model show that response of GDP  to tax revenues in linear model and positive output gap are almost identical. However, the effect  of  increasing government spending on GDP in linear model is very different from high regime. GDP response to tax revenues and government spending in lower regime is also different from the linear model. Accordingly, the expansionary fiscal policies multipliers are dependent on economic conditions in terms of the output gap. Manuscript profile

Open Access Article

5 - تأثیر نامتقارن تکانه‌های نرخ ارز بر توزیع درآمد در ایران: رویکرد Asymmetric Effect of Exchange Rate Shocks on Income Distribution in Iran: NARDL ApproachNARDL
حمید لعل خضری احمد جعفری صمیمی

Manuscript profile

Open Access Article

6 - تحلیل تأثیر توسعه مالی و شکنندگی مالی بر رشد اقتصادی (مطالعه موردی کشورهای منتخب شرق و غرب آسیا)
مصطفی رجبی مریم جعفری طادی

Manuscript profile

Open Access Article

7 - An Evaluation between Financial Development and Economic Growth Based on Post-Keynesian Macro- Model
فرهاد دژپسند ریحانه بخارایی

Abstract One of the sections, which expand greatly, coincides with economic growth and development is financial sector of any economy. Although different opinions presented regarding the direction of causality between them, but the direction of causality and effect dep More

Abstract One of the sections, which expand greatly, coincides with economic growth and development is financial sector of any economy. Although different opinions presented regarding the direction of causality between them, but the direction of causality and effect depends on the different stages of financial development and economic growth could be different. In this paper, the relationship between financial development and economic growth will be analyzed over the period of 1393-1353 by using post-Keynesian approach. In fact, the key question is whether financial development affects economic growth. With respect to the rate of more than 85 percent of money in financial market, in this paper indicator of financial depth has been used as an indicator of financial development. Using the simultaneous system of equations by generalized method of moments and structural Vector regression, the negative effect of financial development on economic growth has been shown. The results show that owing to the fact that Iran is a developing country and cannot allocate more resources to the development of the financial system, so financial markets do not have enough efficiency. Hence, the financial markets have failed to play an active role in real sector of economy and investment. As a conclusion, Post-Keynesian’s view of financial development and economic growth is rejected in Iran.   Manuscript profile

Open Access Article

8 - The effect of financial indicators on economic growth in Islamic countries using a non-linear model
hadi agababei Manijeh Hadinjad S. Khashayar Seyed Shokri

10.30495/fed.2023.707986

Abstract One of the factors that play an essential role in achieving the goal of rapid and continuous economic growth is the development of the financial sector of each country. Countries with a more developed financial system are on the path of faster economic growth More

Abstract One of the factors that play an essential role in achieving the goal of rapid and continuous economic growth is the development of the financial sector of each country. Countries with a more developed financial system are on the path of faster economic growth because they make the economy in question capable of experiencing higher growth rates. The main purpose of this article is to investigate the effect of financial development indicators on economic growth in member countries of the Islamic Conference; Therefore, in order to examine this topic, the present article used one of the newest econometric approaches called the PSTR model and measured the non-linear effect of financial development indicators on economic growth in the member countries of the Islamic Conference during the period from 2008 to 2022. The results obtained from the PSTR model indicate the existence of a non-linear relationship between the studied variables. In the final PSTR model, the slope parameter, which indicates the speed of adjustment from one regime to another regime, is equal to 21.0818, the location of regime change is estimated to be 10.5986. Therefore, if the financial development index (the ratio of internal credits of banks to gross domestic product) exceeds 10.5986 percent, the behavior of the variables will be according to the second regime, and if it is less than the above threshold, it will be placed in the first regime. The coefficients of the variables (percentages) have been estimated. The obtained results show that the financial development index (the ratio of internal credits of banks to gross domestic production) has a different effect on economic growth in both regimes. Manuscript profile

Open Access Article

9 - بررسی رابطه سهامداران نهادی به عنوان مالک و مدیر بردرماندگی مالی شرکت‌های پذیرفته شده دربورس اوراق بهادارتهران
زهرا مرادی رامز شهلا سهرابی

Manuscript profile

Open Access Article

10 - چگونگی اثر گذاری کانال توسعه مالی بر نوسانات نرخ ارز و رشد اقتصادی
نازی محمدزاده اصل کیژان حسن نژاد شبنم سر خیل

Manuscript profile

Open Access Article

11 - Factors affect of Non performacing Loan in Iran
kashayar seyed shokri somayeh garosi

Abstract Today, one of the major problems of banks and financial/credit institutions is outstanding and deferred loans. Non-performing loans decrease financial ability of banks to grant new loans and the bank's profitability and increase collection costs and the other More

Abstract Today, one of the major problems of banks and financial/credit institutions is outstanding and deferred loans. Non-performing loans decrease financial ability of banks to grant new loans and the bank's profitability and increase collection costs and the other hand it adverse effects on the banking and financial sectors, and the wider dimensions, on the people through the financial and monetary crises. Due to the loss of the entire banking system and the economy through this, it will be necessary to address this important issue. Therefore, in addition to consider the previous studies that considered the endogenous and exogenous factors affecting the Non-Performing Loans (NPLs) ratio, the effect of GDP growth and inflation variables as macroeconomic variables to show the impact of macroeconomic conditions on banks Non-Performing Loans (NPLs)ratio, was considered. Also management quality, size, and moral hazard as the banking system specific factors were used. Manuscript profile

Open Access Article

12 - The effect of insurance industry on economic growth in Middle East and North Africa (MENA) countries
فرزانه جهانی علی دهقانی

Abstract In this paper, we analyze the relationship between the insurance expansion as a financial intermediary and economic growth in Iran and some selected  MENA members countries  i.e.Algeria,Bahrain,Turkey,Jordan,Kuwait,Lebanon,Egypt,Morroco,Oman,Qatar,Sa More

Abstract In this paper, we analyze the relationship between the insurance expansion as a financial intermediary and economic growth in Iran and some selected  MENA members countries  i.e.Algeria,Bahrain,Turkey,Jordan,Kuwait,Lebanon,Egypt,Morroco,Oman,Qatar,SaudiArabia, Tunisia,UAE,Cyprus, Malta in "1997-2010". A descriptive analysis method has been used as the main approach. Using an econometric model based on deduction analysis and panel data model, a  macro review has made on MENA countries financial markets variables as well as the position of insurance share in the capital markets and its relationship with the  their economic growth rates. The results show that there is a significant and positive relationship between the aforementioned variables and the economic growth among the chosen countries during survey period. We recognize that the most effective variable on the economic growth is employment. One percent increase in employment index had a 0.34 percent increase in the economic growth. In addition, one percent increase in capital stock had a 0.08 percent increase in the economic growth. One percent increase in total premium had a 0.23 percent increase in the economic growth. Insurance had a positive effect on the economic growth on MENA member’s countries.  The effect of insurance on economic growth has been considerable quantity.   Manuscript profile

Open Access Article

13 - تاثیر منابع تامین مالی بر رشد شرکت‌های کوچک و متوسط پذیرفته شده در بورس اوراق بهادار تهران
مریم گلقندشتی محمد ابراهیم آقا بابایی

Manuscript profile

Open Access Article

14 - The Impact of Growth, Tangibility of Assets, Open Economy and Economic Indexes on Performance Efficiency Banks
زهرا پورزمانی کاظم قاسمی

Abstract Banks through the provision of banking services to customers, earn it. So, as banks will be able to use economies of scale to gain more profit. One of the most important source of information for investors, creditors, and other users, the benefits pr More

Abstract Banks through the provision of banking services to customers, earn it. So, as banks will be able to use economies of scale to gain more profit. One of the most important source of information for investors, creditors, and other users, the benefits provided by the organization is in regular intervals. The forecast profit organizations is also of considerable importance. Because macroeconomic indicators, including indicators of economic openness on the financial performance and profitability are known to be effective, according to the above description, to examine the impact of asset growth and objectivity, openness and Iranian inflation on the profitability of banks during 1383 to 1392 will be discussed. In terms of purpose, the type of applied research and the method of deduction in the group of cross-correlation, because to explore the relationships between variables, regression and correlation techniques which will be used in this way, the argument inductive.Also, since the test data available, we will conclude this research group theory will be positive. Manuscript profile

Open Access Article

15 - Investigating the Causal Nexus Between Economic Growth, Banking Sector Development, Capital Markets Development and Macroeconomic Variables in Iran
Zarir Negintaji Hassan GolmoradiAdinevand MortezaAli Sadeghinejad

10.30495/fed.2022.697611

AbstractOne of the most important issues of economics is investigating the factors affecting economic growth and their impact. Some theorists believe that the development of the financial sector, including the development of the banking sector and the capital market, al More

AbstractOne of the most important issues of economics is investigating the factors affecting economic growth and their impact. Some theorists believe that the development of the financial sector, including the development of the banking sector and the capital market, along with macroeconomic factors can provide the necessary basis for increasing economic growth. Indeed, there is a serious argument that a weakened ﬁnancial system are trapped in a vicious circle where low levels of financial development will lead to poor economic performance and poor economic performance will lead to lower financial development.This study examines the relationship between economic growth, banking sector development, capital market development and some important macroeconomic variables. For this purpose, first the combined indicators of banking sector development and capital market development based on the principal component analysis (PCA) method are applied and then using vector autoregressive model and the Granger causalities test, Causal nexus between variables for time series data of Iranin economic between 1363-1397 Is examined.The results of this study show that there is a mutual Causal nexus between economic growth and financial development both in terms of banking sector development and capital market development, so financial development in terms of both banking sector development and market development Capital have reciprocal relation with economic growth. The causality between the development of the banking sector and the capital market is also two-sided and this suggests the importance of integrated financial sector development. Manuscript profile

Open Access Article

16 - The Effect of Financial Development and Its Size on Economic Growth with a Nonlinear Approach in Iran
Sedigeh Dodangeh Seyyed Shamsuddin Hosseini Farhad Ghaffari

10.30495/fed.2023.702192

AbstractWhile it is economically well established that the financial sector is interrelated, empirical estimates of the growth of these textual results are generally presented. On the other hand, it will be different for several time series assessments at different leve More

AbstractWhile it is economically well established that the financial sector is interrelated, empirical estimates of the growth of these textual results are generally presented. On the other hand, it will be different for several time series assessments at different levels of economic growth and in terms of time requirements, so it seems that estimating linear models to examine macro-relationships is challenging. The aim of this study was to investigate the relationship between the development and size of the financial sector in the Iranian economy with economic growth in the years 1350-1399 using the non-linear regression method of Astana. The results show that there are three different regimes for the effect of changes in financial sector size and financial development on economic growth. In economic growth rates, only financial differences affect economic growth. This effect in the second regime, ie between the economic growth rates of 0 to 8.6%, is weak but positive and significant, and in the economic growth rate above 8%, both financial size and financial development have a positive and significant effect on economic growth. Manuscript profile

Open Access Article

17 - The nonlinear effects of entrepreneurship and institutional factors on financial development
Maryam Sarfaraz Mohammadyar Mohammad Sokhanvar Elnaz Entezar

10.30495/fed.2023.707995

Abstract The effect of financial development on the economy is so important that today it is believed that economic development cannot be achieved without an efficient and developed financial sector. In this research, to investigate the nonlinear intersectional effects More

Abstract The effect of financial development on the economy is so important that today it is believed that economic development cannot be achieved without an efficient and developed financial sector. In this research, to investigate the nonlinear intersectional effects of entrepreneurship and institutional factors on financial development (banking credit and value of trading shares) in 14 countries with high HDI during the time period of 2007-2020 using the panel data econometric technique It is addressed by nonlinear Nonlinear Auto Regressive Distributed Lag (NARDL) approach. The results of the estimations indicate that in the studied countries, the positive (negative) shocks of the intersectional effects of entrepreneurship and institutional factors have a positive (negative) effect on banking credit and value of trading shares. According to the results, first by improving and then by expanding the institutional and entrepreneurship indicators, it is possible to play a significant role in increasing the financial development indicators. Manuscript profile

Open Access Article

18 - 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

List of Articles O16

Sanad

Links

Related Centers

Technical Support

Official pages