List of Articles financial development

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  1 - The impact of financial development on human capital in Iran
  Bahram Sahabi Mohammad Hasani Amir Mirzaei
  This paper investigates the impact of financial development and economic growth on humancapital in Iran for the period of 1357-1387. This paper uses the vector error correction modeland Johansen cointegration test for explaining the relationship between these variables. More

  This paper investigates the impact of financial development and economic growth on humancapital in Iran for the period of 1357-1387. This paper uses the vector error correction modeland Johansen cointegration test for explaining the relationship between these variables. We alsouse three measures for financial development such as: the liquid liabilities as percentage ofGDP, the domestic credit to private sector as percentage of GDP, and the amount of capital asshare of GDP proxied by stock market development.The results suggest evidence of positive relationship between economic growth and humancapital. In financial development indices, we found that the liquid liabilities index and StockMarket Development index have a positive relationship with human capital. But we found noevidence between the domestic credit to private sector and human capital Manuscript profile
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  2 - Investigating the Impact of Financial Development Management Policies on the Composition of Government Expenditures: A Case Study of Developing Countries
  mina mostafavii
  including countries; Argentina, Azerbaijan, Bahrain, Bangladesh, Belarus, Brazil, Chile, China, Colombia, India, Indonesia, Iran, Kazakhstan, Mexico, Morocco, Pakistan, Russia, Romania, Thailand, Tunisia, Turkey, Uruguay. The panel model framework was used to analyze th More

  including countries; Argentina, Azerbaijan, Bahrain, Bangladesh, Belarus, Brazil, Chile, China, Colombia, India, Indonesia, Iran, Kazakhstan, Mexico, Morocco, Pakistan, Russia, Romania, Thailand, Tunisia, Turkey, Uruguay. The panel model framework was used to analyze the data, which showed the results of the first model estimates; The logarithm of the broad definition of money has a negative and significant effect, the logarithm of the ratio of stock value to GDP has a negative and significant effect and per capita production also has a positive and significant effect on health costs. Also, the results of the second model estimates showed that the logarithm of the broad definition of money has a negative and significant effect, the logarithm of the ratio of stock value to GDP has a negative and significant effect and per capita production has a positive and significant effect on educational costs. Finally, the results of the third model estimates showed that the logarithm of the broad definition of money has a negative and significant impact, the logarithm of the ratio of stock value to GDP has a negative and significant impact and per capita production also has a negative and significant impact on military and defense spending. have. Manuscript profile
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  3 - The effect of FDI on Economic Growththrough the Channel of Financial Development in the MENA region
  مانی موتمنی فائزه آریانی
  This study is to show that the financial development in the MENA region is animportant prerequisite for the impact of FDI on economic growth. For this purpose, thefinancial impact of FDI on economic growth for 15 countries in the region (Jordan,Algeria, United Arabic Em More

  This study is to show that the financial development in the MENA region is animportant prerequisite for the impact of FDI on economic growth. For this purpose, thefinancial impact of FDI on economic growth for 15 countries in the region (Jordan,Algeria, United Arabic Emirates, Iran, Bahrain, Tunisia, Oman, Morocco, Egypt, Yemen,Turkey, Libya, Qatar Malta and Saudi Arabia) between 2001 and 2010 by the dynamicand static panel data models and generalized moments estimator (GMM) is evaluated.The results of this study show that, In the MENA region, the impact of FDI on economicgrowth through the development of financial markets is positive and significant. Manuscript profile
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  4 - Financial Development Investment and Economic Growth
  M. Taghavi
  Our aim in this paper is to investigate the effect of financial developmentvariables on investment and growth. Financial development variable are:1- Ratio of private sector deposits in banks to gross domesticproduct.2- Ration of liabilities of private sector to banks to More

  Our aim in this paper is to investigate the effect of financial developmentvariables on investment and growth. Financial development variable are:1- Ratio of private sector deposits in banks to gross domesticproduct.2- Ration of liabilities of private sector to banks to gross domesticproduct.3- Ratio of stock trade in stock exchange to current value of stocksissued.4- Ratio of current value of stocks issued to gross domestic product.5- Ratio of private sector liquidity to gross domestic product.To test our hypothesis we use panel data fixed effect method andcountries in our sample are: Bahrain, China, Indonesia, India, Iran,Pakistan, Turkey, United Arab Emirate. Manuscript profile
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  5 - Investigating the effects of financial development, economic stability and efficiency of cooperative contracts of banks during recession and prosperity
  Mohsen mirzasaf Marjan Damankeshideh manizheh hadinejad alireza daghighi mohammadreza mirzaeinejad
  10.30495/jfksa.2023.22388
  Financial development and stability and their relationship with economic growth are important and influential issues on economic growth. Therefore, economic experts have investigated this issue in many researches by applying various conditions. The purpose of this resea More

  Financial development and stability and their relationship with economic growth are important and influential issues on economic growth. Therefore, economic experts have investigated this issue in many researches by applying various conditions. The purpose of this research is to investigate the effects of financial development, economic stability and efficiency of government cooperative contracts during recession and prosperity, which done by applying the Markov switching regime change approach based on the annual data of Iran's economy during the period of 2016-2018. The results of the model estimation show that the variables of financial and oil crises, economic and financial risk, inflation in both periods of prosperity and recession have a negative effect on the efficiency of cooperative contracts. The results show the probability of transition from one regime to another regime and the duration of the regime, if Iran's economy is in a recession at time t, it will remain in the same state despite economic and financial risks and financial and oil crises. Also, there is a 0.80 probability that Iran's economy will return to the state of recession due to other factors. The amount of exposure of Iran's economy to the period of stagnation in the current research is 21 periods against 9 periods of prosperity. Manuscript profile
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  6 - Financial Development and Economic Growth in the MENA countries: a dynamic Panel GMM
  مهدی تقوی حسین امیری عادل محمدیان
  Financial development effect growth through one of the most important channels, which has been a source of controversies. Some economist believe that financial development by increasing savings and investment makes the growth possible, others think that financial develo More

  Financial development effect growth through one of the most important channels, which has been a source of controversies. Some economist believe that financial development by increasing savings and investment makes the growth possible, others think that financial development increases the growth rate by its effects on allocation of resources and productivity. The aim of this paper is to test empirically the relationship between financial development and growth in some Middle East and North Africa by dynamic panel GMM for 12 countries in the sample. The result for the period of 1960-2006 shows that there is a negative effect of financial development on growth. This negative effect of financial weaknesses in financial systems and which countries in the sample have used for financial liberalization which has had a negative effect on investment through an inappropriate allocation of resources.    Manuscript profile
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  7 - The effect of the abundance of natural resources on financial development in selected OPEC countries of oil and gas (with emphasis on the multi-dimensional index of financial market development in the stock market)
  M. H. Mahdavi Adeli Maryam Rohani
  The relationship between real sector performance and the financial sector has attracted many studies. While there is a relative consensus among economists on the effect of the export earnings of natural resources and financial development in the banking sector. But the More

  The relationship between real sector performance and the financial sector has attracted many studies. While there is a relative consensus among economists on the effect of the export earnings of natural resources and financial development in the banking sector. But the stock market has not been seen as the main backbone of capital market activities in pursuit of sustained and sustained economic growth, especially in countries rich in natural resources. In this paper, the relationship between the multi-dimensional index of financial development in the stock market (which is extracted using principal component decomposition method) and the abundance of natural resources in selected OPEC members selected from oil and gas in the years 2000 to 2016 It checks the panel data method.The research findings indicate that there is a positive and significant relationship between financial development in the stock market and the income from resource exports. Also, the model estimation indicates the negative impact of inflation and the positive effect of government size and the degree of openness of the economy on the development of the stock market. Manuscript profile
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  8 - Analyzing the Impact of Financial Development and Trade Liberalization on Economic Growth in Emerging Economies and Low income Countries (A New Approach to Financial Development Index)
  Mona Beheshti Abbas memarnezad taghi torabi Seyyed Shamseddin Hosseini
  10.30495/jfksa.2022.20214
  The debate on the direction of causality between financial development, trade liberalization and economic growth has been comprehensively growing since 1980s in theoretical and empirical literature. The existing literature provides conflicting views of this relationship More

  The debate on the direction of causality between financial development, trade liberalization and economic growth has been comprehensively growing since 1980s in theoretical and empirical literature. The existing literature provides conflicting views of this relationship. Many economists believe that neglecting the effects of financial sector and trade openness on economic growth will provide us with incomplete picture of the growth process.For this reason, the purpose of this paper is to empirically investigate the impact of financial development and trade liberalization on economic growth of selected countries including Iran. we have studied countries based on the IMF Income classification in two groups: emerging markets and middle-income economies, low-income developing countries. Cointegration approach and generalized method of moments Difference estimation (DIF-GMM) are used, in this paper, to investigate the relationship between variables.The results indicate that financial development is positively significantly determining economic growth in all groups. Morever In emerging markets and middle-income economies, trade liberalization (in form of reducing tariff and non-tariff barriers) has positive and significan impact on economic growth. We also found that The good performance of the financial system reinforces the effect of trade liberalization and vice versa.   Manuscript profile
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  9 - Effect on economic growth in the banking sector and capital markets (the study of Islamic Conference member countries)
  Taghi Torabi Mahdi Taghavi Mohammad Nasiri
  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 More

  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. Manuscript profile
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  10 - Investigating the Economic Growth Response of Developing Countries to Shocks Caused by Financial Development and the Accumulation of Human Capital
  Sediqe Toutian Asadollah Mehrara Mohammad Ali Mahmoudi Hashemi
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  11 - Measuring and Explaining the Relationship Between Financial Development, Innovation, and Economic Growth
  Omid Farhad Touski
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  12 - The impact of government debt on the growth and welfare of the society under the golden rule of financial development, applying Star threshold regime change models
  mohamadbagher sadeghi marjan damankeshideh Ali younessi shayar nassabian amirreza keyghobadi
  10.30495/jma.2023.22628
  Developing countries, especially those with the rent of natural resources, are facing the inefficiency and large size of the government. In many cases, in order to compensate for the structural deficit, countries with natural resource rent create a capital balance surpl More

  Developing countries, especially those with the rent of natural resources, are facing the inefficiency and large size of the government. In many cases, in order to compensate for the structural deficit, countries with natural resource rent create a capital balance surplus in the budget by reducing construction costs and allocate the created capital surplus to current expenses. This has long-term negative lasting consequences for economic growth. In many countries, this approach is not able to compensate the total deficit of the operating balance of the government, and the remaining deficit is financed through borrowing from abroad or the domestic economy. In this study, the impact of government debt on the growth and welfare of the society under the golden rule of financial development during the period of 1365-1399 and the application of the soft transfer threshold approach (STAR) was analyzed. The results of the non-linear part of the model show the existence of a positive relationship between the financial development variable and the economic growth and welfare index. Also, the variables of government size, government budget deficit, oil shock, exchange rate fluctuations and sanctions respectively lead to a decrease; 17%, 14%, 6%, 43% and 2% are economic growth and prosperity. The main channel of influencing financial development is done through increasing investment efficiency, quality of regulations, reducing economic sanctions and governance indicators. Therefore, the way of financial market liberalization, the weakness of financial system management and the lack of formation of coherent financial markets and the benefit of regulations in the country can be considered as the reasons for the reduction of investment efficiency through the non-optimal allocation of resources in the country. As a result, more attention and diligence should be done in the country to develop and make the financial markets more efficient, and as a result, allocate resources more efficiently and increase investment efficiency. Also, due to the strong dependence of the government budget on oil revenues, this dependence should be reduced and attention to tax income should be increased. Manuscript profile
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  13 - The response of society's welfare to government debt shocks and institutional quality under the golden rule of financial development
  mohamadbagher sadeghi marjan damankeshideh Ali Younessi Shahriyar nassabian Amir reza Keyghobadi
  10.30495/jisds.2023.75643.11969
   The present study explains the response of society's welfare to government debt shocks andinstitutional quality under the golden rule of financial development for the years 1365-1400. For this purpose,using the structural vector autoregression model (SVAR), which More

   The present study explains the response of society's welfare to government debt shocks andinstitutional quality under the golden rule of financial development for the years 1365-1400. For this purpose,using the structural vector autoregression model (SVAR), which are known as impulse models; The effects ofuncertainty caused by the size of the government, government budget deficit, financial development, oil andcurrency impulses on the economic well-being of the society were investigated. The findings showed that animpulse from the oil price and exchange rate causes a 9% and 2% decrease in the economic well-being of thesociety. The response of the economic well-being of the society to the impetus from the financial developmentarea is also close to 3%. Also, the results of the analysis of variance caused by a sudden change specific impulseshow that in the third period, 19.13 percent of the changes are related to oil price impulses, 15.97 percent arerelated to the exchange rate impulse, 27.98 percent are related to the budget deficit impulse, 67 2.2% wasrelated to the impulse of government size and 3.56% was related to the impulse of financial development.Because the relationship of financial markets is the main factor in the transfer of oil price instability to othersectors of the economy, financial discipline is the only wise way to deal with the phenomenon of improper use ofoil resources, currency and financial instability. For this reason, it is necessary to vaccinate the economyagainst the instability of oil revenues by disconnecting the government's current expenditures with oil revenues.Also, regarding the way of spending oil revenues, the existing laws regarding saving a part of oil revenues in theNational Development Fund should be implemented with more executive guarantee  Manuscript profile
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  14 - Examining the Effect of Banks Facilities on Reducing CO2 Emissions Among Middle Eastern and North African Countries, the MENA Region
  Vida Varahrami zahra abedi faezeh sadeghian
  10.22034/jest.2021.40839.4507
  Background and Objective: Since economic activities, especially energy-intensive activities are one of the most important environmental pollutants in developing countries and the MENA region. Therefore, considering the importance of the subject, this study seeks to exam More

  Background and Objective: Since economic activities, especially energy-intensive activities are one of the most important environmental pollutants in developing countries and the MENA region. Therefore, considering the importance of the subject, this study seeks to examine the effect of banks facility facilities on reducing CO2 emissions in Middle East and North Africa, known as the Mena region for the period 2016-2000. Method: This paper used Panel data. The results of the static panel model estimation that carbon dioxide emissions as an indicator of environmental pollution as a dependent variable are considered, shows that the coefficients of all variables are significant at high levels in the long run, their symptoms are expected and in accordance with the theoretical foundations of the subject. Findings: The results of estimating the panel model show that the coefficients of all variables are significant at a high level in the long run, their symptoms are expected and in accordance with the theoretical foundations of the subject. Estimated relationships, positive effect of variables; Consumption of energy and emissions, trade with carbon dioxide emissions as an indicator of environmental pollution, in other words, increase in energy consumption and emissions, trade with increasing emissions of carbon dioxide as an indicator Environmental pollution is associated. Results of a negative relationship between variables; Financial development shows payment facilities in the industrial sector and in the agricultural sector with emissions of carbon dioxide and carbon as an indicator of environmental pollution. Discussion and Conclusion: In particular, the increase in the development of financial markets, the payment facilities in the industrial sector and in the agricultural sector leads to a reduction in carbon dioxide emissions as an indicator of environmental pollution. Manuscript profile
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  15 - Comparing and Analyzing the Impact of Financial Development Indicators on Carbon Dioxide Emission during the Iranian Recession and Boom
  sara marashi aliabadi fatemeh zandi khalil saeidi maryam lashkarizadeh bijan safavi
  10.30495/jest.2021.55091.5152
  Background and Objective: Protecting the environment and providing solutions to improve the quality of the environment has required countries to conduct studies to study the factors affecting the environment. One of these factors is the financial development of countrie More

  Background and Objective: Protecting the environment and providing solutions to improve the quality of the environment has required countries to conduct studies to study the factors affecting the environment. One of these factors is the financial development of countries, because economists have considered financial development as an important factor influencing environmental preferences, which varies according to business cycles.Method: The present study uses Markov-Switching method and time series data over the period 1394-1349 (1970- 2015) the effects of financial development using depth financial index, financial development efficiency index (privy) and fundamental financial development index (bank) has studied the environment in the economic periods of the Iranian economy.Findings: In this regard, the economic periods of the Iranian economy are extracted using the Markov-Swichig model and then in the framework of econometric models using ARDL, the effects of recession and boom in the economy. The relationship with financial development on environmental quality has been examined.Discussion and Conclusion: The results show that liquidity (financial depth index), in conditions of economic boom and recession, has led to reduction of environmental pollution in the country. Private-sector facilities (financial development efficiency index) have a positive and significant impact on the environment in terms of boom conditions, but under recessionary conditions, private-sector facilities do not have a significant impact on environmental pollution. Finally, the creditworthiness of banks (the underlying indicator of financial development) increases pollution in times of boom, but in a recession has reduced environmental pollution. Manuscript profile
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  16 - The Designing A model of Financial Decisions of Micro and Macro Financial Participations of financial system to Development Financial Markets in Iran
  Hossein Eslami Mofid Abadi Hamidreza Vakilifard Hashem Nikoomaram Seyed Jamaledin Tabibi
  The main purpose of this research was designing a model of financial recisions of micro and macro financial participations of financial system to explain of the development financial mrkets in Iran. This research was conducted as descriptive - survey and also from of th More

  The main purpose of this research was designing a model of financial recisions of micro and macro financial participations of financial system to explain of the development financial mrkets in Iran. This research was conducted as descriptive - survey and also from of the target perspective was the kind of applied research. Therefore, in order to achieve this goal, firstly, based on the study and existing literature review, the independent research variables, that's mean, the mix financial decisions making of government (MDFG), the mix financial decision making of corporation (MDFC), the mix financial decision making of household (MDFH), were introduced as an explanatory factor for the development of financial markets (dependent variables). Then, by using of the Krejci & Morgan method, was determined the 384 person as statistic sample, and the gathering the research data from of the questionnaires that distributed in among of this sample. Moreover, to analyze of the data and estimating empirical modeling of research has been used to structural equation model (SEM). The findings of this research show that each of the mix financial decisions making of government (MDFG), the mix financial decision making of corporation (MDFC), the mix financial decision making of household (MDFH), was a significant effect on the development of financial markets in Iran. Manuscript profile
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  17 - Investigating the Relationship between Energy Consumption, Financial Development and Trade Openness in the Middle East Countries
  hadi rahmani fazli
  10.30495/jik.2023.62760.3690
  Economic development is one of the major macroeconomic goals of every country. Today, the importance of economic development and its prominent role in building an idealised society is recognised for the nations, and this goal can be achieved with the help of strategic d More

  Economic development is one of the major macroeconomic goals of every country. Today, the importance of economic development and its prominent role in building an idealised society is recognised for the nations, and this goal can be achieved with the help of strategic development. Energy use, financial development, and degree of trade openness are some of the major components influencing the economic development of a country. Therefore, in this research, the relationship between Energy consumption, financial development and openness of trade has been researched in the Middle East for the period 1990-2015 using econometric models. The reason for choosing this region is because the most important energy suppliers of the world has been taken into account. According to the results, there is a long-term causality due to financial development and the degree of commercial openness towards the energy consumption. However, there is no relationship between the degree of trade openness and financial development. Manuscript profile
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  18 - Investigating Credit Risk Assessment Using Indicators Affecting the Relationship between Financial Development and Economic Growth - Markov Switching Approach
  seyedfazlollah aniran seyyed ali nabavi ali sorayaei
  Currently, due to economic fluctuations in Iran, the investment return of banks in Iran has undergone a major transformation. One of the major challenges facing bank investors is effectively allocating their money to projects and accurately assessing credit risk. Variou More

  Currently, due to economic fluctuations in Iran, the investment return of banks in Iran has undergone a major transformation. One of the major challenges facing bank investors is effectively allocating their money to projects and accurately assessing credit risk. Various factors affect the credit risk of banks. In this paper, the effective variables on credit risk estimation are examined and then the effect of credit risk on investment return performance is determined. For this purpose, three hypotheses were determined and the annual data of the member companies of the Tehran Stock Exchange in the period 2001-2021 were used to test the hypothesis. The study method has two stages, so that in the first stage, the Markov switching method is used to select variables affecting credit risk and for this purpose, the relationship between important indicators such as financial development and economic growth. Then, in the second stage, the important and effective variables selected in the first stage are used to estimate the credit risk and its impact on investment returns. Findings from the study showed that variables such as interest rate, inflation, ratio of domestic credit to private sector and exchange rate have a significant and positive effect on credit risk and variables such as foreign direct investment and annual real GDP growth have negative and significant effect on credit risk and credit risk has a negative and significant effect on investment returns. Manuscript profile
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  19 - The effect of financial development on corporate finance using club convergence approach in Tehran stock exchange
  Hasti Chitsazan Sayyed Mojtaba Mirlohi albert boghosian Neda Sadat Nejadolhosseini
  The purpose of this study is to investigate the effect of financial development on corporate finance as the convergence determinant. To do so, first we examine convergence between corporate capital structure of firms listed in TSE using the Philips and Sul methodology ( More

  The purpose of this study is to investigate the effect of financial development on corporate finance as the convergence determinant. To do so, first we examine convergence between corporate capital structure of firms listed in TSE using the Philips and Sul methodology (2007). The finding shows there are four converging clubs, with a big club consisting of 67% of the firms in sample. Then, we investigate industry-specific and country-specific factors to find the reason of big club convergence. The results indicate that the industry-specific factor is not the cause of convergence. So using unbalanced panel data and the EGLS method, we test the impact of financial development on capital structure in two models. The results show that corporate capital structure is influenced by financial development and this effect does not differ in the two models. Credit market development has a negative significant relationship and stock market development has a positive significant relationship with debt ratio. Manuscript profile
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  20 - Capital Formation and Corporate Governance, Inter-country Approach
  Seyed Rouhollah Hosseini Moghaddam Mahdi Adibpour abbas memarnejad
  10.30495/jik.2024.23246
  The purpose of this study is to examine the relationship between corporate governance and capital formation using the financial development channel. According to the investigations, it was found that the direct impact of corporate governance on capital formation is uncl More

  The purpose of this study is to examine the relationship between corporate governance and capital formation using the financial development channel. According to the investigations, it was found that the direct impact of corporate governance on capital formation is unclear. The analysis of the data showed that corporate governance through the financial development channel can have an effect on capital formation, which, of course, is different in countries, and the reason for that is the different level of development of countries in attracting capital and investors. In this study, the data of 98 countries, including 67 countries in which investor protection is strong and 31 countries in which investor protection is weak during the years 2005-2020, were used in the form of Panel-GMM method. The results of the surveys showed that corporate governance in countries with a low level of investor protection has a positive and significant effect on capital formation, and improving corporate governance improves capital formation. But this relationship has not been significant for countries with a high level of investor protection. Also, financial development in both groups of countries had a positive and significant impact on capital formation, but its impact was greater in countries with weak support. Also, the results of the financial development survey in more detail showed that the financial development of markets improves capital formation in countries; But the financial development of institutions does not affect the improvement of capital formation. Manuscript profile
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  21 - Investigate the Relationship between Financial Development and Cost of Equity
  Mohammad Hossein Ranjbar Hossein Badie Mojtaba Yarahmadzadeh
  The present research with goal of survey the relationship between financial development and cost of equity in companies accepted in Tehran Stock exchange has been done. For this purpose, financial information of 118 companies that were selected through a systematic remo More

  The present research with goal of survey the relationship between financial development and cost of equity in companies accepted in Tehran Stock exchange has been done. For this purpose, financial information of 118 companies that were selected through a systematic removal procedure during the period 2010 to 2015 was investigated. To measuring of financial development, stock market and banking development and for cost of equity Gordon Growth model has been used. In order to analyze the data and test the hypotheses, multivariate regression models with panel data were used. The results of the research indicate that there is a negative and significant relationship between development of the stock market and development of banking with cost of equity.   Manuscript profile
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  22 - The Role of Individual and Behavioral Characteristics On Demand for Financial Services
  Mahdi Moradi Saeedeh Aminzadegan Zakiyeh Marandi
  According to what is stated in behavioral finance issues is one of the most important factors affecting the demand for formal financial sector, behavioral characteristics of individuals. The present study aimed to explore the relationships between some individual and be More

  According to what is stated in behavioral finance issues is one of the most important factors affecting the demand for formal financial sector, behavioral characteristics of individuals. The present study aimed to explore the relationships between some individual and behavioral characteristics and demand for financial services, is trying to score as behavioral characteristics, including financial literacy, per capita expenditure, age, risk aversion, interest in financial matters, fatalism , education and the savings on the demand for financial services. The statistical population of the present study is Householders metropolis of Mashhad and surrounding rural areas in the period of 2015-2016. The sample size was 290 people who were selected by  using available sampling method .Binary logistic regression was used to analyze the research hypotheses. The results showed that the behavioral characteristics of individuals only expenditure per capita, age, interested in financial issues and the savings impact on the demand for financial services. Furthermore, as the interaction effect between age and the rural and urban on willingness to invest in life insurance and investment.   Manuscript profile
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  23 - Effects of globalization, economic growth, financial development on ecological footprint in Iran (quantile regression analysis)
  Maryam Mohammadi Nia Gholamreza Abbasi Bijan Basri Reza Rahimi
  Background and Objective: Economic growth and financial development have brought unfortunate consequences, especially in the field of environment and natural resources, because most of the economic activities are closely related to the environment, and in fact, it can b More

  Background and Objective: Economic growth and financial development have brought unfortunate consequences, especially in the field of environment and natural resources, because most of the economic activities are closely related to the environment, and in fact, it can be said that the fate of the environment and the economic growth of societies are dependent on each other. In this study, the effects of globalization, economic growth, and financial development on the ecological footprint in Iran have been investigated. Material and Methodology: Quantile regression model was used for this research and for the time period of 1360-1400. This method has gradually become a comprehensive method for statistical analysis of linear and non-linear models of response variables in different fields. Findings: Based on the results; in the first and second (lower) quadrants; Economic globalization, economic growth, energy consumption, financial development, and population density have a positive effect on Iran's ecological footprint, and from the third and fourth quarters onwards, the intensity of its influence on Iran's ecological footprint increases. In other words, the indicators of globalization, economic growth and financial development in the first quarter (Q25) and second quarter (Q50) have a positive temporal correlation with Iran's ecological footprint. Then, as the lag components move away and move towards the third (Q75) and fourth (Q95) quartiles, the correlation between the study indicators and Iran's ecological footprint increases. Discussion and conclusion: In Iran, due to the abundance of energy and natural resources, the price of energy is low, which has caused excessive and incorrect use of energy. Granting banking facilities with easy conditions, tax exemptions and such for producers of gas and electric appliances with high energy efficiency and imposing heavy taxes on the other hand, lack of financial support and lack of licensing for producers of energy-intensive appliances with low energy labels, granting customs discounts for Importing gas appliances with high efficiency and not allowing entry or high customs duties for importing gas appliances with low efficiency can be useful in reducing energy consumption and ecological footprint. Manuscript profile
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  24 - Investigating the Impact of Financial Development Indicators and Economic and International Trade Performance on the Stock and Financial Markets
  Sara Maleki Mehrzad  Minoie MirFeiz Falah Shams
  One of the goals of researchers and policymakers is to find measures to achieve economic growth. Financial development is one of the policies that many economists recommend in order to achieve economic growth and development. From this perspective, financial development More

  One of the goals of researchers and policymakers is to find measures to achieve economic growth. Financial development is one of the policies that many economists recommend in order to achieve economic growth and development. From this perspective, financial development is an engine for economic growth, and policymakers should focus on creating and expanding financial institutions and markets. The present study examines the impact of financial development and economic performance indicators including economic growth and international trade in developing and developed countries in the long run from 2001 to 2018. Data collection has been done by two methods, library, and field, to complete the literature and research background, refer to libraries and researches, and for financial and economic data, including financial development indicators in two sections: Bank- Index and Capital Markets Stock-Index, as well as figures for Gross Domestic Product (GDP) and international trade from the World Development Index (WDI) databases, are used. Developed countries, due to their technology and power in production, can carry out their industrial production and export to developing countries. However, developing countries do not see long-term equilibrium relationships for economic growth and international trade. Manuscript profile
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  25 - The effect of effective governance and quality of regulations on financial development in the current economic conditions of Iran
  Kamran Sarhangi Mohammad Javad Mohaghegh Niya Maghsoud Amiri
  10.22034/amfa.2021.1927615.1582
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  26 - The Effect of Financial Development on Human Development in Selected Development Countries Using GMM Method
  Abbass Shafiei Masoud Nonejad Hashem Zare Ali Haghighat
  10.30495/jsm.2023.1969198.1717
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  27 - Evaluation of the Effect of Financial Development and Human Capital on Gross Domestic Product Growth
  Tayebeh Shahriyari Somayeh Shokravi Ali Asghar Lotfi
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  28 - Test of the effect of access, use and skills in the field of information and communication technology and the variable of the ratio of liquidity to GDP on the employment rate of the BRICS countries and Iran
  Fardin Naghdi Akbar Bagheri
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  29 - The impact of financial and trade liberalization on financial development in OPEC member countries
  Majid Amirpour Sorkhi Shayesteh Varedi Kosar Badiee
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  30 - Absorptive Capacity Effects on the Relationship between Foreign Direct Investment and Economic Growth in Malaysia
  Siti Norbaya Yahaya Mohd Hafiz Bakar Nusaibah Mansor Amiruddin Ahamat
  10.22094/joie.2023.1999691.2115
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  31 - An Empirical Test of the Financial Kuznets Curve Hypothesis for Iran
  Mahboobeh Farahati Leyla Salimi
  10.30495/eco.2022.1947144.2605
  The Kuznets curve hypothesis of a nonlinear relationship between economic growth and income inequality has been widely tested for different countries. However, the factors influencing such a relationship that determine the position of the Kuznets curve have been neglect More

  The Kuznets curve hypothesis of a nonlinear relationship between economic growth and income inequality has been widely tested for different countries. However, the factors influencing such a relationship that determine the position of the Kuznets curve have been neglected. One of these factors is financial development, which according to the financial Kuznets curve hypothesis, is inversely associated to the level of economic growth at which income inequality peaks (ie, the turning point of the Kuznets curve). This study empirically tests the financial Kuznets curve hypothesis in the Iranian economy using data for the period 1361-1397. To this end, real GDP per capita and Gini coefficient have been used as indices of economic growth and income inequality, respectively. In addition, several indices of financial development have been aggregated into an overall (combined) index, using the principal component analysis method. The empirical results indicate that in the long-run, there is an inverted U-shaped relationship between economic growth and income inequality, thus confirming the Kuznets curve hypothesis. In addition, the turning point of the Kuznets curve will be at lower level of economic growth when the level of financial development is higher. These findings provide evidence to support the long-run financial Kuznets hypothesis for Iran. Accordingly, it is suggested that economic planners and policymakers, in parallel with growth policies, improve the level of financial development, aimed at a more equitable distribution of income. Manuscript profile
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  32 - Role of Financial Development in Monetary Policy Effectiveness in determinate of Input and inflation
  Seyedeh Maryam Monfared Teymoor Mohammadi mohammad khezri Oranoos Parivar
  10.30495/eco.2022.1943459.2585
  The purpose of this study is to investigate the impact of financial development on efficiency of monetary policy in Iran during 1979-2020. The ratio of banks' domestic credit to GDP was considered as an indicator of financial development based on banking sector and rati More

  The purpose of this study is to investigate the impact of financial development on efficiency of monetary policy in Iran during 1979-2020. The ratio of banks' domestic credit to GDP was considered as an indicator of financial development based on banking sector and ratio of the value of stock market transactions to GDP was considered as an indicator of financial development based on the capital market. In this regard, 4 models were introduced to achieve research objectives and were estimated using the Kalman-Filter approach. The results of estimating the first two models of the research showed that with improvement of financial development indicators, the efficiency of monetary policy in influencing economic growth will decrease. The results of estimating the third and fourth models of the study also showed that effect of financial development indicators on efficiency of monetary policy in impact on inflation has been negative and statistically significant, meaning that with improvement of financial development indicators in country, monetary policies will lead to lower inflation. Manuscript profile
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  33 - The effect of bank credit composition on income distribution in developing countries
  Ali Nasiri Aghdam mitra babapour
  10.30495/eco.2022.1948111.2610
   The purpose of this paper is to investigate the effect of different types of bank loans on income inequality in the economies of 24 selected developing countries using the econometric method of panel data during the period 2000-2019. The results showed that credit More

   The purpose of this paper is to investigate the effect of different types of bank loans on income inequality in the economies of 24 selected developing countries using the econometric method of panel data during the period 2000-2019. The results showed that credits to the non-financial sector as well as consumption reduce inequality and credits to the financial and housing sectors increase inequality. Lending to the non-financial sector has also been declining, and lending to the consumer, financial and mortgage sectors has been on the rise. The findings also showed that the employment rate and housing prices, respectively, affect the effect of loans granted to the non-financial and housing sectors on income inequality. It is recommended to allocate a significant portion of the credit to non-financial activates and to avoid lending for speculative housing activities.  Manuscript profile
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  34 - The Impact of Financial Development Shocks and Domestic Credit of Financial Sectors on the Shadow Economy Using the Vector Autoregression (VAR) Model
  Zahra Pour Mohsen Yekta Abatari maryam khoshnevis
  There is a lot of evidence today that informal economic activities are growing in the world, and therefore Study of shadow economy, as one of the main components in orienting and defining economic policies, has always been a concern for economists, but in this field, th More

  There is a lot of evidence today that informal economic activities are growing in the world, and therefore Study of shadow economy, as one of the main components in orienting and defining economic policies, has always been a concern for economists, but in this field, the impact of development of financial markets and internal credits on the volume of the shadow economy has been dealt in less.Development of financial markets play a considerable role in providing required credit to entrepreneurs and business corporations so they impress shaping economic activities and continual of economic transactions. This research aims in investigating the effects of shocks in financial development and domestic credit on the shadow economy, conducted using the VAR auto-regression model for country (Iran) from 1372 to 1395 (1993 to 2016). Instantaneous response functions and variance analysis shows the effect of bank credit shocks on the shadow economy. The analysis of the results suggests that financial development, the ratio of private sector domestic credit to GDP and the ratio of financial sector domestic credit to GDP in studied years, impose a long time negative and significant effect on the country shadow economy. Manuscript profile
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  35 - Comparison of the Impact of Human capital index on the consumption of renewable and irreversible energy in Iran
  Fateemeh Zandi Shirin Mirtabatabae
  In the present age, attention to renewable and renewable energies has become of paramount importance. Paying attention to human capital indicators can help the country manage their consumption. The present research method is applied in terms of purpose and in terms of n More

  In the present age, attention to renewable and renewable energies has become of paramount importance. Paying attention to human capital indicators can help the country manage their consumption. The present research method is applied in terms of purpose and in terms of nature and method. In this study, the impact of oil prices variables, average electricity prices, human capital, financial development and research and development on the consumption of renewable and irreversible energy in the two independent regression equations in Iran during the period of 1370-1370 was investigated in Iran. The results showed that, according to the model estimation, all the variables of the model on the consumption of renewable energy in the studied years were obtained in a long -term and interpretative long -term. Thus, assuming the constant requirement of other conditions of change in human capital variables, financial development and oil prices and average electricity prices will be reduced by 0.003, 0.002 and 0.005, respectively, Manuscript profile
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  36 - The effect of macro monetary and financial variables on stock price index of Tehran Stock Exchange
  mohammad sadegh Sheykh
  In recent decades, the role of the capital market and the expansion of financial markets had a relatively high relationship with the economic growth of countries. Countries such as America, Japan, England, South Korea, Singapore and other developed countries have made g More

  In recent decades, the role of the capital market and the expansion of financial markets had a relatively high relationship with the economic growth of countries. Countries such as America, Japan, England, South Korea, Singapore and other developed countries have made great use of these financial markets and especially the stock exchange for economic development and growth. In this research, by conducting the ARDL test in the period of 1991-2020, we investigated the long-term and short-term relationships between the variables, with a one percent change in the variables of liquidity and consumer price index, respectively, 26. 4.0.34% will be added to the stock price index of Tehran Stock Exchange. the coefficients of all variables can be interpreted at a significant level of 5%. with a one percent change in the variables of liquidity volume and consumer price index, 1.46, 0.52 percent will be added to the stock price index of Tehran Stock Exchange, respectively. Meanwhile, with a one percent change in monetary base variables and financial development, the stock price index of Tehran Stock Exchange will decrease by 0.86% and 0.67%, respectively. it can be said that with increasing liquidity and after that, the price level increases, the value of assets and production inputs of companies and economic institutions increases. If the price increase of listed companies' products is more than the growth of production costs, the profits of companies will increase and inflation from the future cash flow channel of earnings can have a positive effect on stock prices. Manuscript profile
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  37 - The Effect of Financial Development on the Financing of Listed Companies in Tehran Stock Exchange
  Naem Eslamdust Elham Gholami
  The main objective of the study was to investigate the effect of financial development on the financing of companies listed on the stock exchange, which are related to the automotive-related industries. To this end, the effects of four indicators of financial developmen More

  The main objective of the study was to investigate the effect of financial development on the financing of companies listed on the stock exchange, which are related to the automotive-related industries. To this end, the effects of four indicators of financial development, along with control variables such as profitability, liquidity and size of the company, have been investigated in the form of two regression models on two variables related to financing, namely, proportional relationship of both long-term debt and short-term debt to total assets. So that the two models, with the panel data taken from the 50 companies involved in automotive industry and active in stock exchange between the years 2011 to 2016, are assessed using fixed effects. The results show that stock market development has a positive and significant effect on the ratio of long-term debt to total assets. Meanwhile, the effect of the index on the stock market activity is more than the magnitude of the impact of the index relative to its size. However, the effect of the development of the banking sector on this ratio is negative and the effect of the indicator on the banking system activity is more than the magnitude of the impact of the index relative to its size.   Manuscript profile
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  38 - The Interactive Effect of Entrepreneurship and Financial Development on Economic Complexity
  Abolfazl Shah-abadi Samineh Ghasemifar Somieh Sadat Hajmousavi
  10.30495/fed.2023.707976
  AbstractEconomic complexity indicates the amount of productive knowledge within a country and the ability to use that knowledge to produce goods with more diversity and less ubiquity, which ultimately increases national competitiveness in the global arena and accelerate More

  AbstractEconomic complexity indicates the amount of productive knowledge within a country and the ability to use that knowledge to produce goods with more diversity and less ubiquity, which ultimately increases national competitiveness in the global arena and accelerates the process of achieving economic growth and development. Therefore, determining the factors affecting it - especially in developing countries - is of great importance. In this regard, the present study, by approaching panel data and using the generalized moment method, has determined the interactive effect of entrepreneurship and financial development on economic complexity in two groups of developing and developed selected countries during the period 2014-2019. Estimated results showed that the dimensions of entrepreneurship, including attitudes, abilities & aspirations of entrepreneurial, as well as financial development have a positive and significant effect on economic complexity in both groups of selected countries. However, the estimated coefficient of these variables is larger for developing countries. In addition, the three dimensions of entrepreneurship and financial development have a positive and significant interactive effect on economic complexity in both groups of selected countries. Finally, the effect of the control variables of natural resource abundance and intellectual property rights on economic complexity in both groups of selected countries respectively are negative and significant and positive and significant. Manuscript profile
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  39 - The Effect of Financial Development on Energy Consumption by Using the Generalized Method of Moment
  مرتضی خورسندی تیمور محمدی محمد مهدی خزایی عارف بهروز
  Abstract In this study, the effect of financial development has examined on energy consumption by using the Generalized Method of Moment (GMM) in two groups of developing countries during 1993-2011 period. The first group includes 14 oil-producing developing countries More

  Abstract In this study, the effect of financial development has examined on energy consumption by using the Generalized Method of Moment (GMM) in two groups of developing countries during 1993-2011 period. The first group includes 14 oil-producing developing countries and the second group includes 19 non-oil-producing developing countries. For each group of countries, two separate models were estimated, the first model by using banking sector variable, and the second model estimated by using capital market variable. The results showed that, GDP per capita in the non-oil-producing countries compared with oil-producing countries has a greater positive effect on per capita consumption of energy. The oil-producing price variable compared with the Non-Oil-Producing developing countries has a greater negative effect on per capita consumption of energy. The ratio of domestic credit variable to private sector (% of GDP) in non-oil-producing developing countries 0.02% and in oil-producing developing countries is 0.009 percent .Comparison of the effects of domestic bank credit variable to the private sector ( as a percentage of GDP) on per capita consumption of energy in the two groups of countries reflects the higher efficiency of the banking sector in the non-oil-producing countries .On the other hand, variable rate of turnover of shares traded in the non-oil-producing developing countries is -0.003 percent and in oil-producing developing countries is -0.009 percent .Statistical analysis of the variable of capital market of shares traded in both developing oil-producing and non-oil-producing developing countries also shows that the effect of capital market development in energy consumption in oil-producing developing countries is more negative and smaller than the non-oil-producing developing countries Manuscript profile
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  40 - 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
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  41 - 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
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  42 - The Influence of Financial Development on Income Distribution in Some Selected Countries
  منیره دیزجی محدثه آهنگری گرگری
    Abstract Since the development of institutions, agencies and financial markets of each country can have significant effects on income distribution of that country. The aim of this study is to examine the relation between the financial development and inequality More

    Abstract Since the development of institutions, agencies and financial markets of each country can have significant effects on income distribution of that country. The aim of this study is to examine the relation between the financial development and inequality in developed and developing countries  by using generalized least square method(GLS) and generalized method of moments(GMM) and related theories, studied by entering variables like unemployment rate, the average years of schooling indices of human development, government size and per capita during the period 2000 to 2013. Thus, according to the ranking report of the United Nations Human Development(UNDP) in 2014, 35 countries with very high human development index and 32 countries with high and medium human development index have been selected as developed and developing countries, respectively, which these regions have had full data. The estimation results have been obtained using Stata14 and Eviews9. Empirical results obtained for developed countries, showed that the square of financial development is part of the descending inverted U curve. For developing countries, the estimation result of GLS approved the inverted U curve for the variables financial development and per capita income, while the GMM results income with income inequality, respectively. Finally, according to the above discussion, it can be concluded that for the developed and developing countries, the increase of financial institutions will reduce the income inequality. Manuscript profile
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  43 - بررسی ارتباط بین عرضه پول و گسترش شعب بانکی
  میر حسین موسوی علی شهابی معصومه نعمت پور
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  44 - The Effect of Exchange Rate Fluctuations on the Economic Growth Due to Financial Markets Deepening in Some Selected OPEC Countries
  مهدی بصیرت آرزو نصیر پور علیرضا جرجرزاده
    Abstract Fluctuations in the real exchange rate, including factors that could affect macroeconomic performance and especially economic growth. It can be said that a factor in the analysis of the relationship between exchange rate volatility and economic growth More

    Abstract Fluctuations in the real exchange rate, including factors that could affect macroeconomic performance and especially economic growth. It can be said that a factor in the analysis of the relationship between exchange rate volatility and economic growth has received little attention is the development level of countries’ financial markets. This study was aimed to investigate the effect of exchange rate fluctuations on economic growth considering rate of development of financial markets in selected Member Countries of OPEC over the period 1981-2010. The effects of inflation on economic growth have been studied as well. The results obtained by analyzing of panel data show that the effect of financial development on economic growth and the mutual effect of exchange rate fluctuations and financial development on economic growth is positive, but statistically view are not significant.   Manuscript profile
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  45 - 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
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  46 - 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
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  47 - The financial development, financial constraint and firms investment
  somayeh peyghambari fatemeh samadi Ahmad Yaghbnezhad
  The ratio of investment can have a significant impact on various criteria such as the ratio of cash flows and dividends. The long-term policies of managers are such that the ratio of cash flows of companies increases, and in the same way dividend profits will increase, More

  The ratio of investment can have a significant impact on various criteria such as the ratio of cash flows and dividends. The long-term policies of managers are such that the ratio of cash flows of companies increases, and in the same way dividend profits will increase, and with increasing dividends, the amount of investment in research and development spending will also increase. The purpose of this study is to investigate the relationship between financial development, financial constraints and investment. This research is library and analytical-Ali research and is based on the analysis of panel data (data panel). In this research financial information of 104 companies accepted in Tehran Stock Exchange during the period 2012 to 2017 (624 companies - year) was investigated. The results of the research show that according to the analyzes carried out in relation to the confirmation of the first hypothesis of the research, it can be concluded that financial development has a significant and direct effect on the investment rate of firms, and finally, according to the analysis of the relationship By confirming the second hypothesis of the research, we conclude that financial constraints have a significant and inverse effect on the investment rate of firms.. Manuscript profile
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  48 - The Relationship of Return on Investment Markets with the Debold and Yelmaz Approach
  SayyedAmirMahdi Hashemi mohammad khodaei valahzaghard Abbas Memarnejad asghar abolhasani Hastiani
  Financial development is one of the most important causes of economic growth. Economic growth is a key variable of every economy, so analysis the factors that affect Economic growth is important, too. In this paper, the effect of financial development on the economic gr More

  Financial development is one of the most important causes of economic growth. Economic growth is a key variable of every economy, so analysis the factors that affect Economic growth is important, too. In this paper, the effect of financial development on the economic growth of the country during the period of 1989 to 2016 has been studied. In order to increase accuracy and flexibility of results, we use the TVP-FAVAR model which make possible to change coefficient and participant of individual variables at any point of time. At first, latent financial development variable in Iran economy has been estimated; Then, we specify the model of study by using the variables of liquidity volume, oil revenues, economic growth and financial development.The results of the impulse- response functions show that a shock in the latent financial development has had a positive effect on economic growth during the years under study. The results also show that the shock caused by oil revenues will only lead to an increase in economic growth over the short term and will be adjusted over several years, while the effects of liquidity shocks on the results of most years have had a neutral effect on economic growth. Manuscript profile
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  49 - Survey on the Effect of Remittances on Financial Development in Iran
  karam sina Payam Naderi
  Remittances are payments made by immigrants who work in other countries and send money to their relatives and friends in the country of origin; which they may transfer through formal or informal channels. In order to investigate the effect of these funds on the developm More

  Remittances are payments made by immigrants who work in other countries and send money to their relatives and friends in the country of origin; which they may transfer through formal or informal channels. In order to investigate the effect of these funds on the development of the financial sector in Iran, the present study uses the data from 1980 to 2015, to find the answer of this question. In this regard, after defining the theoretical framework, the criteria for measuring the financial development index are introduced, which includes 3 criteria for the allocation of credits to the private sector to GDP, the ratio of bank credits to GDP, and cash to be paid. Then, after specifying the model, the effect of the remittances considered on each of these three criteria separately, by using the ARDL econometric method. Results show that there is a negative but small effect on financial development in short-run. But on the other side, there is a positive and significant effect on the financial development in long-run in Iran. Manuscript profile
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  50 - Analyzing the role of poverty in financial development in selected countries
  saeed iranmanesh
  Poverty and economic inequality is a permanent problem that has always created challenges for societies. In this study, the role of poverty as one of the indicators of economic inequality in the spread of financial development has been investigated. In addition, the cur More

  Poverty and economic inequality is a permanent problem that has always created challenges for societies. In this study, the role of poverty as one of the indicators of economic inequality in the spread of financial development has been investigated. In addition, the current research seeks to answer the question whether the impact of poverty on financial development depends on the level of trade openness of countries or depends on other factors. To achieve the aforementioned goals, a threshold panel model has been used for 35 developing and developed countries during the time period of 2000-2021. Also, in order to avoid the endogeneity problem, the 2SLS method and the use of instrumental variables have been used. The results indicate that as long as the degree of commercial openness is less than 71%, the increase in poverty causes a sharper decrease in financial development in the economy, and when the degree of openness is greater than 71%, the increase in poverty causes a smaller decrease in financial development. Also, the results of the model estimation show that the logarithm of per capita income, savings and population density have a positive and significant effect on financial development. The general conclusion indicates that increasing the degree of openness of the economy reduces the limiting effects of poverty on the expansion of financial development.   Manuscript profile
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  51 - The impact on economic growth, development and financial uncertainty in Selected Asian Countries
  M. Jafari Tady M. Rajabi
  The efficient and strong  financial markets are assumed the main part of economic. Without having an efficient finance could not attain to financial development. In fact the turnover of optimal economic in every society is depended on to two part of real and financ More

  The efficient and strong  financial markets are assumed the main part of economic. Without having an efficient finance could not attain to financial development. In fact the turnover of optimal economic in every society is depended on to two part of real and finance is strong  and efficient. The activity of both parts is accounted the necessity and sufficient condition for  and economics system. With regard to financial liberalization and openness and the impact of financial development is the most topic important of economics policy. based on  impact  achieving economics growth and maintaining an economy without dependence to foreign countries this study is besides on examining the assumption that developing  the trade and financial development cause economic growth and the impact of financial volatility is decreasing economic growth in selected Asian countries during 1980-2010. In order to finding the best solution in the way of economic policy to economic growth. Therefore the econometrics approach is based on Ranceier and loayza (2006) in panel data and generalized method of moments (GMM) approach. The empirical results show that financial development has growth impact while the shocks of financial depth(financial fragility) has negative impact on economic growth. Manuscript profile
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  52 - Analysis of the Financial Sector on Income Distribution: (Dynamic Panel Data Approach)
  R. Aleemran siamak shokouhifard
  The relationship between financial development and income distribution is one of the main issues in the macroeconomic literature and has been considered empricially in recent years. Hence, the main aim of this paper is to investigate the impact of financial development More

  The relationship between financial development and income distribution is one of the main issues in the macroeconomic literature and has been considered empricially in recent years. Hence, the main aim of this paper is to investigate the impact of financial development on the income distribution during the 2001-2015 by applying dynamic panel data approach for selected countries of the OIC. The results of this study indicate that, the financial sector development in selected countries of the OIC has reduced income inequality. The effect of financial development on poverty is positive and significant at 5% level. Based on these results a percentage increase in the index of financial development, leading to increased consumption per capita cost at 0.07 percent and reduce poverty in selected countries of the OIC. By the results of this paper, the main policy implication of this study is that the policy makers in thease countries should adopt the monetary policies to emprove the income distribution of reduce the poverty. Manuscript profile
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  53 - The impact on economic growth, development and financial uncertainty in Selected Asian Countries
  K. Karabulut A. Shahinpour B. Shadizali
  The efficient and strong  financial markets are assumed the main part of economic. Without having an efficient finance could not attain to financial development. In fact the turnover of optimal economic in every society is depended on to two part of real and financ More

  The efficient and strong  financial markets are assumed the main part of economic. Without having an efficient finance could not attain to financial development. In fact the turnover of optimal economic in every society is depended on to two part of real and finance is strong  and efficient. The activity of both parts is accounted the necessity and sufficient condition for  and economics system. With regard to financial liberalization and openness and the impact of financial development is the most topic important of economics policy. based on  impact  achieving economics growth and maintaining an economy without dependence to foreign countries this study is besides on examining the assumption that developing  the trade and financial development cause economic growth and the impact of financial volatility is decreasing economic growth in selected Asian countries during 1980-2010. In order to finding the best solution in the way of economic policy to economic growth. Therefore the econometrics approach is based on Ranceier and loayza (2006) in panel data and generalized method of moments (GMM) approach. The empirical results show that financial development has growth impact while the shocks of financial depth(financial fragility) has negative impact on economic growth. Manuscript profile