اثر تأمین مالی از بازار سرمایه بر رشد اقتصادی: مطالعه کشورهای حوزه منا

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشیار گروه اقتصاد دانشکده اقتصاد و علوم سیاسی دانشگاه شهید بهشتی، تهران، ایران

2 کارشناس ارشد گروه اقتصاد دانشکده اقتصاد و علوم سیاسی دانشگاه شهید بهشتی، تهران

چکیده

این مقاله به تحلیل تأثیر تأمین مالی از بازار سرمایه بر رشد اقتصادی در پانزده کشور منتخب از منطقه منا شامل ایران، بحرین، مصر، اردن، رژیم اشغالی، عربستان سعودی، امارات متحده عربی، کویت، لبنان، مالت، مراکش، عمان، قطر، تونس و ترکیه از سال ۱۹۹۰ تا ۲۰۲۲ می‌پردازد. در این مطالعه از الگوهای داده‌های ترکیبی و روش‌ اثرات ثابت (روش گشتاور تعمیم‌یافته و حداقل مربعات تعمیم‌یافته) استفاده می شود. نتایج نشان ‌دهنده تأثیر مثبت و معنادار تأمین مالی از طریق بازار سرمایه بر رشد اقتصادی است. همچنین یافته‌ها حاکی از آن است که توسعه بازار سرمایه، شامل بازارهای اولیه و ثانویه، نقش مهمی در تسریع رشد اقتصادی ایفا می‌کند. با این حال، در کشورهایی با وابستگی بالا به درآمد نفت، تأثیرگذاری کمتر تأمین مالی از بازار سرمایه بر رشد اقتصادی مشاهده شد. این در حالی است که در کشور‌های غیرنفتی، تأمین مالی از بازار سرمایه نقش مهم‌تری در رشد اقتصادی ایفا می‌کند. به طور کلی توسعه بازار سرمایه در کشور‌های نفتی و غیرنفتی باعث پررنگ شدن نقش تأمین مالی از این بازار و اثرگذاری مثبت و بیشتر آن بر رشد اقتصادی می‌شود. بر این اساس تقویت بازار سرمایه می‌تواند به بهبود رشد اقتصادی کشورهای منتخب منجر شود و باید مدنظر باشد.

کلیدواژه‌ها

موضوعات

عنوان مقاله [English]

The Impact of Financing from Capital Market on GDP Growth: The Case Study of MENA Region

نویسندگان [English]

  • Farhad Dejpasand 1
  • Sina Omidi 2
1 Associate Professor of Economics, Faculty of Economics and Political Science, Shahid Beheshti University, Tehran, Iran
2 MA in Economics, Faculty of Economics and Political Science, Shahid Beheshti University, Tehran, Iran
چکیده [English]

This paper analyzes the impact of capital market financing on economic growth in 15 selected countries from the MENA region—namely Iran, Bahrain, Egypt, Jordan, the Occupied Palestinian Territories, Saudi Arabia, the United Arab Emirates, Kuwait, Lebanon, Malta, Morocco, Oman, Qatar, Tunisia, and Turkey during 1990-2022. The analysis employs panel data models, specifically estimating via the Generalized Method of Moments and Generalized Least Squares techniques. The findings of the study indicate a positive and statistically significant effect of capital market financing on economic growth. The results also suggest that the development of capital markets (both primary and secondary markets) plays a crucial role in accelerating economic growth. However, it was observed that in countries with high dependency on oil revenues, the impact of capital market financing on economic growth is comparatively weaker. Furthermore, the development of capital markets in both oil-exporting and non-oil exporting countries enhances the role of capital market financing and amplifies its positive impact on economic growth. The findings demonstrate that strengthening capital markets can contribute to improved economic growth within the selected countries.

کلیدواژه‌ها [English]

  • Capital market
  • GDP Growth
  • MENA Region
  • Financing

مراجع

  • Aurora, M., & Taxeria, A. (2017). The relationship among economic growth, capital market, and human capital: Evidence from OECD countries. Applied Economics, 49(55), 5587-5599.
  • Beck, T., Demirgüç-Kunt, A., & Levine, R. (2010). Financial institutions and markets across countries and over time: Data and analysis. World Bank Policy Research Working Paper No. 5431.
  • Bekhet, H.A., Matar, A. & Yasmin, T. (2017). CO2 emissions, energy consumption, economic growth, and financial development in GCC countries: Dynamic simultaneous equation Renewable and Sustainable Energy Review, 70, 117-132.
  • Brealey, R. A., & Myers, S. C. (2003). Principles of Corporate Finance. 7th ed. New York, NY: McGraw-Hill.
  • Burns, A. J., Smith, R., & Chen, Y. (2023). Financial development and its role in reducing inequality in developing countries. World Development, 156, 105886.
  • Davidson, R. (2020). Financial market development and economic growth: Evidence from developing countries. Journal of Economic Development, 45(3), 1-20.
  • Dejpasand, F., & Bokharaei, R. (2015). Investigating the Relationship between Financial Development and Economic Growth in Iran Based on a Post-Keynesian Macroeconomic Model. Financial Economics, 10(34), 59-92 (In Persian).
  • Elangkumaran, P., & Navaratnaseel, J. (2021). Macroeconomic variables and stock prices: A study of Colombo Stock Exchange (CSE) in Sri Lanka. Available at SSRN 3886450
  • Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. Journal of Finance, 25(2), 383-417.
  • Hart, O. (1995). Firms, contracts, and financial structure. Oxford University Press.
  • Hicks, J., & Schumpeter, J. (n.d.). The Role of an Integrated, Active, and Extensive Capital Market in Economic Growth. In Economic Growth (pp. 123-145). Springer, Boston, MA.
  • Hosseini, S. M., Kiyani, M., & Ghorbani, M. (2017). The Role of Capital Market in Iran's Economic Growth: An Empirical Analysis. Journal of Economic Planning and Development, 24(1), 1-22 (In Persian).
  • International Monetary Fund. (2012). Financial development and economic growth. Washington, DC: International Monetary Fund.
  • International Monetary Fund. (2019). Global Financial Stability Report. Washington, DC: International Monetary Fund.
  • Jafari, M., Kiani, M., & Ghorbani, M. (2021). A Systematic Investigation of the Impact of Capital Market Development on Iran's Economic Growth. Journal of Economic Research, 20(1), 1-30 (In Persian).
  • Johnson, M., Lee, C., & Wang, T. (2021). The impact of financial market development on economic growth: Comparative analysis across countries. Journal of Financial Stability, 54, 100821.
  • Kazemi, A. (2019). The Impact of Capital Market Volatility on Economic Growth: Evidence from Iran. Journal of Economic Sciences, 10(1), 75-90 (In Persian).
  • Khal'atbari, Firouzeh. (1994). Economic Foundations of Oil. Islamic Revolution Publications and Education, 132 (In Persian).
  • King, R. G., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The quarterly journal of economics, 108(3), 717-737.
  • Komijani, M. (2019). The Role of Capital Market in Corporate Financing. Journal of Economic Research, 18(2), 120-135 (In Persian).
  • Kydland, F. E., & Prescott, E. C. (1982). Time to build and aggregate fluctuations. Econometrica, 50(6), 1345-1370. https://doi.org/10.2307/ 1912587.
  • Langkumaran, T., & Navarathnasal, K. (2021). The impact of macroeconomic variables on CSE stock prices in Sri Lanka. Journal of Economic Studies, 48(4), 874-887.
  • Levine, R. (2005). Finance and growth: Theory and evidence. Handbook of Economic Growth, 1:865-934.
  • Lucas, R. E. (1977). Understanding business cycles. Carnegie-Rochester Conference Series on Public Policy, 5, 7-29
  • Lucas, R. E. (1988). On the mechanics of Economic Development. Journal of Monetary Economics. 22
  • McKinnon, R. I., & Shaw, E. S. (1973). Money and Capital in Economic Development. Brookings Institution
  • Mckinnon, R.I. (1973). Money and capital in economic development. Washington, DC: Brooking Institution.
  • Mehtadi, M., & Agarwal, R. (2004). The impact of stock market development on economic growth: Evidence from selected countries. International Journal of Finance and Economics, 9(3), 195-211.
  • Mishkin, F. S. (2004). The economics of money, banking, and financial markets. Pearson Education
  • Moghimi, S. M., & Mousavi, S. M. (2017). An Analysis of Money Market and Capital Market in Iran. Scientific-Research Quarterly of Financial Research, 19(3), 115-134 (In Persian).
  • Nikookar, F. (2021). The Relationship Between Capital Market and Investment in Iran. Quarterly Journal of Economics and Development, 15(4), 101-120 (In Persian).
  • Rahmani, A., Kiyani, M., & Ghorbani, M. (2015). Investigating the Impact of Tehran Capital Market on Iran's Economic Growth. Journal of Financial Management, 7(2), 1-18.
  • Rappaport, A. (1998). Creating shareholder value: A guide for managers and investors. The Free Press
  • Rezazadeh, A., & Rezazadeh, M. (2017). Capital Market and Its Role in Economic Development. Scientific-Research Quarterly of Financial Research, 19(3), 1-18 (In Persian).
  • Sahari, M., Vaez Barzani, M. Bakhshi Dastjerdi, R. & Amiri, H. (2013). The Effect of Bank Deposit Interest Tax on Macroeconomic Variables under the Conditions of the Presence and Absence of Capital Market: A Dynamic Stochastic General Equilibrium Approach. Economics and Modeling, 14(4), 1-35.
  • Schumpeter, J. (1912). The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle. Cambridge: Harvard University Press.
  • Schumpeter, J.A. (1911). Theorie der Wirtschaftlichen Entwicklung. Leipzin: Dunker and Humblot, The Theory of Economic Development, 1911, translated by R.Opie. Cambridge, MA: Harvard University Prees, 1934.
  • Shahbaz, M., Ahmed, N., & Ali, L. (2008). Stock market development and economic growth: ARDL causality in Pakistan. International Research Journal of Finance and Economics, 14(1), 182-195.
  • Shahbaz, M., et al. (2018). The Impact of Capital Market on Economic Growth. Quarterly Journal of Economic Sciences, 10(3), 45-67 (In Persian).
  • Stiglitz, J. (1994). The Role of Financial Markets in Economic Growth. Washington: World Bank.
  • Su, J., & Li, H. (2022). Financial access, growth, and the role of small and medium-sized enterprises in developing economies. Emerging Markets Finance and Trade, 58(3), 760-776.
  • World Bank. (2019). World Development Report 2019: The Changing Nature of Work. Washington, DC: World Bank.

فایل ها

هم رسانی

ارجاع به این مقاله

آمار