نوع مقاله : مقاله پژوهشی
نویسندگان
1 گروه اقتصاد دانشکده اقتصاد و علوم سیاسی دانشگاه شهید بهشتی
2 دانشکده اقتصاد دانشگاه علامه طباطبایی
چکیده
کلیدواژهها
موضوعات
عنوان مقاله [English]
نویسندگان [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—over the period from 1990 to 2022. The analysis employs panel data models, specifically estimating via the Generalized Method of Moments (GMM) and Generalized Least Squares (GLS) techniques utilizing fixed effects. The findings of the study indicate a positive and statistically significant effect of capital market financing on economic growth. The results suggest that the development of capital markets, encompassing 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. Conversely, in non-oil exporting countries, capital market financing assumes a more significant role in driving economic growth. Furthermore, the development of capital markets in both oil-exporting and non-oil exporting countries enhances the role of market financing and amplifies its positive impact on economic growth. The findings collectively demonstrate that strengthening capital markets can contribute to improved economic growth within the selected countries. Consequently, the multifaceted development of capital markets warrants significant consideration.
کلیدواژهها [English]
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