islamic agricultural finance and growth
زمستان 1385 - شماره 18 ISC (18 صفحه - از 143 تا 160)
"What all the above reported studies, in addition to those reviewed by Mirakhor, propose is that Islamic financial system contributes to economic growth by increasing investment and savings opportunities, provide a stabilizing and rapidly adjusting monetary and financial system, which also copes adtely with risk and asymmetric information in the economy [16,17]. From the estimated results in table 5, the long run effect of agricultural finance on the value added of this sector can be calculated as: (12) Since the average ratio of annual credit to the capital stock in this sector over the period of study is 0. H- The Role of Islamic Financial System To verify the effect of Islamic financial system upon economic growth in the agricultural sector of Iran, the reduced form of the structural tions model was estimated again, using co-integration methodology of estimation like before, except for entering a dummy variable as of 1984, to identify the starting point of Islamic Banking operation. On the other hand, the effect of drastic change in the financial and banking system of Iran in 1984 (1363 in Iranian calendar) – from an interest based system to an Interest Free Banking system and the obligation of carrying all the economic activities and policies according to Islamic rules- on the value added of the agricultural sector was the other goal we sought.. The first tion was written to show that in the agricultural sector the flow of real investment is a function of its value added, the flow of financial credits, and last year’s capital stock."
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