چکیده:
he aim of this paper is to examine the causal relationship between social capital and financial development in Iran emphasizing long-run relations during 1983-2012. To do so, we used the number of annual judicial cases in public courts per thousand individuals as an inverse indicator of social capital and the ratio of bank claims on the private sector to nominal GDP to measure financial development. Then we applied Vector Error Correction Model to estimate the proposed model. The results show that the inverse indicator of social capital has a negatively significant impact on financial development and there is a one-way causal relationship from social capital to financial development in Iran during the observation period.nflation has been one of the main economic problems over the last three decades in Iran. This paper investigates the growth of money supply (in terms of M1 and M2) and price nexus for Iran, through the cointegration and causality techniques. The main purpose of this paper is to determine whether inflation in Iran has been caused by excessive monetary expansion over this period, or whether the money supply has merely been passive in the inflationary process. It covers the seasonal data from 1988 to 2010. The Johansen cointegration test results suggest that the variables are not cointegrated. The findings also indicate that there is a bidirectional relationship between money supply (in terms of M1 and M2) and price level (in terms of CPI and WPI) during the period under study. These findings are consistent with the view that in a high inflationary economy, inflation does have a feedback effect on money supply growth and this generates a self-sustaining inflationary process.
خلاصه ماشینی:
"Lots of researches emphasized on the positive effects of social capital on creating human capital (Coleman, 1988), economic growth (Temple and Johnson, 1998), health promotion (Hawe and Shiell, 2000), economic development (Lyon, 2000), promoting innovative activities (Kaasa, 2009), income distribution (Robison et al, 2011), preventing from tax evasion (Thoni et al, 2012) etc.
Garretsen et al (2004) on their study on the role of social norms in explaining differences of financial development in selected countries showed that societal norms are important in value added of including societal norms in models that explain financial development or, indirectly, economic growth largely coincides with the inclusion of formal institutions, like legal variables.
3-3- The Model This paper employs a Vector Error Correction Model (VECM) to investigate the causal relationship between social capital and financial development in Iran using annually data over the period 1983 to 2012.
Therefore in the next step we applied Johansen (1988) Co-integration Test using Eviews6 to examine the long-run relationship between social capital and financial development which the results are shown in Table 3.
27 Based on the estimated coefficients, the general linear relations can be described as follow: (5) (6) 5- Conclusion This paper examined the causal relationship between social capital and financial development in Iran using annually data during 1983 to 2012.
Based on the results of Johansen (1988) Co-integration Test for variables (shown in Table 3), there is at least one significant long-run relationship between social capital and financial development and at least one co-integration vector between the variables with the certainty of more than 98%."