چکیده:
Financial development and stability and their relationship with economic growth is one of the most important and influential issues in economic growth. Therefore, economists have studied this issue by exerting different conditions. The main purpose of this study is to evaluate the impact of financial development and financial stability on Iranchr('39')s economic growth using the generalized method of moments (GMM) during 1992-2019. The results show positive and meaningful effects of financial development and financial stability on economic growth. The variables of lagged economic growth, education, fixed investment and trade liberalization have positive and significant effects on economic growth, while, inflation, government expenditure and active population have negative impacts on economic growth. Therefore, considering the important role of education, it is recommended to government to invest in this sector and upgrade the production structure, make the necessary structural reforms in the capital market and banking system, direct credit and liquidity to strengthen private sector production, as well as improve the level and composition of government spending in order to increase production efficiency.
خلاصه ماشینی:
The results indicate a positive and significant impact of financial development and financial stability variables on economic growth; also, the variables of economic growth lag, education, fixed investment, and trade liberalization have a positive and significant effect, while inflation, government expenditure, and the active population have a negative impact on economic growth.
In a number of domestic studies, the impact of financial stability, or financial development, or a number of control variables has been examined separately on the country's economic growth; therefore, the innovation of the present research primarily relates to the simultaneous investigation of the effect of financial stability and development on economic growth, as well as the multiplicity of variables (11 variables as described in Figure 1) that are collectively present in the model, and subsequently, the use of the Generalized Method of Moments (GMM) in estimating the model related to Iran.
Colleagues Panel 1996 Source: Research findings Among the articles conducted, the ones closest to the present research, which have been effective in formulating the model of this article, are as follows: Anwar and Sun (2011, Anwar & Sun) in an article, using the Generalized Method of Moments (GMM), investigated the impact of financial development through the banking sector on the economic growth of Malaysia during the years 1970-2007.
Based on previous research, both the stock market and banks have a positive impact on economic growth (Levine & Beck, 2004) and influence capital accumulation (Valev & Rioja, 2012).
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