خلاصه ماشینی:
"The empirical investigation in this paper is conducted by employing time series methodologies, namely Johansen’s co-integration analysis and Granger causality testing procedures in the context of error correction models because when variables are not stationary, as it is the case in our study, this approach is an efficient way of testing causality relations.
Along similar line, Levine and Zervos (1998) by using cross-sectional data for 47 countries show that stock market liquidity and banking development both positively affect the economic growth, capital accumulation and productivity.
Table 3 Banks and stock market development, and economic performance: long-run estimation (Johansen co-integration analysis) I(1) Variables(y , k , RPSCR, MCR) Sample period: 1990:Q1-2006:Q4 Lag length of Autocorrelation test based on Lagrange Multiplier at the 2nd order: [0.
Figures inside parenthesis indicate p-value In order to analyze the causality issue as well as distinguish the transmission channels from financial development to growth, I conduct the Granger causality tests based on the error correction models (ECM) specified in Equation systems (3) in the previous section.
The results of causality tests using the market based indicator are also reported in Table 4 Based on these results, the null hypothesis that "stock market development does not Granger cause economic growth when the capital stock controlled for in the model" is rejected at the 5% significant level.
5- Summary and Conclusions This paper has employed the Johansen method and Granger causality procedures in the context of error correction models to investigate empirically how banking system and the stock market development affect economic growth and vice versa in Iran over the period 1990-2006."