تأثیر نوآوری مالی در بازار سهام بر رشد اقتصادی در سطوح مختلف حکمرانی خوب

اقتصاد و توسعه منطقه ای

مقاله 4، دوره 29، پاییز و زمستان 24، اسفند 1401، صفحه 89-118   

نوع مقاله: مقاله پژوهشی

شناسه دیجیتال (DOI): 10.22067/erd.2023.76086.1108

نویسندگان

سمیرا فرج اله زاده¹؛ احمد صدرایی جواهری^{* 2}؛ سکینه اوجی مهر³

¹کارشناس ارشد اقتصاد، دانشگاه شیراز

²دانشیار اقتصاد، دانشگاه شیراز

³استادیار اقتصاد، دانشگاه شیراز

چکیده

یکی از اهداف مهمی که کشورها به دنبال تحقق آن هستند، دست یافتن به نرخ رشد اقتصادی بالا است. عوامل مختلفی در رسیدن به این امر مهم دخیل هستند. در این میان، نوآوری در بازارهای مالی به­ویژه بازار سهام نقش پراهمیتی را ایفا می­کند. ازآنجایی‌که تأثیر نوآوری مالی بر رشد اقتصادی در کشورها با توجه به سطح حکمرانی متفاوت است، لذا در این پژوهش نقش حکمرانی خوب نیز در نظر گرفته شده است. در این مطالعه، نسبت دارایی­های صندوق­ های سرمایه­گذاری مشترک به تولید ناخالص داخلی به‌عنوان پروکسی نوآوری مالی و متغیر حکمرانی خوب به‌عنوان متغیر آستانه انتخاب شده است. به‌منظور بررسی تأثیر نوآوری مالی در بازار سهام بر رشد اقتصادی از داده­های پانل 38 کشور منتخب درحال‌توسعه و توسعه­یافته طی سال­های 2002 تا 2017 و مدل پانل پویای آستانه­ای استفاده شده است. نتایج حاکی از آن است که تأثیر نوآوری مالی بر رشد اقتصادی در سطوح پایین و بالای حکمرانی متفاوت است. وقتی‌که سطح شاخص حکمرانی خوب از سطح آستانه بیش­­تر باشد، تأثیر نوآوری مالی بر رشد اقتصادی نیز بیش­تر است.

کلیدواژه‌ها

پانل پویای آستانه‌ای؛ رشد اقتصادی؛ نوآوری مالی

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