بررسی اثر آزادی اقتصادی بر توسعه ی مالی

صلاح منش, احمد; آرمن, سید عزیز; علائی, رضا

doi:10.22055/jqe.2019.28798.2048

نوع مقاله : مقاله پژوهشی

نویسندگان

¹ استادیار اقتصاد، گروه اقتصاد، دانشکده اقتصاد و علوم اجتماعی، دانشگاه شهید چمران اهواز، اهواز، ایران.

² استاد اقتصاد، گروه اقتصاد، دانشکده اقتصاد و علوم اجتماعی، دانشگاه شهید چمران اهواز، اهواز، ایران.

³ دانش آموخته دکتری اقتصاد، گروه اقتصاد، دانشکده اقتصاد و علوم اجتماعی، دانشگاه شهید چمران اهواز، اهواز، ایران.

https://doi.org/10.22055/jqe.2019.28798.2048

چکیده

در دهه های اخیر اقتصاددانان توجه خود را به ماهیت پیچیدهی ارتباط بین توسعهی مالی و شاخصهای مختلف معطوف نمودند. یکی از متغیرهایی که بررسی رابطهی آن با توسعهی مالی کمتر مورد توجه قرار گرفته است، متغیر آزادی اقتصادی میباشد. در همین راستا، مطالعهی حاضر به بررسی اثر آزادی اقتصادی بر توسعهی مالی در نمونهای مشتمل بر152 کشور و طی دورهی زمانی1995تا 2015، با تاکید بر طبقهبندی درآمدی کشورها پرداخته است. در این مطالعه سه شاخص تعهدات نقدی، نسبت دارایی بانکها و نسبت اعتبارات اعطایی به بخش خصوصی به عنوان جانشین توسعهی مالی مورد استفاده قرار گرفت. پس از تصریح مدلهای مختلف، اثر متغیر آزادی اقتصادی بر هر یک از شاخصها به صورت مجزابرآورد شده است. نتایج تخمین مدلهای مختلف مبین آن است که آزادی اقتصادی اثر مثبت و معناداری بر توسعهی مالی دارد. علیرغم مقاوم بودن نتیجهی مذکور نسبت به شاخصهای مختلف توسعهی مالی ولی میزان اثر آن به نوع شاخص و نمونهی انتخابی حساس است. زمانی که شاخصهای نسبت تعهدات نقدی و اعتبارات اعطایی به بخش خصوصی به عنوان جانشین توسعهی مالی در نظر گرفته میشود، اثر آزادی اقتصادی بر توسعهی مالی با انتقال از نمونهی مشتمل بر کشورهای با درآمد پایین و کمتر از متوسط به نمونهی مشتمل بر کشورهای با درآمد بالا و بیشتر از متوسط افزایش میابد. همچنین اگر شاخص نسبت دارایی بانکها به عنوان جانشین توسعهی مالی در نظر گرفته شود، آنگاه اثر آزادی اقتصادی بر توسعهی مالی با تغییر نمونه از کشورهای با درآمد پایین و کمتر از متوسط به کشورهای با درآمد بالا و بیشتر از متوسط، کاهش میابد. با توجه به نتایج بدست آمده مشخص میگردد که علیرغم مثبت بودن اثر آزادی اقتصادی بر توسعهی مالی ولی میزان این اثر نسبت به نوع شاخص انتخابی برای توسعهی مالی حساس است و در نتیجه نوع شاخص انتخابی برای توسعهی مالی حائز اهمیت میباشد. در این مطالعه همچنین اثر متغیرهای لگاریتم تولید ناخالص داخلی سرانه، تورم و درجهی باز بودن اقتصاد بر توسعهی مالی سنجیده شده است که نتایج حاکی از اثر مثبت لگاریتم تولید ناخالص داخلی سرانه بر توسعهی مالی است که این نتیجه نسبت به نوع نمونه و شاخص انتخابی برای توسعهی مالی مقاوم میباشد و این در حالی است که نتیجهی قطعی در رابطه با اثر متغیرهای تورم و درجهی باز بودن اقتصاد بر توسعهی مالی با توجه به شاخصهای مختلف آن و نمونههای متفاوت بدست نیامده است و اثر این متغیرها به نمونهی انتخابی و نوع شاخص توسعهی مالی حساس است.

کلیدواژه‌ها

عنوان مقاله [English]

Examining the effect of economic freedom on financial development

نویسندگان [English]

ahmad salahmanesh ¹
aziz arman ²
reza alaei ³

¹ Assistant Professor of Economics, Department of Economics, Faculty of Economics and Social Sciences, Shahid Chamran University of Ahvaz, Ahvaz, Iran.

² Professor of Economics, Department of Economics, Faculty of Economics and Social Sciences, Shahid Chamran University of Ahvaz, Ahvaz, Iran.

³ PhD of Economics, Department of Economics, Faculty of Economics and Social Sciences, Shahid Chamran University of Ahvaz, Ahvaz, Iran.

چکیده [English]

EXTENDED ABSTRACT
INTRODUCTION
The present study investigates the effect of economy openness on financial development in a sample of 152 countries from 1995 to 2015emphasizing on countries income level.

METHODOLOGY
After reviewing indexes used as proxies to financial development, we used liquid liabilities, the proportion of bank assets and the proportion of credits granted to private sector as proxies to financial development and after specifying different models, the effect of economy openness on each index was separately investigated.

FINDINGS
Results show that economy openness has a positive and significant effect on financial development. Despite resistance of these results to different financial development indexes, its impact is sensitive to the kind of index and the selected sample.
When liquid liabilities and granted credits to private sector are considered proxies to financial development, moving from the sample including low-income countries with incomes below average to the sample including high-income ones with incomes above average, the impact of economy openness on financial development increases. Moreover, if the proportion of banks assets is used as the proxy to financial development, moving from the sample including low-income countries with incomes below average to the sample including high-income ones with incomes above average, the impact of economy openness on financial development decreases. Accordingly, although the impact of economy openness on financial development is positive, the level of this impact is sensitive to the selected index and consequently the kind of selected index is important in conclusion.
In this study, the impact of variables i.e. logarithm of GPD per capita, inflation and the degree of economy openness on financial development has been studied. The results indicate the positive impact of GDP per capita on financial development. This result is resistant to the sample and selected index for financial development. However, due to different indexes and samples, definite results have not been obtained regarding the impact of inflation and the degree of economy openness on financial development. The impact of these variables is sensitive to the selected sample and indexes.

CONCLUSION
Based on results, although economy openness has a positive impact on financial development, the level of this impact is sensitive to the selected index for financial development. Therefore, the selected index is of high importance for financial development.
Furthermore, results show that GDP per capita logarithm has a positive impact on financial development. This result is resistant to the kind of sample and selected index. However, definite results regarding the impact of inflation and the degree of economy openness on financial development have not been obtained and their impact is sensitive to selected samples and the kind of financial development index.

کلیدواژه‌ها [English]

Panel Data
result robustness
Countries classification

مراجع

Agbetsiafa, D. K. (2003). The finance growth nexus: Evidence from Sub-Saharan Africa. International Advances in Economic Research, 9(2), 172-173.##Al-Yousif, Y. K. (2002). Financial development and economic growth: another look at the evidence from developing countries. Review of financial economics, 11(2), 131-150. ##Andersen, T. B., & Tarp, F. (2003). Financial liberalization, financial development and economic growth in LDCs. Journal of International Development: The Journal of the Development Studies Association, 15(2), 189-209. ##Antzoulatos, A. A., Koufopoulos, K., Lambrinoudakis, C., & Tsiritakis, E. (2016). Supply of capital and capital structure: The role of financial development. Journal of Corporate Finance, 38, 166-195. ##Atje, R., & Jovanovic, B. (1993). Stock markets and development. European Economic Review, 37(2-3), 632-640. ##Berdiev, A. N., & Saunoris, J. W. (2016). Financial development and the shadow economy: A panel VAR analysis. Economic Modelling, 57, 197-207. ##Baier, S. L., Clance, M., & Dwyer, G. J. (2012). Banking crises and economic freedom. Federal Reserve Bank of Atlanta. Working Paper. ## Boukhatem, J. (2016). Assessing the direct effect of financial development on poverty reduction in a panel of low-and middle-income countries. Research in International Business and Finance, 37, 214-230. ##Chandavarkar, A. (1992). Of finance and development: neglected and unsettled questions. World development, 20(1), 133-142. ##Cooray, A. (2010). Do stock markets lead to economic growth?. Journal of Policy Modeling, 32(4), 448-460. ##Dawson, J. W. (2010). Macroeconomic Volatility and Economic Freedom—a Preliminary Analysis. 2010 Economic Freedom Dataset, published in Economic Freedom of the World: 2010 Annual Report, 175. ## Gwartney, J., Lawson, R., Park, W., Wagh, S., Edwards, C., & de Rugy, V. (2006). Economic freedom of the world: 2006 annual report. The Fraser Institute. ##Donou-Adonsou, F., & Sylwester, K. (2016). Financial development and poverty reduction in developing countries: New evidence from banks and microfinance institutions. Review of development finance, 6(1), 82-90. ## Dougherty, C. (2011). Introduction to econometrics. Oxford university press. ##Durusu-Ciftci, D., Ispir, M. S., & Yetkiner, H. (2017). Financial development and economic growth: Some theory and more evidence. Journal of policy modeling, 39(2), 290-306. ## Issazadeh, Saeed & shaeri, Zeinab. (2011). Market structure and efficiency of the banking system; A case study of the Middle East and North Africa. Macroeconomics Research Letter, 6 (12), 63-84. Availabe at: http://jes.journals.umz.ac.ir/article_174.html?lang=fa (In persian) ##Goldsmith, R. W. (1969). Financial Structure and Development, New Haven, Yale University Press. Recuperado de http://www.econ.yale.edu/growth_pdf/cdp236.pdf##Gwartney, J. D., Holcombe, R. G., & Lawson, R. A. (2006). Institutions and the Impact of Investment on Growth. Kyklos, 59(2), 255-273. ## Jahangarde, Ali Asgari S. (2011). Financial Development Effects on Monetary Policy Efficiency in Developed and Developing Countries. Journal of Economic Modeling Research. 1(4),147-169. Avalable at: http://jemr.khu.ac.ir/article-1-120-en.html (In persian) ##King, R. G., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The quarterly journal of economics, 108(3), 717-737. ##King, R. G., & Levine, R. (1993). Finance, entrepreneurship and growth. Journal of Monetary economics, 32(3), 513-542. ##Komaijani, akbar; motevaseli Mahmud and purrostami, nahid. (2009). Theoretical framework for explaining the factors affecting financial development (with emphasis on Williamson model), Quarterly Journal of Economic Research and Policies, 17(50), 5-29. Avalable at: http://qjerp.ir/browse.php?a_id=257&sid=1&slc_lang=fa (In persian) ##Komijani Akbar, Nad Ali M. (2007). The Causality Relationship Of Financial Deepening And Economic Growth In Iran, Iranian Journal Of Trade Studies(Ijts), 11(44), 23- 47. Avalable at: https://www.sid.ir/fa/journal/ViewPaper.aspx?id=71190 (In persian) ##Kuznets, S. (1955). Economic growth and income inequality. The American economic review, 45(1), 1-28. ##Levine, R. (2003). More on finance and growth: more finance, more growth?. Review-Federal Reserve Bank of Saint Louis, 85(4), 31-46. ##Levine, R., Loayza, N., & Beck, T. (2000). Financial intermediation and growth: Causality and causes. Journal of monetary Economics, 46(1), 31-77. ##Lucas Jr, R. E. (1988). On the mechanics of economic development. Journal of monetary economics, 22(1), 3-42. ##McKinnon, R. I. (1973). Money and capital in economic development (Brookings Institution, Washington, DC). ##Menyah, K,, NazlÄ±oÄŸlu, S., and Wolde-Rufael, Y.(2014). â€ œFinancial development, trade openness and economic growth in African countries: New insights from a panel causality approachâ€, Economic Modelling, 37, 386-394. ##Michael Enowbi Batuo and Mlambo Kupukile. (2010). How Can Economic and Political Liberalisation Improve Financial Development in African Countries?, MPRA Paper No. 20651, posted 16. February 2010 00:28 UTC, Online at http://mpra.ub.uni-muenchen.de/20651 ##Michael W. Klein, Giovanni P. Olivei. (2008). Capital account liberalization, financial depth,and economic growth, Journal of International Money and Finance, 27(3), 861–875. ##Nader Nazmi. (2005). Deregulation, financial deepening and economic growth: The case of Latin America, The Quarterly Review of Economics and Finance, 45(2-3), 447–459. ##Odhiambo, N.M. (2004). Is financial development still a spur to economic growth? A causal evidence from South Africa. Savings and Development, 28(1), 47–62. ##Pagano, M. (1993). Financial markets and growth: An Overview. European Economic Review, 37(2-3), 613–622. ##R.W. Hafer. (2013). Economic Freedom and Financial evelopment: International Evidence, Cato Journal, 33(1).16-35. ##R.W. Hafer. (2016). Cross-country evidence on the link between IQ and financial development, Intelligence, 4(2), 7–13. ##Rangan Gupta. (2004). A Generic Model of Financial Repression, Department of Economics Working Paper Series, Working Paper 2005-20R, http://www.econ.uconn.edu ##Robinson, J. (1952). The Generalisation of The General Theory in: The Rate of Interest and other Essays. McMillian, London. ##Salmanpour. A. (2014). The Effect of Financial Deepening On Economic Growth In Iran .Quantitative Researches In Management, 5(2(, 164- 180. Avalable at: http://qrm.abhariau.ac.ir/fa/downloadpaper.php?pid=167&rid=19&p=A (In persian) ##Salmani, Behzad and Amiri Behzad. (2009). Financial Development and Economic Growth: the Case of Developing Countries. Quarterly Journal of Quantitative Economics, 6(23), 125-145. Avalable at: https://jqe.scu.ac.ir/article_10689.html (In persian) ##Savari, A., Fatrus, M., Haji, G., Najafizadeh, A. (2020). Asymmetric analysis of the effect of energy consumption and financial development on economic growth in Iran: Application of nonlinear ARDL method. Quarterly Journal of Quantitative Economics, 17(3), 69-90. doi: 10.22055/jqe.2019.28107.2012##Shaw, E. (1973). Financial Deepening in Economic Development. Oxford University Press, London. ##Shehzad, C.T., de Haan, J.,)2009(. Financial reform and banking crises. CESIfo Working Paper 2870, Munich. ##Shigeyuki Hamori, Yoshihiro Hashiguchi. (2012). The effect of financial deepening on inequality: Some international evidence, Journal of Asian Economics, 23(4), 353–359. ##Souri, ali. (2015). Econometrics, vol (2). Farhangshenasi publication. ##Mallick, S., Matousek, R., & Tzeremes, N. G. (2016). Financial development and productive inefficiency: A robust conditional directional distance function approach. Economics Letters, 145, 196-201. ##Celik Girgin, S., Nguyen, H. O., & Karlis, T. (2017). How Global Financial Crisis affected the financial development and economic growth?. ##Gries, T., Kraft, M., & Meierrieks, D. (2009). Linkages between financial deepening, trade openness, and economic development: causality evidence from Sub-Saharan Africa. World development, 37(12), 1849-1860. ##Trabelsi, M., & Cherif, M. (2017). Capital account liberalization and financial deepening: does the private sector matter?. The Quarterly Review of Economics and Finance, 64, 141-151. ##Vithessonthi, C., & Kumarasinghe, S. (2016). Financial development, international trade integration, and stock market integration: Evidence from Asia. Journal of Multinational Financial Management, 35, 79-92. ##Weede, E. (2006). Economic Freedom and Development: New Calculations and Interpretations. Cato Journal, 26 (3), 511–24. ##Wu, J. L., Hou, H., & Cheng, S. Y. (2010). The dynamic impacts of financial institutions on economic growth: Evidence from the European Union. Journal of Macroeconomics, 32(3), 879-891. ##Ma, Y., & Lin, X. (2016). Financial development and the effectiveness of monetary policy. Journal of banking & Finance, 68, 1-11. ##