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Saud Ghali Sabr1, Younis A. Ahmed2,Twana N. Mohamad Khan3
1,2Department of Economics, College of Administration and Economics, University of Sulaimani, Sulaimanyia, Iraq
3Department of Banking and Financial Science, College of Administration and Financial Science, Cihan University of Sulaimani, Sulaimanyia, Iraq
[email protected]1, [email protected]3
Received : 12-1-2019 Revised:15-3-2019
Accepted : 21-5-2019 Published :30-6-2019
Abstract
There is a very important association between the financial sector and economic growth, in order to attaining particular economic goals. More specifically, there are two channels that link the financial sector to economic growth: the Gross Domestic Product (GDP) and the efficiency of resources used by financial intermediaries, who perform the intermediation between the financial sector and those they allocate credit to. Thus, this article explores the long-term nexus between financial development and economic growth in certain developed and developing countries from (1970 – 2017) by using the Johansen panel co-integration test, the panel Dynamic Ordinary Least Squares (DOLS), the panel Fully Modified Ordinary Least Squares (FMOLS) test and the fixed and random effects’ approaches. The empirical results show a significant and positive long-term influence from liquid liabilities and private credit on GDP per capita in developed and developing countries. By contrast, there is a negative correlation coefficient from the deposit money banks’ assets and bank deposits on GDP per capita.
Key Words: Financial development, economic growth, panel data regression, developed and developing countries.
پوخته:
په‌یوه‌ندیه‌كى به‌هێز هه‌یه له نێوان كه‌رتى دارایى و گه‌شه‌كردنى ئابورى بۆ به‌ده‌ست هێنانى ئامانجه ئابوریه‌كان. ووردتر بڵێین دوو ڕێگاى سه‌ره‌كی هه‌یه بۆ به‌ستنه‌وه‌ى كه‌رتى دارایى و گه‌شه‌ى ئابورى پێكه‌وه : به‌رهه‌مى گشتی ناوخۆیى (GDP) و كاریگه‌رى ئه‌و سه‌رچاوانه‌ى كه له ناوه‌نده دارایى یه‌كاندا به‌كارده‌هێنرێن وه‌ك ناوه‌ندێك له نێوان كه‌رتى دارایى و مامه‌ڵه‌كاران له‌گه‌ڵ كه‌رتى دارایى. هه‌ربۆیه ئه‌م توێژینه‌وه‌یه هه‌وڵ ده‌دات بۆ دۆزینه‌وه‌ى په‌یوه‌ندى درێژخایه‌ن له نێوان په‌ره‌سه‌ندنى دارایى و گه‌شه‌كردنى ئابورى له هه‌ندێك ووڵاتى پێشكه‌وتوو و تازه پێگه‌شتوو بۆماوه‌ى نێوان (1970 -2017 ) . بۆ به‌دیهێنانى ئه‌و ئامانجه‌ش ئه‌م توێژینه‌وه‌یه كۆمه‌ڵه‌میتۆدێكی به‌كارهێناوه له‌وانه [The Johansen panel co-integration test, panel dynamic ordinary least squares, panel fully modified ordinary least squares , fixed and random effects approaches]
ئه‌م توێژینه‌وه‌یه گه‌یشتۆته كۆمه‌ڵه ده‌رئه‌نجامێك له‌وانه په‌یوه‌ندیه‌كى ئه‌رێنى و كایگه‌ر و درێژخایه‌ن هه‌یه له نێوان قه‌رزى نه‌ختینه‌یى و قه‌رزدان به كه‌رتى تایبه‌ت له لایه‌ن بانكه‌وه له‌سه‌ر پشكی تاك له كۆى به‌رهه‌مى ناوخۆیى له ووڵاتانى پێشكه‌وتوو و تازه پێگه‌شتوو. به پێچه‌وانه‌وه په‌یوه‌ندیه‌كى نه‌رێنى هه‌یه له نێوان سه‌رمایه‌ى نه‌ختینه‌یى دانراو له بانك و نه‌ختینه‌یى بانكى له‌سه‌ر له‌سه‌ر پشكی تاك له كۆى به‌رهه‌مى ناوخۆیى.
وشه سه‌ره‌كییه‌كان: په‌ره‌پێدانى دارایی ، گه‌شه‌ی ئابوری، میتۆدی (Panel regression)، وڵاتانى پێشكه‌وتوو و وڵاتانى تازه‌گه‌شه‌كردوو.
الملخص
هناك ارتباط مهم بين القطاع المالي والنمو الاقتصادي ، من أجل تحقيق أهداف اقتصادية معينة. وبشكل أكثر تحديداً ، هناك قناتان رئيسيان تربطان القطاع المالي بالنمو الاقتصادي: الناتج المحلي الإجمالي (GDP) وكفاءة الموارد التي يستخدمها الوسطاء الماليون ، الذين يقومون بالوساطة بين القطاع المالي وتلك التي يخصصون الائتمان لها. لذا يهدف هذا البحث اكتشاف العلاقة طويلة الأمد بين التنمية المالية والنمو الاقتصادي في بعض البلدان المتقدمة والنامية خلال المدة (1970 – 2017) . ولتحقيق هذا الهدف اعتمد البحث على [اختبار التكامل المشترك لـ (Johansen) ، طريقة المربعات الصغرى الاعتيادية الديناميكية (DOLS) ، طريقة اختبار المربعات الصغرى الاعتيادية المعدلة بالكامل (FMOLS) وطرق التأثيرات العشوائية والثابتة]. و اخيرا ، توصل البحث الى مجموعة من الاستنتاجات منها ان هناك تأثيراً كبيراً وإيجابيًا على المدى الطويل من المطلوبات السائلة والائتمان الخاص على نصيب الفرد من إجمالي الناتج المحلي في البلدان المتقدمة والنامية. على العكس من ذلك ، هناك معامل ارتباط سلبي من الأصول التي تحتفظ بها بنوك والودائع المصرفية على نصيب الفرد من إجمالي الناتج المحلي .
الكلمات المفتاحية: التنمية المالية ، النمو الاقتصادي، تحليل (Panel regression) ، البلدان المتقدمة والنامية .
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