文章基本信息

标题：The Effect of Financial Liberalization on Financial Development in Iran
本地全文：下载
作者：Maryam Zare ; Maryam Zare ; Ali Haghighat 等
期刊名称：American Journal of Economics
印刷版ISSN：2166-4951
电子版ISSN：2166-496X
出版年度：2017
卷号：7
期号：3
页码：131-142
DOI：10.5923/j.economics.20170703.04
语种：English
出版社：Scientific & Academic Publishing Co.
摘要：Money demand, economic growth and financial development are the most important macro-economic variables that could be of great importance to the economic prospect of a country. Therefore, awareness on how money demand function behaves and by adoption of appropriate economic policies, it is possible, by and large, to avoid the emergence of disorder in the function behavior. The present study, employing the annual time series data related to Iranian economy during 1973-2009, tries to investigate possible relationships between financial liberalization and money demand stability in Iran, in the form of 5 models and then to investigate effect of economic growth on financial development. To do so, Zivot-Andrews (1992) Unit Root Test was applied in order to clarify endogenous structural changes and Gregory-Hansen (1996) Cointegration Test was administered to investigate the long-run relationships between financial liberalization and money demand stability in Iran, with an emphasis on the structural breaks during the period under study. The results of the study show that by taking the structural break into consideration, there is a significant short and long run relationship between financial liberalization and money demand stability in Iran. In addition, economic growth has a significant positive effect on financial development, especially in developing countries.
关键词：Zivot- Andrews Unit Root Test; Endogenous Gregory– Hansen Cointegration Test; Financial liberalization; Structural break; Money demand; Economic growth; Financial development