فصلنامه پژوهش های رشد و توسعه اقتصادی
پیاپی 34 (بهار 1398)

Banks due to their ownership structure have specific objective in granting credits. Hence, Ownership structure can be impact on economic growth by Influencing banks' lending behavior. Purposes of this study are investigating the role of bank ownership in the impact of bank credit on economic growthwith considering income level of provinces. This research is divided banks into state and private also divided provinces into two groups of high and low income. Econometric model of this research is estimated using panel data in 31 provinces during of 2006-2015. Descriptive analysis results showed that average of total credits each year, 21 percent by private banks and 79 percent by state-owned banks is paid. The findings of the model estimation indicate that the impact of both types of banks credit on provinces' economic growth was higher in low income levels compared to provinces with high income levels. The results of the tests conducted to measure the difference in the impact of two types of banks in each region indicated that state banks, with a significant difference compared to private banks, had a greater effect on economic growth in lower-income provinces. But the difference in the effectiveness of two types of bank credit on economic growth in provinces with high income level is not significant. Therefore, structure of bank ownership has effective role on the impact of credits on economic growth due to the income level of the regions.

Technology financing refers to the process of sponsoring research and development (R&D) activities in order to technologic move towards commercialization. Economic performance and the level of research and development expenditure in different countries can be affected by other countries. The present study tries to identify the most suitable spatial model and compare supportive policies with the approach of the dynamic space panel model for the period (2005-2016) and for the selected European countries (OECD), Southeast Asia and the Central Asia. Based on the results of the Moran test and verification spatial models, spatial R&D self-correlation in trade and technology and two-way technology relations and uniform distribution for negative spatial self-dependence are confirmed. By confirmation of the model (SDM), the R&D supportive policies show internal and external implications. According to the results of the estimation of the internal and external impacts of SDM models, the positive and significant effects of financial incentives (indirect support) on R&D in OECD and South-East Asian countries are confirmed, but negative effects are seen in the Central Asian countries. Positive and significant internal and external impacts of exports of the industry with the highest technology on R&D in the countries of South East Asian countries are confirmed. Innovation index has a positive and significant effect on R&D in all three regions, but its importance coefficient is more in Southeast Asian countries.

Over the past two decades, significant changes have taken place in the banking market power in Iran economy. In addition, economic theories provide different forecasts on the impact of banking market power on firms’ investment. For this reason, the present study examines the impact of these changes on firms’ investment. For this purpose, using the data of Tehran Stock Exchange companies during the period of 2005 to 2016, the investment model was estimated based on Euler's equations and dynamic generalized method of moments. The results of model estimation with confirming the existence of financial friction in Iran economy showed that firms faced financial constraint on investment. In addition, by rejecting market power hypothesis and by confirming asymmetric information hypothesis, the results showed that the declining in banking market power led to an increase in firms' financial constraints. The results also suggest that the firm size has been affecting the firm financial constraints, and increasing in the banking market power has reduced the financial constraints of small firms more than large firms. The results of model estimation with regard to the effect of business cycles indicate that during the boom period, the positive effect of the banking market power on firms' financial constraints has decreased and this effect increases during the recession period.

This research has examined the factors of non-realizing sustainable economic growth in terms of social capital in Iran's economy. For this purpose, at first, the provinces of the country were categorized into three regions, based on six individual trust-sensitive key economic variables (including Entrepreneurship, Level of Education , Employment, Per capita Real Production, Labour Productivity, and Female Labour Market Participation) ,by using the clustering and discriminant analysis methods. Then, the effect of five social capital variables (including Social, Economic, Immoral, Acute Social, and Family disorders) which reflect the lack of trust and consequently reduction of social capital, was estimated on each of the six economic variables, by using the panel data method in the years 2005-2017.The findings showed that the decrease in social capital, with high explanatory power, had a significant effect on economic performance and each of the six economic variables had been at least influenced by one of the mentioned disorders decreasingly. The two of variables, labour productivity and entrepreneurship, which are important factors in the sustainability of economic growth, have suffered the most negative impact. Also, the findings showed the synergistic effect of the reduction of social capital on economic performance in the next period. Therefore, the decrease in social capital with the effect on the key economic variables which are the most important qualitative and quantitative activities in economy, has caused the reduction of social efficiency in relations of the abundant production factors of Iran’s economy and as a result, non-realizing sustainable economic growth during the time.

The aim of this paper is examining the simultaneous impact of good governance and government spending on economic growth in MENA countries. To estimate model, we've used GMM method during 2002-2016. The results show that good governance (weighted average of six indexes) and government spending have positive and significant effect on economic growth. GDP last period and trade openness variable have positive and significant effect on economic growth. Inflation variable has negative and significant effect and private investment variable has positive and insignificant effect on economic growth. The effect of both economic growth and government spending is positive and significant. Good governance index resulted from combination of existing six indexes by Principle Components Model, has been estimated in another model and it indicates positive relationship with more effect on economic growth.

In most previous studies concerning investigation of factors affecting economic growth, spatial dependencies have been ignored which would result in biased and inconsistent estimates. At first, economic growth of a country is influenced by its own geographical, internal conditions and capabilities then affected by the spillover effects of neighboring countries and its trading partners, which these influences by others on growth of a country are called spatial effects and spatial dependencies. Therefore, this study examines the factors affecting economic growth by using the spatial dynamic panel method in both developed countries (members of the Organization for Economic Cooperation and Development) and developing countries (members of the Economic Cooperation Organization) during the 2001-2015 period. The innovation of current research is to use dynamic matrix derived from bilateral trade of countries, which varies over time. By estimating spatial growth model, positive spillover effects from one country to its trading partners have been confirmed in both developed and developing countries. By comparing the results, only the physical capital factor has contributed to improving the growth of developing countries, while in developed countries, in addition to physical capital, two factors including human capital and trade have provided further growth. In order to capture positive effects of trade on advancing economic growth of ECO countries, it has been suggested to consider political and institutional changes in economic development programs.

The limitation of the production factors is always considered as one of the important issues in the production process. One of these factors is the workforce, which will provide different levels of work for wage change; so, according to Classic economics, increasing monetary rewards will lead to an increase in labor force effort. Recently, incentive reversal is introduced with the advent of group activities in organizations; this means that increasing the monetary rewards of individuals will reduce the efforts of some people. In addition, the ability of individuals to take collective action to identify and solve problems can be viewed from the point of view of social capital. In this regard, the main question of this study is to investigate the influence of social capital on cooperation within the group and an adjustment free rider effect in the framework of sequential game. Therefore, by providing a laboratory environment and the usage of 210 players, a three-member and two-stage team game was designed. Results show that there is a significant relationship between the level of social capital and the individual incentive reversal. In addition, increasing social capital reduces the level of incentive reversal in the third players.