جستجوی مقالات مرتبط با کلیدواژه « Financial Liberalization » در نشریات گروه « اقتصاد »

Investment is considered one of the most important components of economic growth, so that the fluctuations of this variable will cause economic prosperity or stagnation. Based on this, for a long-time theorist have been trying to prepare a model to explain investment behavior and identify the most important factors affecting it. Among the policies implemented in an economy, structural change policies are of great importance. Therefore, in this study, the role of structural change policies (privatization, financial liberalization, trade liberalization) as the most important economic policies on the investment volume in Iran has been investigated.

In order to achieve the objectives of the study, the autoregression model with extended intervals (ARDL) was used. The required information was received from the websites of Central Bank, Iran Statistics Center and Privatization Organization for the period from 1991 to 2020. The variables of the value of transferred assets and the intensity of trade indicate the policy of privatization and trade liberalization, respectively. The variables of floating exchange rate, foreign assets of the central bank and the value of stock transactions to GDP indicate the policy of financial liberalization.

The results of this research showed that only the privatization policy had a positive (non-significant) effect on the country's investment, and the policies of financial liberalization and trade liberalization have different behaviors in the short and long term on domestic investment. The trade liberalization variable has a positive effect in the short term and a negative effect on investment in the long term. Examining the variables that make up the financial liberalization policy shows that financial liberalization has no significant effect on investment in the short term, and the effect of this policy is significant in the long term. Each of the coefficients of the variables of the central bank's foreign assets, free exchange rate, value of stock transactions to GDP is equal to -0.05, -0.24 and 0.26 respectively. Among the mentioned variables, the free exchange rate and the value of stock transactions have a significant effect on domestic investment. The effect of these two variables on investment is positive (0.02) in the long term, also the total price index variables and the ratio of construction expenditures to current will cause a decrease and the gross domestic product will cause an increase in investment. The value of the estimated error correction coefficient (-0.85) shows that 85% of domestic investment imbalances are eliminated in each period. In other words, the imbalance in domestic investment will be resolved in less than two periods (2 years).

The extensive changes caused by the implementation of structural change policies in different countries led to the study of the effects of financial liberalization and trade liberalization policies on the country's investment during the period from 1991 to 2020. The results of the estimation of the autoregression model with wide intervals show that only the privatization policy has a positive (non-significant) effect on the country's investment, and the policies of financial liberalization and trade liberalization have different behaviors in the short and long term on investment. They have internal Therefore, it is recommended that in the implementation of the aforementioned policies, their possible results are predicted in advance and appropriate measures are taken to compensate for the short-term negative effects. Increasing the degree of openness of the economy, which requires the acceleration of trade exchanges, will increase investment in the country in the short term. Therefore, it is necessary for the government to provide the grounds for attracting domestic investment by reforming the appropriate structure in this sector. Also, in order to eliminate the negative effects of the implementation of this policy in the long term, it is necessary to specify a limit on the level of trade liberalization in the country in order to reduce the negative effects of this policy in the long term. Considering the effect of the total price index on investment, it is recommended that the government always pays attention to the creation of economic stability and the control of the inflation rate, because inflation (price index) in addition to reducing the real interest rate, has caused an increase in uncertainty about the future. and reduces investment. Considering the positive effect of the country's gross domestic product on investment, one of the most important recommendations for the growth of investment in the country is to adopt growth-oriented policies. Also, due to the variable negative effect of the ratio of construction expenditures to current expenditures in this study, it is necessary to change the balance of government expenditures (construction and current expenditures) in favor of the country's construction expenditures, in addition to implementing financial expansion policies for the growth of the economy. investment in the country will increase. So that the results of this study showed that the low share of construction expenses compared to current expenses caused the effect of government expenses (the ratio of these two expenses to each other) on domestic investment to be evaluated negatively.

The negative consequences of financial crises on the real sector of the economy of developing countries have led policymakers to pay special attention to monitoring and evaluating the financial stability of the banking sector. The role of banking sector in developing countries is very important because the financial sector provides financial services to the rest of the economy. Liberalization theory argues that liberalization of international trade and financial flows can promote financial stability and the development of banks. Trade liberalization reduces transaction costs while increasing the volume of trade, and financial liberalization leads to better allocation of financial resources by creating a competitive environment in the financial market and facilitating the mobilization of capital. Therefore, in this study, the effect of financial and trade liberalization on the banking stability of 25 selected developing countries in the period 2000 to 2019, using the GMM dynamic regression model has been investigated. The results show financial and trade liberalization have positive effects on the banking stability of selected developing countries. Simultaneous implementation of financial and trade liberalization has an unexpected negative effect on banking stability. Findings also show that per capita income increases banking stability and inflation decreases banking stability.

Instability and Volatility in economic growth will cause significant changes in the economy and its variables. Therefore, examining the cause of Volatility and instability in economic growth can eliminate or improve their effectiveness. In this study, using by vector Auto-Regression model, the relation of economic adjustment policies and instability of economic growth during the period 1360 to 1397 have been investigated. For this purpose, the annual fluctuations of economic growth were calculated using the Exponential Generalized Auto Regressive Conditional Heteroskedasticity and the effects of the three policies of privatization, trade liberalization and financial liberalization were measured. The results of this study showed that financial liberalization variables have the lowest (0.6%) and trade liberalization variables have the highest (21%) share on the instability of economic growth. Also, examining the rate of growth instability response to restructuring policies shows that these policies are not compatible with each other so that trade liberalization policy reduces instability and privatization policy increases Economic growth will be stable in the short and long term.

Maintaining financial stability has always been one of the most important economic aims. In order to achieve this goal, the factors affecting the financial stability must be identified and analyzed. Most of the researchers have examined the financial stability from the perspective of price stability and policies of Central Bank and they have considered it as a necessity for economic growth. The literature related to the financial stability show the effect of variables like financial development and financial liberalization on the financial instability. However, some conflicting results have been reported about the direction of this impact. Accordingly, the purpose of this study is to investigate the effect of various factors on the financial instability with an emphasis on the variables of the financial development and financial liberalization in developing countries. The financial instability index has been calculated based on a Principal Component Analysis (PCA) approach and annual observations from 2005 to 2019 have been extracted. The research model is estimated using the System Generalized Method of Moments (SGMM). In contrast with public beliefs, the results indicate that the financial development in developing countries has a positive effect on the financial instability and exacerbates it due to the lack of correspondence between the goals of policymakers and the realities of financial markets in these countries. Moreover, the impact of the financial liberalization on the financial instability in the countries which were under consideration has been positive and shows that following the fiscal policies implemented in the countries with developed financial markets regarding the financial liberalization is not working in developing countries. Thus, financial decision-makers in these countries must adopt stabilization policies in accordance with the characteristics of their financial markets. In addition, the results of this study confirm the negative impact of the government size on financial stability in developing countries, emphasizing the reduction of the government presence and the development of private sector in such markets.

The proposed effect of financial liberalization on income distribution has gradually attracted the attention of economists, but research findings are inconsistent and even contradictory. To this end, after reviewing the content and results of experimental studies in the field of financial liberalization and income distribution, and filtering based on the meta-analysis protocol, 28 cross-country studies with 591 regressions and 753 coefficients were selected for analysis. Studies that did not fit the protocol or had insufficient information to extract data were excluded. The results of combining and concluding the studies show that there is a small negative relationship between financial liberalization and income inequality after accounting for diffusion bias. The results of the study also show that the indicators used to measure financial liberalization and income distribution, time period, country sample, presence or absence of financial development variables, economic growth, democracy, financial crisis, education, institutional quality, number of labor force, union, inflation, trade openness, technology, and government spending in the model of each study effectively explain the differences in the results of each study.JEL Classification: G15, F36, D63.

This study examines the effect of financial liberalization and macroeconomic variables (inflation, economic growth, institutional factors, human capital and business environment) on banking productivity in 15 selected developing countries during the period 2006 to 2017 using Markov econometric technique Switching is addressed. The results indicate that the financial liberalization index in first regime (boom period) has a positive effect on number of bank branches, but in second regime (recession period), we see a negative relationship. Inflation and business environment in both regimes have a negative effect on number of bank branches, but economic growth and human capital have a positive effect on number of bank branches. The combined index of institutional factors in first regime has a negative effect on the number of bank branches, but in second regime we see a positive relationship.

As the largest amount of capital around the world is traded through stock markets, and the national economy is heavily influenced by these markets performance, the increase in listed company’s investment volume affects the development and improvement of company performance and so, it will attract more capital towards the capital market and improve the economic situation. On the other hand, given the important role of foreign direct investment (the index of financial liberalization) in the economy of each country, most countries try to attract this capital. In fact, the global market for attracting these funds is highly competitive. This competition is particularly high among developing countries due to the need for rapid access to development and a lack of funds. Such countries seek to attract different types of capital, and they make various arrangements to attract these types of funds.

The liberalization of capital flows drives capital flows from high-capital to low-capital economies. These capital flows should complete domestic savings in low-capitalization countries and lead to increased investment in these countries. Capital flows can improve technology. There are indirect ways through which financial liberalization can improve the economic growth of countries. Financial liberalization, with transferring capital between countries, can help improve investment by increasing financial sector development. According to existing theories about the effect of financial liberalization on consumption, since consumers are often risk averse, they use financial markets to reduce investment risk, which will increase the likelihood of investing in companies accepted in financial markets. Therefore, the study of macroeconomic factors facilitating the investment process in listed companies at the stock exchange will be an issue.

In this study, the impact of financial liberalization on the investment rate of listed companies on the Tehran Stock Exchange and Iran Over the Counter Market was evaluated and due to the lack of consensus among previous researches on how to measure the concept of financial liberalization, In this study, three measures such as potential financial liberalization (Heritage index), financial liberalization index (Reverse of difference between US real interest rate and Iranian real interest rate) and interest rate control (interest rate changes) were used to measure financial liberalization and its effect on the amount of corporate investment (net amount of operational activity investment class in the audited annual cash flow statement disclosed in each company) in the period 2002-2015 in companies listed at Stock Exchange using the structural equation approach, was measured.

The results indicate a significant positive relationship between financial liberalization and investment. In other words, with the liberalization of finance and the facilitation of foreign capital inflows, the reduction of capital costs and financing, companies have more resources to develop and complete their own operational projects and face easier conditions to Access these resources. Therefore, the company's management investing interest will increase and use cheaper resources than before liberalization. The results of this study are consistent with the findings of the study: Henry (2000); Hermes et al., (2005); Forbes & Warnock (2012) and Jadiyappa et al., (2016) are consistent. The results also show that the direct relationship between the interest rate changes and the financial liberalization index (Reverse of difference between US real interest rate and Iranian real interest rate) with the investment rate is negative.

The results also show that the direct relationship between the interest rate changes and the financial liberalization index (Reverse of difference between US real interest rate and Iranian real interest rate) with the investment rate is negative. In other words, there is a trade-off between interest rate and private equity investment, Therefore, the reduction of interest rate increases investment, so, financial sector policies that affect the long-term interest rate as well as the growth and development of money markets improve the productivity of the capitalized. increase savings and increase the present value of the profitability of investment projects. Therefore, it is suggested that in future research, in addition to those factors mentioned in the present study, the factors affecting financial liberalization will be identified in order to formulate the final model of financial liberalization measurement.

Investigating the effect of government corruption and financial liberalization on economic growth is a fundamental issue in recent economic literature. However, considering these two phenomena simultaneously have been ignored by researchers. This paper, empirically and theoretically, studies how negative effect of corruption can be affected by financial liberalization. The results show that, by liberalizing financial account, high corrupt countries levy more taxes and therefore the negative effect of corruption on economic growth intensified. In empirical model, we include OPEC countries for the duration of 1990-2013. Estimation results by GMM method show that the negative signs of the interaction between financial liberalization and corruption imply that the partial impact of financial openness on economic growth decreases as the degree of corruption increases.

The stability or instability of demand for money is the main determinant of condition for choosing the money supply or interest rate as de facto the leading apparatus of monetary policy. Though, it is worth to note that on theoretical ground, the demand for money can per se be affected by financial reforms propounded by the monetary authorities. In this paper, an attempt is made to investigate the impact of financial reforms in Iran on stability of demand for money viz-a-viz expounding the ex-post history of these reforms for constructing a financial reform index during the period of 1973-2012. Then, we divided the whole sample period of study into two sub periods, as pre and post periods of financial reforms de jure and subsequently, we estimated the demand for money through utilizing the Error Correction Model for the whole and two sub periods, to compare the pertinent co-efficients. The results prima facie indicate that the financial reforms, do not bear the significant effect on demand for money and the money demand function has been stable during the sample period, quid pro qua. Furthermore, we tried to examine the stability of demand for money, using the cusum and cusum of Squares Test, in which the results of these tests have confirmed the postulation that the demand for money function in Iran is stable in toto. Hence, based upon these findings, we can specify that the most appropriate paraphernalia for conduction of monetary policy in Iran is the money supply, which can falsify the ruling orthodoxy among the conventional monetary policymakers of Iran that the interest rate is more relevant and convenient tool for implementation of monetary policy in Iran ipso facto.

Achieving long-term and sustained economic growth is possible by allocating investment resources in the national economy and to achieve this goal, a broad and dynamic financial markets particularly dynamic stock market is essential. In this study, the effect of financial liberalization on stock market development have been analyzed by using dynamic panel techniques based on Arrelano and Bonad System generalized method of momentsin the Middle East and North Africa over the period 2000-2014. The empirical results of this study confirmed firstly, the transmission of stock market performance to the next and so stock market dynamics. The results confirm that the financial and trade openness and presence on the international scene help to improve the stock market value. Also, if financial liberalization is not accompanied with trade liberalization, its Positive effect on the development of capital markets is the weak. In addition, GDP as a proxy of market size and capacity of attracting foreign investment have positive and significant effect on stock market development.

Business environment improvement and trade facilitation are proven to have an impact in improving the competitive power of firms and raising the trade index. Also, trade and financial liberalization are proven as significant factors in development and economic growth. Accordingly, this paper aims to explain the effect of business environment improvement, trade facilitation, trade liberalization and financial liberalization on financial development and economic growth of selected member states of Organization of the Islamic Conference (OIC), using panel data from 2000 to 2011. Results suggest that business environment improvement, trade facilitation and trade liberalization have positive and significant impact on economic growth, while financial liberalization has no effect on economic growth. Moreover, trade facilitation, trade liberalization and financial liberalization are all found to influence positively and significantly on financial development; while business environment improvement is found to have no effect on financial development.

Because of in most developing countries economic variable like stock index and also economic liberalization are not in the capacities that are needed, so with emphasis on economic liberalization we can provide the area for improving the performance of financial markets especially increase in the stock index in the country. The purpose of this article is to analyze the role of economic liberalization on the performance of financial markets in some developing countries with emphasis on financial and monetary liberalization using panel vector autoregressive (P-VAR) analysis covering the period 1986-2009. The results indicate the significant effect of each variable discussed on the stock price in exchange market. Base on the results of the current study, economic policy makers are recommended to establish sustainable efforts for the exchange interaction in the country with other international financial markets, so that the capital market can be able to achieve the excellence level in the region by providing a dynamic policy and help to financial growth of countries in stock exchange, promote the country’s financial market and consequently improve the country’s economy.

In this paper, the effect of financial liberalization on household’s budget liquidity constraint is analyzed with the use of an error correction model. Financial liberalization will decline liquidity constraint, with expanding means of making future incomes available for present consumption. Here a financial liberalization index for Iran is defined using Principal component Analysis technique, based on 6 variables. After dividing the time period into 2 sub periods, the income ratio of people confronting liquidity constraint is estimated for each sub group. The results show that financial liberalization has not declined liquidity constraint in Iran.

In recent decades, the policies of financial and trade liberalization have been considered in most of the world countries, and there are different experiences in this regard. Therefore, this study will review the effects of financial and trade liberalization on the production volatility in Iranian economy (with and without oil sector) by using Autoregressive Distributed Lag (ARDL) model for the period of 1960 to 2007.The results show that in the model that includes oil sector, trade liberalization has positive and significant effect, but financial liberalization has negative and non-significant effect on production volatility. In the model without oil, financial and trade liberalization policies both have a positive and significant effect on production volatility. In addition, the long-term relationships between the variables are approved. The value of error correction coefficient is estimated to be -0.49, which shows the amount of adjustment toward equilibrium values in the long-run. The structural stability tests for the model's strength are acceptable for the period of study.

The purpose of financial markets liberalization followed by most developing countries in recent decades is to improve the efficiency of financial markets and financial resources. This paper examines the relationship between share prices index and financial liberalization index in Iran during 1373-1387 using quarterly time series data. It uses more comprehensive and recent technique, Vector Autoregressive and Co-integration approach to determine the short run and long run linkages between share prices Index and financial liberalization. The findings indicate that financial liberalization index has a positive impact on share prices Index in long run, but no impact in short run. Financial liberalization and reforms started in early 1990s, as part of economic reforms, has a very strong direct effect on the stock market. It means that stock market is too much sensitive and volatile to financial liberalization in emerging economies.