​Financial stability is the cornerstone of modern economies and shows the proper functioning of the financial system and is a prerequisite for economic growth and strengthening the economy against shocks. In the path of economic growth and development, financial stability and its effects play an important role in the economy. On the other hand, road transportation is one of the important sectors of the country's economy and has a great impact on the country's economic growth. So, considering the importance and role of financial and economic stability in increasing the country's economic growth, as well as the importance of road transportation in the country's economy, in this study, the analysis of short-term and long-term causality relationships between the financial and economic stability index and the economic growth of the investigated road transport sector is included. For this purpose, first, the combined financial and economic stability indices were calculated, and then the short-term and long-term causal relationships between the financial and economic stability index and the economic growth of the road transport sector were analyzed. The results indicate a long-term and short-term relationship between the growth of the combined indicators of financial and economic stability and the value-added growth of the road transport sector, the growth of the amount of goods carried and the growth of the amount of passengers carried in the road transport sector. The effect of combined indicators of financial and economic stability on the added value of the road transport sector, the growth of goods transportation and the growth of passenger transportation has been positive. There is a one-way causal relationship from the combined indicators of financial and economic stability to the added value of the road transport sector, the increase in the amount of goods transported and the growth in the amount of passenger transportation.

In recent years, many fluctuations in key macroeconomic variables such as growth and inflation, etc. have been observed in Iran.Since the mentioned economic variables have a significant role in the situation of economic stability, so the study of the economic stability of the country have become one of the challenging issues. However, fiscal decentralization as a policy that may increase the country's economic stability has recently been considered by many countries. Therefore, The present study uses the space panel method to investigate the effects of fiscal decentralization on the economic stability of the country (a combined indicator of economic growth, inflation and budget deficit) during the years 2006-2016. The results of the study show a nonlinear relationship between fiscal decentralization and economic stability, they show that a 1% improvement in fiscal decentralization of income does reduce the Combined index of economic stability by 0.63%, however, with increasing fiscal decentralization of income, economic stability increases. The results also show that a 1% improvement in expenditure decentralization has led to a 1.4% increase in the economic stability index, while at high levels of fiscal decentralization of expenditure, the results indicate a decrease in economic stability.

One of the key elements to achieve economic growth and development of the country is financial stability. According to the empirical evidence in recent years and the intertwining of the financial system and the economic development of countries, high economic growth cannot be considered, but it was not successful in the financial markets. Therefore, considering the importance of the combined index of financial and economic stability in the economic growth and development of the country and especially the road transport sector, in this study the role of the combined index of financial and economic stability in the road transport sector of the country during the period of 1370-1401 has been examined. In the first step, the combined index of financial and economic stability was calculated with the help of the cumulative distribution function method, and then to investigate the effects of the combined indicators of financial and economic stability on the road transport sector, the Autoregressive Distributed Lag model was used to achieve the research findings. The results show that both in the short term and in the long term, the combined index of financial and economic stability has a positive effect on the added value of the road transport sector. The short-term and long-term elasticity of added value of the road transport sector is 0.074 and 0.153 respectively, which shows that its long-term elasticity is more than the short-term elasticity. Also, the results of the stability and diagnosis tests show that the coefficients of the variables are stable in the long term..

Regarding the role of the financial system as a complement to the real sector of the economy, its proper function has always been the focus of concern for economic policy makers. Given the importance of the relationship between financial stability and economic performance, this study investigates it empirically in OPEC countries by using annual data during 2000-2016. To estimate the relationship, we follow the dynamic panel Model an the mentioned model is estimated using the systemic GMM estimator after controlling the effect of countries financial deepening level. In this research, Alternative indicators of financial stability such as: institutional indicators, micro and macro indicators, and author-introduced indicators, and also, economic performance index such as: GDP per capita growth, household per capita consumption growth, and the growth of gross fixed capital formation are used. The results indicate that financial stability has a significant positive effect on economic performance in OPEC countries.

One of the most important goals of every country is to establish financial and economic stability. If there is financial and economic stability, economic growth and investment and other goals will be achieved at the macro level and provide the basis for development. Considering the importance of this issue and since the combined index of financial and economic stability can play an important role in the economic growth and development of the country, especially in the rail transport sector, in this study the role of the combined index of financial and economic stability in the rail transport sector of the country has been examined. For this purpose, in this study, the combined indicators of financial and economic stability are first calculated, and then the effects of the combined indicators of financial and economic stability on the rail transport sector are investigated by using the self-regression econometric model with a wide interval to estimate the model and interpret the results. The results show that both in the short term and in the long term, the combined index of financial and economic stability has a positive effect on the added value of the rail transport sector. Also, according to the error correction coefficient, it can be stated that the speed of adjustment towards the equilibrium and long-term value is suitable, so that in each period about 0.46 of the imbalance error is adjusted and the short-term value tends towards its equilibrium and long-term value exponentially. Finally, the results show that the coefficients of the variables are stable during the investigated period.

The aims of the present study are developing a financial stability index (FSI) using banking indices to measure financial stability in Iran, and examining the relationship between financial stability and macroeconomic variables for policymaking. To these ends, we have employed principal-component analysis, out of sample forecasting, Autoregressive Integrated Moving Average (ARIMA) method, and Vector Error Correction Model (VECM). The monthly data period spanning 2007:3 through 2017:2. We find evidence of one cointegrating vector. According to the cointegration test, there is a long-run relationship running from inflation, Gross Domestic Product (GDP) growth rate and unemployment to FSI. Also, the results of the Engle-Granger test indicate bidirectional causality between FSI and unemployment. Forecast evaluation shows that VECM-based FSI prediction is more accurate than the ARIMA model.

The development of the financial system in all economies is one of the challenging issues that has been raised by economists in different decades. According to the World Economic Forum (2012), financial development refers to the factors, policies, and institutions that lead to efficient financial intermediaries and markets and deep and wide access to capital and financial services. Also, according to the latest report of the forum, creating an efficient, resilient and fair international financial system can support customers and activate savings and investment, which in turn can lead to economic growth and the creation of jobs and businesses in the economy. In fact, the financial system is the cornerstone of economic activities, but during the last decade, important steps have been taken to develop it (World Economic Forum Report, 2019, p. 22).According to the results of previous studies, a higher growth rate can be expected from any country that has a more efficient financial system (Dadgar and Nazari, 2009, p. 2). However, despite much evidence to support the positive impact of financial development on economic growth, there is still no consensus on the relationship between the two. In general, there are two main schools of thought on this subject. Proponents of the first school of thought argue that financial development is essential for economic growth (Goldsmith, 1969; Levin, 1997; and McKinnon, 1973). In contrast, proponents of the second school of thought, who are predominantly neoclassical theorists, argue that the financial sector is not the main driver of growth (Robinson, 1952; Wijnberg, 1983; Buffie, 1984; Lucas, 1988 and Shan, 2005). Among some researchers such as Patrick (1966), the existence of a two-way causal relationship and others such as Singh (1997), Andersen and Tarp (2003), Ayadi et al. (2015) and Ductor and Grechyna (2015), have found an inverse relationship between financial sector development and economic growth.

Indeed, although most empirical studies in this area confirm the positive impact of financial development on economic growth and show a one-way relationship between financial sector development and the real sector of the economy, but by reviewing the existing literature, it can be inferred that the relationship between these two macroeconomic variables is not definite. So, assuming a one-way causal relationship from financial development to economic growth can provide misleading results from the relationship between these two variables. In addition, according to the existing literature, different results on the causal relationship between these two key variables are affected by the pillars of financial development, and among the pillars of financial development, financial stability is one of the most key conditions for maintaining the relationship between financial development and economic growth.Financial stability refers to situations in which financial crises or external shocks do not generally disrupt the core functions of the financial system. This requires a disciplined government with a stable budget structure that can stabilize the macroeconomy and ultimately provide the conditions for financial stability in the economy. It should be noted that the issue of the impact of budgetary stability indicators as a measure of financial stability on the causal relationship between financial development and economic growth is one of the issues that have not been addressed in previous studies. Actually, despite the fact that the relationship between financial development and economic growth has been considered in numerous studies, but the study of how the relationship between these two macroeconomic variables is affected by macroeconomic stability budget indicators has not been considered so far.

Therefore, the purpose of this article is to study the effect of budgetary stability indicators in the expenditure sector on the causal relationship between financial development and economic growth. For this purpose, first considering financial development as a multidimensional index and considering the bank-based financial system in Iran, seven indicators of financial development in the banking sector have been used and then the multidimensional index of financial development using principal component analysis technique (PCA) has been calculated. Then, the causal relationship between the multidimensional index of financial development and economic growth has been analyzed using the bi-variate causality technique based on the vector error correction model (VECM) during the period 1357-1397. Finally, the effect of macroeconomic stability budget indicators on the causal relationship between these two variables has been studied using the tri-variate causality test based on the above model.

The results of our estimation show a one-way causal relationship from financial development to economic growth. The findings also indicate that the causal relationship between financial development and economic growth is affected by budgetary stability indices. Although the ratio of government debt to central bank, government debt to banks and non-bank financial institutions ratio and current expenditure ratio to GDP, have been able to maintain this direct causal relationship, but in other cases the negative significant impact of these indicators on the causal relationship between these two variables has been confirmed. In other words, the main results of this study show that the performance of government in the expenditure sector (except for three of these indicators) has led to the passivity of the financial sector to the real sector of the economy. Among the important reasons for such results are the short time horizon of governments’ plans, lack of serious efforts to reduce dependence on oil revenues due to the existence of high rents for some stakeholders and the lack of use of new financing methods for the budget deficit.

Occurrence of financial crisis Occurrence of financial crisis and increase concerns about existing inequalities have led to the introduction of financial stability sub-indicators by international institutions for insurance companies. The occurrence of any financial problems and the subsequent scandal known as financial and economic bankruptcy in insurance companies, not only affects their shareholders, even also affects many members of society, including insurers and other stakeholders. Since insurance industry observers need to achieve an efficient tool to study and identify the internal challenges of the country's insurance industry, and in the meantime, one-dimensional indicators do not have the necessary strength to express the effects of such challenges, the purpose of this article is to calculate the combined financial stability index. For the insurance industry, according to the statistics and information of the period of 1397-1385 insurance companies. The combined index of financial stability has been calculated using 27 sub-indices from the theoretical and experimental literature and the principal components method. The results show that in the long run, the insurance industry is facing a downward trend in financial stability, but in the short run, it is fluctuating. The long-term downward trend of the financial stability index indicates the critical situation of the insurance industry.

The main purpose of this study is to investigate the impact of economic and policy uncertainty on the financial stability of the banking sector. In this regard, firstly, using Generalized AutoRegressive Conditional Heteroskedasticity (GARCH), inflation uncertainty as an indicator of economic uncertainty, government tax revenue uncertainty and exchange rate uncertainty as indicators of government policy uncertainty are calculated. Then, the impact of these indicators on the financial stability of the banking sector (calculated using the ZSCORE approach) has been examined. In this study, the monthly data of 19 banks including Melli, Sepah, Post Bank, Maskan, Tejarat, Mellat, Karafarin, Eghtesad Novin, Parsian, Pasargad, Mellal, Sina, Ayandeh, Day, Tourism, Shahr, Iran Zamin, Qarz Al-Hasaneh Resalat and the Middle East has been used in the period 2015 to 2020. The results of this study show a negative and significant relationship between inflation uncertainty and exchange rate uncertainty with the financial stability of the banking sector. However, the coefficient of tax revenues uncertainty is not statistically significant. In addition, the results of the final model indicate a positive relationship between the bank deposit ratio and a negative relationship between the size and ratio of foreign debt with the financial stability of the banking sector.

One of the most important goals of any country is stability, which occurs with stability, investment, economic growth and other macro goals; it can provide the ground for development. This study tries to investigate the dimensions and factors affecting instability in the Iran economy. For this purpose, in addition to the analysis of instability indices (economic, financial and political), Granger causality test and VAR model have been used. Instability analysis shows that after the Iran–Iraq War, all three indices of political, financial and economic risk have decreased, but during the last three decades, political risk in the country has increased and economic risk is constant and financial risk has decreased. The results of the causality test show that political instability is the culmination of economic and financial instability. Impulse response functions show that economic and financial instability increases by increasing political instability.