Investigating the Effect of Natural Resources Rents and Institutional Quality on Financial Development in Developing Countries

The existence of efficient financial institutions, proper allocation of resources and financial development are the prerequisites for achieving desired economic growth and development. Therefore, it is necessary to identify the factors affecting the financial development of countries. This study examines the impact of natural resources and institutional quality on the financial development of developing countries over 2000-2016 using systemic GMM In this study, we used three indexes for financial development: the Financial Development Index (FDI) developed by IMF, the total credit provided by banks to the private sector as a share of GDP, and the Z-score index. The rent of natural resources is measured as a weighted average of income flows from oil, gas and minerals and Good Governance Indicators are used as measures of institutional quality. The results suggest that natural resources rents have a positive and significant effect on credit provided to the private sector and Financial Development Index, but threaten the stability of the banking sector. In addition, Institutional quality indicators also show a positive effect on three indicators of financial development

Political Freedom, Human Development and Environmental Sustainability in Iran

Environmental sustainability as an approach to development; It makes it possible to meet the needs of the present generation without compromising the ability of future generations. This approach helps to preserve natural resources, biodiversity, reduce negative effects on the environment, improve the quality of human life and develop a sustainable economy. Simply put, environmental sustainability means a balance between economic development, social sustainability and environmental preservation. Achieving environmental sustainability requires identifying and determining the factors affecting it. Therefore, the main objective of the present study is to examine the effect of political freedom and human development on environmental sustainability according to three indicators of Ecological footprint (EFP), carbon dioxide emissions (CO2) and Environmental Performance Index (EPI) in Iran over the period of time (1990 - 2022) using the Dynamic Ordinary Least Square (DOLS). Also, in this research, the human development index (HDI), which includes the economic and social dimensions of development, has been used to investigate the Environmental Kuznets Curve (EKC). The research results show that human development index (HDI) has a negative effect and political freedom (FPI) has a positive and significant effect on environmental sustainability. On the other hand, the Environmental Kuznets Curve (EKC) hypothesis test also showed that the square of the human development index has a positive and significant effect on environmental sustainability; As a result, based on this hypothesis, the inverted U relationship between human development index (HDI) and environmental sustainability is confirmed in this study. Other results of this research show that energy consumption (EC) has a negative effect, urbanization rate (URB) and commercial openness (OPE) have a positive and significant effect on environmental sustainability in the long term

Economic policy uncertainty and the US stock market trading: non-ARDL evidence

Abstract The present study investigates the impact of economic policy uncertainty, and economic factors on the stock market index in the USA using Non-ARDL and Quantile models. The findings reveal that declining economic and economic-political factors will increase the stock market index in the US. The results indicate that the effect of inflation and GDP variables follows a nonlinear pattern. Similar results using quantitative regression showed asymmetric impacts of inflation and GDP on stock market transactions

Growth spillover: a spatial dynamic panel data and spatial cross section data approaches in selected Asian countries

International audienceAbstract One of the most fundamental issues worldwide is the economic interdependence of countries which affects their economic growth. Some new growth theorists such as Mankiw et al., Islam, Ertur and Koch, Lee, Yu and Yu Ho et al. consider geographical proximity and trade as spatial variables. This study aims to investigate the spatial effects of geographical distance on economic growth using the spatial dynamic panel data model and the spatial cross section data model for the period 1992–2016 in selected Asian countries. The findings demonstrate that the effect of spatial spillover or spatial dependency is one of the main causes of economic growth spillovers. In the spatial dynamic panel data model, log of gross domestic product (GDP), gross fixed capital formation and growth rate of labor force had negative, positive and negative impacts on economic growth, respectively. In the spatial cross-sectional data models including human capital, log of GDP, gross fixed capital formation and growth rate of labor force had negative impacts on economic growth, while in a model without human capital log of GDP, gross fixed capital formation and growth rate of labor force, respectively, had positive and negative effects on economic growth

Investigating the Impact of Exchange Rate Variation and the Oil Price Shocks on Household Welfare: CGE Model Approach

International audienc