سامانه مدیریت نشریات علمی دانشگاه شهید بهشتی

دژپسند, فرهاد, امیدی, سینا. (1404). اثر تأمین مالی از بازار سرمایه بر رشد اقتصادی: مطالعه کشورهای حوزه منا. , 15(4), 141-169. doi: 10.48308/jem.2025.238955.1978
فرهاد دژپسند; سینا امیدی. "اثر تأمین مالی از بازار سرمایه بر رشد اقتصادی: مطالعه کشورهای حوزه منا". , 15, 4, 1404, 141-169. doi: 10.48308/jem.2025.238955.1978
دژپسند, فرهاد, امیدی, سینا. (1404). 'اثر تأمین مالی از بازار سرمایه بر رشد اقتصادی: مطالعه کشورهای حوزه منا', , 15(4), pp. 141-169. doi: 10.48308/jem.2025.238955.1978
دژپسند, فرهاد, امیدی, سینا. اثر تأمین مالی از بازار سرمایه بر رشد اقتصادی: مطالعه کشورهای حوزه منا. , 1404; 15(4): 141-169. doi: 10.48308/jem.2025.238955.1978

اثر تأمین مالی از بازار سرمایه بر رشد اقتصادی: مطالعه کشورهای حوزه منا

اقتصاد و الگو سازی
دوره 15، شماره 4 - شماره پیاپی 60، اسفند 1403، صفحه 141-169    اصل مقاله (1.17 M)
نوع مقاله: مقاله پژوهشی
شناسه دیجیتال (DOI): 10.48308/jem.2025.238955.1978
نویسندگان
فرهاد دژپسند* 1؛ سینا امیدی2
1دانشیار گروه اقتصاد دانشکده اقتصاد و علوم سیاسی دانشگاه شهید بهشتی، تهران، ایران
2کارشناس ارشد گروه اقتصاد دانشکده اقتصاد و علوم سیاسی دانشگاه شهید بهشتی، تهران
چکیده
این مقاله به تحلیل تأثیر تأمین مالی از بازار سرمایه بر رشد اقتصادی در پانزده کشور منتخب از منطقه منا شامل ایران، بحرین، مصر، اردن، رژیم اشغالی، عربستان سعودی، امارات متحده عربی، کویت، لبنان، مالت، مراکش، عمان، قطر، تونس و ترکیه از سال ۱۹۹۰ تا ۲۰۲۲ می‌پردازد. در این مطالعه از الگوهای داده‌های ترکیبی و روش‌ اثرات ثابت (روش گشتاور تعمیم‌یافته و حداقل مربعات تعمیم‌یافته) استفاده می شود. نتایج نشان ‌دهنده تأثیر مثبت و معنادار تأمین مالی از طریق بازار سرمایه بر رشد اقتصادی است. همچنین یافته‌ها حاکی از آن است که توسعه بازار سرمایه، شامل بازارهای اولیه و ثانویه، نقش مهمی در تسریع رشد اقتصادی ایفا می‌کند. با این حال، در کشورهایی با وابستگی بالا به درآمد نفت، تأثیرگذاری کمتر تأمین مالی از بازار سرمایه بر رشد اقتصادی مشاهده شد. این در حالی است که در کشور‌های غیرنفتی، تأمین مالی از بازار سرمایه نقش مهم‌تری در رشد اقتصادی ایفا می‌کند. به طور کلی توسعه بازار سرمایه در کشور‌های نفتی و غیرنفتی باعث پررنگ شدن نقش تأمین مالی از این بازار و اثرگذاری مثبت و بیشتر آن بر رشد اقتصادی می‌شود. بر این اساس تقویت بازار سرمایه می‌تواند به بهبود رشد اقتصادی کشورهای منتخب منجر شود و باید مدنظر باشد.
کلیدواژه‌ها
بازار سرمایه؛ رشد اقتصادی؛ منطقه منا؛ تأمین مالی؛ توسعه بازار
عنوان مقاله [English]
The Impact of Financing from Capital Market on GDP Growth: The Case Study of MENA Region
نویسندگان [English]
Farhad Dejpasand1؛ Sina Omidi2
1Associate Professor of Economics, Faculty of Economics and Political Science, Shahid Beheshti University, Tehran, Iran
2MA in Economics, Faculty of Economics and Political Science, Shahid Beheshti University, Tehran, Iran
چکیده [English]
This paper analyzes the impact of capital market financing on economic growth in 15 selected countries from the MENA region—namely Iran, Bahrain, Egypt, Jordan, the Occupied Palestinian Territories, Saudi Arabia, the United Arab Emirates, Kuwait, Lebanon, Malta, Morocco, Oman, Qatar, Tunisia, and Turkey during 1990-2022. The analysis employs panel data models, specifically estimating via the Generalized Method of Moments and Generalized Least Squares techniques. The findings of the study indicate a positive and statistically significant effect of capital market financing on economic growth. The results also suggest that the development of capital markets (both primary and secondary markets) plays a crucial role in accelerating economic growth. However, it was observed that in countries with high dependency on oil revenues, the impact of capital market financing on economic growth is comparatively weaker. Furthermore, the development of capital markets in both oil-exporting and non-oil exporting countries enhances the role of capital market financing and amplifies its positive impact on economic growth. The findings demonstrate that strengthening capital markets can contribute to improved economic growth within the selected countries.
کلیدواژه‌ها [English]
Capital market, GDP Growth, MENA Region, Financing
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