Measuring and Analyzing the Nonlinear Effect of Financial Development on Economic Growth in Iraq during the period (2004-2019)
Article Sidebar
Main Article Content
Abstract
The research aims to measure and analyze the Nonlinear effect of financial development on economic growth in Iraq during the period (2004-2019), by following the method of Nonlinear Autoregressive Distributed Lag (NARDL) in order to measure the positive and negative effects of financial development on economic growth in Iraq. The research obtains that the level of financial development in Iraq was weak in most of the years of the research period, which indicates the weak development of the Iraqi financial system in general, and thus its lack of influence in promoting economic growth. The research found that there are no standard problems in the standard model (Instability of Homogeneity and Autocorrelation problems). That the model was stable during the research period, and the research also found that there was no significant effect of the nonlinear effect of financial development on economic growth. As well as the presence of A one-way causal relationship from financial development to economic growth, meaning that financial development causes economic growth, while economic growth does not cause financial development in Iraq.
Downloads
Article Details
References
اولاً. المصادر العربية:
الخطيب، عبد الله محمد غازي وصندوق، عفيف عبد الكريم (2020)، أثر التنمية المالية على الاستثمار المحلي في مصر، مجلة جامعة البعث للعلوم الاقتصادية، المجلد (42)، العدد (16)، جامعة البعث، سوريا.
زغير، اكتفاء عذاب (2017)، العلاقة بين الإنفاق العام ومعدلات النمو الإجمالية والقطاعية في العراق للمدة (2004-2015)، دائرة تخطيط القطاعات، وزارة التخطيط، العراق.
سوق العراق للأوراق المالية، التقرير السنوي للأعوام 2004-2019، بغداد، العراق.
صالح، لورنس يحيى وحاتم، غفران (2017)، النمو الاقتصادي في سياق التطور المالي في العراق للمدة 1990-2013، مجلة كلية بغداد للعلوم الاقتصادية الجامعة، العدد (53).
عبد الله، كيلان اسماعيل (2019)، الاستقرار المالي في العراق باستخدام السياسة الاحترازية الكلية، أطروحة دكتوراه، كلية الادارة والاقتصاد، جامعة بغداد، العراق.
النعيمي، زهراء احمد محمد توفيق، الدليمي، فارس جارالله والبواب، شيماء وليد (2019)، التطور المالي وانعكاسه على التنمية المستدامة، مجلة كلية الادارة والاقتصاد للدراسات الاقتصادية والادارية والمالية، المجلد (11)، العدد (3)، جامعة بابل، العراق.
هيئة الأوراق المالية، التقرير السنوي عن حركة التداول في سوق العراق للأوراق المالية للأعوام 2007-2019، دائرة البحوث والدراسات، بغداد، العراق.
بيانات الموقع: < https://databank.worldbank.org/home.aspx >.
بيانات الموقع: < https://www.cbiraq.org/default.aspx >.
ثانياً. المصادر الأجنبية:
Akber, N. & Paltasingh, K. R., (2019), Is public investment complementary to private investment in Indian agriculture? Evidence from NARDL approach, Agricultural Economics, 2019; 1–13, https://doi.org/10.1111/agec.12515
Awili, S., (2015), Financial sector development and economic growth nexus: An Empirical Analysis of Pacific Melanesian Countries, PhD thesis, Flinders Business School, Faculty of Behavioural and Social Sciences, Flinders University, Adelaide, Australia.
Chen, H.; Hongo, D.O.; Ssali, M.W.; Nyaranga, M.S. & Nderitu, C.W., (2020), The Asymmetric Influence of Financial Development on Economic Growth in Kenya: Evidence From NARDL, SAGE Open, Volume: 10, Issue: 1, https://doi.org/10.1177/2158244019894071
Chung, P. T.; Sun, S. & Vo, D. T. H. (2019), How does financial development interact with economic growth in five ASEAN Countries? Singapore Economic Review, 64 (3).
ÇalÕúkan, H. K., (2015), Technological Change and Economic Growth, World Conference on Technology, Innovation and Entrepreneurship, Procedia - Social and Behavioral Sciences, No. 195.
Eboi, K. B. C. H., (2015), Financial development and unemployment: Evidence from five Middle income countries in west Africa, MSc thesis, KDI School of Public Policy and Management, Korea Development Institute, Sejong City, South Korea.
Ivic, M. M., (2015), Economic Growth and Development, Journal of Process Management-New Technologies, International, Vol. 3, No.1.
Levine, R., (2004), Finance and Growth: Theory and evidence, NBER Working Paper Series, Working Paper 10766.
Ono, S., (2017), Financial development and economic growth nexus in Russia, Russian Journal of Economics, No. 3.
Peterson, E. W. F., (2017), The Role of Population in Economic Growth, SAGE Open, Volume: 7, Issue: 4, https://doi.org/10.1177/2158244017736094
Pesaran, M. H.; Sin, Y. & Smith, R. J., (2001), Bounds testing approaches to the analysis of level relationships, Journal of Applied Econometrics, 16(3), 289-326.
Poliduts, A. & Kapkaev, Y (2015), Economic Growth: Types and Factors, International Conference on Eurasian Economies, Session 4A: Growth and Development.
Sanusi, N. A.; Mo’osin, A. F. & Kusairi, S., (2012), Financial Development and Economic Growth: Panel Evidence from ASEAN Countries, Prosiding Persidangan Kebangsaan Ekonomi Malaysia Ke VII.
Shilyaeva, N., (2009), Growth-Enhancing Mechanism in Transition Countries: Cooperative Effect of Foreign Direct Investment and Financial Development, MSc thesis, Institute of Economic Studies, Faculty of Social Sciences, Charles University Prague, Czech Republic.
Svirydzenka, K., (2016), Introducing a New Broad-based Index of Financial Development, International Monetary Fund, IMF Working Paper, WP/16/5.
World Bank, (2012), Global Financial Development Report 2013: Rethinking the Role of the State in Finance. Washington, DC: World Bank.