| تعداد نشریات | 22 |
| تعداد شمارهها | 713 |
| تعداد مقالات | 10,263 |
| تعداد مشاهده مقاله | 72,057,790 |
| تعداد دریافت فایل اصل مقاله | 63,817,697 |
Investigating the relationship between banking competition and the development of stock and insurance markets, and economic growth within the Persian Gulf region countries | ||
| International Journal of Nonlinear Analysis and Applications | ||
| مقالات آماده انتشار، اصلاح شده برای چاپ، انتشار آنلاین از تاریخ 18 تیر 1405 اصل مقاله (515.14 K) | ||
| نوع مقاله: Research Paper | ||
| شناسه دیجیتال (DOI): 10.22075/ijnaa.2026.33504.4993 | ||
| نویسندگان | ||
| Morteza Bavaghar* 1؛ Hossein Kamrani2 | ||
| 1Department of Accounting and Finance Management, Faculty of Humanities, Islamic Azad University, Bandar Abbas Branch, Bandar Abbas, Iran | ||
| 2Department of Accounting and Finance management, Faculty of Humanities, Islamic Azad University, Bandar Abbas Branch, Bandar Abbas, Iran | ||
| تاریخ دریافت: 21 بهمن 1402، تاریخ پذیرش: 31 خرداد 1405 | ||
| چکیده | ||
| The present study investigates the relationship between banking competition and the development of stock and insurance markets, along with economic growth in the countries of the Persian Gulf region, employing econometric methods, including panel data analysis and error correction causality test, over the period 1996-2020. The results of the random effects test indicate that the variables of banking competition, stock market development, and insurance market development have a significant and positive impact on economic growth. The development of the stock market has the greatest impact on economic growth, while banking competition has the least impact on the economic growth of the Persian Gulf countries. The results of the Granger causality test indicate that there is a significant relationship between banking competition and economic growth. Furthermore, there is a significant relationship between insurance market development and economic growth. Additionally, there is a significant relationship between stock market development and economic growth. There is also a significant relationship between banking competition and insurance market development. Furthermore, there is a significant relationship between banking competition and stock market development. Moreover, there is a significant relationship between stock market development and insurance market development. | ||
| کلیدواژهها | ||
| economic growth؛ banking competition؛ stock market development؛ insurance market development؛ Persian Gulf countries | ||
| مراجع | ||
|
[1] S. Abdollahpour and Y. Beryani, The impact of stock market development and inflation on economic growth in Iran, First Ind. Engin. Econ. Manag. Conf., 2019, pp. 1-12. [2] S. Abel, J. Mukarati, C. Mutonhori, and P. le Roux, Determinants of foreign direct investment in the Zimbabwean Mining Sector, J. Econ. Financ. Sci. 14 (2021), no. 1, 7. [3] G. Abuselidze, The impact of banking competition on economic growth and financial stability: An empirical investigation, European J. Sustain. Dev. 10 (2021), no. 1, 203-203. [4] D. Acemoglu and F. Zilibotti, Was Prometheus unbound by chance? Risk, diversification, and growth, J. Politic. Econ. 105 (1997), no. 4, 709-751. [5] M. Adams, J. Andersson, L.-F. Andersson, and M. Lindmark, Commercial banking, insurance and economic growth in Sweden between 1830 and 1998, Account. Bus. Financ. History 19 (2009), no. 1, 21-38. [6] S. Ahmadi, Investigating the effects of insurance industry development on economic growth in Iran, Nat. Conf. New Achiev. Manag. Econ. Account. Res., Isfahan, 2020, pp. 1-11. [7] R.A. Ajisafe and F.M. Ajide, Bank competition, stock market and economic growth in Nigeria, ICAN J. Account. Financ. 7 (2018), no. 1, 1-17. [8] A.L. Alhassan and V. Fiador, Insurance‑growth nexus in Ghana: An autoregressive distributed lag bounds cointegration approach, Rev. Dev. Financ. 4 (2014), no. 2, 83-96. [9] J.B. Ang and W.J. McKibbin, Financial liberalization, financial sector development and growth: Evidence from Malaysia, J. Dev. Econ. 84 (2007), no. 1, 215-233. [10] N. Apergis and T. Poufinas, The role of insurance growth in economic growth: Fresh evidence from a panel of OECD countries, North Amer. J. Econ. Finance 53 (2020), 101217. [11] M. Arena, Does insurance market activity promote economic growth? A cross‑country study for industrialized and developing countries, J. Risk Insur. 75 (2008), no. 4, 921-946. [12] D. Asteriou and C. Siriopoulos, The role of political instability in stock market development and economic growth: The case of Greece, Econ. Notes 29 (2000), no. 3, 355-374. [13] M. Balcilar, R. Gupta, C.-C. Lee, and G. Olasehinde‑Williams, The synergistic effect of insurance and banking sector activities on economic growth in Africa, Econ. Syst. 42 (2018), no. 4, 637-648. [14] Y. Bayar, M.D. Gavriletea, and D.C. Danuletiu, Does the insurance sector really matter for economic growth? Evidence from Central and Eastern European countries, J. Bus. Econ. Manag. 22 (2021), no. 3, 695-713. [15] T. Beck, R. Levine, and N. Loayza, Finance and the sources of growth, J. Financ. Econ. 58 (2000), no. 1-2, 261-300. [16] T. Beck and I. Webb, Economic, demographic, and institutional determinants of life insurance consumption across countries, The World Bank Economic Review 17 (2003), no. 1, 51-88. [17] M. Beenstock, G. Dickinson, and S. Khajuria, The determination of life premiums: An international cross‑section analysis 1970‑1981, Insurance: Mathematics and Economics 5 (1986), no. 4, 261-270. [18] C. Calderón and L. Liu, The direction of causality between financial development and economic growth, J. Dev. Econ. 72 (2003), no. 1, 321-334. [19] M. Catalan, G. Impavido, and A.R. Musalem, Contractual savings or stock market development: which leads?, J. Context. Econ.‑Schmoll. Jahrbuch 3 (2000), 445-487. [20] T. Chang, C.-C. Lee, and C.-H. Chang, Does insurance activity promote economic growth? Further evidence based on bootstrap panel Granger causality test, The European Journal of Finance 20 (2014), no. 12, 1187-1210. [21] T. Chinoda and T. Mashamba, Financial inclusion, bank competition and economic growth in Africa, J. Econ. Financ. Sci. 14 (2021), no. 1, 9. [22] T.E. Copeland, J.F. Weston, and K. Shastri, Financial Theory and Corporate Policy, Boston: Pearson Addison Wesley, 2005. [23] N. Dehmordeh, M. Esfandiari, and Z. Eskandaripour, Investigating the effects of insurance industry development on economic growth and income distribution in Iran, Quart. J. Monetary Financ. Econ. 26 (2018), no. 17, 1-26. [24] M.B. Devereux and G.W. Smith, International risk sharing and economic growth, Int. Econ. Rev. 35 (1994), no. 4, 535-550. [25] A.A. Enisan and A.O. Olufisayo, Stock market development and economic growth: Evidence from seven sub‑Sahara African countries, J. Econ. Bus. 61 (2009), no. 2, 162-171. [26] M. Faramarzi, Y. Zare Mehrjardi, and A. Akhavan, Investigating the impact of economic growth and population growth on Iran's insurance industry using system dynamics approach, Special. Sci. Quart. New Res. Approach. Manag. Account. 5 (2020), no. 68, 31-46. [27] O. Folarin, Does bank competition spur economic growth? Evidence from West African countries, Rev. Dev. Financ. 9 (2019), no. 2, 28-40. [28] M. Graff, Financial development and economic growth in corporatist and liberal market economies, Emerg. Markets Finance Trade 39 (2003), no. 2, 47-69. [29] J. Greenwood and B. Jovanovic, Financial development, growth, and the distribution of income, J. Political Econ. 98 (1990), no. 5, 1076-1107. [30] P. Haiss and K. Sumei, The relationship between insurance and economic growth in Europe: a theoretical and empirical analysis, Empirica 35 (2008), 405-431. [31] C. Hassapis and S. Kalyvitis, On the propagation of the fluctuations of stock returns on growth: is the global effect important?, J. Policy Model. 24 (2002), no. 5, 487-502. [32] B. Holmstrom and J. Tirole, Private and public supply of liquidity, J. Politic. Econ. 106 (1998), no. 1, 1-40. [33] F. Hosseini and A. Bagheri, Causal relationship between economic growth, inflation and stock market development, First Nat. Conf. Human. Dev., Shiraz, 2018, pp. 1-15. [34] M. Hosseinzadeh and A. Khodadadpour, The effect of the development of the insurance industry and the investment of insurance companies in the stock market on economic growth in Iran, The 5th Int. Conf. Dev. Manag. Econ. Account., Tehran, 2020, pp. 1-14. [35] H. Hou and S.-Y. Cheng, The dynamic effects of banking, life insurance, and stock markets on economic growth, Japan World Econ. 41 (2017), 87-98. [36] B.-N. Huang, C.-W. Yang, and J.W.-S. Hu, Causality and cointegration of stock markets among the United States, Japan and the South China growth triangle, Int. Rev. Financ. Anal. 9 (2000), no. 3, 281-297. [37] S. Ijaz, A. Hassan, A. Tarazi, and A. Fraz, Linking bank competition, financial stability, and economic growth, J. Bus. Econ. Manage. 21 (2020), no. 1, 200-221. [38] G.P. Kapoor, Commercial Banking, APH Publishing, 2004. [39] M. Kar, S. Nazhoglu, and H. Agir, Financial development and economic growth nexus in the MENA countries: Bootstrap panel granger causality analysis, Econ. Modell. 28 (2011), no. 1-2, 685-693. [40] F.T. Kolapo and A.O. Adaramola, The impact of the Nigerian capital market on economic growth (1990‑2010), Int. J. Dev. Soc. 1 (2012), no. 1, 11-19. [41] M. Kugler and R. Ofoghi, Does insurance promote economic growth? Evidence from the UK, Money Macro Finance (MMF) Res. Group Conf. 8 (2005). [42] B.-S. Lee, Bank‑based and market‑based financial systems: Time‑series evidence, Pacific‑Basin Finance Journal 20 (2012), no. 2, 173-197. [43] C.-C. Lee, C.-C. Lee, and Y.-B. Chiu, The link between life insurance activities and economic growth: Some new evidence, J. Int. Money Finance 32 (2013), 405-427. [44] R. Levine, Financial development and economic growth: views and agenda, J. Econ. Literature 35 (1997), no. 2, 688-726. [45] R. Levine and S. Zervos, Stock markets, banks, and economic growth, American Econ. Rev. 88 (1998), no. 3, 537-558. [46] X. Liu and P. Sinclair, Does the linkage between stock market performance and economic growth vary across greater China?, Appl. Econ. Lett. 15 (2008), no. 7, 505-508. [47] C. Liyanagamage, Bank competition and economic growth: The short‑run and long‑run effects, Int. J. Finance Banking Stud. (2147‑4486) 10 (2021), no. 1, 20-33. [48] A. Michael, N.A.A. Effah, T.N. Joel, and A.O. Nkwantabisa, Stock market development, financial deepening and economic growth in Africa, J. Financ. Risk Manag. 10 (2021), no. 1, 1-24. [49] M. Mohammadi Khiyareh and N. Rostami, The impact of competitiveness on economic growth (a case study of WEF member countries), Econ. Res. J. (2019), no. 76, 153-185. [50] B. Mosayebzadeh Ghavorchin, The effect of banking competition through electronic services and financial stability on the economic growth of selected countries, Second Int. Conf. Manag. Ind. Engin. Econ. Account., 2018, pp. 1-16. [51] H.R. Nejad and S.A. Kermani, The relation between insurance development and economic growth in Iran, Finance Management 47 (2012), 9079-9087. [52] C. Nongnit, I. Kanokporn, C. Surachai, and C. Pannatorn, Stock market development and economic growth in Thailand: An ARDL Approach, (2021). [53] M. Obstfeld, Risk‑taking, global diversification, and growth, American Econ. Rev. 84 (1994), no. 5, 1310-1329. [54] N.M. Odhiambo, Stock market development and economic growth in South Africa: An ARDL‑bounds testing approach, World Bus. Inst. 37 (2010), no. 2, 1-13. [55] E. Panopoulou, Financial variables and euro area growth: a non‑parametric causality analysis, Economic Modelling 26 (2009), no. 6, 1414-1419. [56] R.P. Pradhan, M.B. Arvin, M. Nair, and S.E. Bennett, Unveiling the causal relationships among banking competition, stock and insurance market development, and economic growth in Europe, Struct. Change Econ. Dyn. 55 (2020), 74-87. [57] R.P. Pradhan, M.B. Arvin, M. Nair, S.E. Bennett, S. Bahman, and J.H. Hall, Endogenous dynamics between innovation, financial markets, venture capital and economic growth: Evidence from Europe, J. Multinat. Financ. Manage. 45 (2018), 15-34. [58] R.P. Pradhan, M.B. Arvin, and N.R. Norman, Insurance development and the finance‑growth nexus: Evidence from 34 OECD countries, J. Multinat. Financ. Manage. 31 (2015), 1-22. [59] A. Rashid, Macroeconomic variables and stock market performance: Testing for dynamic linkages with a known structural break, Savings Dev. 32 (2008), no. 1, 77-102. [60] G. Saint‑Paul, Technological choice, financial markets and economic development, Eur. Econ. Rev. 36 (1992), no. 4. [61] S.C. Sharma and P. Wongbangpo, Long‑term trends and cycles in ASEAN stock markets, Rev. Financ. Econ. 11 (2002), no. 4, 299-315. [62] J.E. Stiglitz, The role of the state in financial markets, The World Bank Econ. Rev. 7 (1993), 19-52. [63] C.-W. Su, H.-L. Chang, and G. Pan, Tests for causality between insurance development and economic growth using asymptotic and panel bootstrap distributions, Econ. Comput. Econ. Cybernetics Stud. Res. 47 (2013), no. 3, 111-131. [64] K.J. Thaddeus, C.A. Ngong, U.J. Nnecka, N.M. Nubong, G.I. Ibe, O. Chinyere, and J.U.J. Onwueme, Stock market development and economic growth in sub‑Saharan Africa (1990‑2020): an ARDL approach, J. Econ. Administr. Sci. ahead‑of‑print (2022). [65] F. Torabi Goudarzi, The impact of the insurance industry on economic growth in selected oil and non‑oil countries, The Second Scientific Research Conference on Management, Economics and Accounting, 2019, pp. 1-20. [66] S. Van Nieuwerburgh, F. Buelens, and L. Cuysers, Stock market development and economic growth in Belgium, Explor. Econ. History 43 (2006), no. 1, 13-38. [67] D. Ward and R. Zurbruegg, Does insurance promote economic growth? Evidence from OECD countries, J. Risk Insurance 67 (2000), no. 4, 489-506. [68] K. Yari, The relationship between the expansion of the insurance industry and economic growth in Iran 1959‑2004, First Int. Conf. Manag. Lab. Innov. Approach. Manag. Econ., Tehran, 2020, pp. 1-16. | ||
|
آمار تعداد مشاهده مقاله: 5 تعداد دریافت فایل اصل مقاله: 3 |
||