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:: Volume 4, Issue 15 (quarterly journal of Fiscal and Economic Policies 2017) ::
3 2017, 4(15): 7-22 Back to browse issues page
The Study of the Role of the Financial Development in the Relationship Between Exchange Rate And Productivity Growth: (Stock Market Development)
Abstract:   (1366 Views)

   Today, most economies seek to achieve increasing productivity growth. Hence, identifying the factors which can affect the productivity growth, other than what most traditional theories say, is essential. This study examines the role of financial development levels in relationship between exchange rate volatility and productivity growth for 34 countries, including Iran in 1994-2014 period.  In this study, the ratio of the value of the stock exchange to GDP has been introduced as a criterion of development of the financial sector. The estimation results from GMM method show that exchange rate volatility has a negative effect on productivity growth in low financial development and positive effect in higher financial development level. Therefore, due to unfavorable exchange rate volatility effects in countries with low financial development, a movement towards a more flexible exchange rate regime requires further financial market development.

Keywords: Exchange rate, financial development, productivity, GMM method
Full-Text [PDF 889 kb]   (1286 Downloads)    
Type of Study: Research | Subject: Special
Received: 2016/07/14 | Accepted: 2017/03/7 | Published: 2017/03/7
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The Study of the Role of the Financial Development in the Relationship Between Exchange Rate And Productivity Growth: (Stock Market Development) . 3. 2017; 4 (15) :7-22
URL: http://qjfep.ir/article-1-490-en.html


Volume 4, Issue 15 (quarterly journal of Fiscal and Economic Policies 2017) Back to browse issues page
فصلنامه سیاستهای مالی و اقتصادی Quarterly Journal of Fiscal and Economic Policies
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