ﺑﺮرﺳﯽ ﻧﻘﺶ ﻧﻘﺪﯾﻨﮕﯽ ﺑﺎزار ﺳﻬﺎم در رﺷﺪ دﺳﺘﻤﺰدﻫﺎ و ارﺗﺒﺎط آن ﺑﺎ ﺗﻮزﯾﻊ درآﻣﺪ و ﻓﻘﺮ در ﮐﺸﻮرﻫﺎي درﺣﺎل ﺗﻮﺳﻌﻪ و ﺗﻮﺳﻌﻪ ﯾﺎﻓﺘﻪ

The effect of wage growth caused by stock market liquidity on income inequality and poverty in developed and developed countries

ﻫﺪف اﺻﻠﯽ اﯾﻦ ﻣﻄﺎﻟﻌﻪ، ﺑﺮرﺳﯽ ﻧﻘﺶ ﻧﻘﺪﯾﻨﮕﯽ ﺑﺎزار ﺳﻬﺎم ﺑﺮ رﺷﺪ دﺳﺘﻤﺰدﻫﺎ و ﺗﺄﺛﯿﺮ آن ﺑـﺮ ﺗﻮزﯾـﻊ درآﻣـﺪ و ﻓﻘـﺮ ﺑـﺮاي ﻣﻨﻨﺘﺨﺒﯽ از ﮐﺸﻮرﻫﺎي ﺗﻮﺳﻌﻪ ﯾﺎﻓﺘﻪ و درﺣﺎل ﺗﻮﺳﻌﻪ ﺑﺎ اﺳﺘﻔﺎده از داده ﻫﺎي ﭘﺎﻧﻞ ﻃﯽ دوره زﻣﺎﻧﯽ 2000 ﺗﺎ 2017 اﺳﺖ. ﻧﺘـﺎﯾﺞ ﺑﻪ دﺳﺖ آﻣﺪه از ﻣﺪل اول ﺗﺤﻘﯿﻖ ﺑﺎ اﺳﺘﻔﺎده از روش OLS ﻧﺸﺎن داد ﮐﻪ ﻧﻘﺪﯾﻨﮕﯽ ﺑﺎزار ﺳﻬﺎم ﺑﺮ رﺷـﺪ دﺳـﺘﻤﺰدﻫﺎ ﻫـﻢ در ﮐﺸﻮرﻫﺎي درﺣﺎل ﺗﻮﺳﻌﻪ و ﻫﻢ در ﮐﺸﻮرﻫﺎي ﺗﻮﺳﻌﻪ ﯾﺎﻓﺘـﻪ ﮐـﺎﻣﻼً ﺗﺄﺛﯿﺮﮔـﺬار اﺳـﺖ. ﻫﻤﭽﻨـﯿﻦ ﻧﺘـﺎﯾﺞ ﻣـﺪل دوم ﺗﺤﻘﯿـﻖ ﺑـﺎ اﺳﺘﻔﺎده از ﻫﺮ دو روش FMOLS و DOLS ﻧﺸـﺎن ﻣـﯽ دﻫـﺪ ﮐـﻪ اﯾـﻦ رﺷـﺪ دﺳـﺘﻤﺰد ﺣﺎﺻـﻞ از ﻧﻘـﺪ ﯾﻨﮕﯽ ﺑـﺎزار ﺳـﻬﺎم ﻣﯽ ﺗﻮاﻧﺪ ﻣﻨﺠﺮ ﺑﻪ ﮐﺎﻫﺶ ﻧﺎﺑﺮاﺑﺮي درآﻣﺪ و ﻓﻘﺮ در ﮐﺸﻮرﻫﺎي درﺣﺎل ﺗﻮﺳﻌﻪ ﺷـﻮد. ﺣـﺎل آﻧﮑـﻪ رﺷـﺪ دﺳـﺘﻤﺰد ﺣﺎﺻـﻞ از ﻧﻘﺪﯾﻨﮕﯽ ﺑﺎزار ﺳﻬﺎم در ﮐﺸﻮرﻫﺎي ﺗﻮﺳﻌﻪ ﯾﺎﻓﺘﻪ ﻣﯽﺗﻮاﻧﺪ ﺑﺎﻋﺚ اﻓﺰاﯾﺶ ﻧﺎﺑﺮاﺑﺮي درآﻣﺪﻫﺎ و ﻓﻘـﺮ ﺷـﻮد و ﻧﺘـﺎﯾﺞ ﻣـﺪل ﺳـﻮم ﺗﺤﻘﯿﻖ ﺑﺎ اﺳﺘﻔﺎده از ﻫﺮ دو روش DOLS FMOLS ﻧﺸﺎن ﻣﯽ دﻫﺪ ﮐﻪ اﯾﻦ رﺷـﺪ دﺳـﺘﻤﺰد ﺣﺎﺻـﻞ از ﻧﻘـﺪ ﯾﻨﮕﯽ ﺑـﺎزار ﺳﻬﺎم ﻣﯽﺗﻮاﻧﺪ ﻣﻨﺠﺮ ﺑﻪ ﮐﺎﻫﺶ ﻓﻘﺮ در ﮐﺸﻮرﻫﺎي درﺣﺎل ﺗﻮﺳﻌﻪ ﺷﻮد. ﺣﺎل آﻧﮑﻪ رﺷﺪ دﺳﺘﻤﺰد ﺣﺎﺻـﻞ از ﻧﻘـﺪ ﯾﻨﮕﯽ ﺑـﺎزار ﺳﻬﺎم در ﮐﺸﻮرﻫﺎي ﺗﻮﺳﻌﻪ ﯾﺎﻓﺘﻪ ﻣﯽﺗﻮاﻧﺪ ﺑﺎﻋﺚ ﻓﻘﺮ ﺷﻮد.

One of the significant incentives of the investors to enter the capital market is to earn profits and finally increase wealth. However, one of the most important concerns of the investors while investing in the stock market is the liquidity of the stocks. Thus, the high liquidity of the stock market reduces the risk of non-liquidity of the stock, as well as reduces the cost of capital accumulation for the companies and firms whose shares are offered on the stock market. Thus, liquidity of the stock market can be a good context for absorbing and accumulating savings and long-term investments. Having increased income growth, it can change income and poverty inequality. The purpose of the current study was to examine the income growth from stock market liquidity on income inequality and poverty for a selection of developed and developing countries. To this end, panel data from 2000 to 2017 was used. The results showed that income growth due to stock market liquidity reduced income inequalities and poverty in developing countries, while it increased the income inequalities and poverty in developed countries.