ارزيابي آثار توسعه نظام مالي بر تشكيل سرمايه و رشد اقتصادي

Impacts of the Development of Financial System on Capital Formation and Economic Growth

Economic facts and figures show that Iran, as a developing country, has not succeeded desirable saving and investment ratios, comparable to the international levels. Indeed, factors such as income level and income distribution, age structure of the population, political and economic risks and finally frequent changes in rules, regulations and policy decisions have created impediments and insecure environment for investors. Consequently, the investors prefer to invest in physical assets rather than financial instruments like stocks. Furthermore, the more active role and large share of the banking market against capital market in the Iran economy, higher risks of investment in Tehran Stock Exchange than investment in real estate and construction sectors, lower yields of investment in the capital market and finally the lack of an efficient primary capital market, are all the factors responsible for non - formation of adequate amount of savings and pertinent low ratios. In this article, we study the importance and effectiveness of capital market evaluation measures such as, liquidating nature of this market and its role in the economic growth of Iran, through examining the relation between capital market development and economic growth within a regression model and explanation of the capital market development-economic growth puzzle under the Granger cause and effect relationship.