پديد آورندگان :
ﻓﺘﺎﺣﯽ, ﺷﻬﺮام داﻧﺸﮕﺎه رازي - داﻧﺸﮑﺪه ﻋﻠﻮم اﺟﺘﻤﺎﻋﯽ - ﮔﺮوه اﻗﺘﺼﺎد , ﺳﻬﯿﻠﯽ, ﮐﯿﻮﻣﺮث داﻧﺸﮕﺎه رازي - ﮔﺮوه اﻗﺘﺼﺎد , ﻣﺮﯾﺪي, زﯾﻨﺐ دانشگاه رازي
كليدواژه :
نقدﺷﻮﻧﺪﮔﯽ ﺑﺎزار ﺳﻬﺎم , ﻧﺮخ ﻓﻘﺮ و رﺷﺪ اﻗﺘﺼﺎدي , ﮐﺸﻮرﻫﺎي ﻣﻨﺘﺨﺐ ﺗﻮﺳﻌﻪ ﯾﺎﻓﺘﻪ و در ﺣﺎل ﺗﻮﺳﻌﻪ , دادهﻫﺎي ﺗﺎﺑﻠﻮﯾﯽ
چكيده فارسي :
ﻓﻘﺮ ﻣﺴﺌﻠﻪاي ﮐﻪ ﻃﯽ ﺳﺎﻟﯿﺎن ﻃﻮﻻﻧﯽ وﺟﻮد داﺷﺘﻪ و ﻣﺒﺎرزه ﺑﺎ آن ﻫﻢﭼﻨﺎن ﯾﮑﯽ از اﻫﺪاف ﺑﺴﯿﺎر ﻣﻬﻢ ﺳﯿﺎﺳﺖﮔﺬاران اﻗﺘﺼﺎدي ﮐﺸﻮرﻫﺎي ﺟﻬﺎن اﺳﺖ. ﻣﻘﻮﻟﻪ ﺷﻨﺎﺳﺎﯾﯽ ارﺗﺒﺎط ﺑﯿﻦ ﺗﻮﺳﻌﻪ ﺑﺎزارﻫﺎي ﻣﺎﻟﯽ و ﮐﺎﻫﺶ ﻓﻘﺮ ﯾﮑﯽ از ﻣﺒﺎﺣﺜﯽ اﺳﺖ ﮐﻪ در دﻫﻪﻫﺎي اﺧﯿﺮ ﻣﻮرد ﺗﻮﺟﻪ اﻗﺘﺼﺎدداﻧﺎن ﻗﺮار ﮔﺮﻓﺘﻪ اﺳﺖ اﯾﻦ ﻣﺴﺌﻠﻪ زﻣﺎﻧﯽ ﺑﯿﺸﺘﺮ ﻣﻄﺮح ﺷﺪ ﮐﻪ ﺗﺠﺮﺑﻪ ﺑﺮﺧﯽ از ﮐﺸﻮرﻫﺎي ﺻﻨﻌﺘﯽ ﻧﺸﺎن داد ﺑﺎزارﻫﺎي ﻣﺎﻟﯽ از ﺟﻤﻠﻪ ﺑﺎزار ﺳﻬﺎم ﮐﻪ ﺑﻪ ﻋﻨﻮان ﯾﮏ رﮐﻦ ﻣﻬﻢ و ﺣﯿﺎﺗﯽ در اﻗﺘﺼﺎد ﻫﺮ ﮐﺸﻮر ﻣﯽﺗﻮاﻧﺪ ﺑﺮ ﻧﺮخ ﻓﻘﺮدر ﮐﺸﻮرﻫﺎي در ﺣﺎل ﺗﻮﺳﻌﻪ و ﺗﻮﺳﻌﻪ ﯾﺎﻓﺘﻪ ﻣﻮﺛﺮ ﺑﺎﺷﺪ ﺑﻪ ﻃﻮري ﮐﻪ ﻧﻘﺪﺷﻮﻧﺪﮔﯽ ﺑﺎزار ﺳﻬﺎم داراي ﻧﻘﺶ ﮐﻠﯿﺪي در ﺗﺠﻬﯿﺰ و ﻫﺪاﯾﺖ وﺟﻮه ﻣﻮﺟﻮد در اﻗﺘﺼﺎد ﺑﻪ ﺳﻤﺖ ﺑﺨﺶﻫﺎي ﺗﻮﻟﯿﺪي و ﺻﻨﻌﺘﯽ و ﺑﻪ ﺗﺒﻊ آن ﺑﻬﺒﻮد رﺷﺪ اﻗﺘﺼﺎدي و ﺗﻐﯿﯿﺮ ﻧﺮخ ﻓﻘﺮدارد. ﻧﻘﺪﺷﻮﻧﺪﮔﯽ ﺑﺎزارﻫﺎي ﺳﻬﺎم ﻣﯽﺗﻮاﻧﺪ ﺑﺎ ﮐﺎﻫﺶ رﯾﺴﮏ ﻧﻘﺪﺷﻮﻧﺪﮔﯽ ﺳﻬﺎم، ﺗﺴﻬﯿﻞ ﻣﺒﺎدﻻت، ﮐﺎﻫﺶ ﻫﺰﯾﻨﻪ ﻣﺒﺎدﻻت، ﺷﻔﺎفﺳﺎزي اﻃﻼﻋﺎت و ﮐﺎﻫﺶ ﻫﺰﯾﻨﻪ ﺟﻤﻊآوري اﻃﻼﻋﺎت و از ﻫﻤﻪ ﻣﻬﻢﺗﺮ ﮐﺎﻫﺶ رﯾﺴﮏ ﻧﻘﺪﺷﻮﻧﺪﮔﯽ ﺳﻬﺎم ﺑﺮ ﻣﯿﺰان اﻧﺒﺎﺷﺖ ﭘﺲاﻧﺪازﻫﺎي ﮐﻮﭼﮏ و ﺑﺰرگ، ﺟﻤﻊآوري ﻧﻘﺪﯾﻨﮕﯽﻫﺎي ﺳﺮﮔﺮدان، ﺗﺒﺪﯾﻞ اﯾﻦ ﭘﺲاﻧﺪازﻫﺎي ﺑﻪ ﺳﺮﻣﺎﯾﻪﮔﺬاري در ﭘﺮوژهﻫﺎي ﺳﻮد آور و اﻓﺰاﯾﺶ رﺷﺪ اﻗﺘﺼﺎدي ﺑﺮ ﻧﺮخ ﻓﻘﺮ در ﺟﻮاﻣﻊ در ﺣﺎل ﺗﻮﺳﻌﻪ و ﺗﻮﺳﻌﻪ ﯾﺎﻓﺘﻪ ﺗﺎﺛﯿﺮﮔﺬار ﺑﺎﺷﺪ. ﺣﺎل آﻧﮑﻪ در ﮐﺸﻮرﻫﺎي ﺗﻮﺳﻌﻪ ﯾﺎﻓﺘﻪ ﻧﻘﺪﺷﻮﻧﺪﮔﯽ ﺳﻬﺎم ﮐﻪ ﺧﻮد ﻋﺎﻣﻞ ﺑﺴﯿﺎر ﻣﻬﻤﯽ ﺑﺮاي ﺗﻮﺳﻌﻪ ﺑﺎزار ﺳﻬﺎم اﯾﻦ ﮐﺸﻮرﻫﺎ و دﺳﺖﯾﺎﺑﯽ ﺑﻪ رﺷﺪ اﻗﺘﺼﺎدي ﺑﺎﻻ ﺑﻮده ﻓﻘﺮ در اﯾﻦ ﺟﻮاﻣﻊ ﻧﻪ ﺗﻨﻬﺎ از ﺑﯿﻦ ﻧﺮﻓﺘﻪ ﺑﻠﮑﻪ ﺣﺘﯽ ﮔﺎﻫﯽ ﺗﺸﺪﯾﺪ ﯾﺎﻓﺘﻪ اﺳﺖ. ﻟﺬا ﺑﺎ ﺑﺎ ﻋﻠﻢ ﺑﻪ اﯾﻦ ﻣﺴﺎﻟﻪ ﻣﻬﻢ اﯾﻦ ﺗﺤﻘﯿﻖ ﺑﻪ ﺑﺮرﺳﯽ ﺗﺎﺛﯿﺮ ﻧﻘﺪﺷﻮﻧﺪﮔﯽ ﺑﺎزار ﺳﻬﺎم )ﺑﺎ اﺳﺘﻔﺎده از دو ﺷﺎﺧﺺ ﻧﺴﺒﺖ ﺳﺮﻋﺖ ﮔﺮدش ﺳﻬﺎم و ﺣﺠﻢ ﻣﻌﺎﻣﻼت ﺑﻪ ﺗﻮﻟﯿﺪ ﻧﺎﺧﺎﻟﺺ داﺧﻠﯽ( ﺑﺮ ﻧﺮخ ﻓﻘﺮ )ﺑﺎ اﺳﺘﻔﺎده از دو ﺷﺎﺧﺺ ﻓﻘﺮ ﻧﺴﺒﯽ و ﻓﻘﺮ ﻣﻄﻠﻖ( ﺑﺮاي ﻣﻨﺘﺨﺒﯽ از ﮐﺸﻮرﻫﺎي ﺗﻮﺳﻌﻪ ﯾﺎﻓﺘﻪ و در ﺣﺎل ﺗﻮﺳﻌﻪ ﺑﺎ اﺳﺘﻔﺎده از دادهﻫﺎي ﭘﺎﻧﻠﯽ ﻃﯽ ﺳﺎلﻫﺎي 2000-2018. ﻧﺘﺎﯾﺞ ﺣﺎﺻﻞ از ﻫﺮ دو روش FMOLS و DOLS ﻣﯽﭘﺮدازد. ﻧﺸﺎن ﻣﯽدﻫﺪ ﺿﻤﻦ آﻧﮑﻪ ﻧﻘﺪﯾﻨﮕﯽ ﺑﺎزار ﺳﻬﺎم ارﺗﺒﺎط ﻣﻌﻨﺎداري ﺑﺎ ﻧﺮخ ﻓﻘﺮ ﭼﻪ در ﮐﺸﻮرﻫﺎي در ﺣﺎل ﺗﻮﺳﻌﻪ و ﭼﻪ در ﮐﺸﻮرﻫﺎي ﺗﻮﺳﻌﻪ ﯾﺎﻓﺘﻪ دارد اﻣﺎ ﺑﺎ اﻓﺰاﯾﺶ ﻧﻘﺪﺷﻮﻧﺪﮔﯽ ﺑﺎزار ﺳﻬﺎم ﻧﺮخ ﻓﻘﺮ در ﺳﻄﺢ ﺟﻮاﻣﻊ ﭘﯿﺸﺮﻓﺘﻪ ﺻﻨﻌﺘﯽ اﻓﺰاﯾﺶ ﻣﯽﯾﺎﺑﺪ ﺣﺎل آﻧﮑﻪ ﺑﺎ اﻓﺰاﯾﺶ ﻧﻘﺪﺷﻮﻧﺪﮔﯽ ﺑﺎزار ﺳﻬﺎم ﻧﺮخ ﻓﻘﺮ در ﺳﻄﺢ ﺟﻮاﻣﻊ در ﺣﺎل ﺗﻮﺳﻌﻪ ﮐﺎﻫﺶ ﻣﯽﯾﺎﺑﺪ
چكيده لاتين :
Poverty is an issue that has existed for many years and fighting it is still one of the most significant goals of economic policymakers around the world. Recognizing the connection between financial markets development and poverty reduction is one of the topics that has been considered by economists in recent decades. This issue was further raised when the experience of some industrialized countries revealed that financial markets, including the stock market as an important and vital element in the economy of any country, can affect the poverty rate in developing and developed countries so that stock market liquidity has a key role in equipping and directing funds in the economy to the productive and industrial sectors and as a result, there is an improvement in economic growth and a change in the poverty rate. Stock market liquidity by reducing stock liquidity risk, facilitating exchanges, reducing transaction costs, clarifying information and reducing the collecting information cost, and most importantly, reducing stock liquidity risk affects the accumulation of small and large savings, gathering stray liquidity, turning these savings into investments in profitable projects, and increasing economic growth on the poverty rate in developing and developed societies. Nonetheless, in developed countries, stock liquidity, which is a very important factor for the development of the stock market of these countries and achieving high economic growth, poverty in these societies has not only not vanished, but sometimes even intensified. Consequently, knowing this important issue, this study examines the effect of stock market liquidity (using two indicators of stock rotation ratio and trading volume to GDP) on the poverty rate (using two indicators of relative poverty and absolute poverty) for a selection of developed and developing countries using panel data from 2000 to 2018. The results of both FMOLS and DOLS methods show that while stock market liquidity has a significant relationship with the poverty rate in both developing and developed countries, with increasing stock market liquidity, the poverty rate increases at the level of advanced industrial societies, while with increasing stock market liquidity, poverty rates are declining in developing societies.
