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Addressing the growth failure of the oil economies: The role of financial development
, Article Quarterly Review of Economics and Finance ; Volume 46, Issue 5 , 2007 , Pages 726-740 ; 10629769 (ISSN) ; Rastad, M ; Sharif University of Technology
2007
Abstract
The oil exporting countries have experienced a relatively continuous fall in GDP per capita over the last 30 years. This is in spite of benefiting from a more than average of the rest of the world investment rate. The findings of this paper, report a lower level of financial development for the oil economies when compared with the rest of the world. We will show in this paper that the higher rate of investment of the oil economies can be explained mainly by the oil revenues and surprisingly, financial development has a net dampening effect on investment for these economies. The paper also shows that the weakness of financial institutions, contributes to the poor performance of economic...
Role of Oil in Financial Development-economic Growth Volatility Nexus
, M.Sc. Thesis Sharif University of Technology ; Nili, Masoud (Supervisor) ; Madanizadeh, Ali (Supervisor)
Abstract
In this research, we investigate the role of oil and degree of dependence to it on nexus between financial development and growth volatility. The link between financial development and growthvolatility has been the focus of extensive literature, but no empirical study has been investigated the role of oilin relationship between financial development and growth fluctuations. By using information of 78 developing countries (11 oil exporting and 67 non-oil countries) during 1983-2008, we construct a dynamic model. Difference GMM technique is used to estimate the model. Our findings show that negative impact of financial development on volatility of GDP, Investment and Consumptiongrowth is...
Studying of Financial Structure of Iranian Listed Company by Using a Partial Adjustment Model and Separation of Micro and Macro Factors
, M.Sc. Thesis Sharif University of Technology ; Nili, Farhad (Supervisor) ; Abedini, Javad (Co-Advisor)
Abstract
Financial structure of firm is a determinant of firm’s cost of capital. Cost of capital is a determinant of firm value, so studding of Factors affecting the financial structure has become one of the most important topics in the financial economics in recent decades. Theoretical studies relating to the financial structure of firm have generally been aimed to studying the determinants of optimal financial structure. Empirical studies have also focused to studying the relationship between observed financial leverage and a set of explanatory variables. This approach has two major shortcomings. First, the observed leverage deviates from the optimal leverage. Second, the empirical analyses are...
Searching for the finance–growth nexus in Libya
, Article Empirical Economics ; Volume 58, Issue 2 , 2020 , Pages 567-581 ; Rahmati, M. H ; Sharif University of Technology
Springer
2020
Abstract
This paper investigates the causal relationship between financial development and economic growth in Libya during the period 1970–2016, providing new insights from a resource-dependent economy. The empirical results vary with estimation methodology and model specification, but indicate no long-run relationship between financial intermediation and nonhydrocarbon output growth. The OLS estimation shows that financial development has a statistically significant negative effect on real nonhydrocarbon GDP per capita growth. However, both the VAR- and ARDL-based estimations present statistically insignificant results, albeit still attaching a negative coefficient to financial intermediation. It...
An Investigation of Uncertainty’s Welfare Effects in Economy
, M.Sc. Thesis Sharif University of Technology ; Madanizadeh, Ali (Supervisor)
Abstract
We consider the impact of long-run uncertainty on relative GDP per Capita of an economy and show this effect is negative and significant. We show one standard deviation increase in uncertainty, decreases the economy’s GDP per Capita by 1.3%.In other words uncertainty affects the development of economies in addition to their growth rate. We show the significance of this effect in presence of human capital and physical capital. We consider the impact of uncertainty on relative productivity and show its significant negative impact. We consider the uncertainty impact on GDP per Capita’s time trend and show the effect diminishes over time.Additionally, we investigate the important channels of...