FINANCIAL DEEPENING INFLUENCES ON MISERY INDEX (PANEL DATA APPROACH)

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SALATIN PARVANEH; GHALAMZAN NIKOO KAMELIA; GHAFFARI SOMEE NILOUFAR

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Journal: Financial Economics Year:2016 | Volume:10 | Issue:35 Page(s): 131-146

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Title

FINANCIAL DEEPENING INFLUENCES ON MISERY INDEX (PANEL DATA APPROACH)

Author(s)

SALATIN PARVANEH | GHALAMZAN NIKOO KAMELIA | GHAFFARI SOMEE NILOUFAR | Issue Writer Certificate

Keywords

MISERY INDEX – FINANCIAL MARKETSQ1

GENERALIZED METHOD OF MOMMENTSQ2

Abstract

Inflation imposes welfare costs through reduction of value of financial assets and it damages production by creating uncertainty in institutions’ decision for investment and imposing other costs. Inflation, in fact, leads to non-optimal resource allocation, economic inefficiency, and disarray in the social, cultural, and political condition of the society. Unemployment, like inflation, causes disarray in the society. Unemployed people appear as parasites in the society and play no part in production and social services. Moreover, unemployment causes people to be trapped in issues such as crime, addiction and moral corruption which leads to the disruption of the society’s cultural texture. Inflation and unemployment are two major social issues. The harmful effects of these two social issues are such that the “Misery Index” is often calculated as the sum of inflation and unemployment rates. In this regard, the main objective of this paper is to analyze the effect of financial markets on the misery index in a group of selected countries with average income in the 2003-2014 period. Results from model estimation by the method of Generalized Method of Moments (GMM) show that: · The trade volume to transaction volume ratio in a stock market (as an indicator of the capital market) has no effect on the misery index in the group of selected countries.· Domestic credit to private sector by banks (as an indicator of the money market) has a negative and meaningful effect on misery index in the group of selected countries.

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APA: Copy

SALATIN, PARVANEH, GHALAMZAN NIKOO, KAMELIA, & GHAFFARI SOMEE, NILOUFAR. (2016). FINANCIAL DEEPENING INFLUENCES ON MISERY INDEX (PANEL DATA APPROACH). JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT), 10(35), 131-146. SID. https://sid.ir/paper/228996/en

Vancouver: Copy

SALATIN PARVANEH, GHALAMZAN NIKOO KAMELIA, GHAFFARI SOMEE NILOUFAR. FINANCIAL DEEPENING INFLUENCES ON MISERY INDEX (PANEL DATA APPROACH). JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT)[Internet]. 2016;10(35):131-146. Available from: https://sid.ir/paper/228996/en

IEEE: Copy

PARVANEH SALATIN, KAMELIA GHALAMZAN NIKOO, and NILOUFAR GHAFFARI SOMEE, “FINANCIAL DEEPENING INFLUENCES ON MISERY INDEX (PANEL DATA APPROACH),” JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT), vol. 10, no. 35, pp. 131–146, 2016, [Online]. Available: https://sid.ir/paper/228996/en

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