The Effect of Inflation on Finance-Growth Causality in Iran

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NIKOOGHADAM M.; Aboutorabi M.A.

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Journal Paper

Paper Information

Journal: JOURNAL OF APPLIED ECONOMICS STUDIES IN IRAN Year:2019 | Volume:8 | Issue:29 Page(s): 269-299

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Title

The Effect of Inflation on Finance-Growth Causality in Iran

Author(s)

NIKOOGHADAM M. | Aboutorabi M.A. | Issue Writer Certificate

Keywords

financial development

financial stability

inflation

economic growth

causality test

Abstract

Dominant economic theory assumes a positive relationship between financial development and economic growth. Contradictorily some empirical evidence shows that the strength of this relation and even its sign heavily depends on economic circumstances of each country. One of the most important determinants of finance-growth nexus is inflation. Specially, in many developing countries which have been experienced higher inflation and poor macroeconomic stability, studying the role of inflation on finance-growth nexus is crucial. This paper tests tri-variate causality among economic growth, financial development and inflation rate in Iran during 1961 to 2016 by using VECM model. Comparing two-variate and tri-variate causality tests reveals that adverse causality from growth to some financial development indicators is caused by high rates of inflation. Moreover, high stable inflation in Iran weakens the causality from some other financial development indicators to economic growth.

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APA: Copy

NIKOOGHADAM, M., & Aboutorabi, M.A.. (2019). The Effect of Inflation on Finance-Growth Causality in Iran. JOURNAL OF APPLIED ECONOMICS STUDIES IN IRAN, 8(29 ), 269-299. SID. https://sid.ir/paper/657737/en

Vancouver: Copy

NIKOOGHADAM M., Aboutorabi M.A.. The Effect of Inflation on Finance-Growth Causality in Iran. JOURNAL OF APPLIED ECONOMICS STUDIES IN IRAN[Internet]. 2019;8(29 ):269-299. Available from: https://sid.ir/paper/657737/en

IEEE: Copy

M. NIKOOGHADAM, and M.A. Aboutorabi, “The Effect of Inflation on Finance-Growth Causality in Iran,” JOURNAL OF APPLIED ECONOMICS STUDIES IN IRAN, vol. 8, no. 29 , pp. 269–299, 2019, [Online]. Available: https://sid.ir/paper/657737/en

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