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Banks, Stock Market and Economic Growth: the case of Iran

Author

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  • Anoshirvan Taghipour

    (The economic planning department of Vice-Presidency for strategic planning and control ; lecture at University of Tehran)

Abstract

The first paper empirically investigates the relationship between banks, stock market and economic growth emphasizing the transmission channels from financial development to growth in Iran using time series methodologies, namely Johansen’s co-integration and Granger causality testing procedures in the context of Error Correction Models (ECM). The findings suggest that in our case study banks affect economic growth mainly through the capital accumulation channel. While, it appears that the stock market does cause growth only through the productivity channel. In contrast, the feedback effect, running causality from growth to finance, was found significant only for the stock market development. Generally, these results strongly support the supply-leading view.

Suggested Citation

  • Anoshirvan Taghipour, 2009. "Banks, Stock Market and Economic Growth: the case of Iran," Iranian Economic Review (IER), Faculty of Economics,University of Tehran.Tehran,Iran, vol. 14(1), pages 19-40, spring.
    • Handle: RePEc:eut:journl:v:14:y:2009:i:1:p:19
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    Cited by:

    1. Pejman Ebrahimi & Maria Fekete-Farkas & Parisa Bouzari & Róbert Magda, 2021. "Financial Performance of Iranian Banks from 2013 to 2019: A Panel Data Approach," JRFM, MDPI, vol. 14(6), pages 1-15, June.

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