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Analyzing the Nonlinear Relationship Between Financial Development and Economic Growth in Iran: A Combined Approach Using Principal Component Analysis and Copula Models | ||
| Iranian Journal of Economic Studies | ||
| دوره 13، شماره 2 - شماره پیاپی 26، اسفند 2024، صفحه 455-479 اصل مقاله (710.97 K) | ||
| نوع مقاله: Research Paper | ||
| شناسه دیجیتال (DOI): 10.22099/ijes.2025.53398.2042 | ||
| نویسندگان | ||
| Saeed Kian poor* 1؛ Seyed Ehsan Alavi2 | ||
| 1Department of Economics, Payame Noor University (PNU), Tehran, Iran. | ||
| 2Department of Economics, Hakim Sabzerari university, Sabzevar, Iran. | ||
| چکیده | ||
| The relationship between financial development and economic growth is one of the most debated and significant topics in economic literature. This study examines the Iranian economy from 1990 to 2023 by constructing a composite financial development index, utilizing indicators such as the ratio of Credit to the private sector and broad money (M2) to gross domestic product (GDP). Principal Component Analysis (PCA) was applied to construct the composite index, and copula modeling was used to investigate the nonlinear relationships between variables. Additionally, Kendall, Spearman, and Pearson correlation coefficients were calculated to assess the strength and direction of the relationships. The results indicate no strong or statistically significant relationship between financial development and economic growth in Iran. The weak correlations and findings from the copula model suggest a lack of structural dependence between the two variables. These findings suggest that financial resources have not been effectively allocated to productive sectors, and financial development has not contributed significantly to economic growth. The results underscore the need for structural reforms, efficient resource allocation, and the strategic direction of liquidity in the economy.ns and findings from the copula model suggest a lack of structural dependence between the two variables. These findings suggest that financial resources have not been effectively allocated to productive sectors, and financial development has not contributed significantly to economic growth. The results underscore the need for structural reforms, efficient resource allocation, and the strategic direction of liquidity in the economy | ||
| کلیدواژهها | ||
| Financial Development؛ Economic Growth؛ Principal Component Analysis (PCA)؛ Copula Models | ||
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آمار تعداد مشاهده مقاله: 131 تعداد دریافت فایل اصل مقاله: 22 |
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