چکیده:
In this article, I try to find out what are the effects of financial variablessuch as ratio of private sector deposits to GDP and ratio of bank credit toprivate sector to GDP and value of stocks trade in Tehran stockexchange to total current value of stocks and private sector liquidity toGDP on total investment.We use two models to test our hypothesis the first is a model for Iranand the second is a panel data regression model for china, India,Indonesia, Iran, Pakistan, Turkey a united Arab Emirate. Finding out thatall these variable a positive effect on investment.
خلاصه ماشینی:
Vol. 1 / No. 1 / winter 2011 Empirical works 1) Dong He and Pardy (1993, PP1-12) in their research by choosing a sample 32 countries from Asia, Africa and Latin America, for period of 1978-1990, has concluded that a positive and significant correlation existed between financial development variables and ratio of investment to gross domestic products.
The second one is a panel data fixed effect model for estimation of effect of financial variable on investment in a group of 8 countries (Bahrin, China, Iran, Indonisia, India, Pakestan, Turky and United Arab Emirate).
The first model is: LOGTI 1 2 LOGNPDGDP 3 LOGBCNGDP LOGSTCST LOGCTSGDP LOGLIQGDP 6 Et Dependent variable in this model is total investment in Iran and independent variables are: BCNGDP=ratio of credit to private sector to GDP STCTS=ratio of stock traded to total value of stock in Tehran Stock Exchange NPDGDP=ratio of private sector deposits to GDP CFSGDP=ratio of current value of stocks to GDP LIQGDP=ratio of private sector liquidity to GDP The second model is: LOGTI01LOGMQG2LOGM2GDP3INV(−1) The dependent variable is total investment the independent variables are: MQG=rate of growth of money M2GDP=ratio of M2 to GDP Inv(-1)=Investment with a one year lag A- First model hypothesis: Vol. 1 / No. 1 / winter 2011 1.
We also found that in our second model rate of growth of money, ratio of private sector liquidity to GDP and investment with one period lag have a positive and significant effect on total investment in countries in our sample.