Role of electronic commerce in financial development Case study: D-8 group countries during the period 1975-2009

Increased utilization of new transaction mechanisms proportion to information technology progress and appearance and development of electronic commerce have been leaded to wonderful impacts in financial markets. objective of this survey is to evaluate role of electronic commerce in financial development of d-8 member countries during the period 1975-2009. therefore, financial depth (financial development index) as the dependent variable is being related to electronic commerce indexes such as number of on-line users, number of secure internet servers and commercial service imports as well as gross domestic product (economic growth index) as independent variables. panel data approach has been used for model estimation. research findings indicate that commercial service imports variable as an index of electronic commerce has had a positive and significant impact on financial development of d-8 member countries in the time period under study so that enhancement of these variables improves financial development of such countries. but variable of number of secure internet servers as another index of electronic commerce shows no positive impact on improving financial development of these countries. also, obtained results from model estimation demonstrate significant and positive impact of economic growth on financial development of countries under study.