تاثیر نوآوری مالی در بازار سهام بر رشد اقتصادی در سطوح مختلف حکمرانی خوب

یکی از اهداف مهمی که کشورها به دنبال تحقق آن هستند، دست یافتن به نرخ رشد اقتصادی بالا است. عوامل مختلفی در رسیدن به این امر مهم دخیل هستند. در این میان، نوآوری در بازارهای مالی به‌ویژه بازار سهام نقش پراهمیتی را ایفا می‌کند. ازآنجایی‌که تاثیر نوآوری مالی بر رشد اقتصادی در کشورها با توجه به سطح حکمرانی متفاوت است، لذا در این پژوهش نقش حکمرانی خوب نیز در نظر گرفته شده است. در این مطالعه، نسبت دارایی‌های صندوق‌ های سرمایه‌گذاری مشترک به تولید ناخالص داخلی به‌عنوان پروکسی نوآوری مالی و متغیر حکمرانی خوب به‌عنوان متغیر آستانه انتخاب شده است. به‌منظور بررسی تاثیر نوآوری مالی در بازار سهام بر رشد اقتصادی از داده‌های پانل 38 کشور منتخب درحال‌توسعه و توسعه‌یافته طی سال‌های 2002 تا 2017 و مدل پانل پویای آستانه‌ای استفاده شده است. نتایج حاکی از آن است که تاثیر نوآوری مالی بر رشد اقتصادی در سطوح پایین و بالای حکمرانی متفاوت است. وقتی‌که سطح شاخص حکمرانی خوب از سطح آستانه بیش‌‌تر باشد، تاثیر نوآوری مالی بر رشد اقتصادی نیز بیش‌تر است.

the effect of financial innovation in the stock market on economic growth at different levels of good governance

1- introduction: financial innovation includes new financial instruments, the creation of new corporate structures, the formation of new financial institutions, the development of new methods of financial accounting and reporting. such improvements in the financial system are key to financial productivity along with economic growth. it seems that the institutional conditions can affect how the development of financial markets affects economic growth. this is important in all countries, but it can be even more important in developing countries, usually not at the desired level of good governance index. in addition, another point that has been neglected in literature is the consideration of new financial instruments in the stock market. one of the financial innovations in the stock market is exchange-traded fund (etf). the etf allows the investor to have a diverse and low-risk portfolio. with this new instrument, passive funds are made available to investors. in sum, considering the existing study gap, the present study examines the impact of financial innovation on the economic growth of developing and developed countries by considering the institutional quality.2- theoretical framework: there are six significant functions to financial innovation: transfer funds, collect funds, manage risk, extract information to support decision making, address information asymmetry, and facilitate the purchase and sale of goods and services through the payment system. there should be no institutional, political, or regulatory barriers to financial innovation in performing these tasks. at best, government incentives should be set up to promote financial innovation. researchers examine the economic impact of financial innovation from two perspectives: the growth and innovation perspective and the fragility and innovation perspective. the growth and innovation perspective states that financial innovation improves the process of financial intermediation and, in turn, stimulates economic growth. the innovation and fragility perspective states that financial innovation leads to a more fragile and vulnerable financial system; therefore, it is an obstacle to economic growth. there is no consensus on which view is dominant. some studies show that innovation in the financial system can accelerate bangladesh’s economic growth through a positive effect on financial development and economic resources. some studies, use research and development costs in the financial sector as a proxy for financial innovation and show that innovations are likely to contribute to economic growth, and incorrect regulation can be a barrier to growth. another study shows that financial innovation (financial innovation expenditures) significantly impacts economic growth. researchers believe that institutions, laws, regulations, and policies are essential for influencing financial innovation in the economy. countries that encourage financial innovation accelerate the convergence of their economies into technology growth rates. some studies also showed that financial innovation’s impact is more substantial in countries with more security markets. financial innovation positively affects growth in countries with more constraints on bank performance.3- methodology: we use a dynamic threshold panel model to investigate the nonlinear effect of financial innovation on economic growth. 4- results discussion: the value of the threshold parameter in this study is 1.67, which is located between the lower (1.64) and upper (1.68) limits and is significant at the 10% confidence level. according to the results, the economic growth whit one lag variable with a coefficient of 0.28 has a positive and significant effect on economic growth. significance of the effect of economic growth with a lag on economic growth indicates the dynamics of the behavior of this variable. the good governance index, which is considered as a threshold variable in this study, plays a role in the impact of financial innovation on economic growth. thus, when the level of good governance index is lower than the threshold level, the effect of financial innovation on economic growth is 0.02 and when the level of good governance index is higher than the threshold level, the effect of financial innovation on economic growth is more and 0.04. 5- conclusions suggestions: the present study results show that in the impact of financial innovation on economic growth, governments and economic institutions’ role in enforcing laws related to good governance indicators cannot be ignored. since the financial innovation in the stock market has a positive impact on economic growth, this effect has different consequences under the lower and upper levels of governance. in other words, financial innovation is meaningful and has a more substantial impact when good governance practices are implemented at higher levels; therefore, governments should strive to implement the criteria of good governance better. however, because countries differ in their institutional environment and definition of good governance indexes, implementing these practices may not produce the same results.