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The Impact of Foreign Direct Investment on Economic Growth: The Role of Financial Market Development in Host Countries by Panel Data Method
Roholla Mahdavi, Dr Esfandiar Jahangard, Dr Mahmood Khataei,
Volume 1, Issue 2 (12-2010)
Abstract
The foreign direct investment is one of the economic variables that can positively affect the economic growth, but according to some researches this does not apply to some countries. These researches implicate that this lack of positive effect is due to domestic qualification of the home country. One of the essential qualifications for positive effectiveness of foreign direct investment on the economic growth is the existence of developed financial market. Therefore, in this research we intend to examine the role of financial market in the effectiveness of foreign direct investment on the economic growth. To do this we made use of the data from 57 countries in the period 1990-2005 and the econometric technique of panel data. The results show that in developed countries because of their financial market, the effect of foreign direct investment on economic growth is positive and significant whereas in developing countries this effect is not significant.
Investigation Interaction between Exchange Rate and Stock Market in Iran: A Simultaneous Equation System Approach
Yaghoub Rashnavadi, Hossein Norouzi, Tohid Firoozansarnaghi, Shahrokh Beigi,
Volume 11, Issue 39 (3-2020)
Abstract
In recent years, the development of Securities markets has contributed greatly to the flourishing and development of countries. Having a structured and dynamic capital market has been one of the basic requirements of countries on the path of development, and the role of this market in creating economic equilibrium is known to everyone. Therefore, explaining the volatility of the stock market is very important. Meanwhile, the interaction between the stock market and the exchange rate has been the subject of much research by many researchers. The exchange rate is a key variable that neglecting it can create problems and issues for the economy of any country in various dimensions. Therefore, the present study, by specifying a system of simultaneous equations, has examined the simultaneous interactions between the exchange rate and the stock market in Iran, using seasonal data from 2007 to 2017. The variables used in this system are the exchange rate, stock price index, gold price, oil price, liquidity, and consumer price index. The results of this study showed that the exchange rate has a positive and significant effect on the stock price index in Iran and as the exchange rate rises, the stock price index will also rise. Moreover, the stock price index has a statistically significant effect on the exchange rate in Iran. The results of estimating the model show that the effect of the stock price index on the exchange rate is negative and significant, i.e., as the stock price index increases, the exchange rate decreases.

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