Financial Development and Economic Growth: Evindence From Azerbaijan

Mammadov, Ilkin; Ahmadov, Azerbaijan Fariz

doi:10.37394/23207.2021.18.25

Cited by 15 publications

(3 citation statements)

References 71 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The effect of financial development on countries’ economic growth is well-researched and documented in the literature. Evidence revealed that financial development has a positive long-run impact on the economic growth of countries (Bibi, 2022; Mammadov and Ahmadov, 2021; An et al , 2021; Samia et al , 2020; Kacho and Dahmardeh, 2017; Ang, 2008; Levine, 2005). According to these studies, a properly functioning financial system accelerates economic growth by allocating and channeling finance to various productive investments.…”

Section: Introductionmentioning

confidence: 99%

Political economy of financial development: empirical evidence from Ethiopia

Bedemo

2023

JFEP

View full text Add to dashboard Cite

Purpose The main purpose of this study is to examine the political economy of financial development in Ethiopia, specifically, to test the empirical relevance of the interest group theory of financial development in the context of Ethiopia. Design/methodology/approach The autoregressive distributive lag model to co-integration is applied to Ethiopia’s time series data from 1990 to 2020 to identify the long- and short-run effects of the political regime characteristics on financial development of the country. Findings The findings reveal that the degree of democracy in the political system (a proxy for narrow elites) was found to have a significant positive effect on financial development in the long run but has negatively affected financial development in the short run. Similarly, the political regime durability indicator shows a positive and statistically significant effect both in the long run and short run. The macroeconomic policy indicators which are used as control variables in this study reveal significant effects on the financial development of Ethiopia. Generally, the finding supports the interest group theory of financial development. Originality/value This paper is the original work on the effect of political regime characteristics on financial development in Ethiopia. Thus, it brings substantial value to studying determinants of financial development as it goes beyond the conventional determinants by considering the role of political power in the process of financial development.

show abstract

Section: Introductionmentioning

confidence: 99%

Political economy of financial development: empirical evidence from Ethiopia

Bedemo

2023

JFEP

View full text Add to dashboard Cite

show abstract

“…At the same time, the share of expenditures on the professional development of employees in total labour costs also decreased. This trend reflects the concentration of the improvement of the determinants of human capital in Azerbaijan only on officials, which in the future may be accompanied by a decrease in the level of efficiency of the application of physical economic theory in the economic activity of the country (Mammadov, 2021).…”

Section: Source: the State Statistical Committee Of The Republic Of A...mentioning

confidence: 99%

Untitled

2023

Scientific Horizons

View full text Add to dashboard Cite

Свідоцтво про державну реєстрацію друкованого засобу масової інформації серії КВ № 24997-14937 ПР Науковий журнал включено до категорії А Переліку наукових фахових видань України, у яких можуть публікуватися результати дисертаційних робіт на здобуття наукових ступенів доктора та кандидата ветеринарних, економічних, сільськогосподарських і технічних наук зі спеціальностей: 051 -Економіка; 071 -Облік і оподаткування; 072 -Фінанси, банківська справа та страхування; 073 -Менеджмент; 075 -Маркетинг; 076 -Підприємництво, торгівля та біржова діяльність; 101 -Екологія; 133 -Галузеве машинобудування; 201 -Агрономія; 202 -Захист і карантин рослин; 203 -Садівництво та виноградарство; 204 -Технологія виробництва і переробки продукції тваринництва; 205 -Лісове господарство; 206 -Садово-паркове господарство; 208 -Агроінженерія; 211 -Ветеринарна медицина (наказ МОН України № 1166 від 23 грудня 2022 р.) Журнал представлено у міжнародних наукометричних базах даних, репозитаріях та пошукових системах: Інституційний репозитарій Поліського національного університету, AGRICOLA, CAB Abstracts and Global Health (CABI), Open Academic Journals Index (OAJI), Scopus, Index Copernicus, Реєстр наукових видань України, Національна бібліотека України імені В. І. Вернадського, Crossref, Directory of Open Access Journals (DOAJ) Адреса редакції: Поліський національний університет б-р Старий,

show abstract

“…These state attempts continue to this day. Various studies are devoted to studying the reaction of local enterprises to regulatory measures (Mammadli, 2022;Mammadov and Ahmadov, 2021;Seyfullayev, 2020;Seyfullayev, 2022), but the impact of the country's financial development on the manufacturing sector's growth in resource-rich countries, including Azerbaijan, has not yet been sufficiently studied. In addition, the effectiveness of financial instruments largely depends on the economy's structure, the quality of institutions, and regulation.…”

Section: Introductionmentioning

confidence: 99%

The impact of financial development on the manufacturing industry in resource-rich countries: Empirical evidence from Azerbaijan

Seyfullayev,

Seyfullali

2023

JEECAR

View full text Add to dashboard Cite

The study is devoted to assessing the causal relationship between financial development and economic growth in the manufacturing sector of Azerbaijan, a country rich in oil and gas resources. The study covers quarterly data from 2005-2021. The Johansen co-integration test and the Toda-Yamamota test are used to analyze temporal and causal characteristics between indicators. The results showed that there is no co-integration between financial development and growth in the long run. Along with this, no evidence was found indicating the presence of a causal relationship between variables in the short run. The results show that increased credit availability does not necessarily positively impact productivity and capital growth in the manufacturing sector. At the same time, the growth of loans contributes more to the growth of imports than to the growth of domestic production. The hypothesis about the negative impact of the "resource curse" on financial development is confirmed by financial market development in Azerbaijan, which makes it difficult to assess the securities market's impact on manufacturing sector growth. Research on the institutional aspects of financial regulation and finding ways to increase the relative attractiveness of the manufacturing sectors could provide more detailed recommendations to improve the effectiveness of financial instruments.

show abstract

Financial Development and Economic Growth: Evindence From Azerbaijan

Cited by 15 publications

References 71 publications

Political economy of financial development: empirical evidence from Ethiopia

Political economy of financial development: empirical evidence from Ethiopia

Untitled

The impact of financial development on the manufacturing industry in resource-rich countries: Empirical evidence from Azerbaijan

Contact Info

Product

Resources

About