محمد, �. (2023). اثر الانفتاح المالي في تنمية الاسواق المالية دول مجلس التعاون الخليجي انموذجاً. , 15(4), 79-100. doi: 10.34009/aujeas.2023.182297
محمد فوزي محمد. "اثر الانفتاح المالي في تنمية الاسواق المالية دول مجلس التعاون الخليجي انموذجاً". , 15, 4, 2023, 79-100. doi: 10.34009/aujeas.2023.182297
محمد, �. (2023). 'اثر الانفتاح المالي في تنمية الاسواق المالية دول مجلس التعاون الخليجي انموذجاً', , 15(4), pp. 79-100. doi: 10.34009/aujeas.2023.182297
محمد, �. اثر الانفتاح المالي في تنمية الاسواق المالية دول مجلس التعاون الخليجي انموذجاً. , 2023; 15(4): 79-100. doi: 10.34009/aujeas.2023.182297

اثر الانفتاح المالي في تنمية الاسواق المالية دول مجلس التعاون الخليجي انموذجاً

مجلة جامعة الانبار للعلوم الاقتصادیة والاداریة
Volume 15, Issue 4, December 2023, Pages 79-100    PDF (1.51 M)
Document Type: بحث
DOI: 10.34009/aujeas.2023.182297
Author
محمد فوزي محمد*
كلية الادارة والاقتصاد / جامعة الموصل
Abstract
يهدف البحث الى تشخيص وتحليل وتتبع آلية وقنوات انتقال التأثير الذي يمكن ان تحدثه التغيرات الحاصلة في مؤشرات الانفتاح المالي في تنمية الاسواق المالية لدول مجلس التعاون الخليجي للمدة (2005-2021)، فضلا ًعن بناء أنموذج كمي تجريبي قادر على اختبار طبيعة وحجم واتجاه ذلك التأثير, ومن خلال اعتماد منهجية الانحدار الذاتي للفجوات الزمنية الموزعة للبيانات المدمجة (Panel ARDL) التي تفصل الاثار التكاملية للانفتاح المالي في تنمية الأسواق المالية في الاجل الطويل منه عن القصير. وقد افصحت النتائج التجريبية عن وجود اثر ايجابي طويل الاجل لمؤشري الانفتاح المالي والمتمثلان بإجمالي التدفقات الرأسمالية ورصيد الموجودات والمطلوبات الأجنبية في مؤشر تنمية الأسواق المالية، عززت بالأثار الإيجابية للانفتاح التجاري والاطر القانونية والتنظيمية والجودة المؤسسية بوصفها متغيرات ضابطة داعمة للأنموذج المقدر. من جانب اخر فقد افرزت نتائج التقدير قصيرة الاجل فشل جميع المتغيرات التوضيحية ومنها مؤشري الانفتاح المالي في تأكيد تأثيرهم المعنوي في تنمية الأسواق المالية.
Keywords
الانفتاح المالي؛ الانفتاح التجاري؛ تنمية الاسواق المالية; الانحدار الذاتي للفجوات الزمنية الموزعة
References
  1. Abderrazak, EL Kilali, Badreeddine, Chegri & Eloualidi, Mohamed Najib, 2018, Trade And Financial Openness And Economic Growth In Morocco: Theoritical Debatem, Journal of Economics and Finance, 9(4):01-09.
  2. Adegboye, Abidemi C. & Ikponmwosa Nosakhare, (2013), Financial Openness and Capital Market Development: Empirical Review of Selected West African Countries, Journal of Economics and Sustainable Development, 4(16):65-73.
  3. Ahmad, Jawad, Zehraa, Sania &  Jehan, Noor (2018), Can Openness Hypothesis Improve Political Economy of Pakistan's Financial Market?, Global Political Review (GPR) 3(I):56 – 65.
  4. Aljazaerli, Alsherfawi M. et al.2016, Corruption and stock market development: new evidence from GCC countries, Business: Theory and Practice, 17(2): 117–127
  5. Arestis,Philip & Demetriades, Panicos,1997, Financial Development and Economic Growth: Assessing the Evidence, Wiley, The Economic Journal,(107)442,783-799.
  6. Baldwin, Richard & Forslid, Rikard, 2000. Trade Lliberalisation and Endogenous Growth : a q-theory approach. Journal of International Economics, 50 (2):497-517.
  7. Barnor, Charles & Wiafe, Emmanuel A.,2015, Financial Sector Openness and Stock Market Development in Ghana, Research Journal of Finance and Accounting, 6(24): 80-88.
  8. Bayraktar , Nihal Bayraktar, 2014, Measuring relative development level of stock markets: Capacity and effort of countries , Borsa - Istanbul Review 14, 74-95
  9. Bekaert Geert,. Harvey, Campbeel & Christian, Lundblad, 2000, Emerging equity market and economic development, NBER Working Paper No. 7763.
  10. Bekaert, Geert. Harvey, Campbell R., 2000, Foreign speculators and emerging equity markets. Journal of Finance, 55(2):565-614.
  11. Bekaert, Greet, Harvey, Campbell R. & Lundblad, Christian Siegel, Stephan ., 2007. Growth opportunities and market integration. Journal of Finance, 62(3): 1081-1137.
  12. Bekaert, Greet, Harvey, campbell R. & Lundblad, Christian, 2011, Financial Openness and .Productivity?, World Development, 99(1):1-19
  13. Ben Naceur ,Sami, Cherif, Mondher & Kandil, Magda ,2014 What drives the development of the MENA financial sector?,Borsa -Istanbul Review 14-4,212-223.
  14. Bonfiglioli, A., 2008, Financial integration, productivity and capital accumulation. Journal of International Economics, 76(2), 337–355.
  15. Bush, Georgia, 2018, Financial openness, policy vs. realized outcomes, Bank Maxeco, Working Paper, No.4.
  16. Cakan, Esin, 2017, Impact of Financial and Trade Openness on Financial Development in Emerging Market Economies: The Case of Turkey, American Journal of Economics and Business Administration, 9 (4): 71-8.
  17. Calderón, &  Kubota,  M. 2009, Does  Financial Openness  Lead  to  Deeper  Domestic  Financial  Markets?, World Bank Policy Research Working Paper, No. 497.
  18. Chinn, Menzie D. & Hiro Ito, 2021, Notes on The Chinn-Ito Financial Openness Index 2019 Update. http://web.pdx.edu/~ito/Readme_kaopen2019.pdf
  19. Chinn, Menzie & Ito, Hiro, 2006. What matters for financial development? Capital controls, institutions and interactions, Journal of Development Economics, 81(1):163-192
  20. Chinn, Menzie D. and Hiro Ito, 2008, A New Measure of Financial Openness, Journal of Comparative Policy Analysis, 10 (3), 309-322.
  21. Čihák, Martin et al.,2012, Financial Development in 205 Economies, 1960 to 2010, NBER Working Paper No. 18946, Cambridge.
  22. Claessens, Stijn, Asli Demirgüc-Kunt, and Harry Huizinga, 2001, How Does Foreign Entry Affect Domestic Banking Markets?. Journal of Banking and Finance. 25(5):891-911.
  23. Cubillas, Elena & González, Francisco, 2014, Financial liberalization and bank risk-taking: international evidence, Journal of Financial Stability, 11:32-48.
  24. Errunza, Vihang R, Miller, Darius P., 2000, Market Segmentation and the Cost of Capital in International Equity Markets. The Journal of Financial and Quantitative Analysis, 35(4): 577-600.
  25. Ersoy, İmre, 2011, The Impact of Financial Openness on Financial Development, Growth and Volatility in Turkey: Evidence From the Ardl Bounds Tests, Ekonomska istraživanja, 24(3):33-44.
  26. Estrada Gemma, Park, Donghyun & Ramayandi Arief , 2015, Financial Development, Financial Openness, and Economic Growth, ADB Economics Working Paper Series, No.442.
  27. Estrada, Gemma, Park, Donghyun, & Ramayandi, Arief , 2015, Financial Development, Financial Openness, and Economic Growth, ASIAN Development Bank, Economics Working Paper Series, 442.
  28. Fauzel, Sheereen,  Modeling the Relationship between FDI and Financial Development in Small Island Economies, A PVAR Approach. Theoretical Economics Letters, 6(3):367-375.
  29. Forouheshfar , Yeganeh,2018, Financial sector development, economic growth and demography in MENA region, Economies and finances. PSL Research University.
  30. Garita, Gus,2009, How Does Financial Openness Affect Economic Growth and its Components? Munich Personal RePEc Archive, Paper No. 20099.
  31. Gray, Dale F., Merton, Robert C. and Bodie, Zvi.,2007, New framework for measuring and managing macro financial risk and financial stability, NBER Working Paper No. 13607, Cambridge.
  32. Hanh, Pham Thi Hong, 2010, Financial Development, Financial Openness and Trade Openness: New evidence, FIW Working Paper, No.60, Research Centre International Economics, Vienna.
  33. Henry, Peter Blair, 2000b, Do market liberalizations cause investments booms? Journal of Financial Economics, 58(1–2):301-334.
  34. Henry, Peter B. & Chari, Anusha, 2002, Capital account liberalization: Allocative efficiency or animal spirits?, Stanford Institute for Economic and Policy Research. Stanford University, Stanford.
  35. Henry, Peter B., 2000a, Stock Market Liberalization, Economic Reform and Emerging Market Equity Prices, Journal of Finance, 55(2):529-564.
  36. Ho, Sin-Yu & Bernard, Njindan Iyke, 2018, Short- and Long-term Impact of Trade Openness on Financial Development in Sub-Saharan Africa, Munich Personal RePEc Archive, Paper No.84272.
  37. Ho, Sin-Yu & Iyke,Bernard N. , 2017, Determinants of Stock Market Development: A Review of the Literature, Studies in Economics and Finance 34(1):143-164.
  38. Hosseininasab, Ebrahim et al.,2012, Effects of Trade and Financial Liberalization on Financial Development (Case Study: MENA Countries), International Economic Studies, 40(1): 57-66.
  39. Huang, Wei, 2006, Emerging Markets Financial Openness and Financial Development , Department of Accounting and Finance, University of Bristol, Discussion Paper No. 588.
  40. Huang, Yongfu,2010,Determinants of Financial Development, University of Cambridge. Index of Financial Development, IMF Working Paper.No.5.
  41. Karanovic, Goran& Karanovic, Bisera, 2015, Developing An Agrgregate Index For Measuring Financial Stability In The Balkan, Procedia Economics & Finance, (33)3, 3-17.
  42. Kim, E. Han & Singal, Vijay, 2000, Stock market opening: Experience of Emerging economies. The journal of business, 73(1):25-66.
  43. Kose M. Ayhan et al,2006, Financial Globalization: A Reappraisal, IMF Working Paper, No.148.
  44. Kose, M. Ayhan, Prasad, Eswar, Rogoff, Kenneth, & Wei, Shang-Jin, 2006, Financial Globalization: A Reappraisal Prepared, IMF Working Paper, 189.
  45. Lane, Philip & Gian Maria Milesi-Ferretti, 2003, International financial integration,” IMF Staff Papers 50: 82-113.
  46. Lane, Philip & Gian Maria Milesi-Ferretti, 2007, The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970-2004,” Journal of International Economics 73(2): 223-250.
  47. Lee, Chia-Hao & Chou Pei-I,2018, Financial openness and market liquidity in emerging markets, Finance Research Letters, 25(3):124-130
  48. Levine, R., 2001, International Financial Liberalization and Economic Growth, Review of International Economic, 9(4):688-702.
  49. Levine, Ross & Zervos, Sara ,1998, Stock Markets, Banks, and Growth. American Economic Review, 88(3):537-558.
  50. Levine, Ross, 2004, Finance and growth: theory and evidence. NBER Working Paper No. 10766.
  51. Levine, Ross., Zervos Sara, 1998, Capital control liberalization and stock market development. World Development 26(7):1169–1183.
  52. Luo, Yun, Tanna, Sailesh & Vita, Glauco D., 2016. Financial openness, risk and bank efficiency: cross-country evidence, Journal of Financial Stability, 24:132-148
  53. Manolescu, Claudiu Mihail & Manolescu Elena,2017, The financial stability index – An insight into the financial and economic conditions of Romania, Theoretical and Applied Economics, 14(613): 5-24.
  54. Navaz, Naghavi, Mubarik, M. Shujaat & Kaur. Devinder, 2018, Annals of Financial Economics, 13(4), 1-24.
  55. Nugroho, Setyo & Danarsari, Dwi Nastiti, 2019, The Impact of Trade Openness and Financial Openness on Information Efficiency of Five ASEAN Countries’ Stock Market 2000-2014, Indonesian Capital Market Review 11:130-140,
  56. Ozkok, Zeynep,2010, Financial Openness and Financial Development : An Analysis Using Indices, MPRA ًWorking Paper No. 58865
  57. Prasad ,Eswar S. & Rajan, Raghuram G.,2008, A Pragmatic Approach to Capital Account Liberalization, Journal of Economic Perspectives , 22(3): 149-172.
  58. Rajan, Raghuram.G. & Zingales, Luigi, 2003. The great reversals: the politics of financial development in the twentieth century, Journal of Financial Economics, 69(1):5–50.
  59. Setiawan, Sigit,2015, Financial Depth and Financial Access in Indonesia, Journal of Indonesian Economy and Business, 30(2):139-158.
  60. Shen, Jun, 2015, An Empirical Study on The relationship between financial openness and economic growth, partial fulfillment of the requirements for the degree of Master of Public Policy, KDI School of Public Policy and Management.
  61. Steine, Andreas,2018, Measuring De Facto Financial Openness: A New Index, University of Groningen. https://gdre-scpo-aix.sciencesconf.org/195739/document
  62. Stultz, Rene M., 1999. Globalization, corporate finance and the cost of capital. Journal of Applied Corporate Finance, 12 (3):8-25.
  63. Svirydzenka ,Katsiaryna,2016,Strategy, Policy, and Review Department Introducing a New Broad-based Index of Financial Development, International Monetary Fund, No,5, Working Paper.
  64. Thi Thuy Diem Pham & Trong, Hoai Nguyen, 2021, Impacts of openness on financial development in developing countries: Using a Bayesian model averaging approach, Cogent Economics & Finance, 9(1):1-17.
  65. Tornell, Aaron, Frank Westermann, & Lorenza Martínez (2003), Liberalization, growth, and Financial Crises: Lessons from Mexico and the Developing World’, Brookings Papers on Economic Activity, No. 2,1-112.
  66. Walti, S, ,2005,The macroeconomic determinants of stock market synchronization, Trinity College Dublin, ttps://www.tcd.ie/Economics/staff/waltis/papers/correl.pdf
  67. Wei, Hsinrong P., 2014, Does Financial Openness Affect Economic Growth in Asian Economies? A Case Study in Selected Asian Economies, 1980-2010, Journal of Economics and Political Economy, 21(2):252-301.
  68. Yu, Ning, 2011, The Measurement of Financial Openness: From The Perspective of G20 Countries, International Conference on Economics and Finance Research IPEDR, Singapore, 4:36-40.
  69. Zafar, Mehwish, 2013, Determinants of Stock Market Performance in Pakistan, Journal of Contemporary Research in Business, 4(9):1017-1026.
Statistics
Article View: 2,354
PDF Download: 144


Journal Management System. Powered by iJournalPro.com