Financial Integration between Iran, OPEC and the Shanghai Organization

سال انتشار: 1397
نوع سند: مقاله ژورنالی
زبان: انگلیسی
مشاهده: 253

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شناسه ملی سند علمی:

JR_IJFIFSA-2-4_004

تاریخ نمایه سازی: 24 فروردین 1401

چکیده مقاله:

This article investigates the financial convergence between Iran, OPEC & the Shanghai Organization trade groups, of which Iran is a member.  The analysis covers the period of ۲۰۰۵ to ۲۰۱۷.In order to examine the convergence dynamics of these financial markets; we have employed the Philips and Sul (۲۰۰۷) methodology, which uses a nonlinear time-varying factor model. This paper provides a comprehensive picture of the financial systems within Iran and its convergence clubs by testing the convergence of their money market with domestic credit to private sector by banks (% of GDP), deposit and lending interest rate, real interest rate, and capital market with Stocks traded, total value (% of GDP). The empirical findings show that money and stock markets of OPEC and the Shanghai group do not form a homogenous convergence club. Results show that Iran has convergence with some countries in OPEC and the Shanghai group in money and stock markets, which can be explained by their similar economic indicators in both markets. Furthermore, the convergence speed between Iran and the Shanghai countries is higher than that of Iran and OPEC countries, which proves that joint trade agreements are stronger reasons for convergence than the oil factor. Iran should implement further structural reforms in order to achieve greater financial convergence with its joined groups.

کلیدواژه ها:

Stock markets ، Banking sector ، Opec and The Shanghai Organization ، Panel Convergence Methodology

نویسندگان

Saghar Nikpour

Ph.D. Candidate, Department of Economics, Faculty of Management and Economics, Shahid Bahonar university of kerman, Kerman, Iran.

Mojtaba bahmani

Assistant Prof., Department of Economics, Faculty of Management and Economics, Shahid Bahonar university of kerman, Kerman, Iran.

sayyed Abdolmajid Jalaee

Prof., Department of Economics, Faculty of Management and Economics, Shahid Bahonar university of kerman, Kerman, Iran.

Mehdi Nejati

Assistant Prof. of Economics, Faculty of Management and Economics, Shahid Bahonar university of kerman, Kerman, Iran.

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