Paper Information

Journal:   JOURNAL OF QUANTITATIVE ECONOMICS (QUARTERLY JOURNAL OF ECONOMICS REVIEW)   FALL 2008 , Volume 5 , Number 3 (18); Page(s) 107 To 135.
 
Paper: 

THE TRIANGLE OF FINANCIAL DEVELOPMENT, ECONOMIC GROWTH AND INTERNATIONAL TRADE IN IRAN: A CAUSATION ANALYSIS

 
 
Author(s):  ARMAN SEYED AZIZ*, TABAE EZADI AMIN, HOSEINPOUR FATEMEH
 
* SHAHID CHAMRAN UNIVERSITY, RESPECTIVELY, AHVAZ, IRAN
 
Abstract: 
This study investigates the validity of the demand-following, the supply-leading, the export-led growth and the import-led growth hypotheses and direction of causality between financial development and international trade in Iran. The Bounds Testing Approach to cointegration is conducted to establish the existence of a long-run relationship between these variables. An augmented form of Granger causality analysis and Toda and Yamamoto procedure is implemented to identify the existence and the direction of causality. The empirical findings confirm the demand-following hypothesis in short run. The export-led growth hypothesis and a unidirectional causation from financial development to import are also supported by the results.
JEL classification: F13 , C12
 
Keyword(s): FINANCIAL DEVELOPMENT, SUPPLY-LEADING, DEMAND-FOLLOWING, GRANGER CAUSALITY
 
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