ترجمه مقاله نقش ضروری ارتباطات 6G با چشم انداز صنعت 4.0
- مبلغ: ۸۶,۰۰۰ تومان
ترجمه مقاله پایداری توسعه شهری، تعدیل ساختار صنعتی و کارایی کاربری زمین
- مبلغ: ۹۱,۰۰۰ تومان
Almost every macroeconomics textbook contains a discussion of the empirical determinants of economic growth. The list of variables includes savings and investment, the degree of financial stability, the quality of financial institutions, trade openness, government spending on financial infrastructure, foreign aid and foreign direct investment, inflation, and the state of financial development of the economy (see, for instance, Fischer, 1993; Mankiw et al., 1992; Kormendi et al., 1985). The purpose of this paper is not to examine all the possible determinants of economic growth. Rather, the purpose of this paper is to focus on the relationship between economic growth and two variables that have received much attention in recent years: inflation and stock market development. Most economists agree that inflation has consequences for economic growth (see Jalil et al., 2014; Barro, 2013; Boujelbene and Boujelbene, 2010; Boschi and Cirardi, 2007; Leigh and Rossi, 2002). For example, numerous studies have shown that mild and stable inflation makes it easier for businesses to make investment decisions and for wages to rise. Furthermore, the case for supporting stock market development for the sake of fostering economic growth has been stated in a bourgeoning literature on growth and development (see, for instance, Hou and Cheng, 2010; Arestis et al., 2001; Rousseau and Wachtel, 2000; Enisan and Olufisayo, 2009; Domac and Yucel, 2005; Levine and Zervos, 1996; Levine, 1991; Okun, 1971). Of course, it is evident that stock market development itself may be linked to inflation. For example, studies have demonstrated that easier investing practices may have consequences for prices economy-wide. Thus, stock market development may affect economic growth both directly, through the usual expenditure channels, and indirectly through its effect on inflation.