MODERN ECONOMY, ELECTRONIC FINANCIAL MARKETS AND ECONOMIC GROWTH IN SELECTED COUNTRIES

Yıl 2012, Cilt: 4 Sayı: 2, 71 - 80, 01.12.2012

Monireh Dizaji Naghmeh Sharifi Fahimeh Esmaeli Mina Mahjoub Laleh

Öz

In recent years, information and communication technology (ICT) as a
characteristic of modern economies, has developed greatly and gradually has
affected various economic sectors over the world. Using ICT, more and faster
access to accurate information necessary for activity in financial markets has been
provided. Developed financial markets are essential for the emergence of the
modern economy and also Internet has significant influence on financial services
through high market potential. In this study, the effect of electronic financial
markets on economic growth, in 29 countries, during the period 2003-2008 was
estimated, using panel data and Generalized Methods of Moments (GMM). The
results indicate positive and significant effects of ICT and financial sector
development on economic growth in studied countries.

Anahtar Kelimeler

ICT, Electronic Financial Markets, Economic Growth.

Kaynakça

• Aghaee, Majid , Assari Arani,Abbas (2008). “Effects of ICT on Economic Growth of OPEC Members”. Journal of Economic Research,No. 8, pp.63-82.
• Allen, Franklin, McAndrews, James and Strahan, Philip (2001), “ E-Finance: An Introduction”, Financial Institutions Center working paper, The Wharton School, University of Pennsylvania.
• Claessens, Stijn, Glaessner, Thomas ,Klingebiel, Daniela (2002), “Electronic Finance: A New Approach to Financial Sector Development” , The World Bank Discussion Paper431, The world Bank, Washington DC.
• Estache, Antonio, Marianella González and Lourdes Trujillo (2002), “What Does ‘Privatization’ Do for Efficiency? Evidence from Argentina’s and Brazil’s Railways”, World Development, Vol. 30, No. 11, pp.1885-1897.
• Fuatai,Purcell, Toland, Janet (2003), “E-Finance For Development: Global Trends, National Experience And SMEs”, The Electronic Journal on Information Systems in Developing Countries, Vol. 1, No. 6, pp. 1-4.
• Levine, Ross,LOayze, Norman, Beck, Thorsten (2000),” Financial Intermediation And Growth: Causality And Causes "Journal of Monetary Economics,Vol. 46,pp.31-77.
• Nsouli, Saleh, Schaechter, Andrea, (2002)“Challenges of E-Banking Revolution”, Finance and Development Journal, Vol. 39, No. 3.
• Mehrara, Mohsen, Talakesh, Hossein (2009), “The Relationship Between Financial Development And Economic Growth In Selected Countries Using Dynamic Panel Data”, Journal of Knowledge and Development, Vol. 16, No. 11.
• Mahmoodzadeh, Mahmood (2007) , “Modern economy and Iran's position”, Journal of Parliament and Research, No 55. pp. 47-82. Papaioannou, Sotiris K. (2004). “ FDI and ICT Innovation Effect on Productivity Growth: A Comparison between Developing and Developed Countries” , Athens University of Economics and Business.
• Petersen, Mitchell A. and Rajan, Raghuram G.(2001), “Does Distance Still Matter?, The Information Revolution In Small Business Lending”, mimeo, March. Qureshi, Sajda(2005),“ How Does Information Technology Effect Development? Integrating Theory and Practice in to a Process Model” Proceeding of the 11thAmericans Conference on Information Systems, pp.500-509.
• Shamim, Farkhanda (2007), “The ICT Environment, Financial Sector and Economic Growth: ACross-Country Analysis”, Journal of Economic Studies, Emerrald Group Publishing,Vol. 34(4), pp.352-370.