The impact of financial and trade liberalization on financial development in OPEC member countries

Agricultural Marketing and Commercialization Journal

دوره 6، شماره 1، شهریور 2022، صفحه 167-180   

نوع مقاله: Original Research

نویسندگان

Majid Amirpour Sorkhi¹؛ Shayesteh Varedi^{* 2}؛ Kosar Badiee³

¹Department of Economy, Firoozkooh Branch, Islamic Azad University, Firoozkooh, Iran,

²Department of Economy, Qaemshahr Branch, Islamic Azad University, Qaemshahr, Iran

³Department of Public Administration, Qaemshahr Branch, Islamic Azad University, Qaemshahr, Iran

چکیده

The present study examines the impact of financial and trade liberalization on investment in OPEC member countries. This was descriptive research with a correlational type. The statistical society comprised OPEC member countries. Simple random sampling was used for 14 OPEC member countries. The time interval of 2010-2019 was considered due to heterogeneous published data and consideration of a certain year for all data. The data were derived from World Bank, World Development Indicators (WDI), and Worldwide Governance Indicators (WGI) to be analyzed. Data analysis was done through Eviews software and the generalized method of moments (GMM), and the results indicated the significant impact of trade liberalization on the financial development of selected countries. On the other hand, liberalization affected the financial development of Iran. According to data and statistics, OPEC member countries have relatively poor institutional quality indicators leading to minor impacts of this liberalization compared to other countries with high intuitional quality. It is suggested that the institutional and legal environment of countries be improved in these countries to achieve better and higher impacts of financial and trade liberalization on financial development.

کلیدواژه‌ها

Financial and Trade Liberalization؛ Financial Development؛ OPEC Member Countries

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