Investigating the effects of institutional factors and financial development on economic development (Case study of selected developing countries)
Subject Areas :Saeid Roghangaran yazdi 1 , esmaiel abounoori 2 , Gholamali Farjadi 3 , Rahman Saadat 4
1 - PHD. student in Development Economics, Faculty of Economics, Management and Administrative Sciences, Semnan University, Semnan, Iran
2 - semnan university
3 - Associate Professor, Department of Economics and Systems, Higher Institute of Management and Planning Education and Research, Tehran, Iran
4 - Semnan University
Keywords: Keywords: business environment, institutional quality, economic development, simultaneous panel equations.,
Abstract :
Saied Roghangaran Yazdi Esmaiel Abounoori Gholamali Farjadi Rahman Saadat Abstract In this research, the effects of institutional factors and financial development on economic development (case study of selected developing countries) are examined. For this purpose, by using the system Simultaneous equations and panel data during the years 2007-2020 for a selection of developing countries, the results showed that institutional factors, including indicators of business regulations and nascent entrepreneurship, Foreign direct investment, human capital and the formation of gross domestic fixed capital have a positive effect have significance on the economic development (legatum index) of selected countries. In addition, the index of business regulations, government spending on education and economic development have a positive and significant effect on the index of business environment in developing countries. Therefore, based on the findings of the research, which is based on documented information Internationally, in a wide range of developing countries, there is a need for development-oriented strategic planning in order to implement institutional and legal requirements in facilitating the business environment and encouraging the entrepreneurial environment, as well as reforming and changing general and professional education programs. And the specialization of training potential entrepreneurs can provide suitable conditions for the emergence of entrepreneurial businesses, especially technology-oriented ones.
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