بررسی تقارن و عدم تقارن شاخص‌های بانکی بر رشد اقتصادی عراق: رویکرد رگرسیون چندکی
الموضوعات :
کیومرث شهبازی
1
,
بسام عبدالمحسن حسین العزاویی
2
1 - استاد اقتصاد دانشگاه ارومیه
2 - دانشگاه ارومیه
الکلمات المفتاحية: ثبات بانکی, رشد اقتصادی عراق, تمرکز بانکی, رگرسیون کوانتایل,
ملخص المقالة :
تمرکز و ثبات مالی در نظام بانکداری یک کشور در سطوح مختلف رشد اقتصادی، می‌تواند تأثیر متفاوت و نامتقارن بر آن داشته باشند؛ بنابراین این پژوهش، از مدل رگرسیون کوانتایل (QR) برای بررسی تعاملات بین رقابت بانکی، ثبات بانکی و رشد اقتصادی در عراق طی دوره-ی2020:12 -2010:01 استفاده کرده است. نخست، شاخص‌های هرفیندال-هیرشمن، لرنر، تمرکز سه بنگاهی، تمرکز 5 بنگاهی و Z-SCORE محاسبه شد، سپس مدل رگرسیون کوانتایل برآورد شد. نتایج تجربی نشان می‌دهد که تمامی شاخص‌های تمرکز و ثبات بانکی دارای اثرات منفی و نامتقارن بر رشد اقتصادی در چارک‌های مختلف هستند و تمرکز بانکی در چارک‌های پایین‌تر رشد اقتصادی، تأثیر منفی بیشتری بر رشد اقتصادی دارد. همچنین، ضرایب شاخص ثبات بانکی نشان می‌دهد زمانی که رشد اقتصادی در سطح پایین‌تری قرار دارد یک محیط مالی با ثبات برای عملکرد اقتصادی مطلوب‌تر است. بعلاوه، نتایج به دست آمده از تمامی برآوردها حاکی از آن است که اثر منفی تمرکز، چندین برابر اثر مثبت ثبات بانکی بر رشد اقتصادی در همه‌ی چارک‌ها است؛ بنابراین پیشنهاد می‌شود در مرحله‌ی اول، به منظور افزایش رشد اقتصادی تمرکز بانکی را از طریق تشویق سرمایه‌گذاران به ایجاد بانکهای کوچک و متوسط کاهش داد، سپس محدودیت‌هایی برای بانکهای بزرگ به منظور کاهش ریسک بانکی و افزایش ثبات آن اعمال شود.
المصادر:
ابوترابی، محمدعلی؛ حاج امینی، مهدی؛ توحیدی، سحر. (1400). تأثیر ساختار مالی و بانکی بر رشد بخش واقعی اقتصاد در ایران .پژوهشهای اقتصادی ایران.26(87) ، 165-194.
باقری، سید فاطمه؛ نظریان، رافیک؛ هادی نژاد، منیژه؛ دامن کشیده، مرجان. (1401). تأثیر شاخص های کلان بانکی، مالی، اقتصادی و بحران های اقتصادی بر ادوار تجاری ایران و کشورهای منتخب در حال توسعه اسلامی و توسعه یافته .اقتصاد مالی، 16(59)، 323-303.
بیدگلی، محمد؛ اسماعیل زاده مقری، علی؛ تقوی، محمد مهدی؛ دامن کشیده، مرجان. (1400). آزﻣﻮﻥ ﺗﺠﺮﺑﯽ تأثیر ﺭﯾﺴﮏ ﻓﻀﺎﯼ ﮐﺴﺐ ﻭ ﮐﺎﺭ ﺑﺮ ﺭﺍﺑﻄﻪ بین ﺭﯾﺴﮏ نقدینگی ﻭ عملکرد مالی در صنعت بانکداری ایران. دانش سرمایه‌گذاری، 10(40)، 450-425.
درویشی، مرتضی؛ نظری، رضا؛ بنی مهد، بهمن؛ مرادزاده فرد، مهدی. (1401). ارائه چارچوبی برای گزارشگری مالی بانکها در ایران با رویکرد بانکداری اسلامی .اقتصاد مالی، 16(61)، 272-251.
شهبازی، کیومرث؛ حسن زاده، خدیجه. (1395). نقش توسعه مالی در تأثیر تمرکز و ثبات بانکی بر ارزش افزوده بخش صنعت. پژوهش¬ها و سیاست های اقتصادی، 24(79)، 189-214.
فلیحی، نعمت؛ بخارایی، ریحانه. (1396). بررسی اثر عمق مالی بر رشد اقتصادی در ایران. اقتصاد مالی. 11(38)، 63-80.
میرزایی، حسین، رضایی، مهرداد، صلاحی، جواد، افشاری راد، مجید. (1401). ارزیابی تأثیر دوره مصونیت از ورشکستگی غیر ممکن بانکها بر میزان سپردهها در بانکهای خصوصی و دولتی ایران (رهیافت دادههای تابلویی پویا). اقتصاد مالی،16) 60( ، 281-304.
نیکخو، حافظ، رحمانی، تیمور، خلیلی، فرزانه. (1401). نااطمینانی اقتصادکلان و تصمیمات سرمایه‌گذاری بانکها. اقتصاد مالی،16) 58( ، 22-1.
Abuamsha, M. K. (2021). The role of the banking sector in financing the real estate and contracting sector in the Palestinian territories. International Journal of Housing Markets and Analysis, 15(2), 357-374.
Agoraki, M. E. K., Aslanidis, N., & Kouretas, G. P. (2022). US banks’ lending, financial stability, and text-based sentiment analysis. Journal of Economic Behavior & Organization, 197, 73-90.
Ahmoudabadi, M. Z., & Emrouznejad, A. (2019). Comprehensive performance evaluation of banking branches: A three-stage slacks-based measure (SBM) data envelopment analysis. International Review of Economics & Finance, 64, 359-376.
Akinrolabu, D. R., & Haruna, M. A. (2021). Organization of Petroleum Exporting Countries (OPEC) at: Challenges, Achievements and Prospects Towards Global Economic and Investment Development. Achievers Journal of Scientific Research, 3(2), 182-196.
Albaity, M., Mallek, R. S., & Noman, A. H. M. (2019). Competition and bank stability in the MENA region: The moderating effect of Islamic versus conventional banks. Emerging Markets Review, 38, 310-325.
Ali, K., Hongbing, H., Liew, C. Y., & Jianguo, D. (2023). Governance perspective and the effect of economic policy uncertainty on financial stability: evidence from developed and developing economies. Economic Change and Restructuring, 1-32.
Allen, F., Gu, X., & Jagtiani, J. (2022). Fintech, cryptocurrencies, and CBDC: Financial structural transformation in China. Journal of International Money and Finance, 124, 102625.
Alshubiri, F., Jamil, S. A., & Fekir, S. (2023). Corruption Control, Government Effectiveness and Banking Stability: Does Corruption Grease or Sand the Wheels?. Journal of the Knowledge Economy, 1-26.
Al-Yousif, Y. K. (2002). Financial development and economic growth: Another look at the evidence from developing countries. Review of Financial Economics, 11(2), 131–150.
Anani, M., & Owusu, F. (2023). Regulatory capital and bank risk-resilience amid the Covid-19 pandemic: How are the Basel reforms faring?. Finance Research Letters, 52, 103591.
Bai, Y., Dang, T. V., He, Q., & Lu, L. (2022). Does lending relationship help or alleviate the transmission of liquidity shocks? Evidence from a liquidity crunch in China. Journal of Financial Stability, 58, 100889.
Barjaktarović, L., Filipović, S., & Dimić, M. (2013). Concentration level of the banking industry in CEE countries. Industrija, 41(3), 39-54.
Barra, C., & Zotti, R. (2022). Financial stability and local economic development: the experience of Italian labour market areas. Empirical Economics, 62(4), 1951-1979.
Bataille, M., Bodnar, O., Steinmetz, A., & Thorwarth, S. (2019). Screening instruments for monitoring market power—The Return on Withholding Capacity Index (RWC). Energy Economics, 81, 227-237.
Bayar, Y., Borozan, D., & Gavriletea, M. D. (2021). Banking sector stability and economic growth in post‐transition European Union countries. International Journal of Finance & Economics, 26(1), 949-961.
Capeleti, P., Garcia, M., & Sanches, F. M. (2022). Countercyclical credit policies and banking concentration: Evidence from Brazil. Journal of Banking & Finance, 143, 106589.
Chen, W., Lu, H., Liu, X., & Li, D. (2020). Financial depth or breadth: What really matters for fighting air pollution in China?. Chinese Journal of Population, Resources and Environment, 18(4), 331-341.
Civelli, C. B., & Garcia-Hiernaux, A. (2023). An indicator of monetary bias for emerging and partially dollarized economies: The case of Uruguay. International Review of Economics & Finance.
Coccorese, P. (2004). Banking competition and macroeconomic conditions: A disaggregated analysis international financial markets. Institutions and Money, 14(3), 203–219.
Coccorese, P. (2008). An investigation on the causal relationships between banking concentration and economic growth. International Review of Financial Analysis, 17(3), 557-570.
Craigwell, R., Downes, D., & Howard, M. (2001). The finance-growth nexus: A multivariate VAR analysis of a small open economy. Savings and Development, 25(2), 209–223.
Creel, J., Hubert, P., & Labondance, F. (2014). Financial stability and economic performance. Economic Modelling, 48(C), 25–40.
Domeher, D., Konadu-Yiadom, E., & Aawaar, G. (2022). Financial innovations and economic growth: Does financial inclusion play a mediating role?. Cogent Business & Management, 9(1), 2049670.
Doytch, N., Elheddad, M., & Hammoudeh, S. (2023). The financial Kuznets curve of energy consumption: Global evidence. Energy Policy, 177, 113498.
Duramany-Lakkoh, E. K., Jalloh, M. S., & Jalloh, A. (2022). An Empirical Examination of the Impact of Banks on Economic Growth in Sierra Leone (2001-2017). Journal of Financial Risk Management, 11(2), 258-276.
Faza, M., & Badwan, N. (2023). The Risk of Capital Flight on Economic Growth and National Solvency: An Empirical Evidence from Palestine. Asian Journal of Economics, Business and Accounting, 23(7), 28-48.
Fejza-Ademi, V., Avdullahi, A., Tmava, Q., & Durguti, E. (2022). Analysis of the banking sector competition in Kosovo. Studia Universitatis Vasile Goldiș Arad, Seria Științe Economice, 32(2), 84-101.
Fernández, A. I., González, F., & Suárez, N. (2016). Banking stability, competition, and economic volatility. Journal of Financial Stability, 22, 101-120.
Fukuyama, H., Matousek, R., & Tzeremes, N. G. (2023). Estimating the degree of firms’ input market power via data envelopment analysis: Evidence from the global biotechnology and pharmaceutical industry. European Journal of Operational Research, 305(2), 946-960.
Gabrielsson, J., & Gustavsson, E. (2023). Bank Stability and Economic Growth: Panel Evidence from the Covid-19 Pandemic.
Gaffeo, E., & Mazzocchi, R. (2014). Competition in the banking sector and economic growth: panel-based international evidence. Available at SSRN 2416379.
Gao, X., Gui, R., Guo, H., Wang, Z., & Liu, Q. (2019). Creatinine-induced specific signal responses and enzymeless ratiometric electrochemical detection based on copper nanoparticles electrodeposited on reduced graphene oxide-based hybrids. Sensors and Actuators B: Chemical, 285, 201-208.
Gavrilidis, A. A., Nita, A., & Rozylowicz, L. (2022). Past local industrial disasters and involvement of NGOs stimulate public participation in transboundary Environmental Impact Assessment. Journal of Environmental Management, 324, 116271.
Geng, D., Xu, Y. X., & Wang, Q. (2023). Hybrid deposition of Cr–O/Al–O hard coatings combining cathodic arc evaporation and high power impulse magnetron sputtering. Surface and Coatings Technology, 129235.
Georgiadis, G., & Zhu, F. (2021). Foreign-currency exposures and the financial channel of exchange rates: Eroding monetary policy autonomy in small open economies? Journal of International Money and Finance, 110, 102265.
Ghasemi, A., & Abdolshah, F. (2014). The Survey of the Causal Relationship between Banking Concentration and Economic Growth. Iranian Economic Review, 18(3), 87-101.
Gómez Rodríguez, T., Ríos Bolívar, H., & Zambrano Reyes, A. (2022). Long-term relation between bank competition and economic growth: An international approach by income level. Contaduría y administración, 67(3).
Gržeta, I., Žiković, S., & Tomas Žiković, I. (2023). Size matters: analyzing bank profitability and efficiency under the Basel III framework. Financial Innovation, 9(1), 1-28.
Hafeez, B., Li, X., Kabir, M. H., & Tripe, D. (2022). Measuring bank risk: Forward-looking z-score. International Review of Financial Analysis, 80, 102039.
Hameed, S., Quamar, M. M., & Kumaraswamy, P. R. (2022). Qatar. In Persian Gulf 2021-22: India’s Relations with the Region (pp. 299-341). Singapore: Springer Nature Singapore.
Hansen, L. P. (2022). Central banking challenges posed by uncertain climate change and natural disasters. Journal of Monetary Economics, 125, 1-15.
Hasanov, F. J., Aliyev, R., Taskin, D., & Suleymanov, E. (2023). Oil rents and non-oil economic growth in CIS oil exporters. The role of financial development. Resources Policy, 82, 103523.
Hoang, K., Tran, S., & Nguyen, L. (2022). Credit information sharing, nonperforming loans and economic growth: A cross-country analysis. Cogent Economics & Finance, 10(1), 2045720.
Huynh, T. L. D., Nasir, M. A., Nguyen, S. P., & Duong, D. (2020). An assessment of contagion risks in the banking system using non-parametric and Copula approaches. Economic Analysis and Policy, 65, 105-116.
Ijaz, S., Hassan, A., Tarazi, A., & Fraz, A. (2020). Linking bank competition, financial stability, and economic growth. Journal of Business Economics and Management, 21(1), 200-221.
Ijaz, S., Hassan, A., Tarazi, A., & Fraz, A. (2020). Linking bank competition, financial stability, and economic growth. Journal of Business Economics and Management, 21(1), 200-221.
Issa, S., Girardone, C., & Snaith, S. (2020). Banking competition, convergence and growth across macro-regions of MENA. The Quarterly Review of Economics and Finance
Jabeen, G., Ahmad, M., & Zhang, Q. (2023). Combined role of economic openness, financial deepening, biological capacity, and human capital in achieving ecological sustainability. Ecological Informatics, 73, 101932.
Jayakumar, M., Pradhan, R. P., Dash, S., Maradana, R. P., & Gaurav, K. (2018). Banking competition, banking stability, and economic growth: Are feedback effects at work?. Journal of Economics and Business, 96, 15-41.
Jiang, L., & Wu, T. (2023). Banking Market Structure and Industrial Structure: A Transnational Empirical Study. Finance Research Letters, 103785.
Kazemi Najaf Abadi, M., Maseeh, A. N., Alsharkas, Z., & Hassan, S. M. (2023). Iraq Economic Monitor: Reemerging Pressures-Iraq's Recovery at Risk.
Khan, H. H. (2022). Bank competition, financial development and macroeconomic stability: Empirical evidence from emerging economies. Economic Systems, 46(4), 101022.
Lee, C. C., Lou, R., & Wang, F. (2023). Digital financial inclusion and poverty alleviation: Evidence from the sustainable development of China. Economic Analysis and Policy, 77, 418-434.
Leroy, A. (2016). Banking competition, financial dependence and productivity growth in Europe. International Economics.
Levine, R. (2005). Finance and growth: theory and evidence. In P. Aghion, & S. Durlauf (Eds.), Handbook of economic growth. Amsterdam: Elsevier Scienc.
Liang, H. Y., & Reichert, A. K. (2012). Policy-Related Factors on the Relationship between Financial Sector Development and Economic Growth: Evidence from Advanced Countries. The Journal of Business and Economic Studies, 18(1), 116.
Liu, G., & Mirzaei, A. (2013). Industrial Growth: Does Bank Competition, Concentration and Stability Constraint Matter? Evidence from developed and emerging economies. Economics and Finance Working Paper Series. Working Paper, 13-23.
Liu, G., Mirzaei, A., & Vandoros, S. (2014). The impact of bank competition and concentration on industrial growth. Economics Letters, 124(1), 60-63.M
Mahmood, N. S., & Ahmed, E. M. (2023). Mediating effect of risk management practices in Iraqi private banks financial performance. Journal of Financial Services Marketing, 28(2), 358-377.
Maslak, G. D., & Senel, G. (2023). Bank consolidation and systemic risk: M&A during the 2008 financial crisis. Journal of Financial Services Research, 63(2), 201-220.
Mateev, M., Moudud-Ul-Huq, S., Sahyouni, A., & Tariq, M. U. (2022). Capital regulation, competition and risk-taking: Policy implications for banking sector stability in the MENA region. Research in International Business and Finance, 60, 101579.
Meier, S., Gonzalez, M. R., & Kunze, F. (2021). The global financial crisis, the EMU sovereign debt crisis and international financial regulation: lessons from a systematic literature review. International Review of Law and Economics, 65, 105945.
Moufty, S., Clark, E., & Al-Najjar, B. (2021). The different dimensions of sustainability and bank performance: Evidence from the EU and the USA. Journal of International Accounting, Auditing and Taxation, 43, 100381.
Muhamad, G. M. (2022). Private Sector Development Analysis in Post-Conflict Kurdistan Region of Iraq. UKH Journal of Social Sciences, 6(2), 19-32.
Ngare, E., Nyamongo, M. M., & Misati, R. N. (2014). Stock market development and economic growth in Africa. Journal of Economics and Business, 74(1), 24–39.
Nguyen, L. T. M., Le, D., Vu, K. T., & Tran, T. K. (2023). The role of capital structure management in maintaining the financial stability of hotel firms during the pandemic—A global investigation. International Journal of Hospitality Management, 109, 103366.
Phan, D. H. B., Iyke, B. N., Sharma, S. S., & Affandi, Y. (2021). Economic policy uncertainty and financial stability–Is there a relation?. Economic Modelling, 94, 1018-1029.
Phan, H. T., Anwar, S., Alexander, W. R. J., & Phan, H. T. M. (2019). Competition, efficiency and stability: An empirical study of East Asian commercial banks. The North American Journal of Economics and Finance, 50, 100990.
Pordel, P., & Esfandiari, M. (2022). The Effect of Economic Policy Uncertainty on Oil Prices (Case Study: OPEC Countries). Quarterly Journal of Quantitative Economics.
Pradhan, R. P., Arvin, M. B., Nair, M., & Bennett, S. E. (2020). Unveiling the causal relationships among banking competition, stock and insurance market development, and economic growth in Europe. Structural Change and Economic Dynamics, 55, 74-87.
Puatwoe, J. T., & Piabuo, S. M. (2017). Financial sector development and economic growth: evidence from Cameroon. Financial Innovation, 3(1), 25.
Ramzan, M., Abbasi, K. R., Salman, A., Dagar, V., Alvarado, R., & Kagzi, M. (2023). Towards the dream of go green: An empirical importance of green innovation and financial depth for environmental neutrality in world's top 10 greenest economies. Technological Forecasting and Social Change, 189, 122370.
Salari, T. E., Meidani, A. A. N., Koshalshahi, Z. S., & Ayask, A. A. A. (2022). The threshold effect of HDI on the relationship between financial development and oil revenues. Resources Policy, 76, 102537.
Shaffer, S., & Spierdijk, L. (2020). Measuring multi-product banks’ market power using the Lerner index. Journal of banking & finance, 117, 105859.
Sheng, X., Gupta, R., & Çepni, O. (2022). The effects of climate risks on economic activity in a panel of US states: The role of uncertainty. Economics Letters, 213, 110374.
Siddik, M. N. A. (2023). Does macroeconomic stability promote economic growth? Some econometric evidence from SAARC countries. Asian Journal of Economics and Banking.
Sivashankar, M., & Selvam, C. (2022). Experimental investigation on the thermal performance of low-concentrated photovoltaic module using various pin-fin configurations of heat sink with phase change materials. Journal of Energy Storage, 55, 105575.
Soedarmono, W. (2010). Bank competition, institution and economic development: Evidence from Asia during 1999-2007.
Wolde-Rufael, Y. (2009). Re-examining the financial development and economic growth nexus in Kenya. Economic Modelling, 26(6), 1140–1146.
Yang, L., & Ni, M. (2022). Is financial development beneficial to improve the efficiency of green development? Evidence from the “Belt and Road” countries. Energy Economics, 105, 105734.
Yang, L., van Wijnbergen, S., Qi, X., & Yi, Y. (2019). Chinese shadow banking, financial regulation and effectiveness of monetary policy. Pacific-Basin Finance Journal, 57, 101169.
Yang, Y., & Jiang, Y. (2023). Does suppliers’ slack influence the relationship between buyers’ environmental orientation and green innovation? Journal of Business Research, 157, 113569.
Yitayaw, M. K., Mogess, Y. K., Feyisa, H. L., Mamo, W. B., & Abdulahi, S. M. (2023). Determinants of bank stability in Ethiopia: A two-step system GMM estimation. Cogent Economics & Finance, 11(1), 2161771.
Yuan, T. T., Gu, X. A., Yuan, Y. M., Lu, J. J., & Ni, B. P. (2022). Research on the impact of bank competition on stability—Empirical evidence from 4631 banks in US. Heliyon, 8(4), e09273.
Zhang, W., & Chiu, Y. B. (2023). Country risks, government subsidies, and Chinese renewable energy firm performance: New evidence from a quantile regression. Energy Economics, 106540.
ابوترابی، محمدعلی؛ حاج امینی، مهدی؛ توحیدی، سحر. (1400). تأثیر ساختار مالی و بانکی بر رشد بخش واقعی اقتصاد در ایران .پژوهشهای اقتصادی ایران.26(87) ، 165-194.
باقری، سید فاطمه؛ نظریان، رافیک؛ هادی نژاد، منیژه؛ دامن کشیده، مرجان. (1401). تأثیر شاخص های کلان بانکی، مالی، اقتصادی و بحران های اقتصادی بر ادوار تجاری ایران و کشورهای منتخب در حال توسعه اسلامی و توسعه یافته .اقتصاد مالی، 16(59)، 323-303.
بیدگلی، محمد؛ اسماعیل زاده مقری، علی؛ تقوی، محمد مهدی؛ دامن کشیده، مرجان. (1400). آزﻣﻮﻥ ﺗﺠﺮﺑﯽ تأثیر ﺭﯾﺴﮏ ﻓﻀﺎﯼ ﮐﺴﺐ ﻭ ﮐﺎﺭ ﺑﺮ ﺭﺍﺑﻄﻪ بین ﺭﯾﺴﮏ نقدینگی ﻭ عملکرد مالی در صنعت بانکداری ایران. دانش سرمایه‌گذاری، 10(40)، 450-425.
درویشی، مرتضی؛ نظری، رضا؛ بنی مهد، بهمن؛ مرادزاده فرد، مهدی. (1401). ارائه چارچوبی برای گزارشگری مالی بانکها در ایران با رویکرد بانکداری اسلامی .اقتصاد مالی، 16(61)، 272-251.
شهبازی، کیومرث؛ حسن زاده، خدیجه. (1395). نقش توسعه مالی در تأثیر تمرکز و ثبات بانکی بر ارزش افزوده بخش صنعت. پژوهش¬ها و سیاست های اقتصادی، 24(79)، 189-214.
فلیحی، نعمت؛ بخارایی، ریحانه. (1396). بررسی اثر عمق مالی بر رشد اقتصادی در ایران. اقتصاد مالی. 11(38)، 63-80.
میرزایی، حسین، رضایی، مهرداد، صلاحی، جواد، افشاری راد، مجید. (1401). ارزیابی تأثیر دوره مصونیت از ورشکستگی غیر ممکن بانکها بر میزان سپردهها در بانکهای خصوصی و دولتی ایران (رهیافت دادههای تابلویی پویا). اقتصاد مالی،16) 60( ، 281-304.
نیکخو، حافظ، رحمانی، تیمور، خلیلی، فرزانه. (1401). نااطمینانی اقتصادکلان و تصمیمات سرمایه‌گذاری بانکها. اقتصاد مالی،16) 58( ، 22-1.
Abuamsha, M. K. (2021). The role of the banking sector in financing the real estate and contracting sector in the Palestinian territories. International Journal of Housing Markets and Analysis, 15(2), 357-374.
Agoraki, M. E. K., Aslanidis, N., & Kouretas, G. P. (2022). US banks’ lending, financial stability, and text-based sentiment analysis. Journal of Economic Behavior & Organization, 197, 73-90.
Ahmoudabadi, M. Z., & Emrouznejad, A. (2019). Comprehensive performance evaluation of banking branches: A three-stage slacks-based measure (SBM) data envelopment analysis. International Review of Economics & Finance, 64, 359-376.
Akinrolabu, D. R., & Haruna, M. A. (2021). Organization of Petroleum Exporting Countries (OPEC) at: Challenges, Achievements and Prospects Towards Global Economic and Investment Development. Achievers Journal of Scientific Research, 3(2), 182-196.
Albaity, M., Mallek, R. S., & Noman, A. H. M. (2019). Competition and bank stability in the MENA region: The moderating effect of Islamic versus conventional banks. Emerging Markets Review, 38, 310-325.
Ali, K., Hongbing, H., Liew, C. Y., & Jianguo, D. (2023). Governance perspective and the effect of economic policy uncertainty on financial stability: evidence from developed and developing economies. Economic Change and Restructuring, 1-32.
Allen, F., Gu, X., & Jagtiani, J. (2022). Fintech, cryptocurrencies, and CBDC: Financial structural transformation in China. Journal of International Money and Finance, 124, 102625.
Alshubiri, F., Jamil, S. A., & Fekir, S. (2023). Corruption Control, Government Effectiveness and Banking Stability: Does Corruption Grease or Sand the Wheels?. Journal of the Knowledge Economy, 1-26.
Al-Yousif, Y. K. (2002). Financial development and economic growth: Another look at the evidence from developing countries. Review of Financial Economics, 11(2), 131–150.
Anani, M., & Owusu, F. (2023). Regulatory capital and bank risk-resilience amid the Covid-19 pandemic: How are the Basel reforms faring?. Finance Research Letters, 52, 103591.
Bai, Y., Dang, T. V., He, Q., & Lu, L. (2022). Does lending relationship help or alleviate the transmission of liquidity shocks? Evidence from a liquidity crunch in China. Journal of Financial Stability, 58, 100889.
Barjaktarović, L., Filipović, S., & Dimić, M. (2013). Concentration level of the banking industry in CEE countries. Industrija, 41(3), 39-54.
Barra, C., & Zotti, R. (2022). Financial stability and local economic development: the experience of Italian labour market areas. Empirical Economics, 62(4), 1951-1979.
Bataille, M., Bodnar, O., Steinmetz, A., & Thorwarth, S. (2019). Screening instruments for monitoring market power—The Return on Withholding Capacity Index (RWC). Energy Economics, 81, 227-237.
Bayar, Y., Borozan, D., & Gavriletea, M. D. (2021). Banking sector stability and economic growth in post‐transition European Union countries. International Journal of Finance & Economics, 26(1), 949-961.
Capeleti, P., Garcia, M., & Sanches, F. M. (2022). Countercyclical credit policies and banking concentration: Evidence from Brazil. Journal of Banking & Finance, 143, 106589.
Chen, W., Lu, H., Liu, X., & Li, D. (2020). Financial depth or breadth: What really matters for fighting air pollution in China?. Chinese Journal of Population, Resources and Environment, 18(4), 331-341.
Civelli, C. B., & Garcia-Hiernaux, A. (2023). An indicator of monetary bias for emerging and partially dollarized economies: The case of Uruguay. International Review of Economics & Finance.
Coccorese, P. (2004). Banking competition and macroeconomic conditions: A disaggregated analysis international financial markets. Institutions and Money, 14(3), 203–219.
Coccorese, P. (2008). An investigation on the causal relationships between banking concentration and economic growth. International Review of Financial Analysis, 17(3), 557-570.
Craigwell, R., Downes, D., & Howard, M. (2001). The finance-growth nexus: A multivariate VAR analysis of a small open economy. Savings and Development, 25(2), 209–223.
Creel, J., Hubert, P., & Labondance, F. (2014). Financial stability and economic performance. Economic Modelling, 48(C), 25–40.
Domeher, D., Konadu-Yiadom, E., & Aawaar, G. (2022). Financial innovations and economic growth: Does financial inclusion play a mediating role?. Cogent Business & Management, 9(1), 2049670.
Doytch, N., Elheddad, M., & Hammoudeh, S. (2023). The financial Kuznets curve of energy consumption: Global evidence. Energy Policy, 177, 113498.
Duramany-Lakkoh, E. K., Jalloh, M. S., & Jalloh, A. (2022). An Empirical Examination of the Impact of Banks on Economic Growth in Sierra Leone (2001-2017). Journal of Financial Risk Management, 11(2), 258-276.
Faza, M., & Badwan, N. (2023). The Risk of Capital Flight on Economic Growth and National Solvency: An Empirical Evidence from Palestine. Asian Journal of Economics, Business and Accounting, 23(7), 28-48.
Fejza-Ademi, V., Avdullahi, A., Tmava, Q., & Durguti, E. (2022). Analysis of the banking sector competition in Kosovo. Studia Universitatis Vasile Goldiș Arad, Seria Științe Economice, 32(2), 84-101.
Fernández, A. I., González, F., & Suárez, N. (2016). Banking stability, competition, and economic volatility. Journal of Financial Stability, 22, 101-120.
Fukuyama, H., Matousek, R., & Tzeremes, N. G. (2023). Estimating the degree of firms’ input market power via data envelopment analysis: Evidence from the global biotechnology and pharmaceutical industry. European Journal of Operational Research, 305(2), 946-960.
Gabrielsson, J., & Gustavsson, E. (2023). Bank Stability and Economic Growth: Panel Evidence from the Covid-19 Pandemic.
Gaffeo, E., & Mazzocchi, R. (2014). Competition in the banking sector and economic growth: panel-based international evidence. Available at SSRN 2416379.
Gao, X., Gui, R., Guo, H., Wang, Z., & Liu, Q. (2019). Creatinine-induced specific signal responses and enzymeless ratiometric electrochemical detection based on copper nanoparticles electrodeposited on reduced graphene oxide-based hybrids. Sensors and Actuators B: Chemical, 285, 201-208.
Gavrilidis, A. A., Nita, A., & Rozylowicz, L. (2022). Past local industrial disasters and involvement of NGOs stimulate public participation in transboundary Environmental Impact Assessment. Journal of Environmental Management, 324, 116271.
Geng, D., Xu, Y. X., & Wang, Q. (2023). Hybrid deposition of Cr–O/Al–O hard coatings combining cathodic arc evaporation and high power impulse magnetron sputtering. Surface and Coatings Technology, 129235.
Georgiadis, G., & Zhu, F. (2021). Foreign-currency exposures and the financial channel of exchange rates: Eroding monetary policy autonomy in small open economies? Journal of International Money and Finance, 110, 102265.
Ghasemi, A., & Abdolshah, F. (2014). The Survey of the Causal Relationship between Banking Concentration and Economic Growth. Iranian Economic Review, 18(3), 87-101.
Gómez Rodríguez, T., Ríos Bolívar, H., & Zambrano Reyes, A. (2022). Long-term relation between bank competition and economic growth: An international approach by income level. Contaduría y administración, 67(3).
Gržeta, I., Žiković, S., & Tomas Žiković, I. (2023). Size matters: analyzing bank profitability and efficiency under the Basel III framework. Financial Innovation, 9(1), 1-28.
Hafeez, B., Li, X., Kabir, M. H., & Tripe, D. (2022). Measuring bank risk: Forward-looking z-score. International Review of Financial Analysis, 80, 102039.
Hameed, S., Quamar, M. M., & Kumaraswamy, P. R. (2022). Qatar. In Persian Gulf 2021-22: India’s Relations with the Region (pp. 299-341). Singapore: Springer Nature Singapore.
Hansen, L. P. (2022). Central banking challenges posed by uncertain climate change and natural disasters. Journal of Monetary Economics, 125, 1-15.
Hasanov, F. J., Aliyev, R., Taskin, D., & Suleymanov, E. (2023). Oil rents and non-oil economic growth in CIS oil exporters. The role of financial development. Resources Policy, 82, 103523.
Hoang, K., Tran, S., & Nguyen, L. (2022). Credit information sharing, nonperforming loans and economic growth: A cross-country analysis. Cogent Economics & Finance, 10(1), 2045720.
Huynh, T. L. D., Nasir, M. A., Nguyen, S. P., & Duong, D. (2020). An assessment of contagion risks in the banking system using non-parametric and Copula approaches. Economic Analysis and Policy, 65, 105-116.
Ijaz, S., Hassan, A., Tarazi, A., & Fraz, A. (2020). Linking bank competition, financial stability, and economic growth. Journal of Business Economics and Management, 21(1), 200-221.
Ijaz, S., Hassan, A., Tarazi, A., & Fraz, A. (2020). Linking bank competition, financial stability, and economic growth. Journal of Business Economics and Management, 21(1), 200-221.
Issa, S., Girardone, C., & Snaith, S. (2020). Banking competition, convergence and growth across macro-regions of MENA. The Quarterly Review of Economics and Finance
Jabeen, G., Ahmad, M., & Zhang, Q. (2023). Combined role of economic openness, financial deepening, biological capacity, and human capital in achieving ecological sustainability. Ecological Informatics, 73, 101932.
Jayakumar, M., Pradhan, R. P., Dash, S., Maradana, R. P., & Gaurav, K. (2018). Banking competition, banking stability, and economic growth: Are feedback effects at work?. Journal of Economics and Business, 96, 15-41.
Jiang, L., & Wu, T. (2023). Banking Market Structure and Industrial Structure: A Transnational Empirical Study. Finance Research Letters, 103785.
Kazemi Najaf Abadi, M., Maseeh, A. N., Alsharkas, Z., & Hassan, S. M. (2023). Iraq Economic Monitor: Reemerging Pressures-Iraq's Recovery at Risk.
Khan, H. H. (2022). Bank competition, financial development and macroeconomic stability: Empirical evidence from emerging economies. Economic Systems, 46(4), 101022.
Lee, C. C., Lou, R., & Wang, F. (2023). Digital financial inclusion and poverty alleviation: Evidence from the sustainable development of China. Economic Analysis and Policy, 77, 418-434.
Leroy, A. (2016). Banking competition, financial dependence and productivity growth in Europe. International Economics.
Levine, R. (2005). Finance and growth: theory and evidence. In P. Aghion, & S. Durlauf (Eds.), Handbook of economic growth. Amsterdam: Elsevier Scienc.
Liang, H. Y., & Reichert, A. K. (2012). Policy-Related Factors on the Relationship between Financial Sector Development and Economic Growth: Evidence from Advanced Countries. The Journal of Business and Economic Studies, 18(1), 116.
Liu, G., & Mirzaei, A. (2013). Industrial Growth: Does Bank Competition, Concentration and Stability Constraint Matter? Evidence from developed and emerging economies. Economics and Finance Working Paper Series. Working Paper, 13-23.
Liu, G., Mirzaei, A., & Vandoros, S. (2014). The impact of bank competition and concentration on industrial growth. Economics Letters, 124(1), 60-63.M
Mahmood, N. S., & Ahmed, E. M. (2023). Mediating effect of risk management practices in Iraqi private banks financial performance. Journal of Financial Services Marketing, 28(2), 358-377.
Maslak, G. D., & Senel, G. (2023). Bank consolidation and systemic risk: M&A during the 2008 financial crisis. Journal of Financial Services Research, 63(2), 201-220.
Mateev, M., Moudud-Ul-Huq, S., Sahyouni, A., & Tariq, M. U. (2022). Capital regulation, competition and risk-taking: Policy implications for banking sector stability in the MENA region. Research in International Business and Finance, 60, 101579.
Meier, S., Gonzalez, M. R., & Kunze, F. (2021). The global financial crisis, the EMU sovereign debt crisis and international financial regulation: lessons from a systematic literature review. International Review of Law and Economics, 65, 105945.
Moufty, S., Clark, E., & Al-Najjar, B. (2021). The different dimensions of sustainability and bank performance: Evidence from the EU and the USA. Journal of International Accounting, Auditing and Taxation, 43, 100381.
Muhamad, G. M. (2022). Private Sector Development Analysis in Post-Conflict Kurdistan Region of Iraq. UKH Journal of Social Sciences, 6(2), 19-32.
Ngare, E., Nyamongo, M. M., & Misati, R. N. (2014). Stock market development and economic growth in Africa. Journal of Economics and Business, 74(1), 24–39.
Nguyen, L. T. M., Le, D., Vu, K. T., & Tran, T. K. (2023). The role of capital structure management in maintaining the financial stability of hotel firms during the pandemic—A global investigation. International Journal of Hospitality Management, 109, 103366.
Phan, D. H. B., Iyke, B. N., Sharma, S. S., & Affandi, Y. (2021). Economic policy uncertainty and financial stability–Is there a relation?. Economic Modelling, 94, 1018-1029.
Phan, H. T., Anwar, S., Alexander, W. R. J., & Phan, H. T. M. (2019). Competition, efficiency and stability: An empirical study of East Asian commercial banks. The North American Journal of Economics and Finance, 50, 100990.
Pordel, P., & Esfandiari, M. (2022). The Effect of Economic Policy Uncertainty on Oil Prices (Case Study: OPEC Countries). Quarterly Journal of Quantitative Economics.
Pradhan, R. P., Arvin, M. B., Nair, M., & Bennett, S. E. (2020). Unveiling the causal relationships among banking competition, stock and insurance market development, and economic growth in Europe. Structural Change and Economic Dynamics, 55, 74-87.
Puatwoe, J. T., & Piabuo, S. M. (2017). Financial sector development and economic growth: evidence from Cameroon. Financial Innovation, 3(1), 25.
Ramzan, M., Abbasi, K. R., Salman, A., Dagar, V., Alvarado, R., & Kagzi, M. (2023). Towards the dream of go green: An empirical importance of green innovation and financial depth for environmental neutrality in world's top 10 greenest economies. Technological Forecasting and Social Change, 189, 122370.
Salari, T. E., Meidani, A. A. N., Koshalshahi, Z. S., & Ayask, A. A. A. (2022). The threshold effect of HDI on the relationship between financial development and oil revenues. Resources Policy, 76, 102537.
Shaffer, S., & Spierdijk, L. (2020). Measuring multi-product banks’ market power using the Lerner index. Journal of banking & finance, 117, 105859.
Sheng, X., Gupta, R., & Çepni, O. (2022). The effects of climate risks on economic activity in a panel of US states: The role of uncertainty. Economics Letters, 213, 110374.
Siddik, M. N. A. (2023). Does macroeconomic stability promote economic growth? Some econometric evidence from SAARC countries. Asian Journal of Economics and Banking.
Sivashankar, M., & Selvam, C. (2022). Experimental investigation on the thermal performance of low-concentrated photovoltaic module using various pin-fin configurations of heat sink with phase change materials. Journal of Energy Storage, 55, 105575.
Soedarmono, W. (2010). Bank competition, institution and economic development: Evidence from Asia during 1999-2007.
Wolde-Rufael, Y. (2009). Re-examining the financial development and economic growth nexus in Kenya. Economic Modelling, 26(6), 1140–1146.
Yang, L., & Ni, M. (2022). Is financial development beneficial to improve the efficiency of green development? Evidence from the “Belt and Road” countries. Energy Economics, 105, 105734.
Yang, L., van Wijnbergen, S., Qi, X., & Yi, Y. (2019). Chinese shadow banking, financial regulation and effectiveness of monetary policy. Pacific-Basin Finance Journal, 57, 101169.
Yang, Y., & Jiang, Y. (2023). Does suppliers’ slack influence the relationship between buyers’ environmental orientation and green innovation? Journal of Business Research, 157, 113569.
Yitayaw, M. K., Mogess, Y. K., Feyisa, H. L., Mamo, W. B., & Abdulahi, S. M. (2023). Determinants of bank stability in Ethiopia: A two-step system GMM estimation. Cogent Economics & Finance, 11(1), 2161771.
Yuan, T. T., Gu, X. A., Yuan, Y. M., Lu, J. J., & Ni, B. P. (2022). Research on the impact of bank competition on stability—Empirical evidence from 4631 banks in US. Heliyon, 8(4), e09273.
Zhang, W., & Chiu, Y. B. (2023). Country risks, government subsidies, and Chinese renewable energy firm performance: New evidence from a quantile regression. Energy Economics, 106540.
