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The effect of sectoral growth and financial development on the social welfare of Lorestan province: ARDL approach
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Mohammad Malekshahi1   , Dariush Hassanvand2 , Yunus Nadami3 , Hamid Asayesh3 |
1- PhD student in economics, Islamic Azad University, Aligudarz branch, Aligudarz, Iran
2- Assistant professor, member of the academic staff of the Department of Economics, Islamic Azad University, Aliguderz branch, Aliguderz, Iran , hassanvand.d@lu.ac.ir
3- Associate Professor, member of the academic staff of the Department of Economics, Ayatollah Borujerdi University, Borujerd, Iran |
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Abstract: (486 Views) |
Increasing social and economic welfare as one of the priorities of economic development requires structural changes in the development process. Two important factors in the formation of this trend can be considered economic growth and the development of the financial sector. Therefore, the purpose of this study is the effect of sectoral growth (agriculture, industry and services) and financial development on the social welfare of Lorestan province. In this research, the effects of the growth of the three sectors of agriculture, industry and services along with the financial development index on the social welfare of Lorestan province have been investigated. In order to estimate the research model, the annual data during the period of 1981-2020 and the ARDL econometric model have been used. The results show that in the long term, the growth of agriculture, industry and service sectors has a positive effect on welfare, so that the growth of the industry sector shows a weaker effect than other sectors. Also, the results showed that the development of the financial index improves the level of social welfare in Lorestan province. So that financial development through direct access of low-income people to credits, causes the expansion of these people's business and increases their purchasing power, or at least fights poverty through favorable savings, and the result of these events can improve be the level of well-being. Finally, the challenges facing different economic sectors of Lorestan province were expressed.
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Article number: 14 |
| Keywords: Sectoral Growth, Social Welfare, Asymmetric Effects, Financial Development, Lorestan Province. |
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Full-Text [PDF 1556 kb]
(141 Downloads)
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Article type: Research |
Subject:
Special
Received: 2023/04/25 | Accepted: 2023/06/17 | Published: 2023/07/1
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