چكيده به لاتين
The present study is aimed to investigate the effect of financial development along with human capital in three states, including the money market-based, capital market-based, and insurance market-based financial development, on the economic growth of Iran in long term using the ARDL modeling approach. The statistical population in this work is Iran over the period from 1976 to 2016.. Also, the ARDL modeling approach was used for the description and analysis of the collected data. As for the financial development index for the money market, the weighted average of four indices, including the ratio of M2 to GDP, the ratio of DCPS to GDP, the ratio of DCBS to GDP, and the ratio of GDS to GDP, was used following Demirguc-Kunt and Levine (1996). Also, for the financial development index for the capital market, the weighted average of two indices, including the ratio of current stock market value to GDP and the ratio of the transaction value to GDP, and for the insurance market, the insurance influence coefficient were used. Moreover, the effect of human capital on economic growth was investigated using the measure of the average years of education of the labor force. The results obtained from the ARDL model indicated that, in long term, financial development and human capital have positive effects on Iran's economic growth. Furthermore, the physical capital stock, employed labor force rate, petroleum incomes, and economy's degree of openness have positive effects on the economy while inflation negatively affects economic growth in the long term
