Assessment of individual and simultaneous impact of Monetaryand financial indicatorson growth: Usinga Arellano-Bover/ Blundel- Bond two-stepdy namicpanel model

Banking and financial development are one of the main keys to achieving long-term growth through transparency and dissemination of information، investment opportunities and business identify، reducing transaction costs، increased market efficiency، diversification، coverage and reduce risk، Equip savings، micro and wandered investment attraction and facilitating the resource allocation. In recent decades the banking and financial markets developments، those follows in developing countries especially strongly in emerging economies are create relationships between this two sectors of economy and enhance of the manufacturing sector، as a real sector of the economy. According to this، In this paper، four distinct models to assess the impact of individual and simultaneous development bank (money market) and indicators of financial development (stock market) on the growth of GDP (the real economy) will be discussed. In order to achieve this goal we use dynamic panel data with generalized method of moment’s model and Arellano-Bover/ Blundel- Bond Dynamic Panel Data Two Step Estimator during 2010 - 1995 for 32 countries، including developing and emerging countries and Iran. In the simultaneous and separate models، the result indicates a positive and significant impact of monetary، fiscal and macro-economic variables on GDP growth. Control of monetary، fiscal and macroeconomic indicators separately in four different models did not effect on significant or sign of other variables. There is sign stability in all four models، the Wald test، Sargan test and first and second order autocorrelation of show that econometric model is specified correctly.