Investigating the Economic Growth Response of Developing Countries to Shocks Caused by Financial Development and the Accumulation of Human Capital


1 Associate Professor, Department of Management, West Tehran Branch, Islamic Azad University, Tehran, Iran

2 Assistant Professor, Department of Management, Ghaemshahr Branch, Islamic Azad University, Mazandaran, Iran

3 M.A. Student of Management, Electronic Branch, Islamic Azad University, Tehran, Iran


The aim of this study is to investigate the reaction of the economic growth of developing countries against the shocks caused by financial development and the accumulation of human capital in 2019. The research method is applied in terms of purpose and semi-experimental in terms of data collection method and post-event approach (through past information) and descriptive-correlation research type is used. The statistical population of the study includes all the countries of the Middle East, of which 14 countries are considered as the sample size using the target-oriented sampling method among the countries of the Middle East during the period 2010-2013. In this study, to collect data and information, the library method is used based on published documents and reports. In the research data section, by collecting the data of the sample companies, it is done by referring to the financial statements, explanatory notes and the monthly stock exchange monthly. Descriptive and inferential statistics are used to describe and summarize the collected data. In order to analyze the data, first the variance inequality pre-tests, F-Limer test, Hassmann test and Jarque–Bera test and then multivariate regression test are used to confirm and reject the research hypotheses (Eviews software). The research results show that financial development, human capital development, inflation, economic openness and foreign direct investment have an impact on the economic growth of selected countries, but the impact of government spending on economic growth of selected countries is not confirmed.