Economics Research

Abstract Semiotics is the process of studying signs. The study of the relationship between semiotics and other sciences is a relatively new topic in the scientific world. Discovering this relationship can be the goal of various research, including this one. This study, by adopting a semiotic approach, examines development within the framework of institutionalism. This research shows that there is a link between semiotics and the institutional approach of development in several ways. First, the market is a contractual phenomenon and is influenced by the preferences and values of individuals. Second, the state is an institution that can be analyzed using semiotic analysis. Third, consumption and value of goods depend on how they use signs. Fourth, production is a semiotic behavior. Fifth, the rational behavior of actors has a logical and semiotic meaning. Finally, the system of values and norms that shape the behavior of individuals is a subject of cultural semiotics.

Abstract In some of the new economic growth models, we pay attention to the effects of financial development on economic growth. This research investigates the relationship between capital market and economic growth in macro level during 1991-2011. The research is organized as follows: the introduction comes as the first section. In section II, we review the literature on the relationship between economic growth and capital market. The theoretical foundations of capital market and economic growth in macro level come in third section. Research methodology and introduction of main variables of the growth model, capital market indicators, statistical methods and econometric issues for our estimations come in the next part. In the fifth section, we introduce the model and explain the variables of proposed growth model.
In the next section we test the hypothesis of our research. So we investigate the relation between capital market and economic growth in a macro model using principal component analysis (PCA) and generalized method of moments (GMM) analysis in several scenarios. The results of our research indicate that in a macro analytical approach we didn’t find a positive and significant relation between the financial development indicators and economic growth. The Policy recommendations of this research are developing the capital market through defining and presenting new financial instruments to absorb liquidity for efficient firms in Iranian capital market.