عنوان مقاله [English]
نویسندگان [English]چکیده [English]
Nowadays, the financial sector is a major and developing part of modern economies. The development of different kinds of economic activities depends on their having access to the financial services. Thus, the relation between financial development and economic growth has been an interesting issue to the economic researchers in recent years. One of the most important factors affecting the financial markets development and their becoming efficient is the diversification of financial instruments. Diversifying them, with their different risk and maturity, on the one hand, provides the owners of market funds with a various range of investment alternatives, and on the other hand, makes the companies’ financing methods diverse and facilitates the financing of projects. Moreover, historical evidences support the financial innovation’s crucial role in economic growth. Given the importance of the issue, we try to examine the innovative features of the contracts used in the Iranian usury-free banking system. Our findings show that, increasing the financial stability, distributing the risk between the financial markets participants, and covering inflation through the channel of financial innovation, these contracts lead to the development of financial markets. Furthermore, using endogenous growth models, we have analyzed these contracts’ relation with financial innovation and economic growth.
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