محمدابراهیم اکبری

Economic growth is a major goal for developing countries; governments therefore strive to create favorable conditions and allocate necessary resources for the prosperity of their nations. This study examines the impact of International Monetary Fund (IMF) loans, along with other macroeconomic variables, on the economic growth of selected countries in the D8 group. The study utilizes panel data covering the period from 2001 to 2020, and employs a panel data method to investigate the effects of explanatory variables on growth. The research findings indicate that IMF loans have had a positive impact on the economic growth of member countries. Furthermore, IMF loans have contributed to the promotion of structural reforms and trade liberalization, which further enhances economic growth. Other variables, such as foreign direct investment, labor, and exports also had a positive impact on economic growth in the D8 countries. However, an increase in inflation rate has been found to have an adverse impact on economic growth. Therefore, economic policymakers in the D8 countries should seek loans for economic growth from the IMF and invest in projects that promise high returns. This study contributes to the existing literature on the relationship between IMF loans and economic growth in developing countries, and provides valuable insights for policymakers in D8 countries. The findings suggest that prudent borrowing, along with strategic investment in high-return projects, can help these countries achieve sustained economic growth.

Shadow banking comprises a set of non-bank financial intermediaries such as pension funds, investment funds, insurance companies, and other non-bank financial intermediaries that function similarly to traditional banks in terms of performance but are not supervised by the central bank. Given the expansion of shadow banking activities and its impact on real sectors of the economy, this research aims to investigate the effect of shadow banking on the size of government in selected countries (including two groups of developed and developing countries).Methods: This research was conducted using the Panel Vector Autoregression (VAR) model over the period 2002-2022 in selected countries. Results: The results obtained for the group of developed countries indicate that the expansion of shadow banking assets has not led to an increase in the size of government. However, conversely, according to the research findings for the group of developing countries, there is a positive relationship between shadow banking and the size of government. That is, the expansion of shadow banking assets in the group of developing countries has resulted in an increase in the size of government.Conclusions In this study, the impact of shadow banking on the size of government in selected countries has been examined using the Panel VAR model. The results indicate that the expansion of shadow banking assets in developed countries has not led to an increase in the size of government. However, conversely, in developing countries, the expansion of shadow banking assets has led to an increase in the size of government