دور إقتصاد المعرفة في تطوير التنمية المالية للدول التي تتصدر مؤشر المعرفة العالمي دراسة قياسية باستعمال نماذج بانل

Abstract

"This study aims to analyze the relationship between the knowledge economy and financial development in a group of countries that lead the Knowledge Economy Index. A panel data econometric model is employed, covering the period from 1996 to 2023. Several knowledge economy indicators are used as explanatory variables, while financial development is represented by a composite index constructed using Principal Component Analysis (PCA), which integrates broad money supply and domestic credit to the private sector. The study finds a strong and statistically significant positive relationship between most components of the knowledge economy and financial development. Specifically, higher education contributes to building human capital capable of supporting financial innovation; research and development foster the creation of new and innovative financial instruments; and information and communication technologies enhance the digital infrastructure of the financial sector. Contrary to expectations, the governance indicator shows a negative relationship with financial development. This is attributed to the fact that advanced economies already possess high levels of governance, which diminishes the marginal impact of further improvements on the financial system"