تحليل تأثير ثبات مالي در اقتصاد بر دستيابي به اهداف توسعه پايدار رهيافت مدل GMM

Abstract Financial stability is one of the fundamental pillars of economic an‎d social sustainability in any country an‎d plays a decisive role in achieving sustainable development goals. Sustainable development encompasses economic, social, an‎d environmental dimensions, an‎d attaining it requires an efficient, resilient, an‎d stable financial system. Accordingly, this study aims to examine the impact of financial stability on sustainable development an‎d to explain the moderating role of the capital buffer. For the empirical analysis, data from Iran’s major trading partners — including the United Arab Emirates, the United States, the United Kingdom, Italy, Japan, Turkey, France, Singapore, an‎d Russia — were utilized over the period 2011–2021. These countries were selec‎ted because fluctuations in their financial stability an‎d sustainable development indicators can directly an‎d indirectly affect Iran’s economic performance. After testing the stationarity of the variables an‎d conducting the cointegration, F-Limer, an‎d Hausman tests, the research model was estimated using the System Generalized Method of Moments (System GMM). The validity of the results was confirmed through the Sargan an‎d autocorrelation tests. The findings indicate that financial stability has a positive an‎d significant effect on sustainable development in the selec‎ted countries. In other words, countries with more stable financial systems have performed better in achieving sustainable development goals. Furthermore, the interactive effect of the capital buffer an‎d financial stability is also positive an‎d significant, suggesting that stronger capital reserves can amplify the positive impact of financial stability on sustainable development. However, the direct effect of the capital buffer on sustainable development was found to be insignificant. Keywords: Sustainable development, Financial stability, Capital buffer, Systemic GMM

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