جهانی شدن بازارهای مالی و کمرنگ شدن مرزهای ملی با سرعت قابل توجهی در حال وقوع است. با توجه به روند جهانی شدن مالی، وقوع بحران‌های مالی و نیاز به تحلیل و کنترل بازار مالی، مباحث ثبات مالی و به خصوص شاخص اندازه‌گیری آن در چند سال اخیر مورد توجه قرار گرفته است. اما به دلیل گستردگی موضوع و کمبود یافته‌های عمیق در این خصوص، شاخص کلی، فراگیر و معتبر برای آن تاکنون ارائه نشده و مطالعات مختلف، شاخص‌های متفاوت و روش‌های گوناگونی را برای مطالعه ثبات و امنیت بازار مالی مورد استفاده قرار داده‌اند. در این مقاله ضمن بررسی مطالعات و ادبیات تجربی موجود در زمینه مباحث ثبات و امنیت مالی و شاخص‌های متفاوت ارائه شده برای آن، شاخصی با عنوان «شاخص فراگیر ثبات بازار مالی (CFSI)» برای ارزیابی و سنجش ثبات مالی کشورهای در حال توسعه ساخته شده و مورد ارزیابی قرار گرفته است. نتایج بررسی شاخص مزبور در 105 کشور نشان می‌دهد با افزایش سطح توسعه‌یافتگی و درآمدی گروه‌های کشورها، شاخص ثبات مالی آن‌ها نیز افزایش می‌یابد. همچنین ثبات بازارهای مالی در کشورهای نفت‌خیز منطقه خاورمیانه نسبت به بقیه گروه‌های کشورها کمتر بوده و ایران دارای یکی از بی‌ثبات‌ترین بازارهای مالی دنیاست.
Financial globalization and accordingly weakening the independent role of national financial markets are taking place. With regard to financial globalization trend, and financial crisis, the need to control the financial markets has made it necessary to construct new indices. But due to difficulty of this subject, a universal index has not been yet built. Thus, different studies of financial stability have used different indices. In this paper, firstly we have surveyed the empirical literature on financial stability and security, and indices that we have used. Then, we proposed a comprehensive index for financial stability (CFSI) to evaluate the stability of financial market in developing countries. The result of this study on 105 country shows that the financial stability increases as the degree of development of a country increases. This study also shows that the oil exporting countries have lower degree of stability relative to the other groups of countries and Iran has one of the most unstable financial markets in the world.
دادگر، یداله؛ ناجی میدانی، علی اکبر؛ «شاخص‌های جهانی شدن اقتصاد و موقعیت ایران»، فصلنامه پژوهشنامه بازرگانی، 1382، شماره 29.
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