توسعه مالی
neda asefi; ZAHRA KARIMI TAKANLOU; jafar haghighat; mohammad mahdi barghi oskouei
Abstract
The purpose of this study is to evaluate the mechanism of monetary transmission through the asset price channel in financial development. In this regard, the impact of monetary policy through housing price and stock price channel has been evaluated by using seasonal data of 110 economic variables during ...
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The purpose of this study is to evaluate the mechanism of monetary transmission through the asset price channel in financial development. In this regard, the impact of monetary policy through housing price and stock price channel has been evaluated by using seasonal data of 110 economic variables during 1991:1-2016:4 and FAVAR model. The results of the impulse response functions indicate that in the medium-term and long-term housing price channel increased production, but also had significant inflationary effects in the short and medium term. Also, given the significant impact of the stock price channel on production, it can be said that the capital market has an important role in directing resources and funds towards productive activities, which ultimately increases investment and production. Based on the results and the significant role of the stock price channel in transmitting monetary shocks to the price level, it can be said that this channel plays a significant role in reducing inflationary effects of monetary policy.
Interest Rate
Hasan Heidari; Jafar Haghighat; Zahra Karimi Takanlo; reza ranjpour
Abstract
In the Iranian economy over the past few decades, the financial system has been subject to many restrictions, including the grading of bank interest rates. In this study, considering the economic conditions of Iran, the interest rate of bank deposit is determined by combining the two approaches of liberalization ...
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In the Iranian economy over the past few decades, the financial system has been subject to many restrictions, including the grading of bank interest rates. In this study, considering the economic conditions of Iran, the interest rate of bank deposit is determined by combining the two approaches of liberalization and financial development and financial constraint. In this way, contrary to the bank's interest rate order, the central bank has issued two interest rates as a ceiling and a bank interest rate to banks, which are upper and lower limits. Banks can then operate freely and competitively, depending on their performance, between profit and loss ceilings, and determine the appropriate rate of interest for the banks themselves and adjust the business cycle more quickly and maintain their finances. To do this, a smooth panel regression model (PSTR) with data from the central bank and commercial banks of the country in the interval (2006-2016) has been estimated high and low.bank deposit interest rates.
