| تعداد نشریات | 24 |
| تعداد شمارهها | 917 |
| تعداد مقالات | 8,230 |
| تعداد مشاهده مقاله | 16,274,283 |
| تعداد دریافت فایل اصل مقاله | 13,749,846 |
The Effect of Asymmetric Information in the Money Market on Investment, Employment, and Production in Iran | ||
| Iranian Journal of Economic Studies | ||
| مقاله 5، دوره 7، شماره 2 - شماره پیاپی 14، اسفند 2018، صفحه 191-217 اصل مقاله (851.34 K) | ||
| نوع مقاله: Research Paper | ||
| شناسه دیجیتال (DOI): 10.22099/ijes.2018.30128.1467 | ||
| نویسندگان | ||
| Mansour Mahinizadeh* 1؛ Kazem Yavari2؛ Hassan Valibeigi3؛ Ali Shafiei1 | ||
| 1Faculty of Economics, Management and Accounting, Yazd University, Yazd, Iran | ||
| 2Faculty of Economics and Management, Tarbiat Modares University, Tehran, Iran | ||
| 3Institute of Business Studies and Research, Tehran, Iran | ||
| چکیده | ||
| Nowadays, banks are considered as one of the major components of the financial system of a country and any deficits and malfunction in the banking system will negatively affect the performance of the real sector. Therefore, there is a need for more investigation on the behavior of banks and factors affecting those behaviors in a country. One of the issues that affect the behavior of banks is symmetric information. Thus, the main aim of the present study was to investigate the impact of asymmetric information in the money markets on investment, production, and employment. Hence, based on the New-Keynesian framework, a Dynamic Stochastic General Equilibrium (DSGE) model was adopted in accordance with the structure of the economy of Iran. The designed model entailed nine sectors including households, firms, banks, the Central Bank, oil, the government, exports, imports, and other countries of the world. Moreover, the rigidities of the prices and wages, and the rigidities of the imported and exported goods were taken into account in the model. By using the Bayesian method and data gathered from Iran during 1974-2017, the parameters of equations were estimated and the impact of symmetric information was investigated. The results indicated that increasing the asymmetric information and reducing the honesty in the society through decreasing the resources available to the banks and increasing the cost of banks will lead to an increase in the profit of the facilities. Also, increasing the profit of banks concessional loans decreases investment, production, and employment. | ||
| کلیدواژهها | ||
| Asymmetric Information؛ Production؛ Investment؛ Employment؛ Money Market؛ Banks؛ Dynamic Stochastic General Equilibrium | ||
| مراجع | ||
|
References
Adolfson, M., Laséen, S., Lindé, J., & Villani, M. (2007). Bayesian estimation of an open economy DSGE model with incomplete pass-through. Journal of International Economics, 72(2), 481-511. Akerlof, G. A. (1970). The market for lemons: Quality uncertainty and the market mechanism. Quarterly Journal of Economics, 488–500. Bahrami, J., & Qureishi, N. S. (2011). Analysis of monetary policy of Iran's economy: Dynamic stochastic general equilibrium model. Journal of Economic Modeling, 5(1). 1-22. Bebczuk, R. N. (2003). Asymmetric Information in Financial Markets: Introduction and Applications. Cambridge University Press. Billett, M. T., Garfinkel, J. A., & Yu, M. (2017). The effect of asymmetric information on product market outcomes. Journal of Financial Economics, 123(2), 357-376. Claus, I. (2010). The effects of asymmetric information between borrowers and lenders in an open economy. Journal of International Money and Finance, 30(5), 796-816. Dib, A. (2003). An estimated Canadian DSGE model with nominal and real rigidities. Canadian Journal of Economics, 36(4), 949-972. Gelain, P., & Kulikov, D. (2009). An estimated dynamic stochastic general equilibrium model for Estonia. Eesti Pank. Gerali, A., Neri, S., Sessa, L., & Signoretti, F. (2010). Credit and banking in a DSGE model of the Euro area. Journal of Money, Credit and Banking, 42(1), 107-141. Ghaffari, H., & Abolhasani, A. (2010). The History of Economic Thoughts Muslims Philosopher. Payam Noor University. Hayek, F. A. (1945). The use of knowledge in society. American Economic Review, 35(4), 519-530. Heidari, H., & Molabahrami, A. (2015). Household portfolio channel of credit shocks transmission: The case of Iran. Iranian Journal of Economic Studies, 4(2), 83-114. Ireland, P. N. (2003). Endogenous money or sticky prices? Journal of Monetary Economics, 50(8), 1623-1648. Jehle, G. A., & Reny, P. J. (2011). Advanced Microeconomic Theory. Harlow, England, New York: Financial Times. Komejane, A., & Tavakolyan, H. (2011). Monetary policy dominated by financial, and the implicit target inflation in a Dynamic Stochastic General Equilibrium model (DSGE) for Iran's economy. Quarterly Journal of Economic Modeling Research, 2 (8), 87-117. Leeper, E. M., Walker, T. B., & Yang, S. C. S. (2009). Government investment and fiscal stimulus in the short and long runs (No. w15153). National Bureau of Economic Research. Manzoor, D., & Taghipour, A. (2015). A dynamic stochastic general equilibrium (DSGE) model for a small open economy of oil explorer: Case study of Iran. Quarterly Journal of Economic Research and Policy, 23(75), 7-44. Marzban, H., Rostamzadeh, P., Ghaderi, J., & Khosravi, A. (2017). Reconnoitering the effective channels of monetary transmission mechanism in Iran using a dynamic stochastic general equilibrium model. Iranian Journal of Economic Studies, 6(2), 159-183. Meshkin, S. F. (2010). Money Economy, Banking and Financial Markets. Translated by Ahmad Shabani, Emam Sadegh University Press . Monacelli, T. (2005). Monetary policy in a low pass-through environment. Journal of Money, Credit, and Banking, 37(6), 1047–1066. Nasrallahi, Z., & Shafiei, A. (2016). The impact of honesty on financial markets on the economic variables. Quarterly Journal of Islamic Economics, 16(61), 33-64. Nicholas, A., Fafaliou, I., & Stefanitsis, M. (2016). Asymmetric information and employment: Evidence from the U.S. banking sector. The Journal of Economic Asymmetries, 14(B), 199-210. Niinimäki, J. P. (2018). Credit markets under asymmetric information regarding the law. The North American Journal of Economics and Finance. Peiris, S. J., & Saxegaard, M. (2007). An estimated DSGE model for monetary policy analysis in low-income countries (No. 7-282). International Monetary Fund. Rannenberg, A. (2012). Asymmetric Information in Credit Markets, Bank Leverage Cycles and Macroeconomic Dynamics. Macro prudential Research Network. Sameti, M., Ranjbar, H., & Hematzadeh, M. (2012). A comparative study on the impact of financial development on economic growth under asymmetric information (case study of developed and developing countries). Quarterly Journal of Economic Growth and Development, 3(9), 25-45. Shafiei, A. (2011). Investigating the impact of the development of the financing system with emphasis on the Islamic financing system on increasing employment. Tehran: The First Pioneering Congress of Progress. Shah Hoseini, S., & Bahrami, J. (2012). Designing a new Keynesian dynamic stochastic general equilibrium model of Iran's economy. Regarding to the banking Sector. Iranian Journal of Economic Research, 17(53), 55-83. Shakeri, A. (2007). Microeconomics 2. Tehran, Nei Publishing Co. Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355-374. Stigler, G. J. (1961). The economics of information. Journal of Political Economy, 69(3), 213-225. Stieglitz, J. (2001). Information and the change in the paradigm. Nobel Prize Lecture. Stieglitz, J. (2006). The economics of information and the weakness of the conventional economy. Translated by Shah Hoseini, S., Rahbord, 2(5), 1-30. Valibeigi, H., Yavari, K., Ebrahimi, I., & Sahabi, B. (2017). Analysis of the monetary and financial Policies on opened trade: Case study of Iran, the DSGE model. Journal of Commerce, 83, 1-34. Zandt, T. V. (2006). Introduction to the Economics of Uncertainty and Information. INSEAD | ||
|
آمار تعداد مشاهده مقاله: 1,516 تعداد دریافت فایل اصل مقاله: 1,464 |
||