اخبار و اعلانات

 آمار

تعداد نشریات24
تعداد شماره‌ها924
تعداد مقالات8,295
تعداد مشاهده مقاله16,559,815
تعداد دریافت فایل اصل مقاله13,969,878
Ebrahimi, Meymanat, Vaez Barzani, Mohammad, Torki, leila, Heydari, Hassan. (1399). The Analysis of the Impact of Monetary Policy Shocks on the dynamics of Flow of Funds Account with an Emphasis on the Private Sector. , 10(1), 217-243. doi: 10.22099/ijes.2022.41148.1765
Meymanat Ebrahimi; Mohammad Vaez Barzani; leila Torki; Hassan Heydari. "The Analysis of the Impact of Monetary Policy Shocks on the dynamics of Flow of Funds Account with an Emphasis on the Private Sector". , 10, 1, 1399, 217-243. doi: 10.22099/ijes.2022.41148.1765
Ebrahimi, Meymanat, Vaez Barzani, Mohammad, Torki, leila, Heydari, Hassan. (1399). 'The Analysis of the Impact of Monetary Policy Shocks on the dynamics of Flow of Funds Account with an Emphasis on the Private Sector', , 10(1), pp. 217-243. doi: 10.22099/ijes.2022.41148.1765
Ebrahimi, Meymanat, Vaez Barzani, Mohammad, Torki, leila, Heydari, Hassan. The Analysis of the Impact of Monetary Policy Shocks on the dynamics of Flow of Funds Account with an Emphasis on the Private Sector. , 1399; 10(1): 217-243. doi: 10.22099/ijes.2022.41148.1765

The Analysis of the Impact of Monetary Policy Shocks on the dynamics of Flow of Funds Account with an Emphasis on the Private Sector

Iranian Journal of Economic Studies
مقاله 11، دوره 10، شماره 1 - شماره پیاپی 19، شهریور 2021، صفحه 217-243    اصل مقاله (963.42 K)
نوع مقاله: Research Paper
شناسه دیجیتال (DOI): 10.22099/ijes.2022.41148.1765
نویسندگان
Meymanat Ebrahimi1؛ Mohammad Vaez Barzani* 1؛ leila Torki1؛ Hassan Heydari2
1Department of Economics, University of Isfahan, Isfahan, Iran.
2Department of Economics, Tarbiat Modares University, Tehran, Iran.
چکیده
In this paper, the impact of monetary shocks on asset changes and the financial liabilities of different institutional sectors were examined. Afterwards, financial and non-financial tools of the private sector’s balance sheet in the funds flow account were analyzed. For this purpose, the data from 1973 to 2017 of the factor-augmented vector autoregressive (FAVAR) model was employed. Results show that expansionary monetary shock has led to a rise in the assets and financial liabilities belonging to institutional sectors in the first year. With regard to the private sector and the financial tools of its balance sheet, monetary shock significantly impacts this sector’s long-term deposit while it has a weak insignificant impact on the short-term deposit. The monetary shock also has a strong significant impact on the private sector’s taking long-term loans while it has a weak insignificant impact on the short-term loans taken by the same sector. Regarding the non-financial tools of this sector, the expansionary monetary shock has a positive effect on the construction and machinery investment in the short run. In the long run, however, the two variables’ responses are reversed which indicates the negative effect of monetary shock caused by an increase in oil revenues on the private sector’s investment in both the construction and the machinery sector. As a result, it can be concluded that the oil revenue reduces the private sector’s relative size in Iran economy.
کلیدواژه‌ها
funds flow؛ financial account؛ . capital account؛ . monetary policy shock؛ . the factor-augmented vector autoregressive model
مراجع

Bai, J. N. (2003). Determining the number of factors in approximate factor
models. Econometrica, 70, 191-221.
Bernanke, B., & Blinder, A. S. (1992). The federal funds rate and the channels of
monetary transmission. American Economic Review, 82, 901-921.
Bernanke, B., & Gertler, M. (1995). Inside the black box: The credit channel of
monetary policy transmission. Journal of Economic Perspectives, 9, 27-48.
Bernanke, B., Boivin , J., & Eliasz, P. (2005). Measuring the effects of monetary
policy: A factor-augmented autoregressive (FAVAR) approach. The
Quarterly Journal of Economics, 120, 387-422.
Bonci, R. (2012). The effects of monetary policy in the euro area: First results
from the flow of funds – from the financial systems of industrial countries:
Evidence from financial accounts. Applied Economics, 217-245.
Bonci, R., & Columba, F. (1995). Monetary policy effects: New evidence from
the Italian flow-of-funds. Applied Economics.
Breitung, J., & Eickmeier, S. (2005). Dynamic factor model, Deutsche Bundes
bank discussion paper. Economic Studies, 30, 40-70.
Christiano, L., Eichenbaum, M., & Evans, C. (1996). The effects of monetary
policy shocks: Evidence from the flow of funds. The Review of Economics
and Statistics, 78, 16-34.
Copeland, M. (1952). A study of money flow in the United States. National
Bureau of Economic Research, 47-68.
Dahlhaus, T. (2014). Monetary policy transmission during financial crises: An
empirical analysis. Bank of Canada, Working Paper, 21, 1-38.
Filis, G., & Degiannakis, S. C. (2011). Dynamic correlation between stock market
and oil prices: The case of oil-importing and oil-exporting countries.
International Review of Financial Analysis, 20, 152-164.
Fleming, J. m. (1962). Domestic financial policies under fixed and floating
exchange rates. International Monetary Fund Staff Papers, 369-380.
Gameiro, I. S. (2010). Monetary policy effects on the flow of funds of
nonfinancial corporations and households in Portugal. Economic Bulletin,
Banco de Portugal, 37-48.
Gertler, M., & Gilchrist, S. (1993). The role of credit market imperfections in the
monetary transmission mechanism arguments and evidence. Scandinavian
Journal of Economics, 95, 43-64
Haghighi, I. (2006). Modeling the monetary policy transfer mechanism in non
usuary banking with dynamic general equilibrium model (the case study of
Iran). Under the Guidance of Dr. Kamran Nadri, Master Thesis, Imam
Sadegh University.
Heydari, H. (2018). Designing a factor augmented autoregresive model (FAVAR)
for Iran's economy with emphasis on oil and monetary shocks. Economic
Modeling Research Quarterly, 34, 71-106.

آمار
تعداد مشاهده مقاله: 574
تعداد دریافت فایل اصل مقاله: 645


سامانه مدیریت نشریات علمی. قدرت گرفته از سیناوب