Analyzing the Effects of Interest Rate Shocks in Iran's Economy Considering Shadow Banking Using Stochastic Dynamic General Equilibrium Model | ||
| Iranian Journal of Economic Studies | ||
| دوره 12، شماره 1 - شماره پیاپی 23، آذر 2023، صفحه 51-68 اصل مقاله (602.91 K) | ||
| نوع مقاله: Research Paper | ||
| شناسه دیجیتال (DOI): 10.22099/ijes.2024.48640.1935 | ||
| نویسندگان | ||
| Ashkan Makipour* 1؛ Ahmad Salahmanesh1؛ Ebrahim Anvari1؛ Leyla Reshnavadi2 | ||
| 1Department of Economics, Shahid Chamran University of Ahvaz, Ahvaz, Iran. | ||
| 2Faculty of Management and Economics, Tarbiat Modares University, Tehran. Iran | ||
| چکیده | ||
| In recent years, with the expansion of financial institutions such as investment funds, non-bank financial and credit institutions, and financing funds, a sector has been formed in Iran's economy that performs its duties in parallel with the standard banking sector, which is known as shadow banking. The formation of such a structure in the economy can be considered a part of the monetary transfer mechanism and affect macroeconomic variables. This study shows that shadow banking is growing rapidly in Iran and due to lack of activity within the framework of Central Bank regulations, it can reduce the effectiveness of monetary policies. In this study, in order to model the shadow banking sector, a Dynamic Stochastic General Equilibrium (DSGE) model has been used considering different sectors of the economy during the period of 2010-2019. The results of the simulation show that the effect of the shadow banking sector on macroeconomic variables is similar to the effect of the standard banking sector, which indicates its impact on the Iranian economy. Also, the simulation of shocks related to interest rates shows that interest rate developments in the shadow banking sector have the same function as the conventional monetary transfer mechanism in the standard banking sector. Therefore, developments in this sector can significantly affect the future direction of economic variables | ||
| کلیدواژهها | ||
| Shadow banking؛ monetary transmission mechanism؛ stochastic dynamic general equilibrium model؛ interest rate | ||
|
آمار تعداد مشاهده مقاله: 301 تعداد دریافت فایل اصل مقاله: 136 |
||