Journal of Money and Economy最新文献_第6页

Analysis of the Effect of Financial Policy (Income Tax) on Income Distribution in Iran with ARDL Approach 用ARDL方法分析伊朗财政政策(所得税)对收入分配的影响

Journal of Money and Economy Pub Date : 2020-04-01 DOI: 10.29252/jme.15.2.221

Hassan Mollaesmaeili Dehshiri, Jamshid Pajouyan, Shamseddin Hosseini, F. Ghaffari

引用次数: 0

The Impact of Domestic and Foreign Monetary Policy on Iran's economy: Global Modeling 国内外货币政策对伊朗经济的影响:全球模型

Journal of Money and Economy Pub Date : 2020-04-01 DOI: 10.29252/JME.15.2.151

Simin Akbari Dehbaghi, S. Arman, M. Ahangari

{"title":"The Impact of Domestic and Foreign Monetary Policy on Iran's economy: Global Modeling","authors":"Simin Akbari Dehbaghi, S. Arman, M. Ahangari","doi":"10.29252/JME.15.2.151","DOIUrl":"https://doi.org/10.29252/JME.15.2.151","url":null,"abstract":"One of the striking features of the business cycles is the patterns of co-movement of output, inflation, interest rates, and real equity prices across countries. This paper empirically examines the effects of domestic and foreign monetary policies on Iran's macroeconomic variables (including real production, inflation, short-term interest rate, and real exchange rate) using quarterly data over the 1996Q1-2015Q4 period and a global vector auto-regression model (GVAR) for Iran, the largest trading partners of Iran including China, India, Russia, South Korea, Turkey, the European Union, and the United State. The results of domestic monetary policies on Iran's macroeconomic variables illustrate a form of Price Puzzle on how monetary policy shocks affect inflation in Iran. The effects of the positive shocks of domestic interest rate on real GDP in Iran is negative. Iran's real exchange rate response to the positive shock of domestic interest rates is negative and significant. The results regarding the impact of the foreign monetary policies on Iran's macroeconomic variables illuminate that only the effects of a positive shock to China's interest rate are significant and negative on Iran's inflation. Besides, there is a significant independency of Iran's real GDP to the monetary policy shocks of the other trading partners of Iran. Also, the response of Iran's real exchange rate to positive monetary shocks in the EU and Turkey is at a positive and significant level. The results indicate that due to the closed economic structure of Iran, global economic crises that lead to a recession in other countries have had the least impact on the Iranian economy.","PeriodicalId":151574,"journal":{"name":"Journal of Money and Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124695579","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Regulating Iranian Card payments System as a two sided market 将伊朗信用卡支付系统作为双边市场进行监管

Journal of Money and Economy Pub Date : 2020-04-01 DOI: 10.29252/JME.15.2.199

Hossein Aghaei, R. Talebloo, F. K. Kashi

{"title":"Regulating Iranian Card payments System as a two sided market","authors":"Hossein Aghaei, R. Talebloo, F. K. Kashi","doi":"10.29252/JME.15.2.199","DOIUrl":"https://doi.org/10.29252/JME.15.2.199","url":null,"abstract":"This paper examines the necessity of regulating the Iranian card payments system (SHAPARAK) based on the theory of two-sided markets. The expansion of the payment card system in recent years has arisen some questions regarding the role of all kinds of costs and expenses such as interchange fees, cardholder fees, merchant fees, and network externality in balancing the market. Since there is only an interchange fee in Iran, regulation of the card payments system is necessary to assess the variables affecting this system. The data used in this study consist of 1218 observations of 29 banks from March 2016 to August 2019. The econometric method for this purpose is the fixed effects panel data model. The results indicate that the interchange fee has an essential role in balancing the Iranian card payment system market. Also, network externality makes the opportunity for balancing the market by decreasing the interchange fee and finally reducing transaction costs for acquirer banks. This policy can lower the interest rate of the bank loans because, in the Iranian card payment system, cardholders and merchants do not pay fees for transactions. So, banks try to attract clients for issuing cards and receive interchange fees as revenue to compensate for the payment network costs by the interest rate of loans. Overall, the results of the estimated model show that improving the card payments system in Iran should be regulated by related organizations.","PeriodicalId":151574,"journal":{"name":"Journal of Money and Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133780251","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Does One Size Fit All? The Impact of Liquidity Requirements on Bank's Insolvency:Evidence from Iranian Listed Banks 一种尺码适合所有人吗?流动性要求对银行破产的影响:来自伊朗上市银行的证据

Journal of Money and Economy Pub Date : 2020-04-01 DOI: 10.29252/JME.15.2.181

Vahideh Sotoudeh Mollashahi, M. Talebi, M. Rastegar, R. Mojab, Monetary

{"title":"Does One Size Fit All? The Impact of Liquidity Requirements on Bank's Insolvency:\u0000Evidence from Iranian Listed Banks","authors":"Vahideh Sotoudeh Mollashahi, M. Talebi, M. Rastegar, R. Mojab, Monetary","doi":"10.29252/JME.15.2.181","DOIUrl":"https://doi.org/10.29252/JME.15.2.181","url":null,"abstract":"According to the Basel III regulatory framework, uniform minimum liquidity requirements have been imposed on all types of banks. Using an agent-based model of a banking system, we investigate the effects of liquidity requirements on banks' insolvency under two policy experiments in one of which the minimum liquidity requirements are applied uniformly and in the other differentially across banks. The model introduces a banking system with 12 heterogeneous banks that must also comply with two liquidity requirements while performing their daily activities of taking deposits and making loans. The model is applied to the Iranian banking system. Results illustrate that because banks respond differently to liquidity requirements, applying one size minimum liquidity requirements to all kinds of banks, strengthens the likelihood of a liquidity shock turns into banks' insolvency and could increase banking system instability. Thus our findings highlight that to achieve financial stability at the national level, policymakers should revise the current one size fits all approach when designing liquidity requirements.","PeriodicalId":151574,"journal":{"name":"Journal of Money and Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114341483","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Islamic Social Banking Platform (Case of Resalat Islamic Bank) 伊斯兰社会银行平台(以Resalat伊斯兰银行为例)

Journal of Money and Economy Pub Date : 1900-01-01 DOI: 10.29252/jme.15.1.35

Seyed Hossein Mirjalili, Hassan Baan, Abouzar Soroosh, M. Botshekan

引用次数: 0

The Effect of Central Bank's Monetary Policy on Unemployment and Inflation in Provinces of Iran: A GVAR Approach 中央银行货币政策对伊朗各省失业和通胀的影响:一个GVAR方法

Journal of Money and Economy Pub Date : 1900-01-01 DOI: 10.29252/jme.15.1.55

Nasrin Ebrahimi, M. Pedram, M. Mousavi

{"title":"The Effect of Central Bank's Monetary Policy on Unemployment and Inflation in Provinces of Iran: A GVAR Approach","authors":"Nasrin Ebrahimi, M. Pedram, M. Mousavi","doi":"10.29252/jme.15.1.55","DOIUrl":"https://doi.org/10.29252/jme.15.1.55","url":null,"abstract":"The national economy of most countries is made up of various regions (provinces) with different industrial composition, financial structure, trade relations, and institutional environment. Depending on these characteristics, regions may respond differently to a uniform national macroeconomic policy. Policymakers should consider these heterogeneities to achieve the national development objective. Using separate VAR models to investigate the regional effects of a uniform policy neglects the spillover effects across regions. The GVAR approach models the links between units (such as regions) using the weighted average of different macroeconomic aggregates. Since Iran is a regionally dispersed country, this motivates us to analyze whether or not a standard monetary policy has different effects on its provinces' unemployment and inflation rates using a GVAR approach during 2005q1-2016q1 period. Results indicate that one standard deviation positive monetary shock at the national level can significantly reduce unemployment in some provinces. These responses are similar in terms of timing, but their intensity is different. Also, this positive shock has a positive effect on inflation in all provinces. All responses are approximately similar in terms of timing. Despite this similarity, shock responses vary in terms of intensity.","PeriodicalId":151574,"journal":{"name":"Journal of Money and Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131293301","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0