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Keshtgar, Nafiseh, Pahlavani, Mosayeb, mirjalili, Seyed Hossein. (1400). Macro-Prudential Policies and Financial Cycle in Iran. نشریه علمی دانشگاه سیستان و بلوچستان, 13(1), 95-114. doi: 10.22111/ijbds.2021.6582
Nafiseh Keshtgar; Mosayeb Pahlavani; Seyed Hossein mirjalili. "Macro-Prudential Policies and Financial Cycle in Iran". نشریه علمی دانشگاه سیستان و بلوچستان, 13, 1, 1400, 95-114. doi: 10.22111/ijbds.2021.6582
Keshtgar, Nafiseh, Pahlavani, Mosayeb, mirjalili, Seyed Hossein. (1400). 'Macro-Prudential Policies and Financial Cycle in Iran', نشریه علمی دانشگاه سیستان و بلوچستان, 13(1), pp. 95-114. doi: 10.22111/ijbds.2021.6582
Keshtgar, Nafiseh, Pahlavani, Mosayeb, mirjalili, Seyed Hossein. Macro-Prudential Policies and Financial Cycle in Iran. نشریه علمی دانشگاه سیستان و بلوچستان, 1400; 13(1): 95-114. doi: 10.22111/ijbds.2021.6582

Macro-Prudential Policies and Financial Cycle in Iran

International Journal of Business and Development Studies
دوره 13، شماره 1، تیر 2021، صفحه 95-114    اصل مقاله (493.52 K)
شناسه دیجیتال (DOI): 10.22111/ijbds.2021.6582
نویسندگان
Nafiseh Keshtgar1؛ Mosayeb Pahlavani2؛ Seyed Hossein mirjalili3
1PhD in Economics, Department of Economics, University of Sistan and Baluchestan, Iran
2Associate Professor of Economics, Department of Economics, University of Sistan and Baluchestan, Iran
3Professor of Economics , Institute for Humanities and Cultural Studies, Iran
چکیده
Financial markets are channels for attracting surplus financial resources and allocating them to investment. Macro-prudential policy needs to consider financial cycle in order to assess the state of the financial sector, predict its developments and justify the need for specific policy tools. we examined the effect of macro-prudential policies on financial cycle of Iran's economy Over the period 2008-2018 using Unobserved Components Structural Time Series Model. We explored the effect of macro-prudential policy index and other variables on the financial cycle. The findings of this study, using the Generalized method of moments (GMM) for the time series data, suggested that the macro-prudential policy index has a negative and significant effect on the financial cycle in the Iranian economy. Also, the probability(likelihood) of a banking crisis, the interbank market loan rate and the economic growth index have positive and significant effect on the financial cycle.
کلیدواژه‌ها
Macro-Prudential Policies؛ Financial Cycle؛ Boom and Bust؛ GMM
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