Farhad Matinnafs; Fattah Sharifzadeh; Mahnaz Rabiee; Seyyed Ahmad Hosseini Gol Afshani
Abstract
Economic policies include policy-making in monetary- banking, financial and commercial aspects. Monetary policies are more important in bank-oriented economies and in this countries, The Government determines other policies based on monetary market policy. The present research is conducted concerningthe ...
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Economic policies include policy-making in monetary- banking, financial and commercial aspects. Monetary policies are more important in bank-oriented economies and in this countries, The Government determines other policies based on monetary market policy. The present research is conducted concerningthe challenges of the national economy including inflation growth, price shocks, liquidity growth, bankruptcy of financial institutions and failed projects, with the goal of proposing a model for monetary policy-making process. In this research, an analytical model was designed based on a six-stage policy-making process, and effective organizations and factors were identified after explorative studies and interview with scholars. The Results confirmed the necessity of the existence of 8, 8, 12, 7, 7 , 11 organizations in the stages of identification, formulation, approval, implementation, evaluation and modification/ termination of policies, as well as confirmed the effect of 7 internal and 6 external factors on policy-making process.
Jalal Montazeri Shoorekchali
Abstract
Financial crises, along with the negative and destructive effects of the debt stocks on the economy of countries with the national debt, have caused the "economic effects of the public debt stocks problem," and has become a controversial issue in the public sector economics literature. Using a Smooth ...
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Financial crises, along with the negative and destructive effects of the debt stocks on the economy of countries with the national debt, have caused the "economic effects of the public debt stocks problem," and has become a controversial issue in the public sector economics literature. Using a Smooth Transition Regression (STR) model, this paper investigates the asymmetric impact of the size of government debt - the ratio of government debt to the central bank to GDP - on economic growth in Iran during 1973-2017. The findings showed that the size of government debt to the central bank in a two-regime structure, with two thresholds, affected economic growth by 4.40% and 28.98%. At low levels of debt (years that the size of government debt to central bank is less than 4.4%) and high levels of debt (years that the size of government debt to central bank is greater than 4.40% and less than 28.98%), government borrowing from the central bank has had a negative and positive effect on economic growth, respectively. Finally, contrary to the expectations, during the period 1980-1991 (years that the size of government debt to the central bank is greater than 28.98%), the amount of government debt to the central bank has positively affected economic growth. This positive impact can be due to the specific features of the revolution and war periods in Iran, such as reducing crowding-out effects, the significant gap between real and potential production, and the more efficient cost management during years.
Mohamad Vaez; Khadijeh Nasrollahi; Amir jabbari
Volume 9, Issue 31 , July 2007, , Pages 77-102
Abstract
The central banks holding of the international reserves serves as a means for financing the balance-of-payments deficit, but bears opportunity costs. Therefore, the optimal level of the international reserves is one of the monetary authorities’ major concerns. The special economic conditions of ...
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The central banks holding of the international reserves serves as a means for financing the balance-of-payments deficit, but bears opportunity costs. Therefore, the optimal level of the international reserves is one of the monetary authorities’ major concerns. The special economic conditions of the country, such as the severe dependency of the economy on the oil exporting revenues, lacking of the necessary flexibility in the foreign exchange market, commercial limitations and controlling the capital flows, limited access to the international financial markets, poor management of the foreign debts, and various national and international shocks to the economy in recent years have made the determining of the optimal level of the international reserves very important to the Iranian economy. In this paper, we use the Frankel-Jovanovic model which is based on the Bamol’s and Tobin’s buffer stock model and apply dynamic optimization and GARCH model to determine the optimal level of the international reserves of Central Bank of the Islamic Republic of Iran for the period 1961-2004. Our findings show that the real reserves level, except for the periods of high oil revenues, have been lower than the optimal level.
