Document Type : Research Paper
Authors
1 Department of Accounting , Faculty of Management and Accounting , Allameh Tabatabai University
2 Master of Economic Sciences/, Allameh Tabataba`i University/, Tehran/Iran
Abstract
In recent decades, the functioning of financial markets and banks have undergone significant changes, and many institutions similar to the functioning of traditional banks have grown outside the regulatory structure of the central bank, which is referred to as shadow banking. Instead of focusing on the traditional activities of traditional banks, shadow banking uses a more diverse set of resources and tools and it has been able to create changes in economic risks and also be effective in the changes and economic policies of countries. In this study, in order to estimate shadow banking and its relationship with traditional banking, between 2011 and 2021, the modeling of the money demand function in the framework of a system of simultaneous equations was used along with the MeinflexLarent function, which has flexibility. Also, according to the discussion of variance of heterogeneity, BEKK GARCH model was used to estimate the model to help solve the existing heteroscedasticity. The investigations and results of this research show that during the last decade, shadow banking has grown at an increasing rate, and in the last decade, conventional banking and shadow banking replaced each other based on Morishima's substitutability elasticity index. Also, the results show that the spillover effect of short-term deposit shocks and fixed income funds on Islamic bonds is positive, incremental and significant.
On the other hand, the effect of the series of shocks of fixed income funds on cash and short-term deposits has been meaningless.
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