تعداد نشریات | 25 |
تعداد شمارهها | 933 |
تعداد مقالات | 7,666 |
تعداد مشاهده مقاله | 12,514,580 |
تعداد دریافت فایل اصل مقاله | 8,896,616 |
نقش مستقیم و غیرمستقیم عوامل نهادی در استقلال بانک مرکزی ایران | ||
تحلیل های اقتصادی توسعه ایران | ||
مقاله 9، دوره 9، شماره 2 - شماره پیاپی 24، مهر 1402، صفحه 193-218 اصل مقاله (1.22 M) | ||
نوع مقاله: مقاله پژوهشی | ||
شناسه دیجیتال (DOI): 10.22051/ieda.2024.45583.1386 | ||
نویسندگان | ||
رضا فاضلیان* 1؛ فرهاد ترحمی2 | ||
1دکتری، گروه اقتصاد، دانشکده علوم اداری و اقتصاد، دانشگاه اصفهان، اصفهان، ایران | ||
2پسادکتری، گروه اقتصاد، دانشکده علوم اجتماعی و اقتصادی، دانشگاه الزهرا، تهران، ایران | ||
چکیده | ||
بر اساس ادبیات نهادگرایی، عوامل نهادی نقش مهمی در استقلال بانک مرکزی دارند. هدف پژوهش حاضر بررسی تأثیر مستقیم و غیرمستقیم عوامل نهادی بر استقلال بانک مرکزی در اقتصاد ایران است. ازاینرو با استفاده از یک الگوی اقتصادسنجی بر مبنای مطالعات گاریگا و رودریگز[1] (2020) و دیماتو و همکاران[2] (2009) به بررسی اثر عوامل نهادی بر استقلال بانک مرکزی طی دوره زمانی 1400-1375 پرداخته شده است. همچنین در این مطالعه برهمکنش متغیرهای مستقل مدل بهمنظور تحلیل آثار غیرمستقیم عوامل نهادی بر استقلال بانک مرکزی مورد بررسی قرار گرفته است. نتایج پژوهش نشان میدهد اگرچه رانت نفت بهصورت مستقیم تأثیری بر استقلال بانک مرکزی ندارد؛ ولی بهصورت غیرمستقیم (از طریق ایجاد فساد و تورم) موجب کاهش استقلال بانک مرکزی میگردد که این امر نشان از ضعف کیفیت نهادی و سیاستهای پولی در اقتصاد ایران دارد. بر اساس یافتههای مطالعه حاضر پیشنهاد میشود در سیاستگذاریهای اقتصادی برهمکنش عوامل نهادی و همچنین کیفیت سازوکارهای نهادی بهمنظور دستیافتن به بانک مرکزی مستقل مدنظر قرار گیرد. [1]. Garriga & Rodriguez [2]. D'Amato et al. | ||
کلیدواژهها | ||
استقلال بانک مرکزی؛ کیفیت نهادی؛ فساد؛ روش ARDL | ||
عنوان مقاله [English] | ||
The Direct and Indirect Role of Institutional Factors in the Independence of Central Bank of Iran | ||
نویسندگان [English] | ||
Reza Fazelian1؛ Farhad Tarahomi2 | ||
1Ph.D. Student, Department of Economics, Faculty of Administrative Sciences and Economics, Isfahan University, Isfahan, Iran. | ||
2Postdoctorate, Department of Economics, Faculty of Social and Economic Sciences, Alzahra University, Tehran, Iran | ||
چکیده [English] | ||
According to the literature on institutionalism, institutional factors play an important role in the central bank's independence. The current research aims to investigate the direct and indirect impact of institutional factors on the central bank's independence in Iran's economy. Therefore, using an econometric model based on the studies of Garriga and Rodrigues (2023) and Dimato et al. (2009), the effect of institutional factors on the central bank's independence during the period of 1996-2021 has been investigated. Also, in this study, the interaction of the model's independent variables has been investigated to analyze the indirect effects of institutional factors on the central bank's independence. The research results show that although oil rent does not directly affect the independence of the central bank, it indirectly (through corruption and inflation) causes a decrease in the central bank's independence, which indicates the weakness of the institutional quality and policies. Based on the findings of the present study, the interaction of institutional factors and the quality of institutional mechanisms should be considered in economic policies to achieve an independent central bank | ||
کلیدواژهها [English] | ||
Central Bank Independence, Institutional Quality, Corruption, ARDL Method | ||
مراجع | ||
منابع
صمدی، علی حسین؛ جعفری صمیمی، احمد؛ صدرایی جواهری، احمد و ابراهیمی، مسلمه (1400). تأثیر میزان استقلال بانک مرکزی بر ادوار تجاری سیاسی در ایران: کاربرد روش خودرگرسیون انتقال ملایم. مدلسازی اقتصادسنجی، 6(4)، 124-93.
طیبنیا، علی؛ زمان زاده، حمید و شادرخ، مهدیه. (1393). نقش نهادها در بروز مصیبت یا موهبت منابع نفتی، یک الگوی رانتجویی با رویکرد تعادل عمومی تصادفی پویا. فصلنامه پژوهشهای پولی-بانکی، 7(21)، 476-443.
لطفی، زهرا. (1399). اثر درآمدهای نفتی و توسعه سیاسی براستقلال بانک مرکزی: شواهدی از کشورهای صادرکننده نفت. پایاننامه کارشناسیارشد رشته اقتصاد انرژی، دانشگاه تربیت مدرس.
References
Acemoglu, D. (2008). Introduction to modern economic growth. Arizona, USA: Princeton University Press.
Agoba, A. M., Abor, J., Osei, K. A., & Sa-Aadu, J. (2017). Central bank independence and inflation in Africa: The role of financial systems and institutional quality. Central Bank Review, 17(4), 131-146.
Aisen, A., & Veiga, F. J. (2008). Political instability and inflation volatility. Public Choice, 135, 207-223.
Alesina, A. & Sachs, J. (1988). Political parties and the business cycle in the United States. Money, Credit and Banking, 20, 63–82.
Alesina, A., Summers, L.H., )1993(. Central bank independence and macroeconomic performance: some comparative evidence. J. Money Credit Bank. 25, 151–163.
Alpanda, S., & Honig, A. (2010). Political monetary cycles and a de facto ranking of central bank independence. Journal of International Money and Finance, 29(6), 1003-1023.
Anastasia, M. (2023). Modeling the impact of sanctions on inflation expectations. Working Papers from Moscow State University, Faculty of Economics (No. 0053).
Arnone, M., & Romelli, D. (2013). Dynamic central bank independence indices and inflation rate: A new empirical exploration. Journal of Financial Stability, 9(3), 385-398.
Atigala, P., Maduwanthi, T., Gunathilake, V., Sathsarani, S., & Jayathilaka, R. (2022). Driving the pulse of the economy or the dilution effect: Inflation impacting economic growth. Plos one, 17(8), 273-379.
Berggren, N., Daunfeldt, S. O., & Hellström, J. (2016). Does social trust speed up reforms? The case of central-bank independence. Journal of Institutional Economics, 12(2), 395-415.
Bleaney, M., & Fielding, D. (2002). Exchange rate regimes, inflation and output volatility in developing countries. Journal of Development Economics, 68(1), 233-245.
Bodea, C., & Hicks, R. (2015). Price stability and central bank independence: Discipline, credibility, and democratic institutions. International Organization, 69(1), 35-61.
Bowdler, C., & Malik, A. (2017). Openness and inflation volatility: Panel data evidence. The North American Journal of Economics and Finance, 41, 57-69.
Brown, R. L., Durbin, J., & Evans, J. M. (1975). Techniques for testing the constancy of regression relationships over time. Journal of the Royal Statistical Society Series B: Statistical Methodology, 37(2), 149-163.
Buchanan, J. M., & Wagner, R. E. (1977). Democracy in deficit: The Political Legacy of Lord Keynes (Vol. 4). New York: Academic Press.
Burkovskaya, A. (2019). Political economy behind Central bank independence. Journal of Central Banking Theory and Practice, 67-96.
Cavoli, T., & Wilson, J. K. (2015). Corruption, central bank independence and optimal monetary policy in a simple model. Journal of Policy Modeling, 37(3), 501-509.
Choi, S., Furceri, D., Loungani, P., Mishra, S., & Poplawski-Ribeiro, M. (2018). Oil prices and inflation dynamics: Evidence from advanced and developing economies. Journal of International Money and Finance, 82, 71-96.
Crowe, C., & Meade, E. E. )2007(. The evolution of central bank governance around the world. J. Econ. Perspect. 21, 69–90.
Cukierman, A. (1993). Central bank independence, political influence and macroeconomic performance: a survey of recent developments. Cuadernos de Economía, 271-291.
Cukierman, A., Webb, S. B., & Neyapti, B. (1994). Measuring central bank independence and its effect on policy outcomes. ICS Press, (No. 58).
Cunado, J., & De Gracia, F. P. (2005). Oil prices, economic activity and inflation: evidence for some Asian countries. The Quarterly Review of Economics and Finance, 45(1), 65-83.
D'Amato, M., Pistoresi, B., & Salsano, F. (2009). On the determinants of central bank independence in open economies. International Journal of Finance & Economics, 14(2), 107-119.
Daniels, J. P., Nourzad, F., & VanHoose, D. D. (2005). Openness, central bank independence, and the sacrifice ratio. Journal of Money, Credit, and Banking, 37(2), 371-379.
De Haan, J., & Eijffinger, S. C. (2016). The politics of central bank independence. CentER Discussion Paper Series, No. 2016-047.
Dimakou, O. (2015), Bureaucratic corruption and the dynamic interaction between monetary and fiscal policy, European Journal of Political Economy, 40, 57-78. ER Working Paper 11085.
Eijffinger, S., Schaling, E., & Hoeberichts, M. (1998). Central bank independence: A sensitivity analysis. European Journal of Political Economy, 14(1), 73-88.
Eijffinger, S.C.W. & Schaling, E. )1993), Central Bank Independence in Twelve Industrial Countries, Banca Nazionale del Quarterly Review, 184, 1-41.
Fisher, I. (1933). The debt-deflation theory of great depressions. Econometrica: Journal of the Econometric Society, 1(4), 337-357.
Garriga, A. C., & Rodriguez, C. M. (2020). More effective than we thought: Central bank independence and inflation in developing countries. Economic Modelling, 85, 87-105.
Gómez-Loscos, A., Montañés, A., & Gadea, M. D. (2011). The impact of oil shocks on the Spanish economy. Energy Economics, 33(6), 1070-1081.
Grilli, V., Masciandaro, D., & Tabellini, G. (1991). Political and monetary institutions and public financial policies in the industrial countries. Economic Policy, 6(13), 341-392.
Handa, J. (2007). Monetary Economics. 2nd ed. Routledge. 844 pages.
Hielscher, K., & Markwardt, G. (2012). The role of political institutions for the effectiveness of central bank independence. European Journal of Political Economy, 28(3), 286-301.
Jácome, L. I. (2001). Legal central bank independence and inflation in Latin America during the 1990s. IMF Working Paper No. 2001/212.
Jones, L. (2015). Societies under siege: exploring how international economic sanctions (do not) work. Oxford University Press, United Kingdom.
Katseli, L. T., Theofilakou, A., & Zekente, K. M. (2022). Central bank independence and inflation preferences: New empirical evidence on the effects on inflation. Economic Issues, 25(Part 1).
Kern, A., Reinsberg, B., & Rau-Göhring, M. (2019). IMF conditionality and central bank independence. European Journal of Political Economy, 59, 212-229.
Kunaedi, A., & Darwanto, D. (2020). Central bank independence and inflation: The matters of financial development and institutional quality. Signifikan: Jurnal Ilmu Ekonomi, 9(1), 1-14.
Lotfi, Z (2019). The effect of oil revenues and political development on the independence of the central bank: Evidence from oil exporting countries. master's thesis in the field of energy economics, Tarbiat Modares University. (in Persian).
Ma, Y., & Lin, X. (2016). Financial development and the effectiveness of monetary policy. Journal of Banking & Finance, 68, 1-11.
Mathew, J. T. (2006). Measuring central bank independence in twenty-five countries: A new index of institutional quality. In 8th Annual Conference on Money and Finance in Indian Economy.
North, D. C. (1990), Institutions, Institutional Change and Economic Performance, Cambridge University Press, Cambridge.
Ouattara, B. (2004). Modelling the long run determinants of private investment in Senegal (No. 04/05). Credit Research Paper.
Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326.
Romelli, D. (2022). The political economy of reforms in central bank design: evidence from a new dataset (No. tep0918). Trinity College Dublin, Department of Economics.
Ross, M. L. (2001). Does oil hinder democracy? World Politics, 325-361.
Samadi, A., Jafari Samimi, A., Sadraei Javaheri, A., Ebrahimi, M(2021). The effect of central bank independence on political business cycles in Iran: the application of soft transition autoregression method. Econometric Modeling, 6(4), 93-124 (in Persian).
Snowdon, B., & Howard R. V. (2005) Modern macroeconomics: its origins, development and current state. Edward Elgar Publishing.
Tayyabnia, A., Zamanzadeh, H., & Shaderkh, M. (2013). The role of institutions in the calamity or blessing of oil resources, a rent-seeking model with a dynamic stochastic general equilibrium approach. Financial and Banking Research Quarterly, 7(21), 443-475 (in Persian).
Vasicek, O., Uhrova, N., Dimitriou Janickova, L., Wroblowsky, T., & Navratil, B. (2023). Central Bank Independence: Where Do We Stand?. Economies, 11(4), 109.
Vuletin, G., & Zhu, L. (2011). Replacing a “disobedient” central bank governor with a “docile” one: A novel measure of central bank independence and its effect on inflation. Journal of Money, Credit and Banking, 43(6), 1185-1215.
Walsh, C. E. (2010). Monetary Theory and Policy. The MIT Press, Third Edition, k.
Weber, C. S. (2018). Central bank transparency and inflation (volatility)–new evidence. International Economics and Economic Policy, 15, 21-67.
Zuckarelli, J. (2017). Central bank independence and inflation-new insights from a meta-regression analysis. working paper (unpublished), https://www. zuckarelli. de. | ||
آمار تعداد مشاهده مقاله: 205 تعداد دریافت فایل اصل مقاله: 124 |