اصطکاک‌های مالی و میزان اثرگذاری ابزارهای سیاست پولی بر قدرت اعتباردهی سیستم بانکی

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشیار گروه اقتصاد، دانشکده اقتصاد و علوم سیاسی، دانشگاه شهید بهشتی تهران

2 کارشناس ارشد اقتصاد دانشکده اقتصاد و علوم سیاسی دانشگاه شهید بهشتی

چکیده

یکی از مشکلاتی که سیستم بانکی ایران به خصوص در دهه‌های ۱۳۹۰-1380با آن مواجه بوده است، اصطکاک‌های مالی است که در افزایش مطالبات غیرجاری، بدهی انباشته دولت به بانک‌ها و انباشت دارایی‌های ثابت بانک‌ها نمود پیدا می‌کند. وجود این اصطکاک‌های مالی از یک سو منجر به کاهش کارایی بازار اعتبارات،کاهش قدرت تسهیلات دهی بانک‌ها و در نتیجه مواجهه بنگاه‌ها با تنگنا‌‌‌‌‌‌های اعتباری می‌شود و از سوی دیگر این اصطکاک‌ها سبب می‌شود تا اثر سیاست پولی انبساطی بر قدرت اعتباردهی بانک‌ها کاهش یابد. در این مقاله به کمک تدوین یک الگوی اقتصادسنجی کلان ساختاری در دوره زمانی 1346 تا 1394، میزان اثرگذاری ابزارهای سیاست‌ پولی انبساطی در دو حالت وجود و عدم وجود اصطکاک‌های مالی بر قدرت اعتباردهی سیستم بانکی ایران مورد بررسی قرار گرفته‌‌است. نتایج بدست آمده نشان می‌دهد که اثر‌گذاری ابزار‌های سیاست پولی انبساطی بر قدرت اعتبار دهی سیستم بانکی در حالت عدم وجود اصطکاک‌های مالی در مقایسه با زمانی که اصطکاک‌های مالی وجود دارند، به طور متوسط نزدیک به ۶۰ درصد بیشتر است. بنابراین می‌توان گفت که در شرایط وجود اصطکاک‌های مالی، اثر‌گذاری ابزارهای سیاست پولی انبساطی بر افزایش قدرت اعتباردهی سیستم بانکی حدود 60 درصد کاهش می‌یابد.

کلیدواژه‌ها

عنوان مقاله [English]

Financial Frictions and The Effectiveness of Monetary Policy Instruments on The Power of The Banking System to Provide Credits

نویسندگان [English]

  • Mohammad Noferesti 1
  • Rana Abbasgholi Nezhad Asbaghi 2
1 Associate Professor of Economics, Department of Economics,Faculty of Economics and Political Science, Shahid Beheshti University
2 M.A. in Economics, Faculty of Economics and Political Sciences of Shahid Beheshti University
چکیده [English]

One of the problems that is been facing the Iranian banking system, especially during the 1380s and 1390s, is the financial frictions that is evident in the form of increasing in the non performing loans, government debt accumulation and fixed assets. The existence of These financial frictions, on the one hand, leads to a reduction in the efficiency of the credit market, a reduction in the power of bank crediting and, as a result, firms’ exposure to credit constraint. On the other hand, these frictions cause to decrease the effect of expansionary monetary policy on on the power of the banking system to provide credits. This paper examined the effectiveness of expanding monetary policy tools on providing credit ability of banking system in the presence and absence of financial frictions within a structural macroeconometric model framework for the period of 1967-2015 .The results show that the effectiveness of the expanding monetary policy tools on the credit providing ability of the banking system in the absence of fiscal frictions is on average nearly 60 percent higher than when there are frictions. Therefore, it can be said that the effectiveness of expanding monetary policy tools on the increase in the credit providing ability of the banking system is reduced by almost 60 percent in the presence of financial frictions.

کلیدواژه‌ها [English]

  • Banking System
  • Financial Frictions
  • Monetary Policy Tools
  • Structural Macro Econometric Model

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