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
- Ahmadian, A., & Amiri, H. (2012). Power of Financing The Production Sector by Banks. Journal of Monetary and Banking Research, 6(15), 27-50 (In persian).
- Bernanke, B., & Blinder, A. (1992). The Federal Funds Rate and the Channels of Monetary Transmission. American Economic Review, 82, 901-921.
- Ciccarelli, M., Maddaloni, A., & Peydro, J. L. (2015). Trusting the Bankers: A New Look at the Credit Channel of Monetary Policy. Review of Economic Dynamics, 18(4), 979-1002.
- Cohn, B. H., & Scatigna, M. (2014). Banks and Capital Requirements: Channels of Adjustment. Working Paper, 443.
- Dargahi, H., & Hadian, M. (2016). Evaluation of Interaction between the Real and Financial Sectors of Iran’s Economy: A DSGE Approach. Journal of Economics and Modelling, 26(7), 1-32 (In persian).
- Eskandari, M., Pedram, M., & Bostani, R. (2018). Evaluation of the Effect of Financial Frictions on Macroeconomic Variables in Iran: A DSGE Approach. Journal of Applied Theories of Economics, 5(1), 25-52 (In persian).
- Farzin Wash, A., Ehsani, M.A., & Keshavarz, H. (2014). Financial Distress and Labor Market Volatility Despite Financial Friction. Journal of Economic Research, 59(19), 1-37 (In persian).
- Gholi Bagloo, M. R. (2011). Investigating the Effect of Monetary Policy on the Legal Reserve Ratio and Assessing Its Balance Sheet Effects in the Country’s Banking Network. Journal of Economic Trends, 19(15), 59-94 (In persian).
- Junxun, D. (2012). The Bank Capital Regulation and Monetary Policy. Canadian Social Science, 8(4), 38-46.
- Matousek, R., & Sarantis, N. (2009). The Bank Lending Channel and Monetary Transmission in Central and Eastern European Countries. Journal of Comparative Economics, 37, 321-334.
- Mehrabi, L. (2014). Assessing the Status of Non Performing Loans in the Banking System of Iran and Comparing them with Other Countries: Reviewing the Experiences of Other Islamic Countries. Monetary and Banking Research Institute, 9306 (In persian).
- Modigliani, M. (1958). The Cost of Capital. Corporation Finance and the Theory of Investment. The American Economic Review, 48(3), 261-297.
- Moradi, M., Khodadad Kakshi, F., Dehbani, J., & Ghaffari, H. (2017). The Impact of Market System of the Banking System on the Effect of Monetary Policy through the Banking Lending Channel in Iran. Journal of Monetary and Banking Research, 10(33), 429-456 (In persian).
- Nilly, F., & Mahmoudzadeh, A. (2014). Non Performing Loans or Poisonous Assets of Banks. Monetary and Banking Research Institute, 93025 (In persian).
- Raei, R., Iravani, M.J., & Ahmadi, T. (2018). Monetary Shocks and Money Transmission Channels in Iran’s Economy: with an emphasis on the Exchange Rate Channel, Housing Prices and Credits. Journal of Economic Growth and Development Research, 31(8), 29-44 (In persian).
- Shahchera, M., & Mir Hashemi Naeini, S. (2011). Analysis of the Impact of Monetary Policy Shocks on Iranian Banking Facilities. Journal of Economic Development Research, 4(1), 91-118 (In persian).
- Shahchera, M., & Taheri, M. (2016). The Mechanism for Transferring Monetary Policy on Bank Lending Through The Items Below The Balance Sheet Line. Journal of Economic Research and Policies, 24(78), 145-170(In persian).
- Thakor, A.V.(1996). Capital Requirements, Monetary Policy, and Aggregate Bank Lending: Theory and Empirical Evidence. The Journal of Finance, 51(1), 279-324.
- World Development Indicators 2012, World Bank.