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Financial Restraint and Financial Development in Iran: The Conditional Co-Integration Approach

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  • Taghipour Anoshirvan

    (The Economic Planning Department of Vice-Presidency for Strategic Planning and Control, Iran and University of Tehran)

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    Abstract

    This paper aims to investigate empirically the effect of financial restraints on financial development in Iran over the period 1960–2005 by using the conditional co-integration method. In doing so, different hypotheses in terms of financial restraints and financial development in the context of the McKinnon/Shaw model and the monopoly bank model are addressed. The main results show that financial restraints had a negative effect on financial development. The finding indicates that monetary authorities in Iran used a severe financial repression policy because a mild repressive policy in a monopoly banking structure which is the case in Iran could have increased financial intermediation.

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    File URL: http://www.degruyter.com/view/j/rmeef.2009.5.2/rmeef.2009.5.2.1200/rmeef.2009.5.2.1200.xml?format=INT
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    Bibliographic Info

    Article provided by De Gruyter in its journal Review of Middle East Economics and Finance.

    Volume (Year): 5 (2009)
    Issue (Month): 2 (September)
    Pages: 88-106

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    Handle: RePEc:bpj:rmeecf:v:5:y:2009:i:2:n:5

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    Web page: http://www.degruyter.com

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    Web: http://www.degruyter.com/view/j/rmeef

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