Iran's post-war financial system
Purpose - The purpose of this study is to provide solid examination of Iran's Islamic financial system and its development after the end of the Iran-Iraq war in 1988. Design/methodology/approach - The analysis is conducted by using financial data over the period 1993-2007 as solid data aren't available for the period 1988-1992. Parallel, 39 other countries are analyzed as well in order to have a solid international basis of comparison. The data are provided by the World Bank's financial dataset. The paper computes three key-indices referring to the activity, efficiency, and size of Iran's financial sectors. A fourth measure is calculated as an aggregated index of the three key-indices in order to allow a vivid comparison with other countries. Findings - Iran's financial system is apparently highly bank-based. The paper can confirm that Iran has been struggling for a less bank-based financial system during this period. Although Iran still shows up a mainly bank-based financial system, its financial market has been growing by considerable rates during the examined period. When referring to the international comparison, Iran shows up an underdeveloped and weak financial system, especially in regard to its stock market. Originality/value - There haven't been any similar research for this time period using this kind of indices. Especially, Iranian economists haven't used this very comprehensive approach in order to confirm the widely made assumption of a bank-based Iranian financial system. This study sheds light on the topic and at the same time offers a comprehensive picture of Iran's financial system.
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Volume (Year): 5 (2012)
Issue (Month): 3 (October)
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References listed on IDEAS
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- Lucía Cuadro-Sáez & Alicia García-Herrero, 2007.
"Finance for Growth: Does a Balanced Financial Structure Matter?,"
Kiel Advanced Studies Working Papers
445, Kiel Institute for the World Economy.
- Lucía Cuadro-Sáez & Alicia García-Herrero, 2008. "Finance for Growth. Does a Balanced Financial Structure Matter?," Revue économique, Presses de Sciences-Po, vol. 59(6), pages 1075-1096.
- Alicia Garcia-Herrero & Lucia Cuadro-Saez, 2005. "Finance for Growth: Does a Balanced Financial Structure Matter?," Working Papers 0503, BBVA Bank, Economic Research Department.
- Cuadro-Sáez, Lucía & García-Herrero, Alicia, 2007. "Finance for growth: does a balanced financial structure matter?," Kiel Advanced Studies Working Papers 445, Kiel Institute for the World Economy (IfW).
- Ross Levine, 2002.
"Bank-Based or Market-Based Financial Systems: Which is Better?,"
William Davidson Institute Working Papers Series
442, William Davidson Institute at the University of Michigan.
- Levine, Ross, 2002. "Bank-Based or Market-Based Financial Systems: Which Is Better?," Journal of Financial Intermediation, Elsevier, vol. 11(4), pages 398-428, October.
- Ross Levine, 2002. "Bank-Based or Market-Based Financial Systems: Which is Better?," NBER Working Papers 9138, National Bureau of Economic Research, Inc.
- O. Emre Ergungor, 2003. "Financial system structure and economic development: structure matters," Working Paper 0305, Federal Reserve Bank of Cleveland.
- Demirguc-Kunt, Asli & Levine, Ross, 1999. "Bank-based and market-based financial systems - cross-country comparisons," Policy Research Working Paper Series 2143, The World Bank.
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