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بررسی تاثیر سیاست تسهیل اعتباری بر متغیرهای کلان در اقتصاد ایران
[The Effect of Credit Easing Policy on Macroeconomic Variables in Iran]

Author

Listed:
  • Mirjalili, Seyed hossein
  • Mohseni, Hadiseh
  • Pahlvani, Mosayeb
  • Shahiki Tash, Mohamad nabi

Abstract

In the aftermath of the global financial crisis, many countries implemented credit easing policy in the recession period. The main objective of the paper is to investigate the effect of implementing credit policy on macroeconomic variables in Iran's economy. We estimated the VAR model with seasonal data for the years 1384-1395. In the first place, the unit root test for the time series variables were examined and then, by analyzing the VAR model, we estimated the impulse-response variables. The results indicate a positive and significant positive effect of credit easing by 0.001 percent on GDP growth rate and by 0.07 percent on the private investment rate and by 0.12 percent on non-oil exports. These effects will reduce the unemployment rate by 0.0025 percent. It also decreases the real exchange rate by 0.02%.

Suggested Citation

  • Mirjalili, Seyed hossein & Mohseni, Hadiseh & Pahlvani, Mosayeb & Shahiki Tash, Mohamad nabi, 2019. "بررسی تاثیر سیاست تسهیل اعتباری بر متغیرهای کلان در اقتصاد ایران [The Effect of Credit Easing Policy on Macroeconomic Variables in Iran]," MPRA Paper 125509, University Library of Munich, Germany, revised 14 Sep 2019.
    • Handle: RePEc:pra:mprapa:125509
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    References listed on IDEAS

    as
    1. Jacome H., Luis I. & Saadi Sedik, Tahsin & Townsend, Simon, 2012. "Can emerging market central banks bail out banks? A cautionary tale from Latin America," Emerging Markets Review, Elsevier, vol. 13(4), pages 424-448.
    2. Ellison, Martin & Tischbirek, Andreas, 2014. "Unconventional government debt purchases as a supplement to conventional monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 43(C), pages 199-217.
    3. Michael Joyce, 2012. "Quantitative easing and other unconventional monetary policies: Bank of England conference summary," Bank of England Quarterly Bulletin, Bank of England, vol. 52(1), pages 48-56.
    4. Michael Joyce & David Miles & Andrew Scott & Dimitri Vayanos, 2012. "Quantitative Easing and Unconventional Monetary Policy – an Introduction," Economic Journal, Royal Economic Society, vol. 122(564), pages 271-288, November.
    5. Mr. Luis Ignacio Jácome & Tahsin Saadi Sedik & Alexander Ziegenbein, 2018. "Is Credit Easing Viable in Emerging and Developing Economies? An Empirical Approach," IMF Working Papers 2018/043, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

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    Keywords

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    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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