جستجوی مقالات مرتبط با کلیدواژه "حاکمیت مالی" در نشریات گروه "اقتصاد"

In the Iranian economy, a part of the financial needs and liabilities of the government is always financed by the Central Bank. With an increase in the government debts to the Central Bank, monetary policy gets passive and implemented in line with fiscal policies. Consequently, the functions of the monetary policy are disrupted, and it deviates from its goals. This can have undesirable impacts on the macro-economy. So, this study aims at the macroeconomic effects of the government debts to the Central Bank in Iran during the period of 1973-2017. To this end, a SVAR model is used. The result of the research showed that the government debt to the Central Bank has had no significant effect on the ratio of aggregate demand to aggregate supply, real exchange rate and the relative price of non-tradable goods to tradable goods, but it has significantly increased the prices over a period of three years and decreased the GDP over two years. In the long run, the government debt to the Central Bank has explained 10.8 percent of variation in the general level of prices and 11.25 percent of variation in the GDP per person. These results indicate that the Fiscal Dominance and the Fiscal Theory of Price Level ‎can account for this situation in the Iranian economy.

In this paper، we design a Dynamic Stochastic General Equilibrium (DSGE) model to investigate effects of fiscal dominance on inflation rate in Iran and solve it by calibration method. In order to getting reliable results، the second-order moments of main variables were compared based on actual and simulated data; and functions of impulse response to model innovations were considered. The results show that the degree of fiscal dominance in Iranian economy is about 92%، i. e.، the independence degree of monetary and fiscal policies is nearly 8%. Therefore، decreasing fiscal dominance may lead to decreasing inflation rate in Iran. In addition، any action for increasing independence of central bank and decreasing dependence of government on seigniorage revenue will play important role in reducing inflation rate in Iran.

In this paper, a Dynamic Stochastic General Equilibrium Model have been designed to investigate Fiscal Dominance' effect on social welfare. The designed model has solved by calibration method. Results shows that the degree of fiscal dominance in Iran economy is about 92 percent and decreasing of Fiscal Dominance would lead to decreasing of output loss and increasing of social welfare. However, these results do not mean that the zero degree of fiscal dominance would maximize the social welfare in Iran. Results indicate that increasing of independence of monetary policy to upper than .5 (50 percents) does not any significant positive effect on social welfare.