جستجوی مقالات مرتبط با کلیدواژه « credit crunch » در نشریات گروه « اقتصاد »

The financial market plays an important role in any economic system by financing the real sector. Considering the major contribution of the credit market to total financing in Iran, it is clear that inefficiencies and market risks can significantly affect the real sector. In the Iranian economy, in recent years, credit crunch has been created for many reasons. The purpose of this paper is to study the most important reasons for the credit crunch in the Iranian banking network and their effects on bank lending and macroeconomic variables. Therefore, the Iranian banking system has been tried to be organized within the framework of a dynamic stochastic general equilibrium model in order to create a new horizon for policy impact assessment. The results show that the nonperforming loan shocks is more effective in reducing credit than other shocks, and the length of time it goes away is longer.

Experimental evidence related to 2008 financial crisis and its consequences indicated the importance role of the financial sector to transfer the shocks to the real sector of the economy. In the Iranian economy also, banking is one of the major financial sectors that affects and is influences by the overall performance of the national economy through resource mobilization, recruitment of liquidity, provision of payment tools, granting facilities, and creating interaction between investment and savings.
The analysis of the banks’ roles as financial accelerators over Iranian commercial eras may provide a better understanding of effectiveness of shocks on the economy. In this paper using a New Keynesian standard dynamic stochastic general equilibrium model regarding price-stickiness, and structural parameters of the model and some of the variables are calibrated and the impacts of different shocks on some macroeconomic factors are analyzed in the following two ways.
The first mode is a model that includes financial accelerators. The second is a model without a financial accelerator. Then the ability of each model in describing each key feature of data and the effects of momentums on key variables in Iranian economy are analyzed. All the data used in this paper refer to constant prices in 2011 and 1966-2016 period annually. Results of the estimates for the models indicate that the effect of money demand momentum on the investment variable, and also the effect of monetary policy momentum on consumption, investment and production variables in the model, taking into consideration the financial accelerators, are tenser than that of the model without financial accelerator.

The aim of this paper is to study the effects of recessions and booms of the housing market on credit tightening in Iranian banking system. So, we use dynamic stochastic general equilibrium (DSGE) model based on New Keynesians approach. By setting the parameters and the initial values with using the calibration method for during 1369-1394, the validity of the proposed framework to simulate the model for Iran’s economy are confirmed by the results. Furthermore, the results of the survey show that the negative housing demand shock with a price reduction in the housing market would cause a decrease in the quality of bank’s balance sheets, and banks credit supply, as a result of this process, decrease and credit tightening will occur. A positive housing demand shock, not only lead to increases the credibility of banks but also induce decreases in the consumption, production, investment and employment in the non-housing sector, so eventually cause the GDP to decrease. With consideration of housing price increase, the general level of prices would increase too. As a result, the prosperity of housing market demand not only has not any positive effect on the economy but also is a factor of the recession in the economy.