جستجوی مقالات مرتبط با کلیدواژه « بازار بین بانکی » در نشریات گروه « اقتصاد »

Changing the direction of monetary policy from targeting the monetary aggregates to targeting reference rates, the interbank market interest rate is considered as one of the most significant operational objectives of the Central Banks. Identifying the interbank market is important as it enables the monetary policymakers to achieve more in following their goals with limited intervention. Due to the completion of the initial stages of the formation of interbank market and the establishment of Open Market Operations (OMOs) mechanism as well as the provision of standing facilities in the Iranian money market, the analysis of interbank market network with the aim of identifying the core of this market increases the effectiveness of the implemented policies. According to this, the formation mechanism of the interbank market was examined using graph theory and network analysis techniques as well as the transactions performed during the twelve-month period from March 21, 2018 to March 20, 2019. The findings show that it is challenging for the market to identify a core with fixed members owing to direct communication between the members and the frequent changes of the core members; nonetheless, it was possible to identify the members that played the biggest role. This, along with other factors such as health and financial stability index, can be used by the CBI as a useful criterion for identifying primary dealers in monetary operations.

In this study, we introduced various mechanisms that the central bank can use to predict the demand for liquidity in the interbank market. Simulating standing facilities and revenue in each mechanism from the 14th of October 2020 to the 25td of October 2022 in Iran showed that the higher the trading cost, the lower the volume of transactions in the interbank market, and most banks turn to standing facilities to meet their liquidity needs. The degree of interdependence of reserve requirements between banks, the uncertainty of banks regarding their private reserve requirements, and trading costs in the interbank market play a key role in choosing the best and most efficient mechanism. 

Achieving the central bank's operational goals is the necessary condition for controlling inflation and materializing sustainable economic growth because the efficient monetary policy depends entirely on it. According to the definition, a variable can be defined as the central bank's operational goal if, firstly, the central bank is willing to use it to achieve the ultimate goals and, secondly, the central bank has the ability to control and conduct it. According to this definition, the policy interest rate in the interbank market can be selected as the operational target. Given this feature and the importance of controlling inflation as the most important goal of monetary policy, many central banks in the world have chosen the inflation targeting as their monetary policy strategy and the policy interest rate as the operational goal. Since 1399, this approach has been implemented by the Central Bank of Iran. In order to review this strategy, first the features of the operational goals, tools and ways to achieve them and then the requirements and preconditions for successful implementation of inflation targeting are mentioned. Finally, the method of determining the policy interest rate and also the implementation of the inflation targeting policy in the Iranian economy will be examined. Recognizing this mechanism, it is expected that while considering the need to establish preconditions for inflation targeting, the process of changing policy interest rate will be such that it will lead to achieving macroeconomic goals.

Deposits are the most valuable source of banks . analyzing the effect of change of lending power on macroeconomic variables such as production and inflation is important. On the other hand , the inter -bank market will help regulate liquidity in the banking sector . defining the inter - bank market in the public balance model gives us a better definition of the traditional effects of policy instruments such as the reserve requirement rate. in this study , we tried to consider the inter - bank sector and the balance sheet of commercial banks and the central bank by using the random dynamic general balance model to finance the circulation and investment in the housing sector , on the ability of bank lending and macroeconomic variables. After studying the dynamics of the model with a view to considering the inter - bank market , the lending banks will always allocate a percentage of their resources with different processes , such as the establishment of the bank - related companies to invest in the housing sector . due to the negative momentum of the reserve requirement rate, the outcome of the investment of commercial banks in the housing sector is assessed as a result of the economic conditions in the economy and long - term conflict of bank resources in the sector , reducing facilities and production rates . this leads to an increase in inflation and decrease in household purchasing power from consumption goods and capital reduction and reduction

The interbank market is a part of the money market in which banks and credit institutions enter into transactions to finance and consume surplus resources in the short term with the aim of balancing their liquidity situation. In a corridor framework of monetary policy, the central bank sets interbank money market (IBMM) interest rate and also implements open market operation (OMO) to direct market interest rate towards the policy rate. Hence estimation of IBMM equilibrium interest rate is the most important challenge in monetary policy making. In order to model the interbank market in Iran, this research provides a 4-periods search model, including shocks, searching for counterparty, bargaining and settlement with central bank, and it simulates Iranian banks’ behavior to derive Iran’s interbank rate using 2017-2019 period data.The results show that the model-driven lending rate of large banks is higher than their borrowing rate which is consistent with rational behavior of the banks, while the actual rates are the same in both cases that implies distortion in interest rate policy making by Iran central bank.

More than 9 years after its establishment, the Iranian Rial interbank market, despite the increase in the volume of its exchanges, has not been able to expand its position in the country's monetary market by creating the necessary variety in its tools and trading mechanisms. The purpose of this study is to investigate the pathology of the interbank market and design its new structure based on providing short-term monetary instruments and creating the necessary processes and institutions. The research method of this research is in the first stage, the use of descriptive method for collecting library resources and then through analytical-inferential method for jurisprudential and financial sources. In the second part, to design the structure, tools, main components of this market, as well as proposed solutions and explain the limits and limitations of the subject through survey methods and interviews with jurisprudential, financial and monetary experts have been used. In the third stage, using the opinions of experts, 3 stages of questionnaire design and after collecting the results through statistical methods, to analyze them and also write the results in the form of designing a new structure of the interbank market with emphasis on its main components.The results of this study indicate that through the pathology of the current interbank market and the study of the structure of this market in Western and Islamic countries on the one hand and appropriate research in the field of Islamic finance, it is possible to design a new structure of the interbank market. A bank based on the views of jurisprudential experts in the monetary and financial system of Iran.

The interbank rate has a great impact on the bank's economic activities that it is one of the important instrument for central bank policy. Banks to back up their funds or liquidity demand participate in the interbank market. These change their needed or surplus liquidity based on interbank market conditions. According to this, liquidity requirements can change the central banks' monetary policy and it as a policy instrument along with central bank policies in the interbank market can influence the banks' behavioral how to provide or allocate liquidity in this market. This paper focuses on the liquidity requirement of Basel III and surveys the impact of the requirement on central bank policies in the interbank market. We link the structure of the balance sheet of banks and central bank policy. The results show that the liquidity requirement of Basel III (liquidity coverage ratio: LCR) is an appropriate alternative to central bank policy. The ratio of liquidity coverage ratio has a positive and significant relationship with the interbank market rate and the central bank can monitor the interest rate in the interbank through a liquidity coverage ratio.

In order to facilitate transactions among banks, the interbank market has been established in Iran since 2008. The primary objective of this market is to eliminate banking system liquidity deficiencies at a rate chosen by the Central bank of Iran. The importance of this rate is that it affects market interest rates through its effects on banks’ balance sheets. Banks’ balance sheets are also influenced by banking regulation, such as Basel regulations; thus, this study was aimed to investigate the effects of the interbank market in Iran by imposing Basel III regulations on the banking system. For this purpose, a dynamic stochastic general equilibrium model (DSGE) was designed that included the interbank market. The structural parameters of the designed model were estimated using the Bayesian method and the quarterly data on the period 2008-2015. Afterward, the effect of a positive interbank innovation on the economy’s dynamics was examined. The results showed that an increase in the interbank rate led to instability in the economy. It was concluded that an increase in the liquidity and capital adequacy requirement, as mentioned in the Basel III regulations, would reduce the negative effects of interbank shocks on macroeconomic variables and the economy would naturally become more stable.

As short-term suppliers of financial resources, interbank markets have very important roles in countries’ monetary markets. Interbank market has failed to elevate its position in state’s money market during the nine years since establishment by providing required diversity in deal instruments and mechanisms despite its increased size of transactions.The main question proposed by this research is that “What are the most significant traumatic factors in Iran’s interbank market and how they can be managed?” This article is aimed at putting forward pathology and presenting challenges existing in different aspects of this market as well as corrective measures and improvement methods by delineating performance of interbank market from its inception onward This study’s findings, which have been obtained by descriptive-analytical and questionnaire-based methods, are expressive of the fact that in this market, five elements serve as the most important factors incurring damages in the current interbank structure. These elements include absence of a risk rating and management system, absence of a comprehensive electronic interbank interchange system, lack of diversification in short-term financial and monetary instruments, non-transparency in market rates, and lack of proper organizational structures, respectively. Identification of damage-incurring factors will assist us to design a new interbank market structure aimed at increasing its efficiency.

In traditional economy, most of interbank market tools like Repurchase Agreement are based on loan along with surplus, for this reason, they are not applied in interest-free banking system. Thus, it is necessary that s Arrangements are thought for increasing the role of interbank market in money markets of Islamic countries. One of the most confident and applicable tools in common interbank money markets, is repurchase agreement.
current article with a juratory inspection and method design, and based on library sources, while difficulties explanation and said cause Repurchase Agreement using embargo and also describe a clear picture of the nature of this tool, to examine thin hypothesis that can Defined Alternatives for repurchase agreement in framework non-interest banking. The results of this research indicate that Due to the impossibility using repurchase agreement in non-interest banking and with regard to efficient maintaining and religious issues, Solutions like bayal khiyar (sale with option details), interbank common fund and the third person with nature of attorney in Non-interest interbank market can we to reach Intended goals in using repurchase agreement.

Banking sector as one of the most important sectors in Iran’s economy plays a major role in general equilibrium and transmission of various shocks in the society. In this paper, to address the role of the banking system in the transmission of shocks, we design a DSGE Model with introducing interbank market and considering endogeneity of the default probability in banking sector and firms. Analyzing the effects of productivity and stock market shocks on real variables indicates that the adopted model is well-matched with theoretical expectations and Iran’s economic facts. The results of the model support the importance of the banking sector in the transmission of shocks and also confirm that central bank plays a critical role to mitigate the effects of the shock through injecting liquidity into the interbank market.

In fractional banking, banks may dealing with deficit of reserves. But, some bank may have excess. So this demand and supply can reach each other at central bank funds market. Developed Central banks choose this market rate as operating target. Trades in this market in conventional banking conducted through loan contract which is forbidden in sharia. Moslem economist and jurisprudents try to offer alternative contracts. This paper introduces these alternatives for deals of banks with each other and banks with central bank separately and finally criticizes and evaluated them.

Non-performing loans have become the most important challenge in the Iranian banking system in recent years، especially in regard with the bank-base financial market of Iran''s economy. Theoretical literatures points to two factors involved in this issue: internal and external. The main purpose of this study is to investigate the bank internal factors in generating non-performing loans in Iranian banks. Thus، identifying the ways such factors affect non-performing loans can be helpful for the enhancement of banks operations. In this paper; the bank size، credit risk، efficiency، structure، and ownership of banks are employed as influential indices which affect non-performing loans. The method which is used is a Panel Data regression analysis during the period of 2007- 2011. The results indicate that the bank size and credit risk have a positive significant relationship with non-performing loans and bank efficiency، but bank structure has a negative relationship with non-performing loans. The other findings of this study demonstrate the double effect of bank ownership on creating of non-performing loans in the Iranian banking system.

Today all banks have long term development and growth targets, in order to achieve which, they chalk out plans. However, in the short run they face various risks, in particular liquidity risk, which if not managed properly, damage the performance and credibility of the bank. Interbank markets have a determining role in management of liquidity risk of individual banks andsafety of banking system.Creation of an interbank market depends upon the existence of financial instruments and most of the interbank market instruments are made up of interestbased loans. Therefore, there are doubts with regards to development of an efficient interbank market in Islamic Banking system. While on the other hand, development of the banking system, establishment of private banks and privatization of some of the governmental banks, has necessitated the problem of management of liquidity and designing an interbank market for Iran’s banking system. Along with a jurisprudential analysis of interbank instruments in traditional banking and experience of some of the leading Islamic banks and banks of the Interest-free banking in Iran, and suggesting new instruments to be used in interbank transactions, this article strives to introduce a rather comprehensive market for Islamic banking system. The results achieved show that Islamic Interbank market, in addition to strengthening mutual investment instruments, which are currently in limited use, can use other more efficient instruments to organize the market, instruments such as: discounting of interbank loans