The Effect of Asymmetric Information in the Money Market on Investment, Employment, and Production in Iran

Mahinizadeh, Mansour; Yavari, Kazem; Valibeigi, Hassan; Shafiei, Ali

doi:10.22099/ijes.2018.30128.1467

Document Type : Research Paper

Authors

¹ Faculty of Economics, Management and Accounting, Yazd University, Yazd, Iran

² Faculty of Economics and Management, Tarbiat Modares University, Tehran, Iran

³ Institute of Business Studies and Research, Tehran, Iran

https://doi.org/10.22099/ijes.2018.30128.1467

Abstract

Nowadays, banks are considered as one of the major components of the financial system of a country and any deficits and malfunction in the banking system will negatively affect the performance of the real sector. Therefore, there is a need for more investigation on the behavior of banks and factors affecting those behaviors in a country. One of the issues that affect the behavior of banks is symmetric information. Thus, the main aim of the present study was to investigate the impact of asymmetric information in the money markets on investment, production, and employment. Hence, based on the New-Keynesian framework, a Dynamic Stochastic General Equilibrium (DSGE) model was adopted in accordance with the structure of the economy of Iran. The designed model entailed nine sectors including households, firms, banks, the Central Bank, oil, the government, exports, imports, and other countries of the world. Moreover, the rigidities of the prices and wages, and the rigidities of the imported and exported goods were taken into account in the model. By using the Bayesian method and data gathered from Iran during 1974-2017, the parameters of equations were estimated and the impact of symmetric information was investigated. The results indicated that increasing the asymmetric information and reducing the honesty in the society through decreasing the resources available to the banks and increasing the cost of banks will lead to an increase in the profit of the facilities. Also, increasing the profit of banks concessional loans decreases investment, production, and employment.

Keywords

Article Title [Persian]

تحلیلی از آثار اطلاعات نامتقارن در بازار پول بر سرمایه‌گذاری، اشتغال و تولید در اقتصاد ایران

Authors [Persian]

منصور مهینی زاده ¹
کاظم یاوری ²
حسن ولی بیگی ³
علی شفیعی ¹

¹ دانشکده اقتصاد، مدیریت و حسابداری دانشگاه یزد، یزد، ایران

² دانشکده اقتصاد و مدیریت دانشگاه تربیت مدرس، تهران، ایران

³ مؤسسه مطالعات و پژوهشهای بازرگانی، تهران، ایران

Abstract [Persian]

امروزه بانک‌ها بعنوان یکی از اجزای اصلی نظام مالی یک کشور محسوب می‌شوند و مکمل فعالیت در بخش حقیقی می‌باشند و نارسایی در فعالیت بخش بانکی بر عملکرد بخش حقیقی تأثیر منفی خواهد گذاشت. بنابراین بررسی رفتار بانک‌ها و عوامل مؤثر بر رفتار آنها اهمیت بالایی پیدا کرده است. یکی از مسائلی که رفتار بانک‌ها را متأثر می‌کند تقارن اطلاعات می‌باشد. بنابراین هدف اصلی این تحقیق، بررسی تأثیر اطلاعات نامتقارن در بازارهای پول بر سرمایه‌گذاری، تولید و اشتغال است. از این روی، یک مدل تعادل عمومی پویای تصادفی (DSGE) متناسب با ساختار اقتصاد ایران تصریح شد. مدل مورد نظر دارای هشت بخش خانوارها، بنگاه‌ها، بانک‌ها، بانک مرکزی ، نفت، دولت، صادرات و واردات و سایر کشورهای دنیا می‌باشد و چسبندگی قیمت‌ها، دستمزده‌ها و چسبندگی قیمت‌های کالاهای وارداتی و صادراتی درآن دیده شده است و با استفاده از روش بیزین و داده‌های ایران (1395-1353)پارامترهای مجموعه معادلات برآورد و اثر افزایش تقارن اطلاعات بررسی شد. نتایج تحقیق نشان می‌دهد که افزایش عدم تقارن اطلاعات و کاهش صداقت در جامعه، از کانال کاهش منابع در اختیار بانک و همچنین افزایش هزینه بانک‌ها؛ باعث افزایش سود تسهیلات می‌شود. افزایش سود تسهیلات بانکی باعث کاهش سرمایه‌گذاری، تولید و اشتغال می‌شود.

Keywords [Persian]

اطلاعات نامتقارن
تولید
سرمایه‌گذاری
اشتغال
بازار پول
بانک
تعادل عمومی پویای تصادفی

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The Effect of Asymmetric Information in the Money Market on Investment, Employment, and Production in Iran

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Volume 7, Issue 2 - Serial Number 14December 2018Pages 191-217

Volume 7, Issue 2 - Serial Number 14
December 2018
Pages 191-217