نوع مقاله : مقاله پژوهشی
نویسندگان
دانشکده اقتصاد و علوم اداری، دانشگاه مازندران، بابلسر، ایران.
10.22099/ijes.2022.42428.1803
چکیده
در مطالعه حاضر عوامل مالی تعیین کننده اعتبار برای 25 کشور که چارچوب هدفگذاری تورم را به صورت رسمی پذیرفته اند در طی سالهای 2014-1990 مورد بررسی قرار میگیرد. از آنجایی که در این مقاله از رویکرد آینده نگر اعتبار بانک مرکزی استفاده میگردد و به شدت در سمت راست توزیع متمرکز است، رویکردهای مبتنی بر میانگین قادر به بیان تأثیر متقارن عوامل مالی در سراسر توزیع شاخص اعتبار نیستند. در راستای حل این مسئله، از رگرسیون کوانتایل برای برآورد پارامترها در کل توزیع شرطی اعتبار بانک مرکزی استفاده میگردد. نتایج نشان میدهند که واکنش نامتقارن اعتبار بانک مرکزی به عوامل مالی وابسته به وضعیت و مشروط به توزیع اعتبار است. قواعد مالی در دنبالههای پایین توزیع اعتبار برجسته هستند در حالی که پولی کردن بدهی در کوانتایل های بالایی توزیع اعتبار تاثیرگذار می باشند. به عبارت دیگر، انتظارات بخش خصوصی به نحوه تامین مالی بدهی دولت حساسیت بیشتری دارد. بنابراین پیشنهاد میگردد که بانکهای مرکزی با در نظر گرفتن تأثیر غیرخطی عوامل مالی بر اعتبار، انتظارات عمومی را کاهش دهند.
کلیدواژهها
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