Analysis of the Effect of Central Bank Transparency and Independence on Productivity Growth in Iran

Mansouri, Nasrin; Sadeghi Amroabadi, Behrouz

doi:10.22099/ijes.2022.43217.1817

Document Type : Research Paper

Authors

¹ Faculty of Economics, Payame Noor University, Tehran, Iran.

² Faculty of Economics and Social Sciences, Shahid Chamran University of Ahvaz, Ahvaz, Iran.

10.22099/ijes.2022.43217.1817

Abstract

This study has investigated the effect of Central Banks transparency and independence on productivity growth during 1981–2018 in Iranian economy. Transparency and independence of central bank were measured by Dincer and Eichengreen index and Cukierman index respectively. The variables in this study which are in annual form are central bank transparency, central bank independence, GDP growth, productivity growth, inflation rate and free trade. Auto-Regressive Distributed Lag (ARDL) method was used for model estimation. The coefficient of the error term is negative, statistically significant and equal to -0.308. It can be concluded that 30% of the short-run disequilibrium is adjusted to achieve long-run equilibrium. The results show that the transparency of the central bank has a positive effect and the coefficient is equal to 0.36 on productivity growth in the short-run, but it is effective on productivity growth in the long-run equal to 1.08. In the short-run, the independence of the central bank has a negative and significant effect on productivity growth equal to -3.09, but in the long-run the effect of this variable is positive and equal to 1.09.

Keywords

Main Subjects

Monetary economics

Article Title [Persian]

تأثیر شفافیت (اطلاعات) و استقلال بانک مرکزی بر رشد بهره وری در ایران

Authors [Persian]

نسرین منصوری ¹
بهروز صادقی عمرو آبادی ²

¹ دانشکده اقتصاد، دانشگاه پیام نور، تهران، ایران.

² دانشکده اقتصاد و علوم اجتماعی، دانشگاه شهید چمران اهواز، اهواز، ایران.

Abstract [Persian]

این پژوهش به بررسی تأثیر شفافیت و استقلال بانک‌های مرکزی بر رشد بهره‌وری طی سال‌های 1360 تا 1397 در اقتصاد ایران پرداخته است. شفافیت و استقلال بانک مرکزی به ترتیب با شاخص دینسر و آیچنگرین (2012) و شاخص کوکرمن (1993) اندازه گیری شد. متغیرهای این تحقیق که به صورت سالانه می باشند عبارتند از: شفافیت بانک مرکزی، استقلال بانک مرکزی، رشد تولید ناخالص داخلی، رشد بهره وری، نرخ تورم و تجارت آزاد. برای تخمین مدل از روش خودرگرسیونی با وقفه های توزیعی(ARDL) استفاده شد. ضریب تصحیح خطا منفی، از نظر آماری معنی دار و برابر با 308/0- است. نتیجه گیری می شود که 30 درصد از عدم تعادل در کوتاه مدت برای دستیابی به تعادل بلندمدت تعدیل می شود. نتایج نشان می‌دهد که شفافیت بانک مرکزی بر رشد بهره‌وری کوتاه‌مدت تأثیر مثبت دارد و ضریب آن برابر با 0.36 است، اما بر رشد بهره‌وری بلندمدت معادل 1.08 مؤثر است. در این تحقیق از شاخص کوکرمن و نیاپتی (1992) برای محاسبه استقلال بانک مرکزی استفاده شد. علاوه بر این، از شاخص دینسر و آیچنگرین (2012) برای شاخص شفافیت استفاده شد. با توجه به تأثیر مثبت شفافیت بانک مرکزی بر رشد بهره‌وری، بانک مرکزی باید به طور مستمر شفاف‌سازی سیاست‌ها و انتشار اطلاعات دریافتی متغیرهای کلان اقتصادی را در طول یک ماه ترویج دهد.

Keywords [Persian]

شاخص دینسر و آیچنگرین
شاخص کوکرمن
استقلال
بانک مرکزی
شفافیت
بهره وری کل عوامل

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Analysis of the Effect of Central Bank Transparency and Independence on Productivity Growth in Iran

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Volume 10, Issue 2 - Serial Number 20December 2021Pages 489-511

Volume 10, Issue 2 - Serial Number 20
December 2021
Pages 489-511