Threshold effects of shadow economy on the relationship between financial depth, banking policies and macroeconomic fluctuations with socio-economic development

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Hedaei Seyyed Nuruddin; Damankeshideh Marjan; Hadinejad Manijeh; Nasabian Shahriar

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Journal Paper

Paper Information

Journal: JOURNAL OF IRANIAN SOCIAL DEVELOPMENT STUDIES (JISDS) Year:2024 | Volume:16 | Issue:2 Page(s): 87-108

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Title

Threshold effects of shadow economy on the relationship between financial depth, banking policies and macroeconomic fluctuations with socio-economic development

Author(s)

Hedaei Seyyed Nuruddin | Damankeshideh Marjan | Hadinejad Manijeh | Nasabian Shahriar | Issue Writer Certificate

Keywords

shadow economy

financial depth

banking policies

economic fluctuations

economic development

social development

threshold approach

Abstract

In this study, the threshold effects of the shadow economy on the relationship between financial depth, banking policies and macroeconomic fluctuations with socio-economic development during the time period of 1401-1370 and the application of the soft transfer threshold approach (STAR) were investigated. The results of the nonlinear part of the model show a positive relationship between the financial depth variable and the economic development index. Shadow economy variables, exchange rate fluctuations, inflation, government spending, liquidity growth and nominal interest rate have a negative relationship with the socio-economic development index. so that the mentioned variables lead to reduction in order; 95%, 95%, 50%, 45%, 7% and 40% of economic development. The main channel of influencing the financial depth is done by increasing the efficiency of investment and monetary policies. Therefore, the way of financial market liberalization, the weakness of financial system management and the lack of formation of coherent financial markets and the benefit of regulations in the country can be seen as the reasons for reducing the efficiency of investment through the non-optimal allocation of resources in the country. As a result, more attention and effort should be done in the country to develop and make financial markets more efficient and as a result allocate resources more efficiently and increase investment efficiency.

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