THE RELATIONSHIP BETWEEN UNDERGROUND ECONOMY AND FINANCIAL DEVELOPMENT IN THE TVP-FAVAR FRAMEWORK: EVIDENCE FROM IRAN S ECONOMY

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Sharifi Mohamadreza; HAGHIGHAT ALI; EBRAHIMI MEHRZAD; Aminifard Abbass

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Journal: Financial Economics Year:2019 | Volume:13 | Issue:46 Page(s): 41-71

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Title

THE RELATIONSHIP BETWEEN UNDERGROUND ECONOMY AND FINANCIAL DEVELOPMENT IN THE TVP-FAVAR FRAMEWORK: EVIDENCE FROM IRAN S ECONOMY

Author(s)

Sharifi Mohamadreza | HAGHIGHAT ALI | EBRAHIMI MEHRZAD | Aminifard Abbass | Issue Writer Certificate

Keywords

UNDERGROUND ECONOMYQ2

FINANCIAL DEVELOPMENTQ2

TVP-FAVAR MODEL JEL CLASSIFICATION:G29Q1

E26Q1

H26Q1

C53Q1

Abstract

FINANCIAL DEVELOPMENT is one of the main factors behind the reduction of the UNDERGROUND ECONOMY with the requirements for economic activities, as well as by granting concessions to borrowers. In this research, a TVP-FAVAR model was designed to investigate the effect of FINANCIAL DEVELOPMENT on the UNDERGROUND ECONOMY of Iran. For this purpose, time series data from 1350 to 1394 and two tools of instantaneous and cumulative reaction functions have been used. The results of this study indicate that the dynamics of UNDERGROUND ECONOMY is declining in response to shock as a standard deviation in FINANCIAL DEVELOPMENT and growth of gross domestic product, and is driven by liquidity fluctuations, tax revenues and exchange rates. Accordingly, the proposal is to apply policies to increase FINANCIAL DEVELOPMENT and to reduce the UNDERGROUND ECONOMY than the formal economy by using a reform of the banking system, including anti-money-laundering guidelines and financial and tax incentives.

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APA: Copy

Sharifi, Mohamadreza, HAGHIGHAT, ALI, EBRAHIMI, MEHRZAD, & Aminifard, Abbass. (2019). THE RELATIONSHIP BETWEEN UNDERGROUND ECONOMY AND FINANCIAL DEVELOPMENT IN THE TVP-FAVAR FRAMEWORK: EVIDENCE FROM IRAN S ECONOMY. JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT), 13(46 ), 41-71. SID. https://sid.ir/paper/229201/en

Vancouver: Copy

Sharifi Mohamadreza, HAGHIGHAT ALI, EBRAHIMI MEHRZAD, Aminifard Abbass. THE RELATIONSHIP BETWEEN UNDERGROUND ECONOMY AND FINANCIAL DEVELOPMENT IN THE TVP-FAVAR FRAMEWORK: EVIDENCE FROM IRAN S ECONOMY. JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT)[Internet]. 2019;13(46 ):41-71. Available from: https://sid.ir/paper/229201/en

IEEE: Copy

Mohamadreza Sharifi, ALI HAGHIGHAT, MEHRZAD EBRAHIMI, and Abbass Aminifard, “THE RELATIONSHIP BETWEEN UNDERGROUND ECONOMY AND FINANCIAL DEVELOPMENT IN THE TVP-FAVAR FRAMEWORK: EVIDENCE FROM IRAN S ECONOMY,” JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT), vol. 13, no. 46 , pp. 41–71, 2019, [Online]. Available: https://sid.ir/paper/229201/en

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