Empirical Analysis of Time Inconsistency in IRAN’ s Fractional Reserve Banking System

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mojahedi moakhar mohammad mahdi; KHORSANDI MORTEZA; Tavasoli Mohammad Esmail

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Journal: Journal of Economic Research and Policies Year:2018 | Volume:26 | Issue:86 Page(s): 169-202

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Title

Empirical Analysis of Time Inconsistency in IRAN’ s Fractional Reserve Banking System

Author(s)

mojahedi moakhar mohammad mahdi | KHORSANDI MORTEZA | Tavasoli Mohammad Esmail | Issue Writer Certificate

Keywords

Fractional Reserve Banking SystemQ2

Time PreferenceQ2

Interest RateQ2

Time InconsistencyQ1

Abstract

Time Inconsistency generally explains the situation that preference and policies are changed during the time. In this regard, Inequity of social discount rate and various kinds of Interest Rates is index which is known as Time Inconsistency. Various observations confirm this phenomenon in IRAN’ s conventional Banking system. The witnesses such as commercial banking’ s debts, difference between Banking Interest Rates, Inflation, and Subjective (Time Preference) Rate are visible in IRAN’ s Economy. In this paper, we are surveying theoretical and empirical approach of Time Inconsistency particularly in IRAN’ s economy. In the first step, alternative variable which could be able to explain subjective rates is stated. In this way, the alternatives such as consumption/ income ratio, Inflation’ s Expectation, are proved by mathematical deduction. In second step, the paper studied long run correlation of various variables which are introduced for Time Inconsistency by econometrics and calibration methods. As a result, there isn’ t long run relationship between variables which are mentioned. So, Time Inconsistency in fractional reserve banking occurs and it can create serious challenges in continuity of this system through demand for money and banking’ s debt.

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APA: Copy

mojahedi moakhar, mohammad mahdi, KHORSANDI, MORTEZA, & Tavasoli, Mohammad Esmail. (2018). Empirical Analysis of Time Inconsistency in IRAN’ s Fractional Reserve Banking System. JOURNAL OF ECONOMIC RESEARCH AND POLICIES, 26(86 ), 169-202. SID. https://sid.ir/paper/359748/en

Vancouver: Copy

mojahedi moakhar mohammad mahdi, KHORSANDI MORTEZA, Tavasoli Mohammad Esmail. Empirical Analysis of Time Inconsistency in IRAN’ s Fractional Reserve Banking System. JOURNAL OF ECONOMIC RESEARCH AND POLICIES[Internet]. 2018;26(86 ):169-202. Available from: https://sid.ir/paper/359748/en

IEEE: Copy

mohammad mahdi mojahedi moakhar, MORTEZA KHORSANDI, and Mohammad Esmail Tavasoli, “Empirical Analysis of Time Inconsistency in IRAN’ s Fractional Reserve Banking System,” JOURNAL OF ECONOMIC RESEARCH AND POLICIES, vol. 26, no. 86 , pp. 169–202, 2018, [Online]. Available: https://sid.ir/paper/359748/en

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