The Impact of Financial Development on Monetary Policy Efficiency and Inflation Targeting

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Khalili Iraqi Mansour; BARKHORDARI SAJJAD; GALLAVANI AMIN

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Journal Paper

Paper Information

Journal: JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH Year:2020 | Volume:10 | Issue:39 Page(s): 15-28

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Information Journal Paper

Title

The Impact of Financial Development on Monetary Policy Efficiency and Inflation Targeting

Author(s)

Khalili Iraqi Mansour | BARKHORDARI SAJJAD | GALLAVANI AMIN | Issue Writer Certificate

Keywords

Inflation TargetingQ1

Financial DevelopmentQ2

Combined IndicatorQ1

Monetary Policy EfficiencyQ1

Fuzzy LogicQ2

Abstract

This study attempts to find out the impact of Financial Development on Inflation Targeting and Monetary Policy Efficiency in OECD and OPEC countries for the period 2001-2017 based on annual data. For this purpose, the long-term inflation trend, which was extracted by the Hodrick Prescott (HP) filter, is considered as a proxy for the target inflation rate, and the difference between this proxy and the actual inflation rate was entered to the model as a dependent variable. Also, the broad-based index, which had been introduced by the International Monetary Fund (IMF) in 2016, optimized by using Fuzzy Logic, has been used as a proxy for Financial Development. The results show that in OPEC countries, Financial Development has been neutral on Monetary Policy Efficiency through output growth, which is consistent with the monetary neutral theory, and also Financial Development strengthen the efficiency of Inflation Targeting in these countries. On the other hand, the study indicates in OECD countries, Financial Development has been neutral on Monetary Policy Efficiency through output growth, and unlike in OPEC countries, Financial Development has been neutral on Inflation Targeting efficiency in the period under review. This confirms that a high level of Financial Development reduces the efficiency of Inflation Targeting.

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APA: Copy

BARKHORDARI, SAJJAD, GALLAVANI, AMIN, & Khalili Iraqi, Mansour. (2020). The Impact of Financial Development on Monetary Policy Efficiency and Inflation Targeting. JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH, 10(39 ), 15-28. SID. https://sid.ir/paper/375962/en

Vancouver: Copy

BARKHORDARI SAJJAD, GALLAVANI AMIN, Khalili Iraqi Mansour. The Impact of Financial Development on Monetary Policy Efficiency and Inflation Targeting. JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH[Internet]. 2020;10(39 ):15-28. Available from: https://sid.ir/paper/375962/en

IEEE: Copy

SAJJAD BARKHORDARI, AMIN GALLAVANI, and Mansour Khalili Iraqi, “The Impact of Financial Development on Monetary Policy Efficiency and Inflation Targeting,” JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH, vol. 10, no. 39 , pp. 15–28, 2020, [Online]. Available: https://sid.ir/paper/375962/en

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