Asymmetric Effects of Exchange Rate on Iran Money Demand Function Consisting Household Religious Cost: A NARDL Approach

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EIDI MAHMOUD; HOZHABR KIANI KAMBIZ; RAJAEI YADOLLAH; RAHIMZADEH ASHKAN

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Journal: Financial Economics Year:2020 | Volume:14 | Issue:52 Page(s): 27-53

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Title

Asymmetric Effects of Exchange Rate on Iran Money Demand Function Consisting Household Religious Cost: A NARDL Approach

Author(s)

EIDI MAHMOUD | HOZHABR KIANI KAMBIZ | RAJAEI YADOLLAH | RAHIMZADEH ASHKAN | Issue Writer Certificate

Keywords

Money Demand FunctionQ3

Islamic EconomyQ2

NARDLQ1

Houshold Religious CostQ1

Abstract

Money demand depends on different factors in every economy and it’ s vital to find them out. Many researches has done about Iran Money Demand Function that differ on explanatory variables or estimation methods. In this research, we use broad money (M2) as dependent variable and GDP, interest rate, household religious cost and exchange rate as explanatory variables. According to the Islamic bases of Iran economy, household religious costs (urban and rural) has involved as a religious factor in Money Demand Function. Also, asymmetric effects of exchange rate has considered by using non-linear autoregressive distributed-lag (NARDL) model. Quarterly data between 1376 and 1396 has employed. By using bounds testing approach, a long run cointegration relation between variables has established. Results show that GDP, interest rate and household religious cost are significantly positive. Exchange rate negative changes has significantly negative effect on money demand. In contrast, exchange rate positive changes is statistically insignificant, imply asymmetric effects of exchange rate on money demand.

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APA: Copy

EIDI, MAHMOUD, HOZHABR KIANI, KAMBIZ, RAJAEI, YADOLLAH, & RAHIMZADEH, ASHKAN. (2020). Asymmetric Effects of Exchange Rate on Iran Money Demand Function Consisting Household Religious Cost: A NARDL Approach. JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT), 14(52 ), 27-53. SID. https://sid.ir/paper/399047/en

Vancouver: Copy

EIDI MAHMOUD, HOZHABR KIANI KAMBIZ, RAJAEI YADOLLAH, RAHIMZADEH ASHKAN. Asymmetric Effects of Exchange Rate on Iran Money Demand Function Consisting Household Religious Cost: A NARDL Approach. JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT)[Internet]. 2020;14(52 ):27-53. Available from: https://sid.ir/paper/399047/en

IEEE: Copy

MAHMOUD EIDI, KAMBIZ HOZHABR KIANI, YADOLLAH RAJAEI, and ASHKAN RAHIMZADEH, “Asymmetric Effects of Exchange Rate on Iran Money Demand Function Consisting Household Religious Cost: A NARDL Approach,” JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT), vol. 14, no. 52 , pp. 27–53, 2020, [Online]. Available: https://sid.ir/paper/399047/en

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