The macro-economic effects of the government debts to the Central Bank in Iran

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SALMANI YUNES; YAVARI KAZEM; ASGHARPOUR HOSSEIN; SAHABI BAHRAM

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Journal: Journal of Economic Policy Year:2020 | Volume:11 | Issue:22 Page(s): 99-124

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Title

The macro-economic effects of the government debts to the Central Bank in Iran

Author(s)

SALMANI YUNES | YAVARI KAZEM | ASGHARPOUR HOSSEIN | SAHABI BAHRAM | Issue Writer Certificate

Keywords

MacroeconomicQ2

Government debtQ1

Central BankQ2

Fiscal dominanceQ1

SVARQ2

Abstract

In the Iranian economy, a part of the financial needs and liabilities of the government is always financed by the Central Bank. With an increase in the Government debts to the Central Bank, monetary policy gets passive and implemented in line with fiscal policies. Consequently, the functions of the monetary policy are disrupted, and it deviates from its goals. This can have undesirable impacts on the macro-economy. So, this study aims at the Macroeconomic effects of the Government debts to the Central Bank in Iran during the period of 1973-2017. To this end, a SVAR model is used. The result of the research showed that the Government debt to the Central Bank has had no significant effect on the ratio of aggregate demand to aggregate supply, real exchange rate and the relative price of non-tradable goods to tradable goods, but it has significantly increased the prices over a period of three years and decreased the GDP over two years. In the long run, the Government debt to the Central Bank has explained 10. 8 percent of variation in the general level of prices and 11. 25 percent of variation in the GDP per person. These results indicate that the Fiscal dominance and the Fiscal Theory of Price Level can account for this situation in the Iranian economy.

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APA: Copy

SALMANI, YUNES, YAVARI, KAZEM, ASGHARPOUR, HOSSEIN, & SAHABI, BAHRAM. (2020). The macro-economic effects of the government debts to the Central Bank in Iran. BIQUARTERLY JOURNAL OF ECONOMIC RESEARCH, 11(22 ), 99-124. SID. https://sid.ir/paper/408611/en

Vancouver: Copy

SALMANI YUNES, YAVARI KAZEM, ASGHARPOUR HOSSEIN, SAHABI BAHRAM. The macro-economic effects of the government debts to the Central Bank in Iran. BIQUARTERLY JOURNAL OF ECONOMIC RESEARCH[Internet]. 2020;11(22 ):99-124. Available from: https://sid.ir/paper/408611/en

IEEE: Copy

YUNES SALMANI, KAZEM YAVARI, HOSSEIN ASGHARPOUR, and BAHRAM SAHABI, “The macro-economic effects of the government debts to the Central Bank in Iran,” BIQUARTERLY JOURNAL OF ECONOMIC RESEARCH, vol. 11, no. 22 , pp. 99–124, 2020, [Online]. Available: https://sid.ir/paper/408611/en

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