بررسی اثر آزادی پولی و مالی بر شفافیت سیاست پولی در کشورهای کم‌‌‌‌درآمد، با درآمد متوسط و پردرآمد

نوع مقاله: مقاله پژوهشی

نویسندگان

1 دانشجوی دکتری اقتصاد دانشگاه تربیت مدرس

2 دانشیار گروه اقتصاد دانشگاه تربیت مدرس تهران

3 استادیار گروه اقتصاد دانشگاه تربیت مدرس تهران

چکیده

به لحاظ نظری شفافیت سیاست پولی به تقارن اطلاعات بین بانک مرکزی و بخش خصوصی اطلاق می‌‌‌‌شود. درجه بالای شفافیت عدم اطمینان را کاهش، استنباط بخش خصوصی را پیرامون اهداف بانک مرکزی بهبود و تأثیرگذاری سیاست پولی را افزایش می­دهد. این مطالعه با بررسی داده‌‌‌‌های مربوط به 102 کشور در قالب سه گروه کم­درآمد، با درآمد متوسط و  پردرآمد در دوره زمانی 2010-1998، به بررسی اثر آزادی پولی و آزادی مالی بر شفافیت سیاست پولی می‌‌‌‌پردازد.  دوره مذکور بر اساس در دسترس بودن داده­های شفافیت سیاست پولی انتخاب شده است. تحلیل هم‌‌‌‌انباشتگی داده‌‌‌‌های تابلویی نشان می‌‌‌‌دهد که در هر سه گروه کشور وجود رابطه بلندمدت بین متغیرهای مدل تأیید می‌‌‌‌شود. یافته‌‌‌‌های تجربی این پژوهش نشان می­دهد درحالی‌‌‌‌که اثر تولید ناخالص داخلی سرانه و آزادی تجاری بر شفافیت سیاست پولی مثبت و معنادار است، اثر معنادار آزادی مالی بر سه گروه کشور متفاوت است. همچنین اثر آزادی پولی در کشورهای کم‌‌‌‌درآمد و پردرآمد معنادار نبوده و این متغیر تنها بر شفافیت سیاست پولی در کشورهای با درآمد متوسط اثر مثبت معنادار دارد. این نتایج نشان می‌‌‌‌دهد واکنش شفافیت سیاست پولی به آزادی پولی و مالی می‌‌‌‌تواند به ساختار اقتصادی کشورها وابسته باشد.

کلیدواژه‌ها


عنوان مقاله [English]

The Impact of Monetary and Financial Freedom on Monetary Policy Transparency in Low, Middle and High Income Countries

نویسندگان [English]

  • Omid Sattari 1
  • Kazem Yavari 2
  • Hassan Heydari 3
  • Mansour Etesami 3
1 Ph.D. Candidate in Economics, Tarbiat Modares University
2 Associate Professor of Economics , Tarbiat Modares University
3 Assistant Professor of Economics, Tarbiat Modares University
چکیده [English]

Theoretically speaking, monetary policy transparency refers to the informational symmetry between the central bank and the private sector. High degree of transparency reduces uncertainty, improves the private-sector inference about central bank goals, and increases the effectiveness of monetary policy. This study analyzes the impact of financial and monetary freedom on monetary policy transparency. A set of 102 countries -categorized in low, middle and high income groups have been investigated for the period 1998-2010, since the monetary policy transparency data are not available from 2010 onwards. The panel cointegation test suggests that the long run relationship between variables exists. The empirical findings suggest that while GDP per capita and trade freedom have a positive effect on transparency, the impact of financial freedom on transparency varieties in different income groups. Furthermore the monetary freedom exerts significant positive effect merely on middle income countries. These results imply that the reaction of monetary policy transparency to financial and monetary freedom might be depended to different economic structures.

کلیدواژه‌ها [English]

  • Monetary policy transparency
  • Panel cointegration
  • Financial freedom
  • Monetary freedom
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