this paper tries to evaluate the nature of open market operation in the conventional banking system and to compare the usage of government securities and central bank securities for conducting this operation. in addition, the experience of the iranian central bank in using central bank musharakah certificates is reviewed. the main results of the paper, derived from an analytical- descriptive ap...

We consider the problem of financing two productive sectors in an economy through bank loans, when the sectors may experience independent demands for money but when it is desirable for each to maintain an independently determined sequence of prices. An idealized central bank is compared with a collection of commercial banks that generate profits from interest rate spreads and flow those through...

financial markets are one of the most crucial markets in every country. stock exchange market and exchange market are the most sensitive sectors of financial market. these markets are affected by fluctuations and business cycles in the economy and they reflect economic changes to the economy. on the other hand, disturbance in one or both markets cause concerns among policy makers. dynamic inter...

Volatility of exchange rate while changes from time to time, is expected to affect firm level operations as well as aggregate level outcomes i.e. macroeconomic performance. This paper, investigates the effects of exchange rate volatility on aggregate production in Iran using a Structural Vector Auto Regressive model with Exogenous Variables (SVARX). The model is estimated based on macroeconomic...

The study aimed to analyze the impact of monetary policy on bank credit in Iraq. We depended application standard methods by applying a Nonlinear Autoregressive Distributed Lag (NARDL), based monthly data for time series period (2005 - 2021). results showed positive, long-term positive shock relationship independent variables (money supply, interest rate, inflation and deposits) dependent varia...

Merkez bankası rezervleri; para ve kur politikalarının etkin bir şekilde uygulanması, yabancı cinsinden iç dış borç ödemelerinin gerçekleştirilmesi ülke ekonomisinin finansal kırılganlıklara karşı daha dayanıklı olması gibi nedenlerden dolayı gelişmekte olan ekonomileri için oldukça önemlidir. Bu çerçevede çalışmanın amacı Türkiye’de merkez rezervleri ile döviz kuru oynaklığı arasındaki ilişkiy...