نوع مقاله : مقاله پژوهشی
عنوان مقاله English
نویسندگان English
There has long been an intense debate among Iranian economic analysts regarding bank-based versus market-based financing. Specifically, there is considerable emphasis on the notion that bank-based financing in Iran's economy is an undesirable condition, and that policies should aim to promote a shift toward market-based financing. The findings of this study indicate the following: First, whether financing is bank-based or market-based only alters the degree of risk-sharing by capital providers and has no effect on the total volume of financial resources. Second, there is no strong empirical or theoretical evidence suggesting that bank-based or market-based financing leads to differing long-term economic growth outcomes. Third, from the perspective of financial and banking stability, there is also no conclusive theoretical or empirical support favoring either bank-based or market-based systems. Therefore, from the standpoint of monetary and supervisory policy, the structure of financial intermediation—whether bank-centered or market-oriented—is of secondary importance. What remains crucial is that monetary and regulatory policy continue to focus on inflation control and banking stability, rather than attempting to restructure the mode of financial intermediation.
کلیدواژهها English
