اقتصاد و سیاست گذاری مالی

اقتصاد و سیاست گذاری مالی

نقش بانک‌ها در راهبری سیاست‌های پولی و تثبیت نرخ سود از مجرای بازار بین‌بانکی

نوع مقاله : مقاله پژوهشی

نویسندگان
رضا محسنی 1
حسام الدین کردتبار فیروزجائی 2
1 استادیار، گروه اقتصاد، دانشکده علوم اقتصادی و سیاسی، دانشگاه شهید بهشتی، تهران، ایران
2 پژوهشگر اقتصادی، گروه اقتصاد کلان و کسب و کار، مرکز پژوهش‌های توسعه و آینده‌نگری، تهران، ایران
10.61838/efp.22
چکیده
در اقتصاد ایران بار اصلی و عمده تامین مالی خانوار، بنگاه‌های اقتصادی و نیز دولت بر عهده سیستم بانکی است،‌ نقش بانک‌های تجاری در تعیین اهداف غایی سیاست پولی، نحوه اجرای این سیاست و همچنین لحاظ نمودن ملاحظات بانک‌های تجاری در زمینه نرخ سود بانکی، باید بیش از پیش مورد توجه قرار گیرد. در همین راستا، مقاله حاضر به معرفی و ارائه چارچوب و مدلی برای تعمیق و افزایش اثربخشی و نقش بازار بین بانکی در راستای بهبود جایگاه بانک‌های تجاری در سیاست پولی خواهد پرداخت. بر این اساس،‌ مدلی روزآمد و متناسب با مقتضیات و ویژگی‌های بازار پول و اعتبار ایران معرفی خواهد شد تا از چهار مسیر بر بانک‌ها اثرگذار باشد: (1) بهبود کیفیت معاملات بین‌بانکی و تعمیق بازار در جهت افزایش مراودات بانک‌ها (2) هدایت کامل دولت به استقراض از سیستم بانکی از طریق انتشار اوراق و خروج از تامین مالی غیرمستقیم از طریق بانک‌های دولتی (3)افزایش توان اثرگذاری بانک‌های تجاری بر بانک‌مرکزی در جهت تامین منافع بانک(جلوگیری از تحمیل نرخ‌‌های تکلیفی که خارج از منافع و اهداف کلان بانک تجاری است) و (4) تقویت اثر انتقالی سیاست‌پولی و تغییرات نرخ بهره سیاستی در بازار اعتبارات. بهبود شاخص‌های اعلام شده در این چهار محور می‌تواند به اصلاح حکمرانی در بانک‌های تجاری،‌ بهبود وضعیت نسبت‌های مالی بانک‌ها، اصلاح نوع رابطه بانک‌های تجاری با نهاد دولت و همچنین افزایش اثرگذاری بانک‌ها در اجرا و پیاده‌سازی سیاست‌های پولی کمک نماید.
کلیدواژه‌ها
سیاست پولی
بازار بین بانکی
(نرخ بهره بین‌بانکی(سیاستی
اثر انتقالی نرخ بهره

عنوان مقاله English

The Role of Banks in Guiding Monetary Policies and Stabilizing the Interest Rate through the Interbank Market

نویسندگان English

Reza Mohseni 1
Hesamoddin Kordtabar Firouzjaei 2
1 Assistant Professor, Department of Economics, Faculty of Economic and Political Sciences, Shahid Beheshti University, Tehran, Iran
2 Economic Researcher, Department of Macroeconomics and Business, Center for Development and Foresight Research, Tehran, Iran
چکیده English

In the Iranian economy, the main burden of financing households, business enterprises, and the government rests primarily on the banking system. The role of commercial banks in defining the ultimate objectives of monetary policy, implementing these policies, and incorporating their considerations in the context of banking interest rates must receive increasing attention. In this regard, the present article seeks to introduce and provide a framework and model for deepening and enhancing the effectiveness and role of the interbank market in improving the position of commercial banks within monetary policy. Accordingly, an up-to-date model tailored to the requirements and characteristics of the Iranian money and credit market will be introduced to influence banks through four channels: (1) improving the quality of interbank transactions and deepening the market to increase banking interactions, (2) directing the government to fully rely on borrowing from the banking system through bond issuance and moving away from indirect financing via state-owned banks, (3) enhancing the capacity of commercial banks to influence the central bank in safeguarding their interests (preventing the imposition of mandated interest rates inconsistent with the objectives and interests of commercial banks), and (4) strengthening the transmission effect of monetary policy and policy interest rate adjustments in the credit market. Improvement of the stated indicators across these four dimensions can contribute to reforming governance in commercial banks, enhancing their financial ratios, restructuring the relationship between commercial banks and the government, and increasing the effectiveness of banks in the implementation and execution of monetary policies.

کلیدواژه‌ها English

monetary policy
interbank market
interbank (policy) interest rate
interest rate transmission effect
Acharya, V. V., & Merrouche, O. (2013). Precautionary hoarding of liquidity and inter-bank markets: Evidence from the sub-prime crisis. Review of Finance, 17(1), 107–160.
Adrian, T., & Shin, H. S. (2010). Liquidity and leverage. Journal of Financial Intermediation, 19(3), 418–437.
Allen, F., & Carletti, E. (2008). The role of liquidity in financial crises. International Journal of Central Banking, 4(3), 1–32.
Allen, F., & Gale, D. (2000). Financial contagion. Journal of Political Economy, 108(1), 1–33.
Amini Milani, M., Seyed Nourani, S. M. R., Abolhasani-Hastiani, A., & Safari Sharafshahdeh, H. (2023). Evaluating the performance of commercial and specialized banks in Iran with a focus on the effect of the interbank interest rate. Macroeconomics Research Letter, 18(39), 135–164.
Bank for International Settlements (BIS). (2023). Central banks, macro-financial stability and the future of the financial system.
Bell, S., Chui, M., Gomes, T., Moser-Boehm, P., & Tejada, A. P. (2023). Why are central banks reporting losses? Does it matter? BIS Bulletin No. 68.
Borio, C., & Zhu, H. (2008). Capital regulation, risk-taking and monetary policy: A missing link in the transmission mechanism? European Central Bank Working Paper.
D’Amico, S., & King, T. (2023). Past and future effects of the recent monetary policy tightening. Federal Reserve Bank of Chicago.
Daliri, H., & Mehregan, N. (2014). Examining the role of monopoly power of commercial banks on the effectiveness of monetary policy in Iran’s economy. Iranian Economic Development Analysis, 2(3), 9–39.
Earnest, S., Erel, I., Liebersohn, J., & Yannelis, C. (2023). Monetary policy transmission through online banks. National Bureau of Economic Research.
Economics Discussion. (2023). Central bank and commercial banks: Relationship and roles.
Erel, I., Liebersohn, J., Yannelis, C., & Earnest, S. (2023). Monetary policy transmission through online banks. National Bureau of Economic Research.
European Central Bank (ECB). (2023). Monetary policy transmission through online banks.
Federal Reserve Bank of Dallas. (2023). Deposit convexity, monetary policy, and financial stability (Research Dept. Working Paper No. 2315).
Federal Reserve Bank. (2023). Monetary transmission through bank securities portfolios.
Federal Reserve Board. (2021). Monetary policy: What are its goals? How does it work? https://www.federalreserve.gov
Federal Reserve Board. (2022). Monetary policy strategies of major central banks. https://www.federalreserve.gov
Gambacorta, L., & Mistrulli, P. (2003). Bank capital and lending behaviour: Empirical evidence for Italy. Banca d’Italia Economic Research Paper No. 486.
Global Banking & Finance. (2023). Central banks and commercial banks relationship: Importance and functions.
Gomez, M., Savov, A., & Schnabl, P. (2021). The transmission of interest rate changes via bank balance sheets. Journal of Financial Economics, 142(3), 987–1015.
Greenwald, D., Krainer, J., & Paul, P. (2024). Monetary transmission through bank securities portfolios. National Bureau of Economic Research.
Ihrig, J., Senyuz, Z., & Weinbach, G. C. (2020). Implementing monetary policy in an “ample-reserves” regime: The basics. Federal Reserve.
International Monetary Fund (IMF). (2023). Trust bridges and money flows: A digital marketplace to improve cross-border payments.
Kashyap, A. K., & Stein, J. C. (2000). What do a million observations on banks say about the transmission of monetary policy? American Economic Review, 90(3), 407–428.
Kazroni, A., Salahsh, T., & Asgharpour, H. (2018). The role of banks in the transmission mechanism of monetary policy with emphasis on financial soundness and balance sheet characteristics of banks. Quarterly Journal of Economic Research, 53(1), 69–92.
Koont, J., et al. (2023). Digital transformation and deposit outflows. Chicago Booth.
Nelson, C. R., & Schwert, G. W. (1977). On testing the hypothesis that the real rate of interest is constant. American Economic Review, 67(3), 478–486.
Organisation for Economic Co-operation and Development (OECD). (2023). Do central bank losses matter? ECOSCOPE.
Rezaei, G., Shahrestani, H., Hejbar-Kiani, K., & Mehrara, M. (2019). The effect of monetary policy on the fragility of the money market in Iran’s economy. Economics and Modeling, 10(4), 27–56.
Sargent, T. J. (1972). Rational expectations and the term structure of interest rate. Journal of Money, Credit and Banking, 4(1), 74–97.
Shirijian, M., Farzin, M. R., Hadinejad, M., & Damankeshideh, M. (2023). Investigating the efficiency of the monetary policy instrument of interest rates in managing inflation under banking system imbalances and imbalance analysis based on Islamic banking requirements. Islamic Financial Studies, 12(Special Issue: The First National Conference on Islamic Banking in Iran), 73–102.
Sims, C. A. (1972). Money, income, and causality. American Economic Review, 62(4), 540–552.
SUERF. (2023). Transmission of monetary policy: Bank interest rate pass-through. SUERF Policy Brief No. 771.