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A comparative study of the impact of Islamic financial instruments on Iran's business cycles through money and capital markets
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Mina Saheb kashani1   , Amir Gholami2 , Mohammad mehdi Ahmadi3 , Yeganeh Mosavi Jahromi4 |
1- PhD student in Economics, North Tehran Branch, Islamic Azad University, Tehran, Iran
2- Assistant Professor, Department of Economics, Tehran North Branch, Islamic Azad University, Tehran, Iran (corresponding author) , a_ghlami@iau_tnb.ac.ir
3- Assistant Professor of the Economics Department, Tehran North Branch, Islamic Azad University, Tehran, Iran
4- Faculty member at Payame Noor University, Tehran |
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Abstract: (12 Views) |
Considering the closeness of the two categories of religion and economy from a historical point of view, the mutual function of these two categories can be researched and investigated. On the other hand, investigating the effect of using Islamic financial tools on economic variables and business cycles can be important and significant for policy makers in adopting economic policies and decisions in the framework of Islamic economy. Considering the different capacities of the money and capital markets in financing and the use of Islamic financial instruments, the comparative study of the effect of Islamic financial instruments on Iran's business periods in the period 1380 to 1400 through the money and capital markets is the basis of the current research, and with the application of equilibrium models It has become a public issue. The estimation of the parameters was done using the calibration method and the first-order vector autoregression model, and the effect of Islamic financial instruments on business cycles was investigated based on the comparison of the function and performance of the money and capital markets. Based on the results of the research, the effect of Islamic financial instruments on macroeconomic variables has been confirmed through the capital market channel, but since Islamic financial instruments in Iran rely more on the money market and the capital market has little function in the field of using Islamic financial instruments, therefore with In terms of the capital market, although the influence of Islamic financial instruments is significant, it is weak and unstable compared to the money market in terms of the amount and duration of the effect. |
Article number: 18 |
| Keywords: Islamic economy, money market, capital market, stochastic dynamic general equilibrium model, business cycles |
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Full-Text [PDF 1052 kb]
(4 Downloads)
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Article type: Research |
Subject:
Special
Received: 2024/10/5 | Accepted: 2025/01/27 | Published: 2026/01/30
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