نوع مقاله : مقاله پژوهشی
نویسندگان
1 گروه اقتصاد، دانشکده اقتصاد و کارآفرینی، دانشگاه رازی، کرمانشاه
2 گروه اقتصاد، دانشگاه اراک
چکیده
In recent decades, one of the major goals of countries and international economic
organizations has been to identify and achieve different aspects of "good governance".
Hence, the primary objective of this research was to determine and improve the effect of
governance quality on the effectiveness of monetary policies. Therefore, the data from 69
selected countries during 1997-2021 were collected and used to estimate the coefficients of
static and dynamic approaches of panel data. In addition, the generalized method of moments
(GMM) was employed to analyze the data. The results of the research indicated that the
coefficient of the governance index in different estimation methods was negative and
significant, meaning that the improvement in the governance quality was significantly related
to the reduction of production and inflation fluctuations and the improvement of the
effectiveness of the monetary policy. Moreover, the results revealed a significant relationship
between the inflation-targeting policy and improvement in the efficiency of monetary policy.
However, the level of financial development and the degree of openness of the economy did
not have any significant relationship with the effectiveness of monetary policy. It should be
noted that the effectiveness of monetary policies was improved by increasing the level of
economic activities and gross domestic product (GDP). Thus, it could be concluded that the
governance of monetary law leads to the regularization of policies and an increase in the
credibility of monetary policy, resulting in greater effectiveness of monetary policies.
کلیدواژهها
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