بررسي تاثير تغيير نرخ سود سپرده ها بر متغيرهاي كلان اقتصادي

A Survey on the Effects of the Change in Deposit interest Rates on Macro-economic Variables

The present article emphasizes the financial reform requined for expansion of investment and streamlining the financial markets based on an empirical approach. The basic assumption is that the more change in deposit interest rates without extensive reform in financial markets as well as streamlining the banking system is impossible in Iranian economy the reason is relate to weak reaction of financial market to Changes of macro - economic variables. To test this, the relationship between bankʹs interest rates (as a variable of financial market) and the variables of production, investment, inflation and deposit bulk is studied and tested. The results show that in the long - run, investment enjoys modest but meaningful changes in reaction to real deposit interest rates in 1973-2000. Also any increase in deposit interest rates leads to economic instability in Iran which is manifested as inflation and reduction in investment and economic growth.