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Liquidity of Islamic Treasury Bills in Iran's Securities Market in such environment which agents is willing to use them for investing and trading and subsequently servey how Inflation Dynamics can be effected through budgeting regard of it’s constraints
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Abstract: (353 Views) |
Abstract:
Issuing bonds is one of the financing instrument to improve government deficits, but it can be faced government with increasing debt or intrest rate and inconsistent economic even with regard of such satisfied things like unchanging in monetary base and controlling inflation temporarily. So issuing bonds always not to be useful and it maybe deliver a financial distress and budgeting deficits in future regardless of any attention or considering it’s financial and economical outcomes. In our research we survey that When agents trade bonds in secondary markets and such financial environment and goverment bonds is used not only as a payment instrument but also as acceptable asset, it can affect financial and economical market especially when we have economical shockes. in such environments, when agents are interested in participate in secondary and financial markets, we have a extra demands on supplying bonds, so there exists a liquidity premium on public debt and bonds and it can be so effective, particularly channels through which fiscal policy influences inflation are rather limited and economic is steady.so fiscal policy can be involved in changing issuing bonds to affect liquidity premium that it reduces the inflation rat. Anyway, also we find out in previlling condition about Iran, we have seen increasing volume of liquidity in economic and issuing Islamic Treasury Bills during the past in short run, as a result, we should consider this preducer more and more, especially when oil revenues is decreasing and agents are getting used to speculation transaction. Government should be able to enlarge the secondary market and using Islamic Treasury Bills while it consider as a payment instrument in economic and business transaction or the other wise as a valueable asset subject to limit speculative business through adjustment tax rules and transparency,as well all of them would be satisfied by changing in issuing bonds, management liquidity Dynamics in economice, inflation expections to notice how influence on secondary markets by modifying combinations of monetary and fiscal policy interactions.
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| Keywords: budgeting, economice Sustainability, secondary markets, inflation, Islamic Treasury Bills, liquidity |
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Full-Text [PDF 579 kb]
(101 Downloads)
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Type of Study: Research |
Subject:
Special
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