Examining the effect of interest rate changes on the inflation rate in Islamic countries using self explanatory panel regression or Var
Subject Areas : Financial Economics
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Keywords: interest rate, inflation rate, Islamic countries, self-explanatory panel vector model or Var.,
Abstract :
Interest rate is one of the most important macroeconomic variables in policy-making; which is considered as capital rental cost from the investor's point of view and opportunity cost from the depositor's point of view. Interest is dependent on the nature of money and can be justified based on the preference of economic units to keep savings in the form of cash. The main goal of this research is to determine the relationship between changes in interest rates and inflation rates in Islamic countries. In order to collect the necessary statistics and quantitative information, statistical tables and global databases were used in the period from 2002 to 2022. Using self-model test, panel vector explanation or Var and Granger causality were analyzed. The results obtained from the regression of the panel data explanation; The interest rate and the inflation rate have a two-way causal relationship, the results of the inflation rate shock on the interest rate of the studied Islamic countries showed; The effect of the positive shock is increasing. The test results show that there is a positive and significant relationship between the interest rate and the inflation rate, as well as between the inflation rate and the interest rate in the studied Islamic countries. And it is statistically confirmed.
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