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بررسی رابطه کارایی بانکهای توسعه‌ای و بازارهای مالی و حقیقی کشور در چارچوب اقتصاد مقاومتی (مطالعه موردی بانک توسعه صادرات) | ||
| تحقیقات مالی اسلامی | ||
| مقاله 7، دوره 14، شماره 4 - شماره پیاپی 34، مرداد 1404، صفحه 831-874 اصل مقاله (1.66 M) | ||
| نوع مقاله: علمی - پژوهشی (نظام مالی اسلامی در اقتصاد مقاومتی) | ||
| شناسه دیجیتال (DOI): 10.30497/ifr.2025.10017.1297 | ||
| نویسندگان | ||
| محمدحسین قوام* 1؛ محمد زارعی2 | ||
| 1استادیار، گروه مدیریت مالی، دانشکده معارف اسلامی و مدیریت، دانشگاه امام صادق علیه‌السلام، تهران، ایران | ||
| 2دانشجوی دکتری مالی گرایش مهندسی مالی، گروه مدیریت مالی، دانشکده معارف اسلامی و مدیریت، دانشگاه امام صادق علیه‌السلام، تهران، ایران | ||
| چکیده | ||
| 1. مقدمه و هدف بانکهای توسعه‌ای به‌عنوان نهادهای مالی تخصصی، نقش مؤثری در ارتقای کارایی نظام مالی و تقویت بخش واقعی اقتصاد دارند. در چارچوب سیاست‌های اقتصاد مقاومتی، افزایش کارایی این بانک‌ها می‌تواند به ایجاد ثبات اقتصادی و حمایت از تولید داخلی منجر شود. بر همین اساس، هدف این پژوهش بررسی رابطه میان کارایی بانکهای توسعه‌ای و بازارهای مالی و حقیقی کشور با تمرکز بر بانک توسعه صادرات ایران به‌عنوان تنها بانک اسلامی تخصصی فعال در حوزه صادرات است. 2. مواد و روش‌ها در این پژوهش از داده‌های سال‌های ۱۳۷۲ تا ۱۳۹۳ استفاده شده و سه شاخص منتخب شامل بازده دارایی‌ها (ROA)، بازده سرمایه (ROCE) و نسبت کل درآمد به کل هزینه (TRTC) به‌عنوان معیارهای ارزیابی عملکرد و کارایی مالی بانک توسعه صادرات در نظر گرفته شده‌اند. برای تحلیل اثر متغیرهای کلان اقتصادی نظیر نقدینگی، نرخ سود سپرده‌های بانکی و شاخص کل بورس بر شاخص‌های کارایی بانک، از مدل معادلات هم‌زمان (SEM) با روش حداقل مربعات سه‌مرحله‌ای (3SLS) در نرم‌افزار EViews نسخه 9 استفاده شده است. 3. یافته‌های تحقیق نتایج برآورد مدل‌ها نشان می‌دهد که شاخص بازده دارایی‌ها (ROA) بهترین معیار برای تبیین رابطه کارایی مالی بانک توسعه صادرات ایران با متغیرهای کلان اقتصادی است. یافته‌ها حاکی از وجود رابطه‌ای مستقیم و معنادار بین ROA و شاخص‌های منتخب بازارهای مالی و حقیقی کشور است. همچنین متغیرهایی نظیر نقدینگی و نرخ ارز تأثیر معنی‌داری بر بازدهی بانک دارند که نشان‌دهنده حساسیت عملکرد بانک توسعه صادرات به نوسانات کلان اقتصادی است. 4. بحث و نتیجه‌گیری بهبود کارایی بانکهای توسعه‌ای، به‌ویژه بانک توسعه صادرات ایران، می‌تواند نقش مهمی در تحقق بند نهم سیاست‌های اقتصاد مقاومتی ایفا کند. یافته‌های تحقیق بیانگر آن است که تقویت ساختار درونی، افزایش تسهیلات‌دهی هدفمند و بهبود ارتباط با بازارهای مالی، به ارتقای ثبات و مقاومت نظام بانکی منجر می‌شود. درنتیجه، تمرکز بر ارتقای کارایی بانکهای توسعه‌ای می‌تواند زمینه‌ساز تحقق اهداف کلان اقتصاد مقاومتی و پایداری رشد اقتصادی کشور باشد. | ||
| کلیدواژه‌ها | ||
| کارایی؛ بانکهای توسعه‌ای؛ بازارهای مالی و حقیقی؛ بانک توسعه صادرات؛ اقتصاد مقاومتی | ||
| عنوان مقاله [English] | ||
| Investigating the Relationship between the Efficiency of Development Banks and the Country's Financial and Real Markets within the Framework of a Resistance Economy (Case Study of the Export Development Bank) | ||
| نویسندگان [English] | ||
| Mohammad Hosin Gavam1؛ Mohammad Zarei2 | ||
| 1Assistant Professor, Department of Financial Management, Faculty of Islamic Studies and Management, Imam Sadiq University, Tehran, Iran | ||
| 2PhD Student in Finance, Financial Engineering major, Department of Financial Management, Faculty of Islamic Studies and Management, Imam Sadiq University, Tehran, Iran | ||
| چکیده [English] | ||
| 1. Introduction and Objective Development banks play a pivotal role in financing productive sectors and promoting sustainable economic development, particularly in emerging economies where access to long-term financing is limited. Their unique position—operating between public policy objectives and financial market mechanisms—enables them to bridge the gap between the real and financial sectors. Within the framework of Resilient Economy (Economy of Resistance) policies in Iran, development banks are expected to contribute to national economic stability, reduce vulnerability to external shocks, and support the growth of the real economy by channeling financial resources into productive investments. Among these institutions, the Export Development Bank of Iran (EDBI) occupies a distinctive position. As the only Islamic development bank specialized in export financing, it has a dual mission: promoting non-oil exports and strengthening national economic resilience. The efficiency of this bank, both in financial operations and resource allocation, directly influences the stability of the country’s financial system and the performance of its real sectors. Enhancing the efficiency of EDBI therefore becomes a critical requirement for realizing the objectives stated in Clause 9 of the Resistance Economy Policies, which calls for the comprehensive reform and strengthening of the national financial system to meet domestic economic needs, establish macroeconomic stability, and lead the real sector toward sustainable growth. Accordingly, this research aims to analyze the relationship between the efficiency of development banks and the dynamics of Iran’s financial and real markets, using the Export Development Bank of Iran as a case study. By applying a quantitative econometric framework, the study evaluates how macroeconomic indicators—such as liquidity, interest rates, and stock market performance—affect the financial efficiency of EDBI. The ultimate objective is to identify how this relationship contributes to the broader agenda of resistance economics, emphasizing financial resilience and structural stability. 2. Methods and Materials This study is applied in purpose and quantitative in nature, seeking to empirically test theoretical relationships within a real-world context. The dataset covers the period 1993 to 2014 (1372–1393 in the Iranian calendar), a timeframe characterized by significant fluctuations in Iran’s financial and real sectors due to domestic reforms and international sanctions. To assess the financial efficiency of the Export Development Bank of Iran, three performance indicators were selected based on international and national benchmarking criteria: (1) Return on Assets (ROA) – representing the bank’s overall operational profitability and efficiency in using its assets. (2) Return on Capital Employed (ROCE) – reflecting the efficiency of capital utilization and investment returns. (3) Total Revenue to Total Cost Ratio (TRTC) – indicating the relationship between the bank’s total income and its total operating expenses. These indicators serve as dependent variables in a simultaneous equation system (SEM), designed to capture the two-way interactions between the bank’s efficiency and macroeconomic variables. The model incorporates both endogenous and exogenous variables, acknowledging the reciprocal effects between the banking sector and the national economy. The endogenous variables include: - Gold coin price, - Consumer Price Index (CPI), - Interest rate on bank deposits, - Exchange rate, - Tehran Stock Exchange Price Index (TEPIX), and - Inflation rate. The exogenous variables comprise: - Liquidity (M2), - Gross Domestic Product (GDP), and - Balance of Payments (BOP). The study employs the Three-Stage Least Squares (3SLS) estimation method within the EViews 9 software environment, which is particularly suitable for dealing with endogeneity and interdependence among equations. This method allows for efficient and unbiased estimation of parameters within a multi-equation framework, improving upon traditional Ordinary Least Squares (OLS) estimations that fail to capture simultaneous causalities. Dummy variables were introduced to account for potential structural breaks during 2011–2012 (1390–1391), a period associated with sharp currency devaluation and liquidity shocks in the Iranian economy. These variables enhance model accuracy by controlling for external disturbances and ensuring robustness of the estimation results. 3. Research Findings The empirical findings reveal a nuanced relationship between the financial efficiency of EDBI and macroeconomic conditions. Among the three indicators analyzed, the Return on Assets (ROA) emerged as the most significant and reliable measure of the bank’s efficiency in reflecting interactions with both financial and real market variables. - The model’s coefficient of determination (R² = 0.55) for the ROA equation demonstrates an acceptable explanatory power, indicating that more than half of the variations in EDBI’s efficiency can be explained by changes in the selected macroeconomic variables. - In contrast, the ROCE indicator presented weaker explanatory power (R² ≈ 0.15), suggesting limited responsiveness to macroeconomic fluctuations. - The TRTC ratio showed moderate explanatory capacity, highlighting operational but less financial sensitivity to external variables. Liquidity displayed a statistically significant effect at the 1% confidence level, with a negative coefficient, suggesting that decreases in overall liquidity reduce commercial banks’ lending capacities more sharply than that of the EDBI. Consequently, during liquidity contractions, EDBI’s relative efficiency improves due to its development-oriented and government-supported nature. Conversely, increases in liquidity facilitate timely debt repayments by exporters and reduce non-performing loans, which in turn enhance ROA. The exchange rate variable also had a significant and positive effect (p < 0.01) on EDBI’s efficiency. The appreciation of foreign currency against the rial increases the bank’s asset value, as a substantial portion of its resources are denominated in foreign currencies. Therefore, exchange rate volatility directly influences the financial position and profitability of the bank. Additionally, the balance of payments (BOP) exhibited a positive and significant effect (p < 0.05) on bank performance, emphasizing the close linkage between the country’s trade balance and the operational outcomes of development banks engaged in export financing. Collectively, these findings confirm that macroeconomic variables—particularly liquidity and exchange rate movements—are critical determinants of development bank efficiency in Iran’s hybrid financial–real economy environment. The results also underline the importance of systemic resilience and policy coordination between the central bank, the capital market, and specialized development institutions. 4. Discussion and Conclusion The results of this research underscore the essential role of development banks as strategic instruments for implementing the Resistance Economy policies in Iran. The evidence suggests that EDBI’s financial efficiency is not only a function of internal managerial practices but also of its capacity to adapt to macroeconomic fluctuations. By strengthening its internal structure, improving capital allocation, and enhancing targeted credit mechanisms, EDBI can increase its contribution to macroeconomic stability and the growth of the real sector. In the context of Clause 9 of the Resistance Economy Policies, improving the efficiency and resilience of financial institutions, particularly development banks, is vital for ensuring a stable and self-reliant economy. The two-way relationship identified in this study between financial markets and bank efficiency implies that macroeconomic stability can be reinforced through the sound performance of specialized financial intermediaries. Policy Implications: 1. Strengthening specialized banking within the Islamic financial system to enhance the resilience of the monetary market. 2. Restricting commercial banks’ entry into foreign exchange markets during currency crises to protect the profitability of development-oriented institutions such as EDBI. 3. Designing rapid-response policies to prevent financial crises that could spill over into the development banking sector and, consequently, the real economy. Research Recommendations: Future research should explore (a) the differential impact of macroeconomic variables on various types of development banks; (b) cross-country comparisons among successful development banking models; and (c) feasibility studies for establishing provincial or infrastructure development banks to promote balanced regional growth. In conclusion, the study contributes to both theory and practice by empirically validating the interdependence between development bank efficiency and macroeconomic performance under the framework of Islamic and resilient economic principles. Strengthening the operational and structural efficiency of EDBI—and, by extension, other development banks—can significantly bolster Iran’s capacity to withstand external economic shocks, support export diversification, and advance sustainable national growth. | ||
| کلیدواژه‌ها [English] | ||
| Efficiency, Development Banks, Financial and Real Markets, Export Development Bank of Iran, Resistance Economy | ||
| مراجع | ||
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