THE COMPREHENSIVE MODEL FOR POLICYMAKING PROCESS OF MONETARY AND BANKING POLICIES IN IRAN ECONOMY

Abstract

The economic policies of the countries consist of policymaking in different monetary and banking, financial and commercial fields with monetary policies having more importance in bank-oriented economies where the governments adjust the policies of other aspects based on money market. The present study was conducted given the economic challenges of Iran to present policymaking process model in this area. The study started based on a six-step policymaking process - issue identification, agenda setting, adoption, implementation, evaluation and policy change/termination - in this field, and after exploratory studies and having interviews with experts, the influential organizations and factors were identified and the analytical model was designed. The model was fitted using questionnaires data and after evaluation of validity and reliability by content validity ratio (CVR) and Cronbach's Alpha, respectively, statistical techniques such as Confirmatory Factor Analysis (CFA), SPSS, LISREL and Excel software were utilized. The validity and stability were determined via CVR and Cronbach's Alpha. The results confirmed the necessity of participation of, respectively, different organizations and factors (internal and external) on policymaking process.