Explaining the Institution of Money and the Political Economy of Iran&#039;s Banking Structure from the Perspective of New Institutional Economics; A Systematic Review of Literature and Theoretical Framework

Mahdizadeh Abomahalleh, Mohammadhamid; Karimi Moughar, Zahra; Zobeiri, Hoda

doi:10.22084/aes.2026.33123.3927

Explaining the Institution of Money and the Political Economy of Iran's Banking Structure from the Perspective of New Institutional Economics; A Systematic Review of Literature and Theoretical Framework

Articles in Press

Document Type : Research Article

Authors

Mohammadhamid Mahdizadeh Abomahalleh

Zahra Karimi Moughar

Hoda Zobeiri

Faculty of Economics and Administrative Sciences University of Mazandaran

10.22084/aes.2026.33123.3927

Abstract

This article aims to systematically review the research literature on the impact of the political system on the banking structure, emphasizing the NIE approach. The institutional explanation of money and how the banking system, as the organizational custodian of the monetary institution, is influenced by the political system requires a multidimensional study; Williamson's leveling is employed as an analytical tool for the various dimensions of the study. Furthermore, applying the PRISMA protocol as the accepted standard for systematic review, a comprehensive search was conducted in credible international and domestic databases. After applying inclusion and exclusion criteria, 58 relevant articles were selected for final analysis. The findings are categorized into four main themes: conceptual explanation of the political economy institution and the relationship between politics and economics; institutional analysis of monetary theories; the framework of social orders and its application in analyzing the banking system; and a critical approach to the recognized channels of the political system's influence on the banking structure. The results indicate that in the research literature, the banking system in limited access social orders has functioned beyond financial intermediation, acting as a tool for rent distribution and maintaining political stability. The identified research gaps include the neglect of adaptive efficiency in favor of allocative efficiency and the incorrect generalization of the social orders framework to the level of governance institutions. By presenting a scientific map of the subject and identifying future research paths, this article provides a comprehensive framework for the institutional analysis of Iran's banking system.

Keywords

New institutionalist economics

political system

banking structure

social orders

monetary institution

Subjects