Research Institute of Hawzah and University; "Hawzah wa Dāneshgāh Research Institute"Journal of Iran's Economic Essays (JIEE)1735-33004820070923Estesna'a; negotiable papers, as a complementary for capital market of IranEstesna'a; negotiable papers, as a complementary for capital market of Iran1338287FAAbbasMosaviyanFaculty member of Institute for Islamic Culture and ThoughtJournal Article20070716Excluding government bonds and possibility of Islamic contracts in<br />devising different financial instruments has made Muslim scholars<br />think of designing Islamic financial instruments; in such a way, which<br />different Islamic financial instruments were developed in a shortterm.<br />The present study explains one of these instruments, designed<br />on the basis of Estesna'a contracts. Through this instrument, those<br />ministries, municipalities or government and private companies<br />which want to launch or run a major project and have not enough<br />financial credit, order the project to the contractor, according to the<br />Estesna'a contract and then, guarantee the payment of project costs to<br />a contractor in a definite timing. In this way, the employer gives<br />negotiable papers of Esteesna'a to the contractor instead of any other<br />payment, regarding the improvement of the project. In due date,<br />contractor acquires the ownership of negotiable papers of Estesna'a or<br />he/ she can sell them in a secondary market before due date.<br />Negotiable papers of Estesna'a, considered as profit-making financial<br />instruments with definite output rate, are expected to be encouraged<br />by non-risky and common people. They are also known as<br />appropriate instruments for financial and monetary policies besides<br />encouraging investment. As well as, it is a suitable complementary for<br />the capital market of Iran which suffers a shortage of different<br />financial instruments.Excluding government bonds and possibility of Islamic contracts in<br />devising different financial instruments has made Muslim scholars<br />think of designing Islamic financial instruments; in such a way, which<br />different Islamic financial instruments were developed in a shortterm.<br />The present study explains one of these instruments, designed<br />on the basis of Estesna'a contracts. Through this instrument, those<br />ministries, municipalities or government and private companies<br />which want to launch or run a major project and have not enough<br />financial credit, order the project to the contractor, according to the<br />Estesna'a contract and then, guarantee the payment of project costs to<br />a contractor in a definite timing. In this way, the employer gives<br />negotiable papers of Esteesna'a to the contractor instead of any other<br />payment, regarding the improvement of the project. In due date,<br />contractor acquires the ownership of negotiable papers of Estesna'a or<br />he/ she can sell them in a secondary market before due date.<br />Negotiable papers of Estesna'a, considered as profit-making financial<br />instruments with definite output rate, are expected to be encouraged<br />by non-risky and common people. They are also known as<br />appropriate instruments for financial and monetary policies besides<br />encouraging investment. As well as, it is a suitable complementary for<br />the capital market of Iran which suffers a shortage of different<br />financial instruments.https://iee.rihu.ac.ir/article_287_f9ce086695c255868ce7d6359e200fe3.pdfResearch Institute of Hawzah and University; "Hawzah wa Dāneshgāh Research Institute"Journal of Iran's Economic Essays (JIEE)1735-33004820070923Gharar in stock option transactions A Shi'a jurisprudence approachGharar in stock option transactions A Shi'a jurisprudence approach3665288FAGholam RezaMesbahimoghadamFaculty member of Imam Sadiq UniversityESmaeelGanjM.A in Imam Sadiq UniversityJournal Article20071120In transactions, Gharar has always been noticed by Shi’a<br />jurisprudence (Figh) and Muslim scholars have always tried to avoid<br />it. Ghararian transaction is one that its results are so vague that<br />produce unusual probability for loss. As a whole, there are three<br />fundamental cases of Gharar, including vagueness in sold existence,<br />descriptions and ability to deliver it. In risk management, one of the<br />most applied transactions all over the world is stock option<br />transaction. Benefiting from financial instruments, the dubiety of<br />Gharar in this transactions has always been challenging and under<br />consideration. By an exact jurisprudential consideration it is found<br />that this transaction is divided into two stages. The first stage is an<br />exchange of engagement for price and the second one is selling right.<br />There almost always have been disputes on selling rights among<br />scholars. Assessing reasons given by those in agreement or<br />disagreement, it is concluded that selling right is approved (in some<br />shi'a jurisprudence approaches such as those by Imam Khomeini).<br />Existence of credit risk, vagueness in option's descriptions and option<br />contract qualification for delivering the right possession are problems<br />which generate the dubiety of Gharar in these transactions.<br />Considering clearing room role, existence of standard contracts and<br />being common the credit delivering instruments in use among<br />rationales, the dubiety of Gharar in these transactions is rejected in<br />shi'a jurisprudence approach.In transactions, Gharar has always been noticed by Shi’a<br />jurisprudence (Figh) and Muslim scholars have always tried to avoid<br />it. Ghararian transaction is one that its results are so vague that<br />produce unusual probability for loss. As a whole, there are three<br />fundamental cases of Gharar, including vagueness in sold existence,<br />descriptions and ability to deliver it. In risk management, one of the<br />most applied transactions all over the world is stock option<br />transaction. Benefiting from financial instruments, the dubiety of<br />Gharar in this transactions has always been challenging and under<br />consideration. By an exact jurisprudential consideration it is found<br />that this transaction is divided into two stages. The first stage is an<br />exchange of engagement for price and the second one is selling right.<br />There almost always have been disputes on selling rights among<br />scholars. Assessing reasons given by those in agreement or<br />disagreement, it is concluded that selling right is approved (in some<br />shi'a jurisprudence approaches such as those by Imam Khomeini).<br />Existence of credit risk, vagueness in option's descriptions and option<br />contract qualification for delivering the right possession are problems<br />which generate the dubiety of Gharar in these transactions.<br />Considering clearing room role, existence of standard contracts and<br />being common the credit delivering instruments in use among<br />rationales, the dubiety of Gharar in these transactions is rejected in<br />shi'a jurisprudence approach.https://iee.rihu.ac.ir/article_288_ac9c90e701400dd14454371567aaedc8.pdfResearch Institute of Hawzah and University; "Hawzah wa Dāneshgāh Research Institute"Journal of Iran's Economic Essays (JIEE)1735-33004820070923Demand in Islamic market in comparison with highly - competitive marketDemand in Islamic market in comparison with highly - competitive market66100289FAMohammad KazemRajaeeFaculty member Research Institute of Hawzeh and UniversityJournal Article20071230Values of western culture have combined with economics in different<br />delicate methods. These values play an important role in theories.<br />Three principles including: observation of values, efficient allocation<br />of resources and brotherhood (friendship and understanding between<br />people) can be concluded from Islamic solutions on demand.<br />Although economic subjects have the potentials of accepting new<br />methods but regarding the rules govern the behavior of an<br />economical Muslim man, a little change can be made in the concepts<br />related to the literature of capitalist economy to present the<br />discussion.<br />The principles of brotherhood, economy and avoidance of<br />merrymaking (or efficient allocation of resources) make people tend<br />to use basic necessities where they are limited and not more available,<br />i.e.; people from different social classes, on low or high income, are<br />inclined to buy particular goods and commodities.<br />Stabilizing the conditions, the level below the curve of a Muslim<br />demand graph is less than a non-Muslim one in regard to the level<br />below the curve, but the level below the curve on a demand graph in<br />Islamic market is more in regard to the highly – competitive market. If<br />prices exceed the purchasing power of consumer in regard to the<br />basics for living, the Islamic government or people on high income<br />can pay for, through donations to reach to the utility level. In other<br />word, the effects of income, in two levels of prices, based on the high<br />amount of consuming ( waste ) and lowest amount of consuming (<br />living necessities ).Values of western culture have combined with economics in different<br />delicate methods. These values play an important role in theories.<br />Three principles including: observation of values, efficient allocation<br />of resources and brotherhood (friendship and understanding between<br />people) can be concluded from Islamic solutions on demand.<br />Although economic subjects have the potentials of accepting new<br />methods but regarding the rules govern the behavior of an<br />economical Muslim man, a little change can be made in the concepts<br />related to the literature of capitalist economy to present the<br />discussion.<br />The principles of brotherhood, economy and avoidance of<br />merrymaking (or efficient allocation of resources) make people tend<br />to use basic necessities where they are limited and not more available,<br />i.e.; people from different social classes, on low or high income, are<br />inclined to buy particular goods and commodities.<br />Stabilizing the conditions, the level below the curve of a Muslim<br />demand graph is less than a non-Muslim one in regard to the level<br />below the curve, but the level below the curve on a demand graph in<br />Islamic market is more in regard to the highly – competitive market. If<br />prices exceed the purchasing power of consumer in regard to the<br />basics for living, the Islamic government or people on high income<br />can pay for, through donations to reach to the utility level. In other<br />word, the effects of income, in two levels of prices, based on the high<br />amount of consuming ( waste ) and lowest amount of consuming (<br />living necessities ).https://iee.rihu.ac.ir/article_289_f26d13195bb6dcc95f1793c5771bf740.pdfResearch Institute of Hawzah and University; "Hawzah wa Dāneshgāh Research Institute"Journal of Iran's Economic Essays (JIEE)1735-33004820070923The effect of social (and spiritual & religious) capitals on economic growth and developmentThe effect of social (and spiritual & religious) capitals on economic growth and development101121290FAMohammad MahdiAskariAbolghasemTohidiniaPH.D. Student in Imam Sadiq UniversityJournal Article20071111In this paper, first, social (and spiritual & religious) capitals are<br />discussed and explain their concepts; introduce components and the<br />type of relationship exists between them. Then, the effect of social<br />(and spiritual & religious) capitals on economic growth and<br />development is determined and demonstrate the most important<br />mechanisms of this effectiveness. At last, this paper includes the most<br />conclusive mechanisms as: reducing inequality and alleviating<br />poverty, increasing the effectiveness of market, encouraging<br />economic growth, reducing costs, increasing efficiency of other<br />capitals, creating economic institutions and organizations and<br />improving their operations, expanding financial markets and<br />encouraging investments, increasing full employment, conducting<br />more transactions, fostering innovations and improving technology.In this paper, first, social (and spiritual & religious) capitals are<br />discussed and explain their concepts; introduce components and the<br />type of relationship exists between them. Then, the effect of social<br />(and spiritual & religious) capitals on economic growth and<br />development is determined and demonstrate the most important<br />mechanisms of this effectiveness. At last, this paper includes the most<br />conclusive mechanisms as: reducing inequality and alleviating<br />poverty, increasing the effectiveness of market, encouraging<br />economic growth, reducing costs, increasing efficiency of other<br />capitals, creating economic institutions and organizations and<br />improving their operations, expanding financial markets and<br />encouraging investments, increasing full employment, conducting<br />more transactions, fostering innovations and improving technology.https://iee.rihu.ac.ir/article_290_2fd07e61cf9b2ce70a0269b23dee82a9.pdfResearch Institute of Hawzah and University; "Hawzah wa Dāneshgāh Research Institute"Journal of Iran's Economic Essays (JIEE)1735-33004820070923Monetary studies and its position in the jurisprudential rules for “Currency Depreciation”Monetary studies and its position in the jurisprudential rules for “Currency Depreciation”122159291FAAli RezaAminFaculty member of Azad UniversityAbbasSamavatiPH.D. Student in Azad UniversityJournal Article20071205Currency depreciation is such a remarkable and curious<br />phenomenon, which as it has been continued and intensified, has left<br />unpleasant and unjust effects on Iran's economy in the monetary<br />transactions (esp. in the long term ones). The present theories had<br />been propounded for currency with its past nature, and also the<br />relative stability of its value, are no longer fulfilling the real needs of<br />this condition.<br />Emphasizing the turning point of the change of the nature of<br />currency in the third phase of issuing bank notes and comparing it<br />with the coins in early Islam, this article explains that mere credit<br />currency, especially in the condition of the severe and constant<br />depreciation of the currency, is a new phenomenon which requires<br />new jurisprudential and legal rules, so that higher assurance and<br />validity are secured in all monetary transactions.<br />Therefore, it is necessary for new theorization, bound up with<br />preservation of the jurisprudential principles and rules, to make this<br />subject known again. It also seeks the basic changes that can cause<br />some revisions in jurisprudential rules for money subject to<br />clarification in an analytical method.Currency depreciation is such a remarkable and curious<br />phenomenon, which as it has been continued and intensified, has left<br />unpleasant and unjust effects on Iran's economy in the monetary<br />transactions (esp. in the long term ones). The present theories had<br />been propounded for currency with its past nature, and also the<br />relative stability of its value, are no longer fulfilling the real needs of<br />this condition.<br />Emphasizing the turning point of the change of the nature of<br />currency in the third phase of issuing bank notes and comparing it<br />with the coins in early Islam, this article explains that mere credit<br />currency, especially in the condition of the severe and constant<br />depreciation of the currency, is a new phenomenon which requires<br />new jurisprudential and legal rules, so that higher assurance and<br />validity are secured in all monetary transactions.<br />Therefore, it is necessary for new theorization, bound up with<br />preservation of the jurisprudential principles and rules, to make this<br />subject known again. It also seeks the basic changes that can cause<br />some revisions in jurisprudential rules for money subject to<br />clarification in an analytical method.https://iee.rihu.ac.ir/article_291_2e222cbe2e8ec8c4f04591ab229682f7.pdfResearch Institute of Hawzah and University; "Hawzah wa Dāneshgāh Research Institute"Journal of Iran's Economic Essays (JIEE)1735-33004820070923Penetration of pragmatism in institutional economicsPenetration of pragmatism in institutional economics160182292FAAbolghasemMahdaviFaculty member of Tehran UniversityHamidPadashM.A. in EconomicsJournal Article20070204This paper aims to show that pragmatism is the philosophical and<br />methodological base for the institutional economics. It also<br />demonstrates that institutional economists, based on pragmatism,<br />where they take it as an approach, use the qualitative research<br />method. Institutional economists, particularly, believe in pragmatism<br />of Dewey and Pierce. According to the results of the analysis, made<br />through this study, there are fundamental differences between the<br />logical positivism, as a philosophical base for mainstream, and the<br />pragmatism. The research method concluded from pragmatism is a<br />qualitative one, which vs. quantitative research method. The<br />quantitative research method in economics has arisen from logical<br />positivism.This paper aims to show that pragmatism is the philosophical and<br />methodological base for the institutional economics. It also<br />demonstrates that institutional economists, based on pragmatism,<br />where they take it as an approach, use the qualitative research<br />method. Institutional economists, particularly, believe in pragmatism<br />of Dewey and Pierce. According to the results of the analysis, made<br />through this study, there are fundamental differences between the<br />logical positivism, as a philosophical base for mainstream, and the<br />pragmatism. The research method concluded from pragmatism is a<br />qualitative one, which vs. quantitative research method. The<br />quantitative research method in economics has arisen from logical<br />positivism.https://iee.rihu.ac.ir/article_292_d3142d54dfccc254a23b05c67ecc3236.pdfResearch Institute of Hawzah and University; "Hawzah wa Dāneshgāh Research Institute"Journal of Iran's Economic Essays (JIEE)1735-33004820070923The Role Of Different Population Growth Rates In External Trade; An Analysis Of General Models By Hechscher- OhlinThe Role Of Different Population Growth Rates In External Trade; An Analysis Of General Models By Hechscher- Ohlin183204293FARaminBashir KhodaparastiFaculty member of Oromye UniJournal Article20070111In this paper, it is supposed that there are only two countries in the<br />world, with two different population growth rates, depend on two<br />factors for production and own two sectors in producing goods. An<br />analytical generalized equilibrium model has been used to explore<br />possible implications of population dynamics differential for external<br />trade. (Research group was a combination of the young and the<br />elderly). The pre- supposed countries are characterized by identical<br />preferences for consumption and production technologies as in the<br />Hechscher- Ohlin framework .The results of this research indicate that<br />differences in population growth rates create comparative advantages<br />in the same way as suggested in Hechscher- Ohlin model, but<br />contrary to the predictions by this model, free trade would not<br />necessarily cause welfare gains for both of them. This research paper<br />mainly aims to demonstrate the role, importance and advantages of<br />work power in the process of production and trade.In this paper, it is supposed that there are only two countries in the<br />world, with two different population growth rates, depend on two<br />factors for production and own two sectors in producing goods. An<br />analytical generalized equilibrium model has been used to explore<br />possible implications of population dynamics differential for external<br />trade. (Research group was a combination of the young and the<br />elderly). The pre- supposed countries are characterized by identical<br />preferences for consumption and production technologies as in the<br />Hechscher- Ohlin framework .The results of this research indicate that<br />differences in population growth rates create comparative advantages<br />in the same way as suggested in Hechscher- Ohlin model, but<br />contrary to the predictions by this model, free trade would not<br />necessarily cause welfare gains for both of them. This research paper<br />mainly aims to demonstrate the role, importance and advantages of<br />work power in the process of production and trade.https://iee.rihu.ac.ir/article_293_6777997e58d97fd406b14fc9b2f42a74.pdf