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- To allow for easy and worldwide access to the most updated research findings, the journal is set to be an open-access... moreTo allow for easy and worldwide access to the most updated research findings, the journal is set to be an open-access journal. Yet, the journal does not charge any fee for reviewing, processing, and publishing research papers from the authors or from the research institutes and organizations. All the mentioned processes for paper publication are sponsored by the Research Institute of Hawzah and University Press. The journal is published in both a print version and an online versionedit
In this study, it is explained that the perception of the conventional economics of the bank as an intermediary institution of funds, while not conforming to reality, distorts the analysis of monetary fluctuations and subsequent economic... more
In this study, it is explained that the perception of the conventional economics of the bank as an intermediary institution of funds, while not conforming to reality, distorts the analysis of monetary fluctuations and subsequent economic turmoil; but in the alternative approach, the bank, as the most important player in the monetary system, has the power to create flexible credit. The specific question of the present study is whether it can be said that in the current form of the monetary and banking system, the interests of the bank and society are inherently in conflict with each other. To answer the above question, the library and documentary method has been used and Finally, it is concluded that the bank is an institution that can outsource the costs associated with the flexible and irregular expansion of credit and affect the economic interests of individuals in society, and in return, gain the benefits of creating credit; This important result is based on Minsky's explanation of the dynamics of bank-firm relations; In his view, the internal mechanisms of the money manager capitalism and specifically the way the firm and the bank interact, cause "stability to create instability". The result of the current research is that, firstly, the conflict between the interests of the bank and the society is the natural outcome of the unrealistic understanding of the conventional economic knowledge of the "bank", and secondly, the examples of this conflict can be seen in three recurring periods: 1. Before the appearance of the initial signs of the monetary and banking crisis. 2. After the initial signs of the crisis appear. 3. The occurrence of a widespread crisis and its spread to other sectors of the economy.
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This study explores the concept of social justice based on the ideas of four contemporary theorists. Hayek represents libertarians, Rawls the most prominent Philosopher of current century, Motahhari and Sadr as a thinker of Islamic... more
This study explores the concept of social justice based on the ideas of four contemporary theorists. Hayek represents libertarians, Rawls the most prominent Philosopher of current century, Motahhari and Sadr as a thinker of Islamic concepts. Hayek believes social justice is misdealing and the striving for it will also produce highly undesirable consequences. He defines justice by rules of individual conduct. “Spontaneous order” play essential role in his ideas. Rawls sees ‘justice as fairness’ as answering to the demands of both freedom and equality, a challenge posed by the socialist critique of liberal democracy. In this regard justice is an agreement on principles which is reached arbitrarily in “veil of ignorance”. Rawls's main guide in achieving principles of justice is maximin principle and the lack of awareness of individuals about the future social status. Motahari regards justice as observance of the law. He recognizes both the natural rights of the individual and the legal community. According to Shahid Motahari, the only way to legitimize and validate natural rights is to accept the purpose of the world order. In Sadr's view, although justice is one of the three principles of the general construction of Islamic economics, the position of justice is beyond the core and is the foundation stone of the Islamic School of Economics. Additionally, Islam has shown its sensitivity to the final makeup of facilities in society, with two principles: public cooperation and social balance.
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Corruption is a phenomenon of economic, political and cultural disorder, with more or less hazardous effects both in developed and developing countries. In this regard, North and colleagues emphasize that only in an open access system... more
Corruption is a phenomenon of economic, political and cultural disorder, with more or less hazardous effects both in developed and developing countries. In this regard, North and colleagues emphasize that only in an open access system (democracy), corruption is controlled and other measures such as improving property rights, although they play an important role, but not enough to reduce significant corruption. As this phenomenon is considered one of the most important barriers to growth of developing countries such as Iran with resistance approaches to economy, therefore need to know the roots and deal with it has become seriously considered as country's development goals. The purpose of this study was first designed to identify the phenomenon of corruption in a general equilibrium analysis, and then to investigate the relationship of corruption, property rights and democracy, based on evidences from developing economies. For this purpose, a panel model is used to analyze relevant data from 53 selected developing countries for the period of 1996 and 2013. The results indicated a significant negative effect of democracy (-0.49), property rights (-7.56) , economic growth (-0.37) and investment (-5.75) on the level of corruption. Moreover, the Gini coefficient of inequality (0/36) and political instability (19.4) showed a significant and positive effect on the corruption index in selected economies. While the results have also shown, by increasing the degree of democracy and property protection as a new variable in the model, the relationship between corruption and democracy has increased, which shows that the impact of democracy on corruption is empowered with the property property protection variable
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Moral hazard in contracts, especially international oil contracts, is a key subject under the economics of information. In this article, considering the oil and gas industry specifications, oil contracts and moral hazard models, the... more
Moral hazard in contracts, especially international oil contracts, is a key subject under the economics of information. In this article, considering the oil and gas industry specifications, oil contracts and moral hazard models, the proper model for evaluating buy-back contracts. Since moral hazard from both parties could be seen in oil contracts and both are maximizing their profit, despite the standard models, the employer (client) should consider two incentive constraints for both principal and agent. Accordingly, standard model is not proper to evaluate this type of contracts and two sided moral hazard models are more in compliance with oil contracts. The results say that in two sided moral hazard and non observable action of both party, no contracts touch first best conditions. In addition, short term essence of buy-back contracts, predefined proceeds of contract before starting point, fix interest rate, non flexibility of contract and defined obligations before operation, non flexibility of payment method from oil proceeds and lack of comprehensive reservoir study results in lack of incentive for selection of more optimal methods for for development oil fields with higher costs for maximizing mutual interests. Accordingly, buy-back contracts are not a second best optimal contract.
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Issuance of Islamic securities (sukuk) is one of the innovations of recent decades that open bright opportunities on the Islamic financial system. These bonds based on Islamic contracts are designed to substitute for securities,... more
Issuance of Islamic securities (sukuk) is one of the innovations of recent decades that open bright opportunities on the Islamic financial system. These bonds based on Islamic contracts are designed to substitute for securities, especially bonds are considered usury. The risks of this tool is the most important aspects that should be considered in the design of financial instruments. The first step in risk management, identification of risks and the next step is to reduce or eliminate it, thereby encouraging investors to buy these tools, resulting in a growth market to be provided. In this article dealt with the management of credit risk and cover this risk. So far, the country's financial rules in Iran (rules of the Securities and Exchange Money and Credit Council and the Council) have been trying to pay guarantee obligations to cover credit risk for investors. We believe that the guarantor for the bonds, despite the many advantages, but also disadvantages, which is better than other methods should be used to cover this risk. In this paper recommended credit default swaps as a good way to cover sukuk credit risk.
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We examined the resilience of Iran's economy over the years 2005-2014. To this end, a composite indigenous index comprise of the following variables is calculated: inflation rate, unemployment rate, exchange rate, ratio of budget deficit... more
We examined the resilience of Iran's economy over the years 2005-2014. To this end, a composite indigenous index comprise of the following variables is calculated: inflation rate, unemployment rate, exchange rate, ratio of budget deficit to gross domestic product, share of oil in the government budget, ratio of non-oil exports to imports, import ratio of intermediate and primary goods to total imports, total government budget to gross domestic product, ratio of government consumption to total consumption of the economy, export and import ratio to gross domestic product, underground economy, ratio of high education graduates to total government employees, Gini coefficient, literacy rates and main insured of social security organization. The empirical results indicate an increase in the Iran's economic resilience index. The highest figure in the index is in 2014 and the lowest is in 2005. The relationship between resilience index and GDP per capita indicates a positive relationship over the course of study, i.e with increasing economic resilience, GDP per capita also increases.
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Applying different methods and tools to finance Different economic sectors with risk and risk and return on investment and financing is always alongside And because of the investment decisions Always on the basis of and considerate... more
Applying different methods and tools to finance Different economic sectors with risk and risk and return on investment and financing is always alongside And because of the investment decisions Always on the basis of and considerate relationship Between risk and returns.
Investors should always invest in their decisions Consider the risk. Because of the importance and effectiveness of the risk, as well as the impossibility of eliminating risk It must identify, calculate and manage the risks.
The need to pay attention to this issue is that Expansion and deepening of the financial market in the country should be to eliminate the country's restrictions on the attraction of capital According to religious considerations and, at the same time, respond to the basic needs of society It should be done by developing the capital market of Iran and diversifying its existing tools.
Introduction of Intangible Bonds as a powerful financial tool for financing various economic sectors Considering the potential and actual risk assessment and design of risk coverage of these securities to expand and publicly accept it in Iran's financial system Can solve many challenges of Iran's financing system.
In this paper, descriptive-analytic method was used using questionnaire data and AHP method We study the hypothesis that "Among the operational models of : Bonds Istisna'a , the Stock Exchange Organization model is the optimal model for risk coverage."
To examine this hypothesis, some risks of issuing embedded securities in the form Istisna'a model Parallel Stock market Istisna'a model indirect Studied The results show that the risk coverage among the operating models of embedded securities, the stock model is the best model for risk coverage.
Investors should always invest in their decisions Consider the risk. Because of the importance and effectiveness of the risk, as well as the impossibility of eliminating risk It must identify, calculate and manage the risks.
The need to pay attention to this issue is that Expansion and deepening of the financial market in the country should be to eliminate the country's restrictions on the attraction of capital According to religious considerations and, at the same time, respond to the basic needs of society It should be done by developing the capital market of Iran and diversifying its existing tools.
Introduction of Intangible Bonds as a powerful financial tool for financing various economic sectors Considering the potential and actual risk assessment and design of risk coverage of these securities to expand and publicly accept it in Iran's financial system Can solve many challenges of Iran's financing system.
In this paper, descriptive-analytic method was used using questionnaire data and AHP method We study the hypothesis that "Among the operational models of : Bonds Istisna'a , the Stock Exchange Organization model is the optimal model for risk coverage."
To examine this hypothesis, some risks of issuing embedded securities in the form Istisna'a model Parallel Stock market Istisna'a model indirect Studied The results show that the risk coverage among the operating models of embedded securities, the stock model is the best model for risk coverage.
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There is no consensus on the way that education can affect the labor productivity. Three different hypotheses have been proposed to explain the role of education on the productivity. The first one is called the human capital theory, which... more
There is no consensus on the way that education can affect the labor productivity. Three different hypotheses have been proposed to explain the role of education on the productivity. The first one is called the human capital theory, which indicates that education increases the labor productivity. The second hypothesis is so called the strong screening hypothesis, which considers education just as an instrument to signal the hidden productivity of the labor to employers. And finally, the last one is called the weak version of the screening hypothesis. This hypothesis states that the main role of education is to signal, however, it can contribute to increase the labor productivity as well. To shed more light on the validity of the above mentioned hypotheses, this paper examines the role of education on the labor productivity in Iran. To that end, the data from the Households Income and Expenditure Survey (HIES) for the year 2009 of Iran has been used. The results show that some education-levels act as a signal only and they do not affect the productivity.
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The gap between national savings and investment demands prompts necessity for foreign direct investment among many developing countries to achieve macro-economic goals. In these countries, along with capital shortages there also exist a... more
The gap between national savings and investment demands prompts necessity for foreign direct investment among many developing countries to achieve macro-economic goals. In these countries, along with capital shortages there also exist a massive misdistribution of income. This paper studies the impact of foreign direct investment on income distribution in developing countries using a dynamic panel method for the period 1990-2014. Moreover, for Iran’s economy, the long-run relationships between variables are tested using ARDL method for the period 1981-2015, the results of which give even more support to the accuracy of findings in the panel data method. The findings of this study indicate a significant and positive impact of FDI on Gini coefficient. In addition, Kuznets hypothesis in nonlinear model in the upper middle income countries was confirmed but in the lower middle income countries has not been achieved. Variables such as government expenditure and the GDP growth in the upper middle income countries has significant positive effect on Gini coefficient and also tax, employment and trade openness have improved income distribution. Policy recommendations have thereof prescribed.
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According to Iranian Constitution, Oil and Gas are classified under Anfal. Conservation in production of oil is the most important criterion in exploitation of oil resources which affects all phases of exploration, appraisal, and... more
According to Iranian Constitution, Oil and Gas are classified under Anfal. Conservation in production of oil is the most important criterion in exploitation of oil resources which affects all phases of exploration, appraisal, and development and production of oil from a reservoir. Despite the passage of more than hundred years of oil production in Iran, there have been no rules, regulation or any regulation for conservation in production of oil other than its definition in the amendment to the Oil Law of the year 1366. Studies show that variety of reasons including the complexity of technical and economic calculations, heavy investment volume, achievement of results in the long term, serious uncertainties with regard to the results of EOR programs, and asymmetry and conflict of interest between contracting parties cause the factors which lead to market failure, such as huge economies of scale, asymmetric information and its resulting problems, i.e. moral hazards and adverse selection, and externalities, clearly affect the conservation programs to exploit the oil reserves and several evidences resulting from contracts to develop Iranian oil and gas fields confirm these facts. Therefore, it is necessary to deal with such issues and decision making should occur in at sovereignty position of the government other than the company level.
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The problem of devaluation in case of inflation has caused the efficiency of fixed income bonds decreases. The high inflation rate in Iran during recent years and inflexibility of bonds payable have resulted in undesirable consequences.... more
The problem of devaluation in case of inflation has caused the efficiency of fixed income bonds decreases. The high inflation rate in Iran during recent years and inflexibility of bonds payable have resulted in undesirable consequences. The effects of inflexibility of interest rate in bonds include the lack of attractiveness of securities for investment, increased costs for the issuance, the burden of financing projects on the banking system and ignorance of the real rights of investors. Inflation linked bonds are securities that link the return on securities with an inflation index such as consumer price index and this way not only keeps power purchase of investors in high inflation conditions, but also decreases financing costs for issuer in conditions with decreased inflation expectations. These bonds could be a very useful tool for countries with significant inflation rates. The main question in this study is “is it possible to design inflation linked Islamic securities according to Islamic jurisprudence?” this research surveys two types of Sukuks include inflation linked Ijarah and Musharakah Sukuk. Based on results of this research it’s possible to design inflation linked Ijarah and Musharakah Sukuk in the view of Islamic jurisprudence. This study for floating Ijarah Sukuk uses sequential Ijarah contract that provided under the first Ijarah contract and floating rate of return is determined based on specific formula for future periods. Also in Musharakah Sukuk we can float on account proceeds based on specific formula or by using embedded options in Sukuk structure.
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Economic stabilization as one of the objectives of macroeconomic needs efficient financial and monetary institutions. That is why literature of central bank independency and international experiences in this field became more important... more
Economic stabilization as one of the objectives of macroeconomic needs efficient financial and monetary institutions. That is why literature of central bank independency and international experiences in this field became more important and relevant. However, conventional indices of the independency of monetary authority do not due to any Islamic jurisprudential rules related to banking. Therefore, the Islamic banking system needs a new approach for estimation of the independency degree of the monetary authority. In the present study, initially, international experiences on the central bank independency are mentioned. Then, by explanation of the word Gharar it is shown that the scope of the jurisprudential rule of denying Gharar is not only in the field of transaction contractions, but rather in monetary policy. Because future monetary policies concerning the increase or decrease in inflation, effect on the present value of agencies, a monetary policy based on Gharar increases the uncertainty of agents’ behaviors and increases their expected inflation or recession. Then, by classification of the degree of Gharar grounded monetary policy based on certainty, suspicion on, doubt, illusion and complete uncertainty of agencies to monetary authority, in an augmented Philips curve, we prove that, increasing in the degree of Gharar based monetary policy leads to the a mounting increase of inflation. So, the object of stabilization would lead to fail. Finally, we present a pattern for formation of independent monetary authority based on classification of degree of Gharar based monetary policy.
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One of the main strategies in all economies, developed or developing, to create stability and guarantee a long-run economic growth is to rely on high-tech export and knowledge-based economy. These would also reduce macroeconomic risks and... more
One of the main strategies in all economies, developed or developing, to create stability and guarantee a long-run economic growth is to rely on high-tech export and knowledge-based economy. These would also reduce macroeconomic risks and possible vulnerabilities of an endogenous economy. This article studies the effects of knowledge-based economy on the endogenous aspects of the Iranian economy. After reviewing the literature of and major theoretical studies on resilient economy, it demonstrates that the level of high-tech exports is a key indicator for a knowledge-based economy. It uses two indices to describe the endogenous aspects of the Iranian economy. The simple index relates to the non-oil growth in the Iranian economy. The article also proposes a composite index to show how knowledge-based economy contributes to the resilience of the economy. The proposed index consists of the portion of the budget deficit, tax revenues and oil income in the whole government budget.
It concludes that in the non-oil economic growth model, the estimated elasticity of simple index of the endogenous economy to knowledge-based economy index in the period 1987-2013 is significant with a positive coefficient of 0.21 percentages. Additionally, by using the composite index as a dependent variable, the elasticity would be significant with a positive coefficient of 0.76 percentages.
It concludes that in the non-oil economic growth model, the estimated elasticity of simple index of the endogenous economy to knowledge-based economy index in the period 1987-2013 is significant with a positive coefficient of 0.21 percentages. Additionally, by using the composite index as a dependent variable, the elasticity would be significant with a positive coefficient of 0.76 percentages.
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This paper tries to evaluate the issue of monetary policy making in the interbank return rate corridor and the possibility of using this model in the context of Islamic banking in Iran. The results, which are extracted based on an... more
This paper tries to evaluate the issue of monetary policy making in the interbank return rate corridor and the possibility of using this model in the context of Islamic banking in Iran. The results, which are extracted based on an analytical-descriptive approach, show that the conventional instrument of standing facilities are not Sharia-compliant and cannot be used in an Islamic context. However, it is quite possible to use the potentials of Islamic jurisprudence (Fiqh) to come up with Islamic alternatives for conventional instruments. In this paper, six Islamic instruments are suggested for designing the interbank return rate corridor in the Iranian banking system. It seems that the usage of these instruments can help the Iranian central bank to design the interbank return rate corridor and to strengthen the interbank market. This paper tries to evaluate the issue of monetary policy making in the interbank return rate corridor and the possibility of using this model in the context of Islamic banking in Iran.
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In this paper, a Sukuk-based model for banking is proposed within the law for usury (interest) free banking. According to the proposed model, a typical Islamic bank should provide loans, especially the long term based on the Sukuk... more
In this paper, a Sukuk-based model for banking is proposed within the law for usury (interest) free banking. According to the proposed model, a typical Islamic bank should provide loans, especially the long term based on the Sukuk distribution instead of providing loans by following the Islamic contracts. The expected direct implications of the model can be mentioned as follows: reduction in the credit risk, enhancing the liquidation of bank assets (decreasing the liquidity risk), improving the ability of bank to change its asset combination (decreasing the market risk) stablishing new channels for provision of bank resources, and enhancing the volume of financing made through the bank. By comparing the properties of the proposed Sukuk-based model whit the current conventional Islamic banking via CAMELS approach, it is expected that the proposed model has better performance. Furthermore, at macro level, enhancing the performance of the money and capital markets and improvement the capability of monetary authority in policy making (for example, decrease in the money creation for a given loan payments, providing the opportunity for setting up interbank based on Sukuk,...) can be occurred. Subject to specific considerations, our investigation also confirms that proposed model offer better performance than a model introduced in prevised research based on securitization of bank asset.
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One of the most important developments in the third millennium in the business world should be to improve the position of the board of directors and to rethink their roles, responsibilities and duties today. Corporate governance includes... more
One of the most important developments in the third millennium in the business world should be to improve the position of the board of directors and to rethink their roles, responsibilities and duties today. Corporate governance includes criteria that can reduce the ability of managers to pursue their own interests by improving the concentration of corporate control, and improve corporate performance. Waqf Joint Investment Fund, like all other companies, suffer from various challenges, despite all the opportunities they have. One of these challenges is the ineffectiveness of management in the Waqf investment funds, which leads to bad behavior of managers. In this paper, the issue of corporate governance has been addressed to overcome this challenge. In terms of corporate governance, to improve the position of welfare funds, the performance of managers must be improved. To this end, you can use a policy package that includes transparency, monitoring, ethics and incentive management. Therefore, in addition to stimulating spiritual and charitable motives, it is possible to use optimal transparency and control, through incentive and punitive policies, to meet and alleviate the challenges of management. This paper has been developed with a library method and to strengthen the position of management in the Waqf funds for the institutionalization of the Waqf culture and the development of endowed (Waqfi) sources.
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Despite the importance of the Waqf institution in Islamic economics and despite its brilliant record in ancient Islamic civilization, today it faces challenges in terms of efficiency, organization and schooling. For solving these... more
Despite the importance of the Waqf institution in Islamic economics and despite its brilliant record in ancient Islamic civilization, today it faces challenges in terms of efficiency, organization and schooling. For solving these challenges, the authorities of this institution follow "Waqf Comprehensive system of economic transformation plan", but the issue of "Waqf economy" and its components and dimensions are not available in scientific and academic form even to the officials of this institution to find problems with scientific methods and deals with to solve them. Therefore, the present article seeks to design a framework for the economy of Waqf. This paper is exploratory and its main question is: "What are the key elements of the economy of Waqf in three areas 1). Waqf demand; 2). Waqf offer; 3). the structure of relations between government and Waqf institution?" The answer to this basic question will be obtained through the "analytical-descriptive" method. Findings indicate that progress of "Waqf economics" depends on development of "third section economics". In brief, Waqf can solve institutional challenges in terms of efficiency, organizational, and ideological through development of "third section economics".
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In the past few years, with the intensification of Western sanctions against Iran, the theory of resistance economy has been raised by the Supreme Leader of the Islamic Revolution as a model of Islamic economics in accordance with the... more
In the past few years, with the intensification of Western sanctions against Iran, the theory of resistance economy has been raised by the Supreme Leader of the Islamic Revolution as a model of Islamic economics in accordance with the conditions of the country and the distinct missions of the Islamic Republic of Iran, and has been welcomed by scholars and scholars. One of the important pillars of the country's financial system, which plays a significant role in implementing macroeconomic policies, is the capital market. In this study, we intend to examine the role of capital markets in realization of resistance economy. For this purpose, based on literature review and interviews with experts, capital market-related economic component of resistance economy were identified. Then, using the Delphi technique 10 key components were determined. Then, using DEMATELTechnique the internal relationship between these components and the impact and influence on / from each other is determined. Finally, using the analytical network process (ANP), component of capital market-related resistance economy is prioritized. In the end, according to the components priorities, the necessary solutions to achieve the economic policy of resistance are presented. In the end, the components of the resistance economy associated with the capital market have been prioritized using the Analytical Network Process (ANP) method, and, given the priority of the components, the necessary strategies for realizing the resistance economy policies have been presented.
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Determining the position of government in economic systems is based on philosophical approaches to the best organization and arrangements of social and economic institutions. Accordingly, the type of relationship between the state and the... more
Determining the position of government in economic systems is based on philosophical approaches to the best organization and arrangements of social and economic institutions. Accordingly, the type of relationship between the state and the private sector is one of the main concerns of economic systems based on the anthropological and anthropological foundations of these systems. Human ends and motives of life and economic activities are defined on the basis of these principles, and on the basis of which individual and social behaviors are explained and ultimately the field of activities of the individual and the government becomes known. In this regard, the type of attitude toward the individual, the interest of the individual and society is very influential on individual choices and the decision-making and policy of the state and its sphere of intervention. The category of individualism and collectivism has become a special feature of the new era of social life as a fundamental issue in social science. In response to this question that how the ends and motives mentioned in the Islamic system are explained, this paper, using the method of content analysis and deductive reasoning, while focusing on the philosophical foundations of the existing systems in comparison with the Islamic system, examines the basic issues such as the ends, goals and motives in these systems. Also, by studying the philosophical tendencies of Muslim scholars about individuals and societies, they have addressed the nature of good or individual and collective good. And it tries to identify the status of government in this field. In this regard, it is observed that thinkers who have accepted collective identity do not interpret collective good in individual good and rights, and prioritize collective good because they are more important than individual ones. While those who have not accepted collective identity have reduced collective good to individual rights and made it preferential in terms of giving priority to the collective rights in comparison with individual rights.
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In Islamic economy and Islamic societies, Waqf has been used for private provision of public goods. Waqf, will help provide proper approaches to current issues in new economy, such as production of public goods, structural adjustment,... more
In Islamic economy and Islamic societies, Waqf has been used for private provision of public goods. Waqf, will help provide proper approaches to current issues in new economy, such as production of public goods, structural adjustment, reducing budget deficit, reducing effects of congestion disposal of public policies and equitable distribution of wealth and income presented. To do Waqf, besides motivation, faith and culture, it is important that the donor or waqif can afford it. Urban public services are one of the classical municipal duties. But on the one hand, the speed of urban development and on the other hand, weak financial structure and the lack of stable income, are the causes of the growing gap between financial ability of municipalities and urban development needs. Therefore, the municipalities and local governments throughout the world should try to reform the financial structure. Waqf is one of the private ways to finance the public goods in Islamic economic. To participate in the Waqf, not only the motivation and faith, but also the power of financing are important. Recently participatory Waqf methods have been designed in which individuals may enter to Waqf with any amount of funds. This method is known as Sukuk-based Waqf or Waqf bonds. The purpose of this paper is to investigate the feasibility of using Waqf bonds to finance urban public goods. In this paper, a solution was proposed to "utilize and issue Waqf bonds by municipalities" to finance urban projects, and then the willingness to pay by individuals for municipal bills was measured. The results show that various factors affect the decision of individuals to buy Waqf bonds to assist the municipality in providing public services, including their confidence in the municipality, the usefulness of implementing Waqf bonds on financing urban projects, the duty to know the payment of municipality tolls and theamount of paying these tolls.
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Optimal performance of any economic system depends on the existence of both efficient real and monetary sectors. Financial-monetary system in conventional economics leads to inflation, inefficiency, instability and economic crisis because... more
Optimal performance of any economic system depends on the existence of both efficient real and monetary sectors. Financial-monetary system in conventional economics leads to inflation, inefficiency, instability and economic crisis because it is based on credit creation and creating debt. Therefore, designing of ideal monetary system based on Islamic principles requires analysis of dominant monetary system in conventional economics, which allows the possibility of overcoming the monetary system based on foundations of capitalist principles, and its formation on the basis of Islamic principles. In conventional monetary system, banking based on the principle of fractional reserve according to the maturity differences between deposits and lending creates money from Ex-nihilo. In this study, based on Sidrauski's model (1967) the impact of credit creation in the fractional reserve system on macroeconomic variables compared with %100 reserve system. Then, by solving the model, the empirical analysis and calibration will be discussed in the steady state. Theoretical and experimental results indicate that fractional reserve banking by adjusted golden rule of capital accumulation, reduces the accumulation of capital per capita, per capita GDP, per capita consumption and per capita real money balances in the steady state.
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Today, with the expansion of human societies, we are witnessing the formation of institutions and organizations with new legal functions. The regulation and codification of the laws governing them with a purely legal approach has been... more
Today, with the expansion of human societies, we are witnessing the formation of institutions and organizations with new legal functions. The regulation and codification of the laws governing them with a purely legal approach has been declared illegal and has led to the intervention of the economy and, consequently, the economic analysis of rights. Analyzes that rely on efficiency and with the aim of creating justice and efficiency cause limitations in the application of purely legal rules based on individual authenticity. These limitations create the perception in the minds of individuals that the economic analysis of law is in conflict with justice, which is the basis of legal rules. Proponents of legal economic analysis, however, not only do not believe in any conflict, but also consider it necessary to pay attention to the attitude of economic analysis in formulating and amending laws in order to ensure social justice as appropriately as possible.The following article adopts the descriptive-analytical method, seeks to determine the relationship between the economic analysis of law and the concept of justice and to determine its place in legislation. The results indicate that the use of the perspective of the economic analysis of rights provides new horizons for the evolution of rights (in the direction of realizing justice as much as possible) at the disposal of the legislature and it is worthy of its capacities in the matter of legislation and Amendment of the rules should be used.
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Among the modern phenomena in the field of economy, banking and its belongings are one of the oldest things that Islamic thinkers have discussed. However, due to the complexity of the discussion and the rapid changes of these phenomena,... more
Among the modern phenomena in the field of economy, banking and its belongings are one of the oldest things that Islamic thinkers have discussed. However, due to the complexity of the discussion and the rapid changes of these phenomena, these discussions are still alive and are not considered finished. The nature of demand deposits can be examined from the two perspectives of the customer's relationship with the bank and their relationship with society. The relationship between the customer and the bank, which is the subject of discussion in this research, is one of the topics on which various viewpoints have been raised The main problem of these opinions is that they went straight to solving the problem without examining these demand deposits from the perspective of their relationship with the society, which does not seem to have taken the right path; Therefore, in this article, first by explaining the nature of demand deposits from the perspective of the relationship between these accounts and the society, we are looking for an answer to this problem and solving its jurisprudential and legal complexities.
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Sustainable employment is one of the most important economic issues of any country, and one of the strategies that thinkers and policymakers pay attention to in this area is providing microfacilities to create employment. In this... more
Sustainable employment is one of the most important economic issues of any country, and one of the strategies that thinkers and policymakers pay attention to in this area is providing microfacilities to create employment. In this research, using the method of documentary studies, interviews and performance-importance analysis, firstly, the obstacles in the allocation of micro-facilities in the country in the first step of the Islamic revolution, after conducting 30 interviews with officials, activists and experts in the field of employment creation, were counted in the next step. After completing the questionnaires by 70 of the country's scientific and executive experts, the importance of the nineteen components of the factors affecting the granting of microfacilities in the country was evaluated. Based on the findings of the research, the components are divided into 4 groups: continuation of strategy, location of focus, waste of resources, neutral location, 7 components are continuation of strategy and 10 components are location of focus. In addition, the results show that the highest priority to improve and increase the efficiency of the job creation facility allocation process for policy makers and executive officials in this area is 1) lack of attention to the value chain in new jobs 2) the problem of strictness in obtaining collateral and guarantees 3) lack of contracts in accordance with There are job categories.
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Sanctions are considered a tool to secure the interests of a country's foreign policy. Iran's economy has faced the issue of sanctions since the victory of the Islamic Revolution and has always endured the bad effects and high costs of... more
Sanctions are considered a tool to secure the interests of a country's foreign policy. Iran's economy has faced the issue of sanctions since the victory of the Islamic Revolution and has always endured the bad effects and high costs of sanctions.
One of the things that can be effective in dealing with sanctions and removing its negative effects is the category of knowledge and technology. This research was done with the aim that technological change, as one of the important concepts of science and technology advancement in the economics, leads to the failure of Iran's economic sanctions.
In this article, the technological change has been analyzed using the grounded theory method in the last ten years (1390-1400) in the field of medical equipment industry in Isfahan province. In this research, the information of 8 companies in the medical equipment industry of Isfahan province was obtained and analyzed based on the theoretical saturation rule.
The results indicate that the technological change has had effects contrary to the effects of sanctions and has led to an increase in the amount of sales of domestic products, the substitution of domestic products for foreign ones in the country, an increase in product exports, a decrease in the price of products compared to foreign ones, an increase in the production of sanctioned products and progress.
Therefore, the mentioned results have neutralized the effects of economic sanctions in the medical equipment industry of Isfahan province, in other words, it has defeated. Another result of the research is that the technological change has created a comparative advantage in the medicals equipment industry of Isfahan province.
One of the things that can be effective in dealing with sanctions and removing its negative effects is the category of knowledge and technology. This research was done with the aim that technological change, as one of the important concepts of science and technology advancement in the economics, leads to the failure of Iran's economic sanctions.
In this article, the technological change has been analyzed using the grounded theory method in the last ten years (1390-1400) in the field of medical equipment industry in Isfahan province. In this research, the information of 8 companies in the medical equipment industry of Isfahan province was obtained and analyzed based on the theoretical saturation rule.
The results indicate that the technological change has had effects contrary to the effects of sanctions and has led to an increase in the amount of sales of domestic products, the substitution of domestic products for foreign ones in the country, an increase in product exports, a decrease in the price of products compared to foreign ones, an increase in the production of sanctioned products and progress.
Therefore, the mentioned results have neutralized the effects of economic sanctions in the medical equipment industry of Isfahan province, in other words, it has defeated. Another result of the research is that the technological change has created a comparative advantage in the medicals equipment industry of Isfahan province.
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The discussion of economic action at the level of economic schools is one of the most vital topics that every economic school necessarily has a view on. For this reason, in a comparative study, we have traced the position of this debate... more
The discussion of economic action at the level of economic schools is one of the most vital topics that every economic school necessarily has a view on. For this reason, in a comparative study, we have traced the position of this debate in the capitalist and Islamic economic schools. In this regard, the main goal is to examine the theoretical accuracy and negation quality and to prove the propositions needed to prove the theory of economic action. This discussion connects us with the big issue under the title of presuppositions of scientific approaches that there is a methodological ambiguity in how to prove them in the history of science. In this article, by reporting and evaluating the basic theory in the Austrian school and the Islamic school, we showed the similarities and differences of these two theories at the content level and at the method level. In this review, it became clear that this basic theory in Islamic economics fulfills the epistemological ideals both in terms of content and method, which is not available in the Austrian school. This theoretical ability is a result of the methodological unity and comprehensive global view that the Islamic ijtihad approach has towards knowledge. A methodological unity that also opens up the historical ambiguity of science regarding the way of checking the assumptions.
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One of the basic challenges in the public spheres, which has become an important issue in the new political economy, is the protection of public interests against personal profiteering. This challenge has been accepted in conventional... more
One of the basic challenges in the public spheres, which has become an important issue in the new political economy, is the protection of public interests against personal profiteering. This challenge has been accepted in conventional economics as a field reality and based on its foundations, and its modification through the privatization of many public areas has been considered as a solution, which has not had much effect in facing the extent of the problem of public choice. In response to this question, what is the solution of Islamic economics for the problem of public choice? The results of the current research, which was carried out with a descriptive-analytical method, indicate that, based on the foundations of Islamic economics, there is no problem called public choice, at least theoretically, because the conflict of public interests with personal interests through the expansion and development of personal interests into short-term worldly interests. And the long-term interests of the hereafter and putting the interests of the group together with the long-term interests of the individual have been eliminated. From a practical point of view, the institutional mechanisms of Islamic economy such as legal, moral, economic, social and political mechanisms, if they are institutionalized in the society, will realize the desired general choice of Islam. These mechanisms, in complete coordination with each other, provide the grounds for rational choice based on developed rationality for people, due to which, they do not see the public interest apart from their long-term personal interests. This concept of public choice is very important for Iran's economy, which is a resistance economy with an Islamic approach.
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Among the important and effective factors in the conventional economy, "rationality" has a privileged position. Although the economists of the capitalist system usually refrain from presenting a discussion in this regard in a direct and... more
Among the important and effective factors in the conventional economy, "rationality" has a privileged position. Although the economists of the capitalist system usually refrain from presenting a discussion in this regard in a direct and responsible manner, they consider "instrumental rationality" which is responsible for providing utility, benefit and personal pleasure and maximizing it, as a fundamental premise and an irreplaceable parameter in the infrastructure..
Now the question is whether rationality, a common tool in neoclassical economics, as one of the aspects of rationality, can fulfill its expected mission? Herbert Simon's "bounded rationality" is a relatively new approach that answers this question in the negative and presents itself as a suitable alternative. Has this new approach forgotten the challenges of rationality in the capitalist system? Or is the foundation of rationality in secular thinking seriously damaged? The author's hypothesis is that both approaches (full rationality and limited rationality) face a crisis in their infrastructure. Accurate understanding of the nature of reason and rationality in humans can solve the deficiencies in the aforementioned paradigm. The central point of the hypothesis, in addition to the disastrousness of the one-dimensional view with a specific interpretation of the category of rationality, is that reason and, accordingly, rationality cannot be relied on more than its inherent potential and other limiting factors; In this regard, five types of limitations have been counted for the first time and as a new point of view ("limited rationality with a new approach") and relying on religious and rational foundations, in this article.
Now the question is whether rationality, a common tool in neoclassical economics, as one of the aspects of rationality, can fulfill its expected mission? Herbert Simon's "bounded rationality" is a relatively new approach that answers this question in the negative and presents itself as a suitable alternative. Has this new approach forgotten the challenges of rationality in the capitalist system? Or is the foundation of rationality in secular thinking seriously damaged? The author's hypothesis is that both approaches (full rationality and limited rationality) face a crisis in their infrastructure. Accurate understanding of the nature of reason and rationality in humans can solve the deficiencies in the aforementioned paradigm. The central point of the hypothesis, in addition to the disastrousness of the one-dimensional view with a specific interpretation of the category of rationality, is that reason and, accordingly, rationality cannot be relied on more than its inherent potential and other limiting factors; In this regard, five types of limitations have been counted for the first time and as a new point of view ("limited rationality with a new approach") and relying on religious and rational foundations, in this article.
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The present study examines the effect of religiosity on business ethics with the mediating role of money attitude in Yazd city. This research is applied in terms of purpose, descriptive-correlation in terms of method, and... more
The present study examines the effect of religiosity on business ethics with the mediating role of money attitude in Yazd city. This research is applied in terms of purpose, descriptive-correlation in terms of method, and survey-cross-sectional in terms of data collection. The statistical population was business owners in Yazd city, and 188 statistical samples were selected using Cochran's formula. To collect information, a standard questionnaire was used, the reliability of which was confirmed by Cronbach's alpha tests and Macdonald's coefficient, and its validity was confirmed by the Fornell-Larker matrix, and finally, the data was analyzed using structural equation modeling in PLS software. . Also, the fit of the model has been examined and confirmed using various indices. The results of the research showed that religiosity has a positive and significant effect on business ethics and money attitude. Also, monetary attitude has a positive and significant effect on business ethics, and monetary attitude plays a mediating role in the relationship between religiosity and business ethics. According to the results, promoting business ethics among business owners in Yazd requires strengthening religiosity. Also, it is necessary to pay attention to the economic, social and cultural factors affecting the monetary attitude.
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The rate of time preference is a fact that exists in the outside world and reality, and some economists believe that zero-time preference rate is zero is compatible with intergenerational justice. Some Muslim economists are also of the... more
The rate of time preference is a fact that exists in the outside world and reality, and some economists believe that zero-time preference rate is zero is compatible with intergenerational justice. Some Muslim economists are also of the opinion that Islamic values seek to reduce this external reality, and as a result, they consider the time preference rate to be zero or close to zero as an indicator of the society’s approach to intergenerational justice. Assuming that the rate of time preference is an indicator for the society’s approach to intergenerational justice, therefore it is always possible to measure the distance of the society from the value of intergenerational justice by measuring this index.
There are different methods to measure this rate according to the factors that affect it, one of these methods is based on behavioral or traditional Stochastic Discount Factor (SDF) estimation, and this research also intends to use the data of the Iranian capital market. And with the help of behavioral and traditional SDF models to estimate the rate of time preference.
The research results indicate that the time preference factor in the traditional SDF and behavioral SDF models is 0.98 and 0.84, respectively, and because the time preference rate obtained from the time preference factor in the traditional model is equal to 0.12 and in the behavioral model is equal to is 0.19, so it can be concluded that the pricing model containing emotion shows the distance of the society from the intergenerational justice-oriented society.
There are different methods to measure this rate according to the factors that affect it, one of these methods is based on behavioral or traditional Stochastic Discount Factor (SDF) estimation, and this research also intends to use the data of the Iranian capital market. And with the help of behavioral and traditional SDF models to estimate the rate of time preference.
The research results indicate that the time preference factor in the traditional SDF and behavioral SDF models is 0.98 and 0.84, respectively, and because the time preference rate obtained from the time preference factor in the traditional model is equal to 0.12 and in the behavioral model is equal to is 0.19, so it can be concluded that the pricing model containing emotion shows the distance of the society from the intergenerational justice-oriented society.
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Today, most social and economic scientists have accepted the important role of extra-economic factors such as social trust in the process of economic development of societies. According to them, public trust affects economic growth not... more
Today, most social and economic scientists have accepted the important role of extra-economic factors such as social trust in the process of economic development of societies. According to them, public trust affects economic growth not only by creating conditions for cooperation and coordination between individuals and groups and reducing the costs of production, distribution and exchange in the economic system, but also in many other ways. This article, while examining the ways of influencing social trust on economic development, aims to provide a conceptual framework and a practical definition of social trust and its adaptation to the conditions of growth in today's Iranian society. In this research, the method of applying the model of social trust to the last four decades of Iranian society and several approaches have been used for the model of the mechanism of the effect of social trust on economic growth. The article concludes that "responsibility, efficient management, increasing business transactions, reducing possible risks in transactions, increasing domestic and foreign investment, reducing investment costs, creating welfare states" are among the influential mediating factors. are in the mechanism of social trust and economic growth.
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The lack of proper institutional mapping in the field of benevolence of the country has caused many damages to this field. Currently, the performance of social takaful in the country is not integrated and comprehensive, and it is mostly... more
The lack of proper institutional mapping in the field of benevolence of the country has caused many damages to this field. Currently, the performance of social takaful in the country is not integrated and comprehensive, and it is mostly viewed as a part and island. The absence of a comprehensive drawing of all aspects of this important issue and the identification of important and effective institutions and elements involved in many researches has been neglected in practi Therefore, in this research, appropriate answers were found for basic questions in the field of social takaful. Answers to questions such as what the design of this mapping institution is based on, what is the current situation of social takaful in Iran, which actors can directly or indirectly play a role in the proper functioning of this mapping institution, how will the structural and functional coordinates of this mapping institution be? and what outputs and goals this organization pursues. In order to answer these and similar questions, policy recommendations were discovered using the analytical-descriptive method and the validity and reliability of each recommendation was measured by asking experts. Then, by emphasizing the recommendations approved by the experts and by adopting a comprehensive approach, an eight-layer institutional map was drawn, consisting of policy-making, regulatory, monitoring, culture-creating, training, facilitating, service providers, and individual activists, so that the path of improvement and promotion of the country's charity will be smoother.
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"Economic development depends on institutional change and reform". A relative consensus on this statement has been created among economists. The main question of this research is "Where is the starting point of institutional change? What... more
"Economic development depends on institutional change and reform". A relative consensus on this statement has been created among economists. The main question of this research is "Where is the starting point of institutional change? What are the main actors and mechanisms of institutional change?" Many development thinkers have stopped after reaching this question, and only a handful of theories can be found regarding the formulation of institutional change. Emphasis on exogenous variables as a driver of institutional change is faced with the challenge of inaction and waiting for exogenous variables to change based on chance. On the other hand, endogenous institutional change also faces the theoretical paradox of free riding; Where, according to collective action theory, there is no reason for Citizens to participate in the process of institutional change. Therefore, both approaches, at least at the theoretical level, face challenges or contradictions.
In this article, an attempt has been made by examining and systematic reviewing of six important theories of institutional change (Hayek's evolutionary approach, North's cognitive approach, Krasner's junctures theory, institutions as equilibrium approach, Acemoglu’s political economy approach, and Roderick's self-discovery approach), To analyze them and to evaluate how they face the above paradox. The results show that the analysis of theories based on the two elements of "factor of change" and "mechanism of change" provides a good opportunity to compare theories and finally it was concluded that in terms of the fuzzy variable of the degree of endogeneity of institutional changes, it can solve the theoretical and practical obstacles in the formulation of institutional changes.
In this article, an attempt has been made by examining and systematic reviewing of six important theories of institutional change (Hayek's evolutionary approach, North's cognitive approach, Krasner's junctures theory, institutions as equilibrium approach, Acemoglu’s political economy approach, and Roderick's self-discovery approach), To analyze them and to evaluate how they face the above paradox. The results show that the analysis of theories based on the two elements of "factor of change" and "mechanism of change" provides a good opportunity to compare theories and finally it was concluded that in terms of the fuzzy variable of the degree of endogeneity of institutional changes, it can solve the theoretical and practical obstacles in the formulation of institutional changes.
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In theories of economic development, innovation and technology are introduced as the engines of economic growth. Maintenance of innovation and technology, in one hand, requires research, development, protection of intellectual property,... more
In theories of economic development, innovation and technology are introduced as the engines of economic growth. Maintenance of innovation and technology, in one hand, requires research, development, protection of intellectual property, the provision of safe markets, the provision of services, and so on. On the other hand, institutional, structural and legal bases are also the requirements of innovative activities. Crowdfunding is one of the financing solutions that can provide the institutional, structural and legal context. In the given model, microfinance is used by the sub-platform to equip and allocate economic plans based on matching risk and returns. In explaining the necessity of presenting the proposed model, it can be said that banks in the conventional banking system have incurred a lot of risks due to the transfer of risk and aggregation of bank accounts, thus requiring the use of complementary institutional structures to reduce the above deficits.
Accordingly, the leading research seeks to provide a functional model of crowdfunding based on Islamic contracts, has been conducted via comparative and then analytical-descriptive methods. The purpose of this study was to create a mechanism for distributing risk, distinguishing between bank accounts and expressing them transparently, linking credit with the real sector of the economy, using micro-capacity and using popular participation, creating a model of continuous monitoring, increasing the risk-taking culture to support the economics of knowledge workers, the possibility of using profitable and nonprofit contracts based on the operational model and playing the role of intermediary banking, developing facilitator's role and using the capacity of technology in the banking system. The proposed model is based on debt and has the ability to adapt to the banking system and is designed to achieve these objectives. And is expected to be used to advance the objectives of the unbanked banking system - In spite of the ownership-based financing model, which is more in line with the capital market, Finally, it would be hoped that the proposed model could be effective in improving the structure of the banking system.
Accordingly, the leading research seeks to provide a functional model of crowdfunding based on Islamic contracts, has been conducted via comparative and then analytical-descriptive methods. The purpose of this study was to create a mechanism for distributing risk, distinguishing between bank accounts and expressing them transparently, linking credit with the real sector of the economy, using micro-capacity and using popular participation, creating a model of continuous monitoring, increasing the risk-taking culture to support the economics of knowledge workers, the possibility of using profitable and nonprofit contracts based on the operational model and playing the role of intermediary banking, developing facilitator's role and using the capacity of technology in the banking system. The proposed model is based on debt and has the ability to adapt to the banking system and is designed to achieve these objectives. And is expected to be used to advance the objectives of the unbanked banking system - In spite of the ownership-based financing model, which is more in line with the capital market, Finally, it would be hoped that the proposed model could be effective in improving the structure of the banking system.
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The exploitation of 28 Iranian shared oil and gas fields requires special and basic measures. We can’t insist on a unilateral operation and rule of capture in shared resources based on the principle of 'Permanent Sovereignty over Natural... more
The exploitation of 28 Iranian shared oil and gas fields requires special and basic measures. We can’t insist on a unilateral operation and rule of capture in shared resources based on the principle of 'Permanent Sovereignty over Natural Resources'. Its necessary to move towards joint cooperation with neighboring countries and we have to provide the internal and legal conditions and arrangements to achieve such goal. This article, based on the three dimensions of joint cooperation with neighboring countries, - such as national actions, especially national rules and regulation, interactions with neighboring country and international requirements -examines national laws and regulations and delimitation agreements and compares them with their similar cases in another selected countries. After examination and comparison, came to the conclusion that despite the legislative awareness of the need to cooperate with neighboring countries, in our country, in shared fields in delimitation agreements, there is no reliable national rules and regulations to move toward it. On the other hand, delimitation agreements, in the last half century, have noted to this issue in simple form within one standard clause, but they are stopped in their simple form and there are no changes to improve the situation and prepare the conditions for joint cooperation.
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The housing sector is the driving force for Iranian economy, as more than 120 industries are somehow related to it. Empowering this sector in terms of finance would enhance other related areas as well. Conversely, any kind of harm to this... more
The housing sector is the driving force for Iranian economy, as more than 120 industries are somehow related to it. Empowering this sector in terms of finance would enhance other related areas as well. Conversely, any kind of harm to this industry would lead to financial crisis and consequently economic and social predicaments. Such situation would prevent the country from achieving the national vision for 1404. Therefore, financing the housing sector is always one of the main concerns of policy-making institutions.
Due to the undeveloped capital market and loose interaction between various economic sectors in Iran, housing markets are still so weak and conventional, mainly financed by government-owned banks, particularly Bank Maskan. This paper, with the applied approach and using library studies and descriptive-analytical method, seeks to explain the compatibility of standard parallel salaf with financial and economic criteria and to examine this hypothesis that “according to economic and financial criteria, standard parallel salaf exchanges can be a proper instrument for financing the housing industry in Iran”. Findings show that, bearing the combination of standard parallel salaf contract and assignment contract in mind, salaf can be used for better financing the housing industry in Iran. The reason is twofold: First, judging by the most important microeconomic criteria such as adaptation with customers’ goals and motivations, adaptability with the morality and the taste of investors, the level of liquidity and efficiency level; and second, judging by macroeconomic criteria such as the effect on economic growth and development, distributional fairness and the applicability of administering monetary and financing policies.
Due to the undeveloped capital market and loose interaction between various economic sectors in Iran, housing markets are still so weak and conventional, mainly financed by government-owned banks, particularly Bank Maskan. This paper, with the applied approach and using library studies and descriptive-analytical method, seeks to explain the compatibility of standard parallel salaf with financial and economic criteria and to examine this hypothesis that “according to economic and financial criteria, standard parallel salaf exchanges can be a proper instrument for financing the housing industry in Iran”. Findings show that, bearing the combination of standard parallel salaf contract and assignment contract in mind, salaf can be used for better financing the housing industry in Iran. The reason is twofold: First, judging by the most important microeconomic criteria such as adaptation with customers’ goals and motivations, adaptability with the morality and the taste of investors, the level of liquidity and efficiency level; and second, judging by macroeconomic criteria such as the effect on economic growth and development, distributional fairness and the applicability of administering monetary and financing policies.
Research Interests:
While the advent of the related literature in institutional economics enriched the economic analyses, there are still many uncertainties about the concept of institution. Existing ambiguities about this notion, have made applying... more
While the advent of the related literature in institutional economics enriched the economic analyses, there are still many uncertainties about the concept of institution. Existing ambiguities about this notion, have made applying institutional discussions in Iran's economy and Islamic economics difficult. In this paper, to resolve the above-mentioned problems, the development of the concept of 'institution' in istitutional economics is scrutinized. According to the hypothesis of the article, the concept of 'institution' in an institutional economy is itself an evolutionary process and reflects the combination of formal and informal behavioral rules and structures. The concept of the institution has been introduced in the works of institutionalists in the form of concepts such as 'habits of thought' (Veblen) and 'social customs' (Commons). In the following, Coase considered the institution as a kind of organization; with the capacity of conducting or directing behavior. North's definition of institution consists of both informal constraints (sanctions, taboos, customs, traditions, and codes of conduct), and formal rules (constitutions, laws, property rights). Williamson's four-stage analysis of institution presents the most comprehensive understanding of the institution, which includes the rules of conduct and governance structure. Different accounts/versions of this concept suggested by institutional economists are not necessarily due to their differing philosophical approaches; but because of different placement of the concept of institution in research problems facing them. Understanding the broad concept of the institution helps to deepen institutional issues in the field of Islamic economics and Iran's economy
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Considering that the relationship between risk and return in stock exchange and stock behavior versus risk factors has always been the subject of discussion in the financial field and investors attempt to recognize these risk factors and... more
Considering that the relationship between risk and return in stock exchange and stock behavior versus risk factors has always been the subject of discussion in the financial field and investors attempt to recognize these risk factors and explore the effect of these factors on the stock return to preserve the value of their portfolio, which means that an investor tries to maximize the expected return of their investment portfolio for a given amount of portfolio risk, or to minimize risk for a given level of expected return. So, explaining the method of the Pettengill et al (1995) test of the conditional relationship between beta and returns for Capital Asset Pricing Model, this paper examines and analyzes the conditional relationship between risk and return in Iran by estimating the relationship between various sources of risk -- market risk, oil price risk, exchange rate risk, gold price risk, inflation risk, skewness, and kurtosis -- and the stock return in the Tehran Stock Exchange over the period 2005 to 2012 in up and down market on the stock return of active selected industries by using the two-step multifactor conditional model introduced by Pettengill et al. (1995).
The estimation approach in this study involves two steps. In the first step, we use a daily time series regression model to estimate the beta coefficients on the independent variables. In the second step, a pooled data set of stock returns and risk parameters are used to estimate random effects models of the relationship between risk factors and stock returns in the Tehran Stock Exchange.
The methodology used in this paper is a multi-factor model which allows the impact of the risk factors to have asymmetric effects depending on whether returns for the respective risk factor are increasing or decreasing. We find significant conditional relationships between risk and return for all the risk factors considered.
The results for the top ten industries show that most of risk factors have a significant conditional relationship with stock returns. Market risk has a significant positive relationship with stock returns in up market and a significant negative relationship in down market. Moreover, the findings of symmetry test for estimated coefficients in conditional models state that this relationship for all of these risk factors is asymmetrical in up and down markets. Finally, results indicate that there are conditional relationships between skewness and kurtosis with stock returns only in the up stock market.
The estimation approach in this study involves two steps. In the first step, we use a daily time series regression model to estimate the beta coefficients on the independent variables. In the second step, a pooled data set of stock returns and risk parameters are used to estimate random effects models of the relationship between risk factors and stock returns in the Tehran Stock Exchange.
The methodology used in this paper is a multi-factor model which allows the impact of the risk factors to have asymmetric effects depending on whether returns for the respective risk factor are increasing or decreasing. We find significant conditional relationships between risk and return for all the risk factors considered.
The results for the top ten industries show that most of risk factors have a significant conditional relationship with stock returns. Market risk has a significant positive relationship with stock returns in up market and a significant negative relationship in down market. Moreover, the findings of symmetry test for estimated coefficients in conditional models state that this relationship for all of these risk factors is asymmetrical in up and down markets. Finally, results indicate that there are conditional relationships between skewness and kurtosis with stock returns only in the up stock market.
Research Interests:
One of the main challenges of the the government of Islamic RepublicofIran in recent years has been the government's debt to contractors and the banking system. Enforcement of financial and economic sanctions against the Islamic Republic... more
One of the main challenges of the the government of Islamic RepublicofIran in recent years has been the government's debt to contractors and the banking system. Enforcement of financial and economic sanctions against the Islamic Republic of Iran, increased exchange rate and high inflation during the years 2011 to 2013 and a sharp drop in oil prices over the past few years has led to a decline in government revenues and a serious problem for settling its debt. Hence, the government tried to obtain financial resources with the help of new solutions. One of the ways of financing the government is through the capital market and issuing securities, including government leasing bonds. It is not possible for the government to publish these bonds with conventional models of leasing bonds by corporations; because it involves the sale of government assets to the intermediary entity which itself faced with legal barriers. Thus, the government is addressing new solutions and models for issuing Ijarah Sukuk (leasing bonds).
This article, by applying the descriptive-analytical method, seeks to answer these questions: 1. Is there any possibility to issue public government bonds without using state assets and based on creditors' assets? 2. What are the financial models of state owned Ijarah Sukuk based on creditors' assets? The results show that two models of Ijarah Sukuk can be designed and issued via using credirors` assets. The first model is based on the sale of the property and its lease, and the second model is based on the parallel lease.
This article, by applying the descriptive-analytical method, seeks to answer these questions: 1. Is there any possibility to issue public government bonds without using state assets and based on creditors' assets? 2. What are the financial models of state owned Ijarah Sukuk based on creditors' assets? The results show that two models of Ijarah Sukuk can be designed and issued via using credirors` assets. The first model is based on the sale of the property and its lease, and the second model is based on the parallel lease.
Research Interests:
General policies of Iran’s resistive economy have been promulgated based on flexible, opportunistic, productive, endogenous, leading and extrovert approaches in order to improve economic strength, to finally achieve goals of Iran... more
General policies of Iran’s resistive economy have been promulgated based on flexible, opportunistic, productive, endogenous, leading and extrovert approaches in order to improve economic strength, to finally achieve goals of Iran Vision 2025. The promotion of a knowledge-based economy and strengthening extrovert economy are two important factors in resistive economy.
In this article, an effort has been made to evaluate the impact of knowledge based economy on regional integration and enhancing bilateral trade as the index of extroverteconomy among the selected Islamic countries by using the Gravity Model. According to this aim, theoretical principles of economic and regional integration and the gravity model were used for the assessment of the effects of environmental readiness of knowledge based economy on regional integration and strengthening extroversion among selected Islamic countries, and the gravity model was evaluated for OIC member countries, as well. Besides the positive impacts of GDP variables and population of quest and host countries as parameters indicative of economic and market size of these countries and also negative impact of distance variable on the mutual trade of selected muslim countries which all confirm the integration theory and gravity theoretical principles, the results show that synthesis index of knowledge based economy, according to theoretical expectation, brings about significant effect on bilateral trade of OIC memebr countries and approves this assumption that the effectiveness of knowledge based economy has decisive impact on the promotion of mutual trade among OIC member countries.
As improvement of each unit of economic indicators of knowledge based economy in host country adds about $ 5/51 million to bilateral trade among the pre-mentioned countries. This fact reveals the necessity for institutional and structural reforms in the development of knowledge based economy and promotion of cooperations between the countries of the region.
In this article, an effort has been made to evaluate the impact of knowledge based economy on regional integration and enhancing bilateral trade as the index of extroverteconomy among the selected Islamic countries by using the Gravity Model. According to this aim, theoretical principles of economic and regional integration and the gravity model were used for the assessment of the effects of environmental readiness of knowledge based economy on regional integration and strengthening extroversion among selected Islamic countries, and the gravity model was evaluated for OIC member countries, as well. Besides the positive impacts of GDP variables and population of quest and host countries as parameters indicative of economic and market size of these countries and also negative impact of distance variable on the mutual trade of selected muslim countries which all confirm the integration theory and gravity theoretical principles, the results show that synthesis index of knowledge based economy, according to theoretical expectation, brings about significant effect on bilateral trade of OIC memebr countries and approves this assumption that the effectiveness of knowledge based economy has decisive impact on the promotion of mutual trade among OIC member countries.
As improvement of each unit of economic indicators of knowledge based economy in host country adds about $ 5/51 million to bilateral trade among the pre-mentioned countries. This fact reveals the necessity for institutional and structural reforms in the development of knowledge based economy and promotion of cooperations between the countries of the region.
Research Interests:
This study explores the concept of social justice based on the ideas of four contemporary theorists, with an emphasis on the nature of justice. Hayek represents libertarians, Rawls as the most prominent political philosopher of current... more
This study explores the concept of social justice based on the ideas of four contemporary theorists, with an emphasis on the nature of justice. Hayek represents libertarians, Rawls as the most prominent political philosopher of current century in the West, and Motahhari and Sadr were selected as Islamic theorists. Hayek only believes in individual justice and maintains that there is no concept as social justice. For him, justice constitutes rules for individual conduct. The concept of “spontaneous order” plays an essential role in his ideas, and he maintains that most of the social phenomena follow such an order.
Rawls’ main goal
sees ‘justice as fairness’ as answering to the demands of both freedom and equality, a challenge posed by the socialist critique of liberal democracy. In this regard justice is an agreement on principles which is reached arbitrarily in “veil of ignorance”. Rawls's main guide in achieving principles of justice is maximin principle and the lack of awareness of individuals about the future social status. Motahari regards justice as observance of the law. He recognizes both the natural rights of the individual and the legal community. According to Shahid Motahari, the only way to legitimize and validate natural rights is to accept the purpose of the world order. In Sadr's view, although justice is one of the three principles of the general construction of Islamic economics, the position of justice is beyond the core and is the foundation stone of the Islamic School of Economics. Additionally, Islam has shown its sensitivity to the final makeup of facilities in society, with two principles: public cooperation and social balance.
Rawls’ main goal
sees ‘justice as fairness’ as answering to the demands of both freedom and equality, a challenge posed by the socialist critique of liberal democracy. In this regard justice is an agreement on principles which is reached arbitrarily in “veil of ignorance”. Rawls's main guide in achieving principles of justice is maximin principle and the lack of awareness of individuals about the future social status. Motahari regards justice as observance of the law. He recognizes both the natural rights of the individual and the legal community. According to Shahid Motahari, the only way to legitimize and validate natural rights is to accept the purpose of the world order. In Sadr's view, although justice is one of the three principles of the general construction of Islamic economics, the position of justice is beyond the core and is the foundation stone of the Islamic School of Economics. Additionally, Islam has shown its sensitivity to the final makeup of facilities in society, with two principles: public cooperation and social balance.
Research Interests:
Zakah (Zakat), a form of alms-giving treated in Islam as a religious obligation or tax, is one of the pillars of Islam, which, by Quranic ranking, is next after prayer (salat) in importance. Throughout the history of Islamic jurisprudence... more
Zakah (Zakat), a form of alms-giving treated in Islam as a religious obligation or tax, is one of the pillars of Islam, which, by Quranic ranking, is next after prayer (salat) in importance. Throughout the history of Islamic jurisprudence (Fiqh) Shia and Sunni jurisprudents and scholars have written many books on this subject. The Sire of the Prophet (pbuh) and his successors shows that Zakat is mandated and collected by the state and they received it with a systematic structure and the sacred verse of the Holy Quran also includes a portion of Zakah for the use of agents of collecting and distributing Zakah. But in the history of Islam, there have been political changes that have removed Zakat from Shiite jurisprudence in theory and practice and it has been altered into a government-run voluntary zakat contribution. This paper seeks to prove that although Zakat is most commonly used to eradicate poverty, but if a government is founded on righteousness and justice, it must be received and paid by the ruler and the Islamic State. An overview of the Zakat and Fatwa's traditions of the Shi'ite jurisprudents shows that it is "Taklif" (a legal charge or obligation) for the owners of the property to pay Zakat and Shi'a jurists are less likely to consider Zakat as a sovereign state. The main question of the research can be: is Zakat from the Islamic government's available financing resource for eliminating poverty and other purposes, or is it essentially non-governmental? In this article, by analytical method and based on jurisprudential traditions and texts, it has been proven that Zakat is essentially from the financial resources of the Islamic ruler to fulfill the goals stated in the Quranic verse. And the reason for the obsoleteness of this opinion in the view of some Shi'ite jurisprudents was the lack of "BASTE-YAD" (the de facto guardianship of Imam (a.s) or his deputy) in the era of presence and occultation of the Imam. Now, with the establishment of the Islamic Republic of Iran which its ruler is "Velâyat-e Faqih" (The Guardianship of the Islamic Jurist) Zakat must be at the disposal of the Velâyat-e Faqih.
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The financial distress of banks is a serious problem in economic environment of the country. Personal expenses and social costs of financial crisis leads to survey studies in the impact of financial crisis on commercial firms'... more
The financial distress of banks is a serious problem in economic environment of the country. Personal expenses and social costs of financial crisis leads to survey studies in the impact of financial crisis on commercial firms' performance. This research examines the effect of the financial crisis on banks' performance based on the CAMEL model during 2009-2015, to respond the question of whether financial crises had any effect on banks performance. By approving this, did banks turned to non-operational activities to improve their performance and getting out of the financial crisis? The research sample is 9 selected commercial banks, which fulfil the research conditions. The financial crisis of bank measure as follow: three consecutive years of losses (operating loss, net loss or retained), reduction in distributed dividends of each year relative to the last year by more than 40 percent and included article 141 of the commercial law for every company. Research results by multivariate regression model indicated that, at the 95% confidence, the financial crisis have a negative and significant effect on profitability and other performance indicators reveal no significant relationship. Also, the sixth hypothesis test of the research showed that banks will not go through non-operating activities as the financial crisis increases.
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The concept of digital money or electronic currency means encrypted money, in order to facilitate financial affairs and to create money without the presence of intermediaries (banks) and through community members. Digital money does not... more
The concept of digital money or electronic currency means encrypted money, in order to facilitate financial affairs and to create money without the presence of intermediaries (banks) and through community members. Digital money does not have any central service or financial institution to control the transfer; because everything is based on peer-to-peer communications. The number of digital money in the world is increasing, including Bitcoin, the most widely used and most valuable electronic currency in the real world. Bitcoin is a public internet system that has introduced a pay-as-you-go payment system and e-money. Bitcoin takes power from users and, from their point of view, Bitcoin is an internet money. It seems that Bitcoin can not be considered as a kind of money; rather, it's a "digital asset." In order to examine bitcoin from the point of view of Islamic jurisprudence, it should first be seen whether it is considered as an asset and property? And then, by explaining the nature of money, it should analyze the bitcoin monetary nature and then examine the issues of Ghorar and loss and disorder in the system and speculation in the Bitcoin network from the Islamic jurisprudence perspective.
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Oil price fluctuations in global markets have a significant impact on the economic structure of oil-dependent countries. Resistive economy is to lead to an optimal allocation of resources in a dynamic and sustainable manner during events... more
Oil price fluctuations in global markets have a significant impact on the economic structure of oil-dependent countries. Resistive economy is to lead to an optimal allocation of resources in a dynamic and sustainable manner during events and crises or on the path to goals. Therefore, the recognition of the direct and indirect consequences of Iran's economy's dependence on oil revenues and its impact on economic variables is very important to have a proper policy in the event of a crisis in line with the resistance economy and reduce the country's economic dependence on oil revenues. In this paper, the three consequences of effective real exchange rate fluctuations, GDP changes and deindustrialization have been evaluated in the framework of vector error correction model. To this end, the VECM method has been used during the period 1991: 01 to 2015: 04. The results indicate that there are three co-integration relationships based on the consequences; as the 10 percent increase in oil prices will increase real exchange rate by 5 percent, GDP decline will be 0.7 percent, and the reduction in the non-trade output ratio to exchangeable production will be 11 percent. Also, the results of the calculations show that the indirect consequences of oil price fluctuations through foreign reserves of the central bank and the ratio of government spending on real exchange rates, through the real exchange rate on GDP and through industrial productivity, affect the non-exchangeable production ratio to exchangeable production.
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The interest rate in the conventional banking system by limiting the return on investment creates a gap between investment and savings, reducing labor incentives, limiting employment levels, and increasing inequality of income. In the... more
The interest rate in the conventional banking system by limiting the return on investment creates a gap between investment and savings, reducing labor incentives, limiting employment levels, and increasing inequality of income. In the economic system of Islam, Gharz al-Hasanah has been considered as one of the effective ways and means to reduce the income distribution inequality; Thus, Gharz al-Hasanah can play an important role in stabilizing the income of the needy by transferring money from wealthy to low-income classes, creating the ground for changing the pattern of production, increasing employment and meeting the essential needs of the above mentioned classes. Accordingly, the purpose of this paper is to analyze the effects of Gharz al-Hasanah facilities on income distribution in Iran using impulse response functions IRF and variance decomposition analysis VD analysis techniques during the period (1984-2013). The results of the stimulatory response functions indicate that a positive shock in the logarithm of the Gharz al-Hasanah facilities of banks and non-bank credit institutes for a half-course of action it has increased inequality and then reduced inequality up to the tenth period. However, the decline in income inequality has been trifling. Also, the results of analysis of variance indicate that the logarithm contribution of banks' Gharz al-Hasanah facilities and non-bank credit institutions in explaining the Gini coefficient was 30.5%.
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Article forty-fifth of the Iranian constitution considers the mines including oil and gas as a part of the Anfal and public wealth. Conservation is one of the most important subjects in production of oil. The study of how to finance the... more
Article forty-fifth of the Iranian constitution considers the mines including oil and gas as a part of the Anfal and public wealth. Conservation is one of the most important subjects in production of oil. The study of how to finance the government expenditure is one of the subject matters of Islamic economics. According to Islamic teachings, Anfal is regarded as a main source of funding for the government expenditures. Based on jurisprudential rules like “the rule of Itlaf (indirect cause)”, “the rule of Tasbib (direct cause)”, the Rule of La Darar (denegation of harmfulness)", and “the rule of Nafye Sabil (Rejection of Foreign Influence)”, each "Gheyre-syanti" (Non-conservation) method of production from oil reservoirs which leads to the loss of oil resources and accelerates the exhaustion of the country's oil reserves and results in the dependence on foreigners is not allowed. Efficiency in extraction from oil fields, development of oil reservoirs in line with the Muslim society’s consolidation and satisfaction of its real needs, generational and intergenerational equity, referring to the intellectuals and assigning the technical tasks to the professionals are among Islamic criteria which affect the necessity of oil exploitation and its mode of operation.
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This study explores the concept of social justice based on the ideas of four contemporary theorists, with an emphasis on the nature of justice. Hayek represents libertarians, Rawls as the most prominent political philosopher of current... more
This study explores the concept of social justice based on the ideas of four contemporary theorists, with an emphasis on the nature of justice. Hayek represents libertarians, Rawls as the most prominent political philosopher of current century in the West, and Motahhari and Sadr were selected as Islamic theorists. Hayek only believes in individual justice and maintains that there is no concept as social justice. For him, justice constitutes rules for individual conduct. The concept of “spontaneous order” plays an essential role in his ideas, and he maintains that most of the social phenomena follow such an order.
Rawls’ main goal
sees ‘justice as fairness’ as answering to the demands of both freedom and equality, a challenge posed by the socialist critique of liberal democracy. In this regard justice is an agreement on principles which is reached arbitrarily in “veil of ignorance”. Rawls's main guide in achieving principles of justice is maximin principle and the lack of awareness of individuals about the future social status. Motahari regards justice as observance of the law. He recognizes both the natural rights of the individual and the legal community. According to Shahid Motahari, the only way to legitimize and validate natural rights is to accept the purpose of the world order. In Sadr's view, although justice is one of the three principles of the general construction of Islamic economics, the position of justice is beyond the core and is the foundation stone of the Islamic School of Economics. Additionally, Islam has shown its sensitivity to the final makeup of facilities in society, with two principles: public cooperation and social balance.
Rawls’ main goal
sees ‘justice as fairness’ as answering to the demands of both freedom and equality, a challenge posed by the socialist critique of liberal democracy. In this regard justice is an agreement on principles which is reached arbitrarily in “veil of ignorance”. Rawls's main guide in achieving principles of justice is maximin principle and the lack of awareness of individuals about the future social status. Motahari regards justice as observance of the law. He recognizes both the natural rights of the individual and the legal community. According to Shahid Motahari, the only way to legitimize and validate natural rights is to accept the purpose of the world order. In Sadr's view, although justice is one of the three principles of the general construction of Islamic economics, the position of justice is beyond the core and is the foundation stone of the Islamic School of Economics. Additionally, Islam has shown its sensitivity to the final makeup of facilities in society, with two principles: public cooperation and social balance.
Research Interests:
Corruption is a phenomenon of economic, political and cultural disorder, with more or less hazardous effects both in developed and developing countries. In this regard, North and his colleagues (2015) emphasize that only in an open access... more
Corruption is a phenomenon of economic, political and cultural disorder, with more or less hazardous effects both in developed and developing countries. In this regard, North and his colleagues (2015) emphasize that only in an open access system (democracy), corruption is controlled and other measures such as improving property rights, although useful in improving the conditions, are not enough to reduce corruption significantly. As this phenomenon is considered one of the most important barriers to growth of developing countries such as Iran with its resistance approaches to economy, identifying the roots and dealing with it has become seriously considered as country's development goals.
The purpose of this study was firstly identifying the phenomenon of corruption in a general equilibrium analysis, and to investigating its relationship with some political-economic influential variables such as property rights and democracy. To do so, a panel model was used to analyze relevant data from 53 selected developing countries for the period of 1996 to 2013. The results indicated a significant negative effect of democracy (-0.49), property rights (-7.56), economic growth (-0.37) and investment (-5.75) on the level of corruption. Moreover, the Gini coefficient of inequality (0.36) and political instability (19.4) showed a significant and positive effect on the corruption index.
In general, economic and political inequalities would weaken the bases of democracy and prepare the ground for a diffusion of corruption in the society. However, the effect of democracy on corruption is dependant on variable of property rights, in a way that with an increase in protection of property rights, democracy can have a better function in controlling corruption, especially in countries with abuse of privileged information in their economy.
The purpose of this study was firstly identifying the phenomenon of corruption in a general equilibrium analysis, and to investigating its relationship with some political-economic influential variables such as property rights and democracy. To do so, a panel model was used to analyze relevant data from 53 selected developing countries for the period of 1996 to 2013. The results indicated a significant negative effect of democracy (-0.49), property rights (-7.56), economic growth (-0.37) and investment (-5.75) on the level of corruption. Moreover, the Gini coefficient of inequality (0.36) and political instability (19.4) showed a significant and positive effect on the corruption index.
In general, economic and political inequalities would weaken the bases of democracy and prepare the ground for a diffusion of corruption in the society. However, the effect of democracy on corruption is dependant on variable of property rights, in a way that with an increase in protection of property rights, democracy can have a better function in controlling corruption, especially in countries with abuse of privileged information in their economy.
Research Interests:
Discussions related to the ‘agent’ and ‘employer’ and their interaction in the form of various contracts are among the common discussions in economics. Thus, the contracts and the agent-employer theories have dealt with it in a variety of... more
Discussions related to the ‘agent’ and ‘employer’ and their interaction in the form of various contracts are among the common discussions in economics. Thus, the contracts and the agent-employer theories have dealt with it in a variety of contexts. Moral hazards in contracts, especially international oil contracts, are a key subject under the economics of information to present motivational models for maximizing the interests of both parties.
One of the common oil contracts is the buy-back contract. They have been completed and modified in the course of history in the form of 1st,2nd and 3rd generation contracts.
In this article, we have tried, considering the 3rd generation of oil and gas industry specifications, oil contracts and moral hazard models, to choose the proper model for evaluating buy-back contracts.
An investigation of various models of moral hazards shows that moral hazard from both parties could be seen in oil contracts and that both are trying to maximizing their profit. Accordingly, standard model is not proper to evaluate this type of contract and two-sided moral hazard models are more proper in oil contracts.
One of the common oil contracts is the buy-back contract. They have been completed and modified in the course of history in the form of 1st,2nd and 3rd generation contracts.
In this article, we have tried, considering the 3rd generation of oil and gas industry specifications, oil contracts and moral hazard models, to choose the proper model for evaluating buy-back contracts.
An investigation of various models of moral hazards shows that moral hazard from both parties could be seen in oil contracts and that both are trying to maximizing their profit. Accordingly, standard model is not proper to evaluate this type of contract and two-sided moral hazard models are more proper in oil contracts.
Research Interests:
Issuing Islamic securities (sukuk) is one of the innovations of recent decades that open bright opportunities to the Islamic financial system. In this article, we have dealt with the management of credit risk to cover these risks. So far,... more
Issuing Islamic securities (sukuk) is one of the innovations of recent decades that open bright opportunities to the Islamic financial system. In this article, we have dealt with the management of credit risk to cover these risks. So far, the financial rules in Iran (rules of the Securities and Exchange Money and Credit Council and the Council) have attempted to create warranty pay guarantee obligations to cover credit risk for investors. Considering the fact that there are numerous methods to manage credit risks, the main question of this article is as follows: “which method is more preferable?”
Library research shows that there are two major methods in managing credit risks: validation and credit default swap. Assuming that redressing not paying off the debts is the necessary condition for issuing sukuk, the guarantor and credit default swaps can do this. This article first enumerates the advantages and disadvantages of each method as well as getting the views of the experts through TOPSIS process, and then, introduces the credit default swap as a better way in issuing sukuk.
Library research shows that there are two major methods in managing credit risks: validation and credit default swap. Assuming that redressing not paying off the debts is the necessary condition for issuing sukuk, the guarantor and credit default swaps can do this. This article first enumerates the advantages and disadvantages of each method as well as getting the views of the experts through TOPSIS process, and then, introduces the credit default swap as a better way in issuing sukuk.
Research Interests:
In the present article, we have examined the resilience of Iran's economy during the years 2005-2014. To this end, a composite indigenous index comprised of the following variables is calculated and interpreted: inflation rate,... more
In the present article, we have examined the resilience of Iran's economy during the years 2005-2014. To this end, a composite indigenous index comprised of the following variables is calculated and interpreted: inflation rate, unemployment rate, exchange rate, ratio of budget deficit to gross domestic product, share of oil in the government budget, ratio of non-oil exports to imports, import ratio of intermediate and primary goods to total imports, total government budget to gross domestic product, ratio of government consumption to total consumption of the economy, export and import ratio to gross domestic product, underground economy, ratio of high education graduates to total government employees, Gini coefficient, literacy rates and main members f society insured by social security organizations.
The empirical results indicate an increase in the Iran's economic resilience index. The highest figure in the index is in 2014 and the lowest is in 2005. The relationship between resilience index and GDP per capita indicates a positive relationship over the course under study, i.e. with an increase in economic resilience, GDP per capita also increases
The empirical results indicate an increase in the Iran's economic resilience index. The highest figure in the index is in 2014 and the lowest is in 2005. The relationship between resilience index and GDP per capita indicates a positive relationship over the course under study, i.e. with an increase in economic resilience, GDP per capita also increases
Research Interests:
Applying different methods and tools to finance different economic sectors always accompany risk, and risk and return on investment and financing always accompany one another. Thus, the investment decisions are always done on the basis of... more
Applying different methods and tools to finance different economic sectors always accompany risk, and risk and return on investment and financing always accompany one another. Thus, the investment decisions are always done on the basis of and by considering the relationship between risk and returns. Investors should always consider, in their decisions, the risk factor. Because of the importance and effectiveness of the risk, as well as the impossibility of eliminating it, one must identify, calculate and manage the risks.
The need to pay attention to this issue is due to the fact that expansion and deepening of the financial market in the country should be done to eliminate the country's restrictions on the attraction of investments according to religious considerations and, at the same time, the response to the basic needs of the society should be done by expansion of the capital market of Iran and diversifying its existing tools. Introduction of manufacturing contracts papers as a powerful financial tool for financing various economic sectors can solve many challenges of Iran's financing system considering the potential and actual risk assessment and design of risk coverage of these securities to expand and publicly accept it in Iran's financial system.
In this paper, we employed descriptive-analytic method by using questionnaire data and AHP method to study the hypothesis that "Among the operational models of manufacturing contracts, the Stock Exchange Organization model is the optimal model for risk coverage."
To examine this hypothesis, some risks of issuing embedded securities in the form manufacturing contract model in the form of parallel manufacturing contract, stock market model, and indirect manufacturing contract were studied. The results show that among the operating models of embedded securities, the stock model is the best model for risk coverage.
The need to pay attention to this issue is due to the fact that expansion and deepening of the financial market in the country should be done to eliminate the country's restrictions on the attraction of investments according to religious considerations and, at the same time, the response to the basic needs of the society should be done by expansion of the capital market of Iran and diversifying its existing tools. Introduction of manufacturing contracts papers as a powerful financial tool for financing various economic sectors can solve many challenges of Iran's financing system considering the potential and actual risk assessment and design of risk coverage of these securities to expand and publicly accept it in Iran's financial system.
In this paper, we employed descriptive-analytic method by using questionnaire data and AHP method to study the hypothesis that "Among the operational models of manufacturing contracts, the Stock Exchange Organization model is the optimal model for risk coverage."
To examine this hypothesis, some risks of issuing embedded securities in the form manufacturing contract model in the form of parallel manufacturing contract, stock market model, and indirect manufacturing contract were studied. The results show that among the operating models of embedded securities, the stock model is the best model for risk coverage.
Research Interests:
The financial crisis in 2008 attracted the attention of the economists and central banks to the deficiencies of the common views on the nature of banks and their role in economy. Since an important prerequisite for micro-prudential and... more
The financial crisis in 2008 attracted the attention of the economists and central banks to the deficiencies of the common views on the nature of banks and their role in economy. Since an important prerequisite for micro-prudential and macro-prudential regulation is macroeconomic modeling including the financial sector, consistent monetary and fiscal policy making, and a correct and complete analysis about the nature of banks and the banking system, the present paper uses a descriptive-analytical method to investigate the three approaches to it. Thus, the common views about banks (“financial intermediation” and “deposit multiplier”) are explained and criticized on the basis of monetary and accounting principles. Moreover, the correct view about the nature of banks ("money creation of individual banks") will be explained, citing the opinions of leading economists and central banks.
Analyzing the arguments offered in support of the “financial intermediation” and “deposit multiplier” views shows that the main roots of misunderstanding the nature of banks are: the notion about money being a sort of commodity, fallacy of composition and the confusion of microeconomic and macroeconomic arguments, neglecting the double-entry bookkeeping principles, failing to differentiate between the banks’ and the central bank’s balance sheet, and lack of attention to the implications of interest rates targeting policy by the central banks. Accordingly, some principles adhering to which can guarantee a correct analysis of banks is introduced, and some implications of “money creation” view about banks in Islamic banking, monetary policy, banking regulation and macroeconomic modeling is explained.
Analyzing the arguments offered in support of the “financial intermediation” and “deposit multiplier” views shows that the main roots of misunderstanding the nature of banks are: the notion about money being a sort of commodity, fallacy of composition and the confusion of microeconomic and macroeconomic arguments, neglecting the double-entry bookkeeping principles, failing to differentiate between the banks’ and the central bank’s balance sheet, and lack of attention to the implications of interest rates targeting policy by the central banks. Accordingly, some principles adhering to which can guarantee a correct analysis of banks is introduced, and some implications of “money creation” view about banks in Islamic banking, monetary policy, banking regulation and macroeconomic modeling is explained.
Research Interests:
Developing capital markets through Islamic securities can improve the efficiency and management of the money market, achieving macroeconomic goals, and financing public sector. One of the most important and costly organizations in the... more
Developing capital markets through Islamic securities can improve the efficiency and management of the money market, achieving macroeconomic goals, and financing public sector. One of the most important and costly organizations in the economy is the Prisons' Organization. Despite the numerous needs of the prisons, the financing of Islamic securities is still not applied for this organization. Therefore, it is necessary to measure individuals' willingness to pay for Islamic securities. The present study, seeks to measure the willingness to pay, for both for profit and non-profit Islamic securities to finance prisons and analyze the factors affecting it. The Contingent Valuation Method (CVM) has been used to estimate the willingness to pay and rank-ordered probit model has been used to analyze the effective factors.
The findings show that, the average willingness to pay of the citizens of Isfahan for profit Islamic securities is 17000000 Rial per family in one year, and the average of willingness to pay for non-profit securities is 2600000 Rial per family in one year. Also, the variables income, type of assistance, the degree of trust to state institutions and aid intentions at the 95% confidence level have affected purchasing profitable Islamic securities, and age, income, type of assistance, the degree of trust in state institutions and the assurance intention at the 95% confidence level and the prisoners' record at 90% confidence level have affected the probability of purchasing non-profit Islamic securities.
The findings show that, the average willingness to pay of the citizens of Isfahan for profit Islamic securities is 17000000 Rial per family in one year, and the average of willingness to pay for non-profit securities is 2600000 Rial per family in one year. Also, the variables income, type of assistance, the degree of trust to state institutions and aid intentions at the 95% confidence level have affected purchasing profitable Islamic securities, and age, income, type of assistance, the degree of trust in state institutions and the assurance intention at the 95% confidence level and the prisoners' record at 90% confidence level have affected the probability of purchasing non-profit Islamic securities.
Research Interests:
There are numerous and conflicting views on the impact of corruption on economic growth. A number of humanities scholars have described corruption as a good phenomenon and called it the grease wheel of the economy, and they believe that... more
There are numerous and conflicting views on the impact of corruption on economic growth. A number of humanities scholars have described corruption as a good phenomenon and called it the grease wheel of the economy, and they believe that financial corruption improves the weak economic institutions, and by that means, the growth rate of the economy will increase. On the other hand, other humanities scholars have pointed to the undesirable nature of corruption, calling it the sand of the wheel of the economy and they have argued that corruption erodes economic growth by making the administrative process sluggish, costly and inefficient and shifting scarce resources to non-productive activities. This paper studies the impact of corruption on the growth of the Iranian economy from 1983 to 2014 by using the talent allocation approach and by applying the econometric method of equation system. The divergence in talent allocation has slowed the growth of the Iranian economy in those years.
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Foreign trade with resistance economy diplomacy approach is a new concept that examines the role of diplomacy in promoting foreign trade. The purpose of this study is to design a foreign trade model with emphasis on the resilient economy... more
Foreign trade with resistance economy diplomacy approach is a new concept that examines the role of diplomacy in promoting foreign trade. The purpose of this study is to design a foreign trade model with emphasis on the resilient economy approach. In terms of purpose, this research is a category of developmental research that has been conducted in two stages. First, using the content analysis method based on semi-structured interviews with people who are experts in foreign trade, economic diplomacy and resistance economics, the relevant effective factors were identified and the initial conceptual model was extracted. Then, using the opinion of experts and specialists, through the distribution of a questionnaire and the use of interpretive structural methods, the components of the final model of research, ranking and the relationship between them were identified. Findings show that 180 codes in the form of 15 themes affect the foreign trade pattern. Also, fundamental changes and developments were identified as the most fundamental factor or factors of supply chain completion, production development and deepening of internal manufacturing and institutional quality of the model, as dependent factors, respectively. The results of the research, while identifying the influential and strategic factors in foreign trade, provide the basis for explaining its concept, separating this phenomenon from similar cases, including the diplomacy approach of resistance economics, and also presenting a conceptual model to understand and apply this model in foreign trade and other economic cooperation. Also, due to the importance and expansion of Iran-Iraq trade relations and regional cooperation, especially Iraq, to establish and maintain long-term relations with countries and its role in the country's economic growth in various industries, companies should consider the impact of this model on the paving of the way for foreign markets.