فصلنامه سیاستهای مالی و اقتصادی
سال سوم شماره 10 (تابستان 1394)

Present study categorizes the experienced exchange rate regimes in various countries of the world، considers their main characteristics، advantages، disadvantages and finally discusses about a total consideration of each exchange regimes selection. This paper mentions those countries special characteristics، policymakers’ preferences، institute، policymaker’s credibility the choice of exchange regimes. Therefore، neither a single exchange regime is appropriate for all countries nor using one-exchange regimes is useful for a country during some years. Next part of paper presents comparative study of exchange regimes in OIC member countries and shows that most member countries، have pegged their money with a stable rate to other country’s money or basket of other exchanges. Following session considers transitions revolution of Iran’s exchange regime، its challenges and discuss about most important Iran’s economic challenges via high rate of inflation، consistent growing pressure on formal exchange rates increase، not regarding government and monetary position to arbitrage rule، considering exchange rate as inflation’s control tool، maintaining economic stability and fear of flotation of monetary position. These factors caused inevitable shocking changes in formal exchange rate in 10 years period in Iran. Finally concluded that protection of managed floating exchange rate that announced as formal exchange rate regime in Iran، needs some requirements، obligations as inflation targeting، more independent of monetary position and without targeting of single-digit inflation، its own requirements will be impossible.

Laws and regulations with the adjusting relations in each of the economic environment including the banking system plays an important role on the relevant business environment. Banking system is also designed Central Bank regulations، regulatory guidance and the scope of various aspects of banking the relationships between them. Basel committee for effective supervision of banking in the form of financial assessment is designed to evaluate the above circulars in recent years compared to the banking business model. This paper represents serious gaps in the regulation of the Central Bank which is monitoring the banks. Therefore، this paper shows that highlighting areas of light and specialized areas to emphasis on Basel Committee principles of effective supervision of banking. According to the results، regulation and supervision of the Central Bank is necessary to the banking business.

in the recent years; Capital market، due to the global economic competitiveness and increasing public awareness of finance and investment، has attracted more and more attention and Most companies، in order to attract investors to produce goods and services with their high quality and low cost In the meantime، some companies try to present a good image of the find themselves in the competition to attract and retain investors. Therefore، appropriate indicators and performance evaluation of various companies and their ranking، regard to these indicators is important and suitable for investors. One of the most important factors affecting the results of the comparison and ranking of companies is evaluation criteria. In this study، the financial ratios of companies in 5 main ratios and 16 minor subset of the original، are the criteria for ranking intended to companies manufacturing machinery and equipment Exchange using hybrid models AHP and TOPSIS، during the years 1389-1391 are evaluated and ranked. Ranking results show that: Industries «Pump Iran»، Investment company «Pars tushe» and «Butane Group»، The top companies were ranked first and third Industries are machinery and equipment.

This Study Is Going to Explore the Short Run And Long Run Effects of Inflation And Government Expenditure On Economic Growth In Iran By Using ARDL Model And Granger Causality Test During The Period 1358-1389. The results show that there is a long term relationship between Inflation rate، economic growth and government expenditure; it means the government expenditures Has a positive externalities yield in Iran. In the short run and long run، the rate of inflation does not have a Positive effect on the economic growth but government expenditures do So. The causality test results show that there is unidirectional causality between Inflation rate and economic growth، and between economic growth and government Expenditure.

The aim of this study is to simultaneously investigate the relationship between advertising، R&D، degree of concentration، barriers to entry into market and profitability of 9 subsectors of Iranian materials and chemical products industries during the period 1995 – 2007 according to the ISIC code. Simultaneous equations system includes three equations related to variables of market concentration، advertising and profitability. The equations are estimated using seemingly unrelated regression (SUR) on a panel data set. The results indicate that the variables of structure، conduct and performance in materials and chemical products industry in Iran have a mutual and significant relationship According to the results has a negative effect on market concentration.

Individual investors compared major investors have fewer features to decision-making in stock exchange. This factor with unstable and economic and political swings، faced stock exchange to secondary risk of individualism and undetectable behavior of investors that these require to establish a risk management system for optimum stability and stock market development. The target of this research is investors understanding of risk factors and psychological effects. The result show that policies related to the stock market، excessive speculation، disclosure of the information published by companies، information asymmetry، has an impact on risk perception of individual investors، also risk perception has an impact on willingness to re- invest and investment satisfaction. Finally، it can be said that the perception of risk perform a fundamental role in the mechanism of behavioral psychology investors.

The purpose of this study is to identify the use of Iranian professional investors through the data related to earnings and cash flows. The data has been collected by 47 fund managers in the framework of a financial scenario position and questionnaire format. Accordingly، the importance of earnings and cash flows factors have been tested among the manager. Then، in order to test the hypotheses، the Willcaxon ranking test method was applied. The results indicate that professional investors prefer relevant cash flow data to earning data in their own decisions. Also they use more cash flow statements than income statements in their own investment decision makings.

Capital flight is a term which refers to unregistered domestic capital flows that include a broad variety of activities ranging from the legal and economically beneficial to those that are illegal and harmful to the economy. Researchers concern the most about capital flight which implicitly implies to illegal movements of capital from one country to another. In this paper، we will evaluate the effects of capital flight on total investment. We use data from 2005 until 2011 of chosen countries of MENA zone. Estimation methods are IRLS and GMM. In order to regard bias in estimation، IRLS method is used. In GMM method، growth rate is considered as endogenous variable. Results of both methods indicate that there is a negative relationship between capital flight and total investment. So that if capital flight increase for 1 percent، total investment would decrease for 0. 07 percent.