نشریه مطالعات و سیاستهای اقتصادی
سال دهم شماره 1 (پیاپی 19، بهار و تابستان 1402)

It is a fact that “1 Person 1 Vote” is the most common voting system in democracies worldwide. But, when we ask “How about its efficiency in preference revelation?” the answer is “There are lots of other voting systems with more efficiency”. Two of the most recent studies in this field are “Liquid Democracy” and “Quadratic Voting (QV) Mechanism”. By using “Liquid Democracy” voters can delegate their votes to other voters, and by using “Quadratic Voting Mechanism” voters can buy more votes via spending money. This paper’s contribution is combining the two recent studies and designing “Adjusted Quadratic Voting Mechanism”. In fact, this contribution makes it possible to formulize Liquid Democracy and votes’ delegation in the context of Quadratic Voting (QV) Mechanism.

The purpose of the study is to analyze the content of the monetary policy research outputs with a look at OMO, to understand the evolution of the scientific structure and better planning and policy-making for the future. The study is an applied descriptive study performed with Scientometrics techniques by quantitative content analysis on scientific outputs indexed in WOS in the field of Monetary Policy and OMO between 1981 to 2020. During the Four decades, the growth trend of scientific productions in the studied area has been upward. The "Federal Reserve System" is the most active institution, and "USA" and "England" are the most active countries. The most common topics in all decades are "Monetary Policy" and "Inflation", and in the last three decades, are "exchange rate", "interest rate", "inflation targeting", "central bank", "optimal monetary policy", "Business cycle" and "fiscal policy", while little attention has been paid to tools of monetary policy, such as OMO. Scientometrics provided a clear picture of the course of study and identification of research topics in the field of monetary policy and OMO as well as the impact of economic events on the research process. In the field of OMO, there is a gap between research and the policy of the central banks. Decision-makers should pay attention to research on monetary policy and its tools.

In national economic cycle the financial sector as most important intermediaries in the optimal, allocation of resources is one of the most important elements of economic growth. This sector acts as an accelerator to economic activities towards sustainable development by reducing the cost of resources. In this study, using annual data for 15 developing countries for period 1993-2015, has been examined the effect of banking sector credit and government deficit on the stock market depth. Also, Panel VAR econometric model is used to investigate the relationship between the banking sector credit and deficit shock with the stock market depth indexes. According to results of this study, the reaction of stock market capitalization index, stock trade value index and Turnover ratio index in front of a shock incurred by banks credit to private sector has been positive shock. The government deficit has a positive effect on the stock market capitalization index and stock trade value index but has a negative effect on the Turnover ratio index.

From early 1990's gradually inflation targeting strategy became main approach of central banks to conduct monetary policy. Hence, generally their short - term operational target is overnight interbank interest rate. In this context, central banks using with conventional and unconventional monetary policy instruments attempting to conduct short - term interest rate in a corridor of policy rates and through interest rate channel in the economy affect expectations, aggregate demand, output, price level and inflation.In Iran's economy with current approach to implementation of usury free banking system, formation of standing facilities corridor with some restrictions is possible. However, according to this article's proposals it seems we can form mentioned corridor with less restrictions. First, to bind banking facilities in transaction contracts; and second, to define bank's deposits in base of Vadiah or Gharz contracts with keeping of their purchasing power during depository period. Both of these proposals lead to bank's deposits with determine profit rate since the beginning of depository contract. In this condition, our proposal is formation an asymmetric standing facilities corridor between 8.8 to 23.6 percent around policy rate. Width of this corridor which implies monetary condition, in further steps could be change due to central bank inflation forecast, economic and financial stability and will be closer to the global standards.

The bank, as one of the institutions of the money market, has an important role in financing projects. One of the most common methods of financing banks is to use the issuance of securities backed by bank facilities. Using the capacity of banks in the Islamic banking system can not only expand the Sukuk market and the capital market, but also increase their efficiency. This article has been compiled with the aim of examining the issuance capacity of securities (Sukuk) in the country's banks and has compared the impact of banks on the expansion of the Sukuk market. To test the research hypotheses, the statistical technique of GMM and panel data of 17 public and private banks between 2008 and 2017 has been used. The results of this study showed that liquidity has a negative and significant effect on the expansion of the Sukuk market in private and public banks. Also, a positive and significant relationship was observed between the expansion of the Sukuk market and the size of the bank, which is much stronger in private banks than state-owned banks. In other words, the magnitude of the aforementioned relationship is 73% more in the case of private banks. Finally, it was observed that reduction in economic growth implicates an opportunity for private banks to finance their liquidity needs via Sukuk.

The entry of cryptocurrencies into the capital market and their increasing price has created a fundamental change in the international currency and monetary exchanges of the world. The present study uses data from 2015 to 2021 to investigate the relationship between causality and dynamic conditional correlation between the price variable of 9 cryptocurrencies with different creation mechanisms. The results of this study show that Bitcoin, Litecoin and Ethereum, which have a proof-of-work mechanism, have a dynamic conditional correlation relationship in the short and long run.On the other hand, the dynamic conditional correlation coefficient of Ripple, Nano and Monero that have proof of stake mechanism and EOS, Tron and Stellar that have new consensus mechanisms were not significant in the short run but in the long run, their relationship is statistically significant. Also, there is a two-way causality relationship between the price of Bitcoin, Litecoin, Ethereum and Monero. But among the prices of Tron, Stellar, Nano and Ripple with a newer consensus mechanism than other cryptocurrencies, there is mainly a one-way causality relationship.

Various aspects and areas in developing countries have always been affected by brain drain. In fact, the migration of elites is one of the challenges that these countries face. Examining the results of the effect of institutional variables, especially social capital, on brain drain in these countries can provide a suitable solution to solve or correct the problems caused by this important phenomenon and by creating an appropriate mechanism and a coherent plan for wasting human capital and skilled workers prevent in these communities. Therefore, this article examines the effects of social capital on brain drain in the member countries of the Shanghai Cooperation Organization during the years 2009-2018. The results show that social capital has a nonlinear and threshold effect on brain drain. Considering that the coefficient of social capital is positive and the coefficient of quadratic power of social capital is negative, so social capital at low levels intensifies the brain drain from the studied countries, but raising the level of social capital and passing it beyond the threshold level in society is an effect. Negative left on brain drain. By determining the threshold level in these societies and trying to promote social capital to this level, as an influential factor on brain drain, it is possible to prevent the exit of the elite in these countries.

The purpose of this study is to estimate the cryptocurrency tail risk and its effects on macroeconomic variables, especially real exchange rates and liquidity growth in Iran have been evaluated. For this purpose, statistical information for the period 2010-2020 based on the frequency of monthly data has been used. The approach used in this paper was the vector autoregression method with time-varying parameters (TVP-VAR). In the first part, the risk tail index was extracted using the threshold value for cryptocurrencies (bitcoins). Comparing the results of the VAR and TVP-VAR models, it can be seen that the shock from the Bitcoin virtual currency area has led to an initial decline in liquidity growth and exchange rates. However, after 2 periods, the effect of this shock reached its highest value and led to an increase in the growth of liquidity and the exchange rate, and the effect of this shock disappeared in the long run and converged towards the equilibrium value. The results obtained from the shock from the virtual currency area in the VAR model show that the variables of liquidity growth and exchange rate in all three cases have shown a positive reaction to this shock and the effect of this shock has disappeared in the long run.

Microfinance is an effort to alleviate poverty and improving the living conditions of low-income groups through the provision of micro-financial services. Hence, the present study investigates the effect of microfinance on the possibility of getting out of urban and rural households' poverty in Iran. For this purpose, firstly, based on the method of 66% of the average per capita household expenditure, the poverty line was calculated in general and provincial. Initial processing demonstrated that the amount of poor households among households with financial facilities is much lower than deprived households of these facilities. Finally, the model was estimated based on pseudo-panel data and random effects in logistic regression in a separate format throughout the country, urban and rural areas. The results show the reverse effect of financial facilities on the probability of households' poverty, while the size of the favorable effect of financing in urban areas is more than rural areas. Also, being male, the age and education level of a household's head has a reverse effect, and the square of the age of a households' head and the size of the household have a direct effect on the probability of poverty, while the favorable effect of education and age, and the unfavorable effect of household size on the probability of poverty in urban areas is more than rural areas.

The present study, in the form of a state-dependent model and during the period 2001:6-2019:12, investigates which of the components of monetary aggregates has the greatest impact on real exchange rate volatility of Iran. In order to achieve this goal, the variables of money, quasi-money, liquidity and monetary base are considered as monetary aggregates and in order to avoid multicollinearity between monetary aggregates, four Markov Switching Exponential GARCH models with fixed transition probability are estimated. The findings of the study also indicate that in both low and high regimes of real exchange rate volatility, monetary aggregates have a positive and significant effect on real exchange rate volatility and the effect of monetary aggregates in low regime of real exchange rate volatility is different from the high regime, so monetary variables have an asymmetric effect on real exchange rate volatility. In addition, in both the low and high regimes of real exchange rate volatility, the monetary base had a greater effect on real exchange rate volatility than other components of monetary aggregates. Therefore, controlling the components of monetary aggregates, given the importance of each in the up and down state of real exchange rate regime, can be considered as a strategic point by economic policymakers.

The negative consequences of financial crises on the real sector of the economy of developing countries have led policymakers to pay special attention to monitoring and evaluating the financial stability of the banking sector. The role of banking sector in developing countries is very important because the financial sector provides financial services to the rest of the economy. Liberalization theory argues that liberalization of international trade and financial flows can promote financial stability and the development of banks. Trade liberalization reduces transaction costs while increasing the volume of trade, and financial liberalization leads to better allocation of financial resources by creating a competitive environment in the financial market and facilitating the mobilization of capital. Therefore, in this study, the effect of financial and trade liberalization on the banking stability of 25 selected developing countries in the period 2000 to 2019, using the GMM dynamic regression model has been investigated. The results show financial and trade liberalization have positive effects on the banking stability of selected developing countries. Simultaneous implementation of financial and trade liberalization has an unexpected negative effect on banking stability. Findings also show that per capita income increases banking stability and inflation decreases banking stability.

Because resources, including natural resources, play an important role in economic growth, with speedy economic and population growth, economic growth is facing a scarcity of resources worldwide. Resource-economy co-ordination has become every government’s main focus in reaching strategic development goals in countries that are on the path of rapid economic development. And since most developing countries are dependent on oil revenues and their economic growth is affected by this income, to reduce this dependence, it is necessary to attract foreign investment and receive and transfer technology and knowledge from developed countries. This will be possible due to security and interaction in countries with better institutional quality. The purpose of this study is to inspect the effect of oil dependence and institutional quality on economic growth with the Panel VAR approach. In this regard, 10 developing countries between the years 1995-2019have been selected. The results of the research with reaction functions tells us that the shock of renting crude oil in developing countries affects economic growth positively at first and when reaching its final stages this trend becomes negative. The oil share shock is positive at first and later on has a negative effect on economic growth. In the end the shock from the institutional quality index economic growth in developing countries is negative in the primary stages and turns positive later on.