احیاء عیوضی

The effective role of the stock market in economic growth and development can't be ignored. This market can improve economic production and investment through supplying resources and savings. Interactions between financial markets, including interaction of capital market and the foreign exchange market are being considered more than ever through the expansion of financial markets as well as the establishment of dynamic relations between markets by researchers. In this research, interactions between the Iranian stock market and foreign exchange market have been analyzed as well as  in respect of the existence of outlier data in financial series, the Quantile regression approach has been used to analyze these interactions. The robustness is considered as one of the characteristics of Quantile regression approach which means that the estimated results are not sensitive to outlier observations as well as the violation of model assumptions in relation to the dependent variable data. Linkage between the foreign exchange market and the stock market are different in various deciles of stock return through using daily data (five days a week during 2008-2018 decade. In middle and lower deciles of stock returns, there is no significant relationship between these two markets while in high deciles (in the prosperity condition of stock market), deep and meaningful relationships are seen between them.

In mainstream economics, "distribution" is one of the issues which is ignored because of being unresolved, and a new issue is propounded. First, the "functional distribution of income" was proposed, which is based on the determination of the share of production factors (at the micro level). Then, due to lack of proper response, from the early twentieth century, ideas changed to explain the new concept of "personal distribution of income" which is based on the income allocation among the households and individuals (at the macro level). In fact, the important question around the functional distribution of income which we are seeking to answer is "Who is the owner of the surplus value or the profit (positive and negative) in the production?". Shahid Sadr properly understood the importance of income and wealth distribution in leading the Islamic society towards its goals of justice. In his “Eghtesadona” book, he has extracted the system of "functional distribution of income," and the correct answer to this issue, in addition to the "personal distribution of income" based on the teachings of Islam. In this distributional system, interactions are not homogeneous and the basis for the share of factors of production is contracts and rules, which depends on real conditions of the economy. In this paper, the "distribution" issue in conventional economics is compared with the concepts developed by Shahid Sadr, using the comparative and library methods.