رسول بخشی دستجردی

The taxation on bank deposits interest is an issue that has attracted the attention of economic policy makers in the tax domain. One of the important factors in taxer is the existence of appropriate tax bases, one of the good features of the tax base is its accessibility. In this paper, with using a dynamic stochastic general equilibrium model, the possibility of tax on interest deposits and its impact on macroeconomic variables are analyzed with seasonal data from 1991 to 2021. With the imposition of 10% tax rate on bank deposits interest, has decreased of production variables by 0.5%, capital stock by 1.12%, investment by 2.57%, other taxes 0.45% government expenditures by 1.22 %, volume of money by 1.41% and respectively, in addition it has increased loans by 0.27%, deposits by 0.85%consumption by 0.47% , inflation rate by 0.98%,. The result of the research shows that the application of this type of tax depends on the level of development of the financial system, the size of the government and the economic stability of the country. Therefore, due to the decrease in production when tax on deposit interest is applied, a suitable platform should be provided for the imposition of this tax in Iran.

Financing the government's budget deficit has conventionally taken place in the economy of Iran via borrowing from the Central Bank. However, bonds are the major way to finance the budget deficit in most countries, not admitted due to Shari'ah-compliant financial regulations in the legal system of the Iranian economy. Iranian economy intellectuals have presented an alternative source of funding termed Islamic treasury bills that differ from conventional bills. The present study is set to analyze the impact of Islamic treasury bills as a procedure for covering budget deficits on selected macroeconomic variables, including inflation, investment, gross domestic product, etc. The analysis was performed by applying the Dynamic Stochastic General Equilibrium (DSGE) model for the Iranian economy as an open economy, considering the Islamic treasury bills for reducing the government's budget shortfall. The results revealed that if the DSGE model is employed, the macroeconomic variables under the study will manifest a different and occasionally negative impact in a short-term period; however, in a long-term period, the issuance of treasury bills may positively affect mentioned variables.

Experimental evidence and research on accounting show that the banking system does not create money based on the money multiplier theory but rather employs the credit creation theory of banking, ruling out the need for a monetary base. Critics argue that while proponents of this type of banking claim that it promotes economic growth and development, the restrictions and behavior of banks may actually lead to the creation of unproductive liquidity from multiple channels, provided that they are given more freedom to implement independent policies. In addition to lending, the transfer of non-performing loans to performing loans heading with its factitious rollover and identification of fictitious profits for banks have been two of these channels in the Iranian banking system. Accordingly, this paper analyzes the dynamic stochastic general equilibrium of these monetary arrangements, a topic rarely discussed in modeling. The results show that a negative productivity shock can lead to a more significant and rapid reduction in investment, production, consumption, and welfare in this model compared to the money multiplier model. Factitious rollover of non-performing loans also increases the firm's debt to the bank as well as debt default, credit risk, and credit crunch for the firm, and hampers the destruction of liquidity and the creation of credit with the ability to accumulate on time deposits, which, in turn, can have negative consequences through circulation. This further causes the profitability of firms and banks to decline and the inflation rate to increase, leading to increased interest rates, contrary to the money multiplier model; Thus, accurate control over the behavior of banks is essential. It is suggested that macroprudential policies and dynamic provisioning strategies should be implemented along with the accounting system reformation.

The budget deficit refers to the situation where the government’s expenditures exceeding its revenues According to many schools of economics, the existence of a persistent budget deficit in an economy is a sign of that country’s economic weakness, and the government of that country must implement economic reforms to eliminate or reduce it in various ways. There are various ways to finance the budget deficit such as borrowing from the central bank, borrowing from foreigners and borrowing from the people and private sectors. The present study, considering the growing trend of using Islamic treasury bills in Iran to finance the budget deficit, has addressed the importance of the impact of issuing these bonds on economic variables compared to financing the budget deficit through borrowing from the Central Bank. For this purpose, a Dynamic Stochastic General Equilibrium (DSGE) model has been developed for the Iranian economy as an open economy Results claim in order to increase the investment, enhance the state consumptions and the deflation, while facing exchange rate momentum and monetary momentum, it would be a better choice to use the Islamic Treasury Bills. Whereas to increase the consumptions, receiving a loan from the Central Bank would be a better option in the case of momentum. Moreover, results indicate that in the case using Islamic T-Bills due to these two momenta, observing variables would be less off-balance and they would return to their early balance within a short span of time.

The Iranian government has traditionally financed its budget deficit through borrowing from the Central Bank. In contrast, many countries rely on bonds as the primary method to finance the budget deficit. The Iranian economy rejects this method based on religious considerations. Islamic Economists in Iran have proposed an alternative financial instrument called the Islamic Treasury Bills, which inherently differ from bonds. This study analyzes and compares how borrowing from the Central Bank, bonds, and Islamic Treasury Bills as budget financing methods affect macroeconomic variables, such as inflation, investment, and gross domestic product. This study uses a Dynamic stochastic general equilibrium model (DSGE) for an open economy by considering various methods of financing budget deficit. Findings suggest that using Islamic Treasury Bills to finance the government's budget deficit is preferable to the two other approaches, i.e., borrowing from the Central Bank and issuing bonds.

Many countries which their exports are mainly based on mineral resources are faced with the fluctuations in their foreign revenues. Based on this issue In Iran, in order to reduce the negative effects of oil shocks revenue on macroeconomic variables the National Development Fund was established as a tool to control such a fluctuations. In this study, using the Dynamic Stochastic General Equilibrium Model, three scenarios were developed to investigate the impact of the share of funds which will be allocated to the National Development Fund for controlling oil revenue fluctuations. In the first and second scenarios, according to the fifth and sixth development plans, the share of the fund was equal to 20% and 30%, respectively, and in the third scenario, the share of the fund was considered as floating share in models which have been applied. According to the research findings, the impulse function of oil revenues shocks in all three scenarios has increased the production and employment of the public sector and reduced the employment in the private sector. The results indicate that when oil shocks occur, the use of floating share of oil revenue for the National Development Fund in relative to the fixed share to allocate oil revenue sources to that fund, causes more fluctuations in production and employment variables in the public sector

Reduction of inequality and social justice by balancing the distribution of income and wealth is one of the concerns of economic policy makers and has been underlined by the constitution law in Iran. In the meantime, the explanation of the relationship between inequality and the factors affecting it has been a challenging area of economic debate in recent decades, and despite extensive research in this area, there are still many ambiguous issues in this regard. In this regard, in recent years, a new hypothesis has been presented by the French economist Thomas Piketty. In his analysis, Piketty's main factor of inequality is the gap between the rate of return on capital and the economic growth rate (r-g). But, despite offering logical explanations consistent with changes in the patterns of inequality, no empirical test has been done for the scientific-theoretical chain. Therefore, the question arises as to how much Piketty's hypothesis is empirically convincing and capable of explaining the rise of inequality for different countries? For this purpose, this paper, using the Structural Vector Autoregressive pattern (SVAR), analyzes the factors affecting income inequality in Iran within the framework of Thomas Piketty's perspective during the period of 1973-2016. The results of this study showed that the increase of gap (r-g) has no positive and significant relationship with the increase of inequality and share of capital from national income in Iran and there is no evidence to confirm Piketty's hypothesis in Iran.

The purpose of this study is to investigate wheatear fiscal expansion of monetary policy leads to inflation and what are its short-term and long-term consequences on the economy. The results showed that the consumption, production, and investment variables will be negatively affected by this mode of financing in the long run. The findings of policy shock functions indicate that increasing in the money stock leads to increase in the short term investment but reducing household labor hours will reduce production because of inflation. For example, increasing in the amount of a standard deviation would increase the inflation rate by 1. 157 % as well as it would reduce household labor hours, real money balance, production and consumption respectively by 0. 062%, 0. 157%, 0. 0368%, and 0. 157%. On the contrary, this policy will increase capital by 0. 264% and investment by 6. 3%.

In this paper we analyse the economic aspects of qarz-ul-hassana in compare with the conventional monetary system. Recent studies in this field mostly have followed a juriseprudence and legal approach. But this study follows a theoretical economic approach for explaining the economic consequences of conventional banking system. We show that this system by encouraging the social time preference and intreset rate, leads to unemployment, by credit creation leads to inflation, and by distorting the present and intertemporal allocation of resources leads to the increasing inequality. Then we argument that qarz-ul-hassana is the essential prerequisite and the complemantary of an interest-free society. Finally it is shown that the transition from conventional monetary system to an ideal system nessesitates a foundamental and essential changes in the conventional institution and regulation of national and international monetary system in a long term process.