سیدضیاءالدین کیاءالحسینی

The contribution of the Labor force has been an important issue in economic schools. The classical school determines wages in the market. One of the consequences of this determination was the rise of the Marxist school with an emphasis on allocating all production value to labor.Islamic teachings, organize the functioning of the labor market and its components and it provides the ground for the emergence of justice through cooperation and collaboration, and evolution, not conflict and enmity. Every worker had the right to security and health and other social security and fair wages and he has a duty to do his best. Mousavi Ardebili in determining wages, value, and price are divided into two types of natural price and current price, and the three factors of unfair wages, consumer exploitation, and the existence of the machine as the cause of the surplus value of goods and it does not consider the addition of all added value to the labor force or the owner of capital to be legally or economically justifiable. Sanctity of disruption in the social and economic system, exploitation, bipolarity, and invalidity of ownership along with the necessity of all-around justice is one of the basic principles in determining the share of production factors and determining the value of goods.principles in determining the share of production factors and determining the value of goods.

Legal alms or Zakāt is one of the financial obligations that is ordained not only in Islam but also in other religions. The purpose behind this financial obligation is to purify the soul, purify the property and bless it, and to fill the economic gaps of the society. In the numerous Meccan and Medinan verses, this financial obligation is ordained, but like many other Qur’anic obligations, the order of revelations of the verses of the QurÞān exerts its effect on the type of ruling, subject, and the way or the ways in which legal alms are cinsumed , and therefore, this article is intended to examine the evolution of and change in the ruling, topic, and the way zakāt  is consumed drawing upon the content analysis method. The findings of this study show that zakāt was obligatory on Muslims in Mecca, and the objects of legal alms were not restricted to the so-called nine jurisprudential cases, but the underlying principle was to meet the needs of the needy by its payment . For, at that time, most of the Muslims were the poor, the slaves and the needy. In addition, this financial obligation was not limited to zakāt, but in the QurÞān, God also ordained such things as fair loan (free loan without taking usury), spending in Allah’s way (infāq), feeding orphans and the poor, and made mention of the ‘recognised right, ‘the right to harvest’, and ‘to supply neighbourly needs’. For this reason, the word (zakāt) is used less in the early revealed Surahs and similar words are used istead to refer to this financial obligation, but with the passage of time and the increase in the population of Muslims and the strengthening of their social ties, the verses in which specifically zakāt is ordained has increased in number. In the early days of Islam, among other financial duties, zakāt was obligatory in general and its consumption was at the discretion of the payers, but in Madina and with the discretion of the Prophet Muhammad, the objects of legal alms were reduced and conditions were established for its obligation, payment and consumptions.

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 this paper is to investigate the effect of coordinating of monetary and fiscal policies in the co-operative game space on macroeconomic components in which the government acts as a leader and central bank as a follower and its effect on macroeconomic variables including inflation. Unemployment, economic growth, as well as the Tehran Stock Exchange market index have been studied and compared with the situation in which these two institutions operate in a non-cooperative manner. This article uses SVAR method to study and test the coordination of monetary and fiscal policies in the period 1979 to 2016. The results show that the dominance of the financial sector as a leader over the monetary sector as a follower has led to higher inflation and lower unemployment rates as policies are implemented, indicating the dominance of the financial sector as well as the government's political goals. The central bank's economic goals have led to an increase in the GDP gap during the study period.

The present study examines the effect of participatory incentive with emphasis on oil price and monetary impacts on the real sector of Iran's economy using the SVAR model for 1984-2016. According to the results, a impulse from the oil price zone, a 5 percent reduction in production and a 1 percent decline in employment. Also, the impetus from the cooperative facility area, although raising the real interest rate, does not end in the production and employment of the Iranian economy, which reduces them by 2% and 0.6%. In the meanwhile, by increasing foreign exchange earnings due to rising oil prices, these funds, instead of being part of the real economy, are mere imports, which are generally carried out in order to deal with inflation. In this case, many manufacturing sectors will be severely damaged and eliminated from the production cycle, so part of the investments made in the economy are left unused and production and employment are reduced.

The banking system is one of the main pillars of any economic system and has the highest degree of influence on other sectors, and in the event of a crisis and bank instability, it easily spreads to other sectors and even to the macroeconomy. Therefore, the factors affecting bank stability should be identified and applied by the importance of each relevant strategy. The research method is descriptive and applied and to identify, influence and influence and prioritize and interact between factors affecting bank stability, the combined method of DANP in the period 2006-2018 has been used for 15 countries in the Middle East and North Africa (Mena). Based on the research background, 17 sub-criteria have been extracted in 5 main criteria. Examination of the factors affecting the stability of the banking system of the countries revealed that the external factors of macroeconomic and internal inflation are specific banking factors (net loan to assets and granting facilities), profitability (average return on equity), and banking risk (ratio of cash reserves to assets). Have had the most impact. Expanding the scope of analysis and explicit calculation for asset and risk management, especially credit risks (net loan to asset-to-payments ratio) and liquidity (ratio of cash reserves to assets) for bank managers and inflation control for macroeconomic sustainability is proposed by the central bank.

This paper examined the dynamic relationship between exchange rate and domestic inflation rate as well as the existence of vicious circle in Iran. The sample covers monthly data from 1381:01 to 1395:12 Solar Hijri (about 2002:04 – 2017:03). The model was estimated using Markov Switching Bayesian VAR approach and Gibbs sampling.The empirical results confirm that there are two inflation regimes that vary in variances. The Impulse-Response Functions imply that there is a two-way linkage between these variables in the low inflation regime and the explosive behavior was experienced in the high inflation regime. The response of inflation to one standard-deviation shock of the exchange rate is positive and less than unity in low inflation regime. And the reaction of the exchange rate to one standard-deviation shock of inflation is positive too but the later was larger than former. Although the explosive behavior in high inflation regime confirms the vicious circle hypothesis in Iran.

Banking, by its very nature, involves a wide range of risks. Banking supervisors should identify their risks and evaluate and manage them. Therefore, the factors affecting banking stability should be identified and applied in proportion to the importance of each relevant strategy. 

The method of the present research is descriptive and applied and using descriptive and inferential methods, the data have been analyzed and then the obtained results have been analyzed. It has been used to identify the impact of credit and liquidity risks on banking stability in selected member countries of the Mena region using the Panel Gentle Transfer Regression (PSTR) model, which is one of the prominent regime change models. 

According to the results of MATLAB software, it was found that the variables of liquidity risk and credit risk in both regimes have the greatest impact on the stability of the banking system of MENA member countries and also the impact of credit risk in both regimes is greater than liquidity risk. Therefore, formulating appropriate policies to manage credit risk reduction can lead to the stability of the country's banking system, which in turn will strengthen the monetary system.  Analyzing the relationship between economic factors and risks on banking stability is an important issue that has been addressed in this study. The thresholds of credit risk as a turning point and distinguishing point of the two regimes expressed in the PSTR model, for these equations, have been estimated according to the Akaik and Schwartz tests (3.36 and 3.83), respectively. The results of parameter slope estimation showed that the adjustment speed from one regime to the second regime was equal to 0.194, which indicates their gentle adjustment speed. In the first regime before the threshold, ie the linear part of the PSTR model, the variables of credit risk, payment facilities, inflation and crisis and shocks to countries have a negative and significant effect on the banking system. In contrast, the variables of facility to deposit ratio, liquidity risk, bank size, return on assets, efficiency of banks and GDP have a positive and significant effect on the banking system. In the second regime, the nonlinear part of the PSTR model, the variables of facility to deposit ratio, bank size, inflation, capital to asset ratio, facilities and crises and shocks that have hit a country have a negative and significant effect on the banking system. In contrast, the variables of liquidity risk, credit risk, return on assets, efficiency of banks, gross national product and payment facilities of banks have a positive and significant effect on the banking system. 

According to the results of this study (first and second scenarios), liquidity risk, in addition to a positive effect on banking stability, intensifies its positive effect on the banking stability of countries. Credit risk also has a significant effect on off-line banking stability, which has been confirmed. In other words, according to the results of the estimated model, the variables of liquidity risk and credit risk in both regimes have the greatest impact on the stability of the banking system of MENA member countries, so that the effect of credit risk in both regimes is greater than liquidity risk. Therefore, formulating strategies to reduce instability in the country's banking system, credit risk management can be an important factor to increase banking stability, which will strengthen the monetary system.

Consideration of regional systems as a way of managing national security barriers along with peaceful economic relations are achieved in the regionalization process. One of these agreements is the Eurasian Economic Union. The present study inspects the potential impact of the trade agreement between Iran and the Eurasian Economic Union on export sectors of industry and agriculture using the gravity model over 2001-2018.The results demonstrate the positive effect of the mean variables of GDP and FDI on exports from Iran to Eurasia in industry and agriculture and indicate the negative effect of the variables on product deriving from multiplication of population, tariff rate and real exchange rate with exports. The elimination of trade tariffs between Iran and Eurasia can benefit various sectors of Iran's economy, and this benefit is further enhanced when the industry sector tariff is removed.Economic policymakers should consider the economic implications of this agreement for success. If the agricultural sector is faced with import restrictions, it will most likely have negative effects and this option could be deemed as an inappropriate policy in agreement with the Eurasia. The creation of a joint financial mechanism for internal exchanges between Iran and the Eurasia, the formation of a database of Member States' traders for Iranian economic activists, the issuance of business visas among Member States and the establishment of a Eurasian Joint Chamber could enhance Iran's trade with Eurasia in the sector and it can be beneficial to exporting industry and agriculture.

The insurance market generally involves adverse selection and moral hazards due to its asymmetric information, which imposes serious limitations to estimate demand for insurance. Applying probit model with a sample included of 15707 clients of Pasargad Insurance Company, this study aims to estimate effects of eight variables on demand for car insurance in Shiraz. The variables are classified into three parts; client characteristics including income, age and education, car characteristics including its price, its model (year), the way to finance its purchase as well as car accidents data and finally contract characteristic including only car insurance discounts. The results show that all of coefficients are statistically significant at the level of %1 except its model (year). According to this model, the elasticities of car insurance discounts, age, price, education, the way of finance to purchase, income and car accident data are respectively: 21.01, -12.27, 7.15, 1.77, 0.59, 0.45 and 0.11, which indicate that these variables are very important in this regard. As it is obvious, all variables except age have direct effect on demand for car insurance.

The main objective of this paper is to find the optimal model of the monetary and fiscal policy tool for economic growth. Accordingly, we used four models with different combinations of liquidity to provide an optimal model for determining the optimal combination of monetary and fiscal policy in the short term and long-term results, and show how the optimal tools for optimal combination monetary and fiscal policies lead to economic growth. In all of these models, the ARDL method has the effect of monetary policy through terms such as the volume of banknotes and coins, the volume of long-term deposits, the rate of interest on long-term deposits, exchange rates and fiscal policies through variables such as public revenues and public expenditure on growth Real gross nominal production for the period 1978-2017 is analyzed and the moderation rate of each model is analyzed. The results show that combination No. 4 is accepted in both short and long term terms, both monetary and fiscal policies are effective in sustained economic growth.

The consumption pattern can be influenced by the calendar effects of Ramadan. Ramadan can effect on consumption pattern due to the spiritual effects of the community. The purpose of this study is to investigate the effect of Ramadan on the consumption patterns of urban households in Iran. We use SUR method using data processed in household budget. Of the 11 major food items segregated, the only variable in the X118 code (sugar, sugar, jam, and sweets) is a leap to increase and significantly affect the Ramadan calendar effect, and there is no significant change in the pattern of consumption of other edible items. Therefore, the putative theory of research, which explains the true relationship between the material and spiritual factors of the pattern of consumption and Ramadan, and the economic phenomenon of influencing the pattern of consumption from Ramadan, while at the same time relates to Islamic teachings, concluded that the calendar effect of the Ramadan did not change the whole a food consumption pattern in urban households, and only in the consumption pattern of the main group of sugar, sugar, jam, and sweets, there was a change in the rate of consumption during Ramadan. Ramadan does not effect on the slope of the X118 variable (sugar, sugar, jam and sweets), and increasing the initial width, with a coefficient of 0.238. Code 118 does not grow, but in the month of Ramadan we see an increase in consumption.

Economists typically use rational choice theory to realistically analyze economic phenomena. This theory is challenged by the complexities of human behavior. Therefore, assumptions and concepts used in this theory—including the concept of self-interest and system of preferences—have faced a lot of criticism and adjustments over the years. This paper seeks to redefine the basic concepts of rational choice theory based on the interpretive concepts of Allameh Tabataba'i using content analysis method. The findings of the study show that the drawbacks of rational choice theory mainly stem from its basic concepts, including the three fundamental concepts of interest, the individual, and rationality, as well as the relationship between them. The proposed concepts of this paper about rationality have been suggested due to the role of training and guidance in the consolidated personality of man in a long-term spiritual perspective and by considering “other” like “self”. These concepts can be introduced in the form of “questionable individuality” and “evolutionary rationality”. The results of this study show that the proposed conceptual adjustments are in line with Allameh Tabataba’i’s interpretative concepts regarding some verses.

Exacerbating income inequality and increasing crimes give rise to waste of human and financial resources of the society. However, causality direction between income inequality and crime remains a controversial issue. Applying Hsiao’s causality test for the 1984-2014 period, this study examines the direction of causality between these social problems in Iran. The crimes under study include crimes against property (embezzlement, bribery, forgery, theft and bounced checks) and violent crimes (murder, battery, duress and harassment). In addition, Gini coefficient is used as an inequality index. The optimal lag lengths are one for crimes against property and two for violent crimes, respectively. Findings indicate significant bidirectional causal relationships between income inequality and two kinds of crimes.

Economists have reached a consensus that an independent central bank could improve its policy efficiency by following a monetary policy rule. One of the important rules is McCallum rule where that requires central banks to target the growth rate of nominal GDP using the monetary base as its instrument. One of the features of the McCallum rule uses the monetary base rather than the interest rates as the monetary policy instrument that is consistent with the Interest-free banking system in Iran. This paper utilizes a counterfactual simulation method to evaluate the feasibility of McCallum rule as a policy guideline for Iran in two simple macroeconomic models. The simulation results show that following the McCallum rule could significantly reduce Iran’s nominal GDP fluctuations. The analysis shows that rule-specified path for the monetary base changes could be used as a benchmark for the Central Bank of Iran policy decision.

The present study aims to provide a model for covering price risks in Iranian importers of agricultural commodities. In order to assess the efficiency of the model, daily spot and futures prices of soybeans and corn were collected from the Chicago Mercantile Exchange (CME) during the period 05/01/2010 to 06/08/2018. The data were analyzed for two situations as follows: 1- Futures contracts can be traded. 2- Futures contracts cannot be traded. One of such methods in the dynamic state is Markov switching GARCH model. The application of the Markov switching GARCH model produced a high volatility and a low volatility regime. In case the quasi futures contracts are used, the optimal risk coverage ratio for the soybean and corn products would respectively be equal with 0.849 and 0.9065; while the efficiency of the risk coverage would be respectively equal to 82 and 78 percent for these two products.

The present study aims to provide a model for covering price risks in Iranian importers of agricultural commodities, which may help prevent adverse effects of price fluctuations. The proposed model uses futures-like contracts for agricultural commodity imports. In order to assess the efficiency of the model, daily spot and futures prices of soybeans and corn were collected from the Chicago Mercantile Exchange during the period 05/01/2010 to 06/08/2018. The method of the optimal risk coverage ratio bears crucial importance in these two situations. In the first case, using the Markov switching method, the optimal risk coverage ratio for corn was shown to be 0.966572 and 0.0051858 in the zero and one regimes, respectively. The ratio for soybeans was computed to be 0.977403 and 0.019816 in the zero and one regimes, respectively. Thus, real-world risk coverage should be obtained through using futures-like contracts. optimal risk coverage ratio for soybeans and corn would be 0.849 and 0.9065, respectively, while the efficiency of risk coverage for them would be 82% and 78%, respectively.

This article determine the monopoly power of 22 food industries among 136 manufacturing industries at 4 digit ISIC level, and also determine the position of food industry in terms of market power dispersion among 23 fields in industry at 2 digit ISIC level. The unstructured and parametric approach of Lu and Yu was used to estimate the monopoly power of industry. According to the results, the mark-up of 73 percent of food industries is more than 10 percent. Industrial production of bread and a variety of beverages are the largest monopoly power, while industries such as production, processing and preserving of meat and meat products; manufacture of vegetable and animal oils and fats; manufacture of dairy products; manufacture of grain mill products show a competitive behavior. On the whole, 87 percent of the Iranian industries have monopoly power and uncompetitive behavior. Meanwhile, the industries have the decreasing average of returns to scale and the position of food industry in terms of inequality rank of market power dispersion, is 12 among 23 industries with 2-digit level. Therefore, using the potential capacity of some industries such as flour production can be helpful, with liberalization the exports of their products while no subsidization is provided for the raw material. In order to increase the competitive nature of the other industries, a strategy can be; reducing and rationalizing the import tariffs with the aim of improving competition.

The main purpose of this paper is to examine the effect of trade openness and government size on macroeconomic volatility. Economic theories do not clearly show the effects of trade openness and government size on macroeconomic volatility. Therefore, this is essentially an empirical problem. Hence, we have presented an empirical model to test the effect of trade openness and government size on macroeconomic volatility in Iran over the period of 1352-1395. For this, first, the macroeconomic uncertainty was extracted using stochastic volatility model with leverage effects by technique of principal component analysis. The results showed that in the long run, trade openness and government expenditures have a positive effect on macroeconomic volatility in Iran. In addition, in the short run, there is no significant relationship between the relevant variables and macroeconomic volatility.

Achieving higher economic growth is one of the main objectives of all economies and countries around the world which will lead to an increase of social welfare, poverty alleviation, and inequality. Man power is one of the most important factors for economic growth. Since women make up half of the world’s population, they can be an effective factor for achieving this purpose; however, so far there has always been gender differences in various areas  including training, wage, health, and so on all around the world which can both have negative effect on economic growth and reduce economic welfare. Accordingly, any effort to remove gender differences in these areas, in addition to being an ethical value, is an essential policy to achieve goals regarding economic, social, and human development and is among the important issues of the nations. This paper seeks to explore the impact of gender differences such as those at the level of wages, education, and the indices of life expectancy of women and men upon economic growth in economies holding very high, high, medium, and low levels in human development during 2004-2012, by means of GMM model. The results of the paper show that for those countries with a very high level of human development, there is a negative relationship between economic growth and life expectancy, difference in the wage levels of women and men, and difference in education levels of women and men.  According to Boserup's theory, at the preliminary stages of economic growth, the gender gap will increase, but when a country goes through a distinct stage of development, this relation reverses, which is inferred from dependent variable interval of both groups and the variable concerning the difference in wages level of women and men in countries with low and medium human development index. 

One of the policy makers’ objectives is to guarantee justice and fair distribution of incomes among citizens through taxation. In this study, income tax as an income base was compared to khums on the profit of income as the major income tax in Ja’fari jurisprudence to investigate the characteristics and advantages of this Islamic tax system in the current economic system of Iran. This paper sheds light on the positive aspects of this divine command with respect to the distribution of income and tax incidence. It is hoped that the findings of this study contribute to the improvement of the current tax system. In this empirical study, the potential amount of khums was calculated using Pareto bilateral distribution for every Iranian household with respect to the jurisprudence of khums for 1999-2012. Then, the distribution of tax incidence was estimated. The distribution of tax incidence for both tax systems on deciles shows the lower tax incidence of khums for households, higher-income households in particular. Therefore, the impairment in performance and allocation of resources are lower for khums, compared to those of income tax. Moreover, the comparison of progression degree of khums and income tax shows that despite its uniform rate, khums on the profit of income is a progressive tax with a moderate progression rate since it excludes the living costs. However, its progression degree is lower, compared to that of income tax.

The aim of this paper is introducing a new method to estimation monopoly power and uses it for 136 Iranian manufacturing industries at 4 digits ISIC level during 2005-2013. The method used is stochastic frontier approach. The results indicate that the markup of nearly 98 percent of manufacturing industries is between 10 and 40 percent and they have an uncompetitive behavior. The average industries markup in Iran had a rising trend over time, reducing their average returns to scale. According to the results; there are suggested canceling the exclusive advantages that used to grant to some industries, lowering the tariff for increasing foreign competition with implementation necessary standards in order to production, importing industerial outputs and expanding industerial activities in the form of cooperatives.

The main purpose of the present research is to study the Causal relationship between inflation and inflation uncertainty in Iran’s economy during 1990:1 – 2015:4. To achieve this goal, this paper used Vector Auto Regression model with the possibility of changing Markov Regime (MS – VAR). Results obtained from model estimation showed that depending on the placement of inflation and uncertainty variables on the regimes, causal relationship among these variables can be different. In general, results obtained from the research in relation to the presence of causality relationship from inflation to uncertainty of inflation showed that in estimated 5 cases out of the 6 cases, Friedman's (1977) and Ball’s hypothesis (1992), that inflation causes inflation uncertainty to increase, have been confirmed. Also, in the case of the causal relationship from uncertainty of inflation to inflation, it is showed that only in one case out of the 6 studied cases, Pourgerami’s and Maskus’s hypothesis (1987), that an increase in inflation causes a decrease in inflation uncertainty, has been confirmed.

This paper has investigated the effects of structural and exchange shocks on the macroeconomic variables by using a DSGE model. In macroeconomic dynamics, three assumptions had made. First, economy faces nominal rigidities, second, because of fiscal dominance in Iran, defining monetary policy is not possible, and third, Iran economy is an small open economy that its macro variables have been affected by exchange shocks. In this way and by using quarterly data in the 1369-91 period, model parameters has estimated and the results show the effectiveness of real exchange rate, law of one price gap, and nominal exchange rate on inflation and economic growth. Moreover, based on simulation results, exchange rate fluctuations cause change in the equilibrium path of inflation and output.

Production is one of the basic pillars of the economy, and accordingly examining the producers’ behavior and the Muslim producer’s objective function have always been amongst the important theoretical problems for Muslim economists. Having the theories regarding Muslim producer’s behavior in mind and considering the hypothesis that maximizing private interest by Muslim producer is done with an eye to the religious standards and public interest, the present study tries to answer this question: What are the Muslim producer’s goals? Thus, empirically studying the behavior of producers in Kermanshah and utilizing questionnaire and AHP method, the study has tried to rank the standards regarding the decision-making indices of the city’s producers. The results show that, on the one hand, private interest index plays a more important role in the producers’ decision-making than the index of God’s being satisfied and public interest, and on the other hand, the standards of decreasing the competitors’ profit, labor-intensive production and the scarcity of production factors have a more intense effect on the producers’ behavior and decision-making than those of paying taxes, giving complete information, not wasting production resources, increasing labor force’s wage, and production costs. One of the important findings is that the producers consider allocative efficiency, and paying attention to the private interests, if the public interests get threatened, they give up a part of their own interests for the sake of the society’s well-being.