فهرست مطالب محمدرضا رنج برفلاح

Due to the special and sensitive role of banks in the country's economic system, the occurrence of any disruption or inefficiency in the banking system and the reduction of their performance, directly affects the financial activities of society. Accordingly, in the present study, the effect of interest rates on the banking profitability of Iran and the United States during the period 1990 to 2019 has been investigated by regression method and GMM time series. The results showed that interest rates had significant effects on bank profitability in the Islamic sector and the conventional sector, with the difference that this effect was positive in the Islamic sector and negative in the conventional sector. The reason for the different effect can be the difference in the nature of interest rates in the Islamic and conventional sectors, because in conventional banking; Interest rates are based on usury, which due to the separation of the banking sector from the real sector of the economy, can be detrimental to the profitability of the banking sector in the long run, but in the Islamic sector, interest rates are based on risk sharing and banking performance to the real sector. It Depends. Therefore, it is recommended that countries with usury-based banking systems put on the agenda the reforms needed to Islamize the banking system.

Today, start-ups play an important role in the economic growth of developed countries, and in the meantime, this type of business can play a decisive role in the realization of a resilient economy and the establishment of appropriate methods of economic defense. Accordingly, in the present study, we seek to answer the question of how investing in start-ups helps to achieve a resilient economy and economic defense? The present research is applied in terms of purpose and uses the qualitative research method in the form of structured foundation data theory. For this purpose, based on the analysis of in-depth interviews conducted with 11 managers and experts of start-up businesses, the process of the phenomenon under study was discovered. Data analysis was performed based on open, axial and selective coding methods. The model obtained from this research shows that the main category that is the common chapter between start-ups and resistance economics is the tendency towards knowledge-based economics. Among the causal factors influencing this process include the components of business owner mentality, inward looking, value-oriented model, risk-taking and teamwork; Environmental factors including government, media, academia and social environment; Intermediate or contextual factors including networking, culture, government institutions, human capital, education system and social capital; Strategies and actions include financing, management consulting, accelerators, entrepreneurial intent and productivity that lead to the creation of economic and defense value as well as increased economic resilience.

The construction industry in the housing sector plays an important role in economic growth due to its significant share in GDP compared to other sectors. One of the most important factors hindering the increase of private sector investment in the construction industry is the faltering of trust and confidence. Meanwhile, exchange rate uncertainty and inflation have the most negative impact on the investment of construction companies. The main purpose of this study is to investigate the exchange rate uncertainty and inflation rate on the investment of construction companies in the period 1996-2020. To estimate the model, first using exchange rate data; Exchange rate uncertainty was calculated by GARCH method, then using GMM method, the effect of exchange rate uncertainty and inflation rate on construction companies' investment data was investigated. The results show that a one percent increase in exchange rate uncertainty and inflation has reduced the investment of construction companies by 0/593 and 0/368 percent, respectively. Also, a one percent increase in economic growth has increased the investment of construction companies by 0/119 percent. Based on the effect of estimated coefficients, the share and importance of the construction sector; Identifying investment opportunities and threats in the construction industry, government efforts in the correct and scientific implementation of economic policies in order to stabilize the real exchange rate and price index and awareness of the impact of these variables when planning and setting policies it's important.

This study aims to identify and rank the most important opportunities and threats in the process of blockchain and cryptocurrency legislation in Iran and to provide a proposed legislative framework based on the PEST model. This research is an applied research in terms of purpose and descriptive survey research in terms of data collection. To gather data and analyze studies, documents, articles, books, as well as the opinions of elites and experts have been analyzed. The statistical population of this research includes experts and professors in the fields of information technology engineering, economics, management and entrepreneurship from the University of Tehran, Payame Noor University, Shahid Chamran University of Ahvaz and the University and Higher Research Institute of National Defense and Strategic Research. It should be noted that the number of statistical samples was selected by observing the proportion of 15 people. To explain the opportunities and threats of this technology, a total of 22 factors (11 opportunity factors and 11 threat factors) were extracted. The data collection tool is a semi-structured questionnaire whose validity and reliability were confirmed by evaluating documents and studying the background literature, and using the opinions of experts and elites. Based on the findings of the present study and examining the views of elites, the most important opportunities for blockchain legislation and cryptocurrencies in Iran are economic opportunities, political-legal opportunities, technological opportunities and socio-cultural opportunities, respectively. Economic threats, political-legal threats, socio-cultural threats and technological threats are the most important threats to blockchain legislation in Iran, respectively.

The recent rise in economic confrontations globally, including that of some Western powers with the Islamic Republic of Iran, has heightened beyond conventional norms and transformed into a full-scale economic war. In such circumstances, one has to go beyond the conventional wisdom of the mainstream economic literature based on assumptions of global free-trade and commerce for a realistic analysis of the current state of affairs. In line with the literature in applied research, the methodology of this paper follows exploratory mixed methods design, specifically utilizing modeling typology, to first arrive at a definition of the concept of start-ups, thus subsequently, the paper turns towards analyzing the role of these businesses in a defensive economy. Finally, following cues from the statements of the Supreme Leader and the existing literature, the paper attempts to describe the concepts of ‘resistance economics’ and ‘economic defense’.

Regarding the importance of the relationship between volume of liquidity and GDP in manufacturing sector policy making, using a time-varying parameter (TVP) regression model and Kalman filter approach, the present research studies the GDP's response to effective variables such as capital, labor force, and in particular liquidity volume during the period of 1978-2015. The results of estimating the regression model with time varying parameter and the study of the trend of the coefficients of explanatory variables over time show that these coefficients have not been constant over the period under study and have changed due to exogenous shocks such as revolution, war, oil price shocks, applied economic policies, structural changes, international political stances, and economic sanctions. By comparing the trend of changes in the GDP growth rate with changes in the rate of growth of liquidity, it can be said that the trend of changes in these two variables are not proportionate, showing that policy making in the monetary sector has not been efficient. Therefore, it is suggested that the central bank should have an appropriate operational independence and that the rate of liquidity growth vary proportionately with the rate of GDP growth.

The present study investigates the effect of capital on liquidity and credit risks in the banking industry of Iran using a GMM system. Eviews9 and stata12 software have been used to carry out this research. The research findings show that there is a significant and significant correlation between bank capital and risk in the banking industry of Iran, so that by increasing the capital of a bank by as much as one percent, the liquidity risk on the basis of various indexes can decrease from 0/1% to 0/4% Find out.In the case of credit risk, the increase in bank capital leads to a reduction in credit risk from 5/7 to 6/8 percent. Based on the findings of this research and tests, the ethical hazard theory in the banking industry is confirmed. And the charter theory regarding the banking system of Iran is not approved. In this study, the size of the bank shows a direct and significant relationship with liquidity risk, so that a unit of increase in the bank's size index has increased the risk of liquidity from 0/003 to 0/008. There is also a meaningful relationship between the variables of economics and the risk of liquidity and credit. The results of the research also suggest that risk management in banks depends not only on internal banking factors, but also on macroeconomic factors.

Today, the dominance of currencies such as the Dollar and the Euro over the global trading system and the dependence of bank transfers on the SWIFT network have become the power measure to impose sanctions. International organizations, their facilities and regulations were used mostly as tools for global management in the past, but today the sorts of governance and relations between countries have changed with modern tools and organizations emerging alongside traditional tools and the possibility of intelligent data management. Therefore, in many countries both centralized governments and decentralized public institutions want to restructure the relationships and use of new tools such as "cryptocurrencies" for exchanges, financing and transferring assets in order to maintain their independence and economic status. The desire to decrease the monopoly power of dominating currencies throughout the global economy and its exchange platform, has expanded countries' incentives to conduct bilateral and multilateral exchanges with local currencies in the context of the new blockchain technology. One way of facilitating the exchanges and aversion of exchange rate volatilities is the creation of a “digital currency” backed by a portfolio of national and international currencies, gold, oil and other assets operating similar to SDR (Special Drawing Right), provides secure, fast and cheap clearing of payments among traders without the need for SWIFT. In this paper, we have examined the possibility of establishing a digital currency named “Ecomoney” between Iran and ECO member countries and major trading parties of Iran such as China, India and Russia.

This study aims to investigate the role of Resistive Economy in defense sector with an emphasis on technology developement. The research is descriptive and based on correlation analysis. The study society contains 126 people in which 95 of them were selected as sample. The questionnaire was answerd by this group and answers were analyzed. Questionnaire stability was calculated by the mehtod of krunbach alpha for resistive economy and defense industry variables as 0.68 and 0.78. We used SPSS software and correlation tests to analyze the data. Results show that the most Important challenge of defense industry for the developement of technology is on one hand resource scarcity and on the other hand increasing number of required technologies. Defensive industry can help the country in transition to resistive economy paradigm through overflows of technology, investment security, stimulating knowledge based demand and helping institutional innovation.

The aim of this study is evaluating the effect of non-interest income on the risk and profitability of the banking industry by using systematic GMM during 1384 to 1393. The findings show that the increase of non-interest income results in the increase of profitability and the decrease of risk in Iran's banking system and there is a significant positive relationship between the concentration index and bank risk in such a way that the increase of concentration index results in increase of bank's risks. On the base of the research results and current problems of Iran's banking system, paying attention to bank's money making ability through non-interest income can be considered as a major solution.

Government interference in the financial markets by interest rate ceiling determination of bank deposits, high rate of legal reserve, interference on how bank credits distribution and capital limited codification is caued to reduce the bank interest rate with level lower than inflation rate and thus is negative the real interest rate. In economic contexts, these conditions is called financial repression. The past several decades, in Iran economics, the financial system had been had many restrictions which the important restriction is interest rate determination for bouth deposits and loans bank imperative form. But based on Mackinnon and Shawۥ theory, if interest rate increase of bank deposits can be cause to increase the economic growth in Iran? In present research, it has been investigated the bank deposits interest rate increase effect in Iranۥs economics. In order to, it was used DSGE mogel. The results indicated that bank deposits interest rste increase is caused to reduce the investment, bank credits and GDP. Thus is reduced economic growth. Therefore, Mackinnon and Shaw ۥtheory is rejected in economics of Iran.

Nowadays, the significant increase in the bank's non- performing loans is one of the main disturbances for authorities because of its bad effects on the macroeconomic index in our country such as increasing credit risk, liquidity risk and finally bankruptcy risk. Social gap in welfare programs, deviation in monetary policies, etc. are the other bad results of this phenomenon. Meanwhile, due to our major effort to implement a riba-free banking system, the non-performing loans proportion to the overall banking demands may be taken by international supervisors as an index of Iran's special condition. Studying the causes of NPLs is one of the research priorities to help decrease NPLs and to improve our monetary position. In this article, we survey those causes by using Grounded theory. We have also benefitted from the opinions of some banking officials to gather data and analyze them. Finally, we show that NPLs causes can relate to both macroeconomic and microeconomic factors. We can also relate microeconomic factors to self-banking factors and borrower's behavioral factors.

The paper discusses Black Scholes model and the role of the interest rate in that model for a call option pricing to show the role of the interest rate has been to cover all risks. The paper compares Black Scholes model with Samuelson Sprenkel model and has shown that either of the two models may be used for an Islamic capital market where the rate of interest does not play any role.

Given the increasing development of new financial instruments in the world and the interest shown in option contracts in our country during the last decade، in this research، a feasible model was developed for option contract pricing within the Islamic financial environment. First، as an introduction to the pricing issue of this contract in Black- Scholes model، the mathematical extraction method of this model and the rationale for introduction of interest rate into it is discussed. Next، it was explained that the assumption of full risk coverage in this model justifies inclusion of interest rate into it. In our case، the test result did not confirm this assumption. By study of the pricing models constructed and introduced prior to Black-Scholes model، the Bones model was found suitable for our study.

Credit risk is one of the most prevalent and most important risks in commercial banks. These banks have ever paid special attention to credit risk management and various approaches have been applied for; the use of credit derivatives is one of the methods and "Credit-linked Note" is the most common credit derivatives that used for this purpose. Given that some of problems in the banking system are regard with lack of appropriate financial instruments to manage credit risk, this paper investigates the juridical possibility of utilization this instrument in banking system and therefore credit derivatives is evaluated in according with general terms of Shia` jurisprudence perspective. The important result of this study is that Credit-linked Note is applicable according to principles and standards of Imamie jurisprudence. Also Credit-linked Note is considered as a new contract and shown its revision to comply with the general conditions for the validity of the transaction is possible in the form of innovative contract.

Knowing income inequality in socio-economic subgroups helps us to achieve justice. The main goal of this study is to evaluate، decompose and compare the Theil and Atkinson inequality indices in terms of the inequality within and inequality between urban and rural area in Tehran province during the 3rd and the 4th Economic Development Program of Iran. Doing so، we used the micro households'' data along 2000 till 2007. The results show that the contributions of inequality within Tehran Province were respectively belong to urban area، rural area and between them inequality. The results of analyse of Variance represent no statistical significance in the seemed difference between inequality at the first three years of the 3rd and the 4th Iran''s Economic Development Program. According to these، reducing inequality in Tehran province needs to focus on inequality within Urban Areas.

Bio-environmental problems that increasingly have enfolded large spectrum of pollution, dangers and biogenesis destruction, have met local, regional and global dimensions. The major part of these problems, caused by production, change and final usage of energy and these factors directly or indirectly lead to risks such as change in continent and global warming. The main purpose of this research is checking the effect of spread of gases CO2, SO2 & NOx that are as a result of consumption of fussily fuels on Iran`s GDP and finally economical activities. For this investigation the time series Data between 1353-1385 and Cobb-Douglas pattern has been used. The effect of spread of these dopants on GDP are also reviewed by using the OLS method. The result of research show negative effect of spread of these gases on GDP. The results has also shown that 1% increase in spread of these dopants will cause to decrease of GDP in value 0.0188 percent and also 1% increase in destruction costs caused by spraed of these dopants will lead to decrease of GDP in value 0.0231 percent.

In Iran، bank interest rate is determined by Central Bank، thus، due to high inflation rates، real interest rate becomes negative. This in turn leads to financial repression. In this research، based on Mackinnon and Shaw’s view، the effect of bank loans interest rate on the investment and production of Iran is examined. To do that، first، a DSGE model for the economy of Iran was calculated. This model includes four parts: household، firm، trading banks، both government and Central Bank. The results indicate that an increase in interest rate has increased bank deposits while investment، bank credits and GDP are reduced. Thus the increase of bank interest rate is led to reduction of economic growth of Iran. Thus، Mackinnon and Shaw ۥs Theory is rejected in Iran’s economy.