abbas shakeri

Validity of a policy to achieve the goal of sustainability is an important issue. Stability of expectations through monetary policy is successful when financial policies do not make expectations unstable. The coordination between monetary and financial policies is done at two different levels, firstly in the short term and in accordance with the conventional performance of monetary and financial policies, and secondly regarding the long-term effects of macroeconomics, which can affect the coordination of unadjusted policies. In the short term, coordination is a policy to achieve financial goals, including price stability. The main focus should be placed on monetary policies and government debt management. In the long term, the issue of policy coordination is adjusted based on how to design the structure of monetary and financial policies, which leads to maintaining the path of economic growth in a balanced way; that is, it controls inflation and provides financial conditions for sustainable growth. This indicates that the financial deficit should be limited to such an extent that the capital market can operate without disturbing the allocation of resources in the economy and bringing the need for the central bank. Considering the continuous budget deficit, one of the most important economic challenges in Iran is the dependence of the government budget on oil, because the more the dependence of the government budget on oil revenues and its influence on oil impulses, the more fluctuations in the demand of the entire economy. The importance of the mentioned issue stems from the fact that increasing government spending has been one of the ways to achieve greater economic growth in recent decades, but this has caused governments to face the problem of continuous budget deficits. On the one hand, the government's income has serious limitations due to the weakness of the tax system and some economic structural problems. On the other hand, the adoption of incorrect financial policies and lack of proper planning along with population growth lead to an increase in demand for public goods such as education and health. This has led to the increasing growth of government expenditures. The limitation of the government's resources and incomes causes a budget deficit, making governments borrow from the central bank to cover this deficit. The monetary authorities' reaction to this issue can be effective in the stability of economic policies.

Monetary and financial policies have always been of interest to economists as tools to achieve macroeconomic goals. Of course, there have been fluctuations in focusing on the positive role of each of the economic policies in stabilizing economic fluctuations. The main goal of this research was to examine the relationship and coordination between monetary and financial policies in Iran's economy. For this purpose, the statistical information of the period 1989-2022 was used based on the frequency of the seasonal data. In order to model the interaction and relationship between monetary and financial policies in Iran, the Dynamic Stochastic General Equilibrium (DSGE) model was used.

Based on the results, the shock of monetary policies initially has a very decreasing effect on economic growth and consumption. From the fourth period onwards, however, the impact of monetary policy shocks on these two variables is positive. This can be due to the existence of unsupported monetary policies in the country and the resulting increase in inflation, which has a negative impact on consumption and economic growth. As a result of the monetary policy shock, the net investment increases sharply at first and reaches a maximum in the fourth period and then decreases with a downward trend. Therefore, due to the effects of inflation, monetary policies lead to the desire of households and companies to increase investment. In the case of government spending, the monetary policy shock increased the government spending sharply at first and, after six periods, it went through a relatively downward trend with a gentle trend. According to the results, financial policy shocks have first led to an increase in consumption and economic growth and finally to a decrease. As a result of the financial policy shock, the net investment decreases sharply until the sixth period and reaches zero. After that, it increases mildly. Also, in response to the financial policy shock, there is an increase in the inflation rate and the amount of money in response to the financial policy shock. This indicates the supremacy of financial policy over monetary policy in the country.

Conclusions and policy implications: 

In Iran, monetary and financial policies are always implemented by policymakers with the aim of creating economic growth and stability. But, unfortunately, there is always the issue of deviation from the goals and the undesirable and negative welfare and economic effects of applying such policies. It seems that most of these issues are due to paying attention to monetary and financial goals separately rather than dealing with the interactions of those policies and, most importantly, recognizing the goal of preparing executive programs for these two areas. On the other hand, the dominance of financial policy and lack of attention to monetary and financial policy interactions have limited the power of the central bank to use monetary instruments to control inflation. It is necessary to study the interaction of monetary and financial policies, both from the point of view of economic considerations and with regard to the requirements of revising the implementation of those policies in terms of the negative effects on the economy caused by the implementation of wrong policies in the economy of Iran. According to the results, it is suggested to control the inflation rate and money growth in the country with the financial discipline of the government and the reduction of financing the government expenses from the area of money creation. In the end, non-violation of the announced policies by the policy makers will be the most important factor in reducing the financial indiscipline of the government.

Resolving problems resulting from stagflation conditions accompanied with low economic growth and slow employment growth needs some policies that one of them can be unconventional monetary policy. Thus, this paper proposes to evaluate the effects of unconventional monetary policy shocks using VAR with a new method called sign restrictions. To this aim, it were estimated the effects of three variables ordered as real interest rate, inflation and gross domestic product by imposing positive and negative restrictions on these variables for the period 1961-2021. In this paper, the results of model estimation and impulse response functions is done by identifying and estimating parameters on the basis of imposing negative sign on interest rate according to unconventional monetary policy shocks. Results indicate that decreasing in interest rate causes increasing in GDP. Unconventional monetary policy can raise liquidity in stock market. It also support people by low interest rate loans for production with less cost and less sale price in Iran. Therefore, unconventional monetary policy can be a useful policy for resolving stagflation occurred current years in Iran.Extended Abstract:IntroductionThe global financial crisis(GFC) marked the transition from what many had labelled the period of “Great Moderation” to that of the “Great Recession”. The stress experienced by the financial sector starting in the summer of 2007 put an end to several years of robust growth for the world economy accompanied by moderate inflation rates across most advanced market economies. Across a number of countries, financial intermediation halted, with the peak of the stress manifesting in the final quarter of 2008. Unemployment increased and inflation dropped below central banks’ target levels as economic activity receded sharply. The recovery from the deep recession was also slow in many jurisdictions, with tepid economic growth, sluggish employment growth and subdued inflation. The challenges posed to monetary policy during this period were severe and pushed central banks to resort to actions departing from their established policy frameworks.The set of policy interventions introduced during this period has been labelled as unconventional monetary policy in order to distinguish it from the conventional pre-GFC policy measures. Some unconventional monetary policies were designed to affect term spreads such as long-term risk-free rates, while others were directed at influencing liquidity and credit spreads such as interest rates on various non-risk-free instruments. One of the most important tools in unconventional monetary policy is negative interest rate policy (NIRP). The adoption of negative policy interest rates in the aftermath of the GFC was new. Identification of shocks is one of the most important issues in econometrics for interpreting their impact on themselves and also other variables. Therefore, in case of unconventional monetary policy, VAR model is applied for identifying shocks. In the research, it was identified different shocks using sign-restriction approach in Iran for the period 1961-2021.

In Iran's economy, the continuation of inflation and the government's budget deficit can be seen, but how these two categories are related is worthy of discussion. In the present study, the relationship between budget deficit and inflation in Iran during the years 1991 to 2022 was investigated using the continuous wavelet transform approach. We have also analyzed this relationship regarding the net debt of the government to the central bank, the debt of the government to the central bank and inflation. Our findings indicate a positive and significant effect of inflation on the budget deficit. We have also found a positive and significant effect of inflation on the government's net debt and the government's debt to the central bank in the long term. The obtained results indicate that high inflation in unstable conditions causes an increase in the government's budget deficit. Because the government itself is the biggest consumer, and due to the Olivera-Tanzi effect, government expenses increase immediately with inflation, but government revenues are adjusted with a delay compared to inflation. Therefore, inflation puts pressure on the budget deficit and government debt to the central bank through government spending and increases it.

In this study, in order to investigate the impact of financial development and financial market fragility on the effectiveness of inflation targeting on the inflation rate, dynamic principal component analysis has been used to investigate the financial development index, and for The First Time, the price-to-earnings ratio (P/E) has been used as an index of financial market fragility. The findings indicate two prominent features regarding the impact of the inflation targeting monetary regime and the fragility of the financial market on the inflation level. First, the effect of the financial market fragility on the level of inflation has been "dependent on the monetary regime" governing the selected economies. Secondly, the inflation level implication of the inflation targeting monetary regime is "dependent on the state" of financial market fragility. The interaction of these two features, we see a kind of "threshold feature" regarding the influence of this monetary regime on the inflation level. More to the point, as to the financial market fragility, we see a kind of positive association between the level of inflation and the increase in the fragility of the financial market. Meanwhile, this positive association is more intense in the countries that adopt the inflation targeting monetary regime. However, concerning the cyclical risk of financial market fragility, the results generally show that if the financial market fragility is more than the market expected trend, it has a decreasing effect on inflation and the reverse holds true asymmetrically in terms of size.

This study utilizes the continuous wavelet transform approach and time-frequency domain analysis to shed new light on the causal relationship between land, housing prices, liquidity , and economic growth. According to the results of the research: 1) In the short term (12-month cycle), the relationship between housing/land prices and liquidity is two-way and direct, while in lower frequencies (long-term), a direct causal relationship from liquidity to the growth of housing/land prices is evident. 2) Analysing the dynamics of the causal relationship between housing/land prices and economic growthindicates a long-term causal relationship between these variables. 3) In the medium and long term, a stable, strong, and in-phase relationship exists between the ratio of liquidity to GDP and the ratio of the housing price index to the price index. This implies that when the liquidity-to-GDP ratio increases, leading to a higher influx of liquidity into the land and housing sector, the housing price index surpasses the overall price index.

monitoring and measuring periods of financial instability became particularly important, and measuring financial stress has found a special place among policymakers and economic agents. Due to the nature of the banking system in the Iranian economy and the tight control of the government over it, although banking crises such as the banking invasion have never been observed in Iran, but the Iranian banking system has experienced crises at different times. In this study, with the help of bank stock prices, the stress index of the banking sector in the Iranian economy has been calculated and the factors affecting it in different oil price regimes have been identified. The results show that (1) the highest amount of stress in the banking sector is related to the winter of 1391 and spring and 1397 and the lowest amount of stress in the banking sector is related to the summer of 1390, winter of 1394 and spring of 1395.(2) In periods when oil prices are high, the variables of total banking system claims, total liquidity and private sector investment in new buildings in urban areas are stress drivers in the banking sector and in contrast to bank-reducing facilities. Stress is in this area

"Dowrehs" were informal groups within the Second Pahlavi regime that were formed from the acquaintance of individuals with various social positions, but all of which were created through social capital and with the aim of earning rent and corruption; in this article, we focus on this question that did the "Dowrehs" in the second Pahlavi government have this capability to lay the groundwork for systematic corruption through bonding social capital and lack of linking and bridging social capital?

The approach of the descriptive-analytical article and research method is qualitative and based on document analysis during the second Pahlavi regime and the combined model of this research is inspired by Huberts's ecological approach to corruption.

Our findings indicate that in the second Pahlavi regime, social capital in any form has an effective relationship with corruption through the Dowreh, but the nature of this relationship is depending on the type of social capital; therefore, it should be said that the "absence" of linking and bridging social capital and the "existence" of bonding social capital linked to corruption with a direct relationship.

The existence of the Dowrehs signaled that there was no other way to advance everyday affairs without the use of bonding social capital, and that this made the circle of loyalty of individuals to their acquaintances larger than the circle of their loyalty to the national community; thus institutional roles had become a means of complying with non-institutional demands that leading to systematic corruption. The general solutions to prevent this situation are to increase the radius of trust and to create structures and norms for creating positive social capital.

Two theories have prevailed in the economic literature about the origins of money. According to the commodity theory of money, money has spontaneously emerged from the barter economy. In credit theory of money, since money is defined as an abstract unit of measurement, the origin of money coincides with the origin of writing. Credit money theory shows that the first standardized money of account emerged from ancient Egypt, Mesopotamia, and Greece due to the need for accounting records of payments and receipts of the central institution (government-temple). Once the general unit of account is established, credits and liabilities can be called in monetary units, thus we can reach the historical origins of money. This paper uses analytical-descriptive and documentary research methods to explain the incorrect reasons of the commodity theory of money. Eventually, the origin of money is expressed from the point of view of the credit theory of money.

Achieving low power consumption and low delay are the most important goals that efforts have been made to reach. In this paper, the process of designing and optimizing the Phase Frequency Detector (PFD) performance at the integrated circuits (IC) level has been proposed using carbon nanotubes. In the proposed method, by using carbon nanotube transistors, improvements have been made in the output parameters of the phase detector. Failure to use flip-flops and the simple circuit structure will significantly increase speed and reduce power consumption. Post-layout simulation for 180nm CMOS technology and simulation results for 32nm Carbon Nanotube Field-Effect Transistor (CNTFET) technology is presented. The proposed CMOS 28T phase detector circuit, by injecting 30mV peak-to-peak power supply noise has 5× better operating frequency of the conventional circuit, and it has a 10% improvement in power consumption of the conventional one. Also, with carbon nanotubes, the frequency has increased 4 times, and the power consumption has improved significantly. In this case, the power consumption is 1.76 microwatts, and the operating frequency is 20 GHz. Open-loop design and elimination of the reset path, and attention to delays to remove the dead zone are the proposed circuit's top features compared with the traditional design methods.

High and continuous inflation in Iran's economy as a structural dilemma has adverse economic, political, and cultural outcomes, and to control the inflation, policymakers should employ appropriate and well-timed policies concuring to the economic structures of the country. Hence, this study points to distinguish and analyze the nature of inflation. For this reason, the present study examines the dynamics of the causal relationship between inflation and liquidity as well as the relationship between inflation and exchange rate by applying the continuous wavelet transform approach using monthly data during the years 1982 to 2021 in Iran’s economy. The results indicate: 1. Liquidity does not infulence the inflation rate in the long term and there is a reverse causality (causality from inflation to liquidity) and this result affirms the endogeneity of liquidity in the long term in Iran's economy. 2. The exchange rate growth shocks (from the supply side of the economy) affect inflation, in a way that the exchange rate altogether influences the inflation in both the short and long term.

The increase in concentration in the banking sector, along with the problems of the recent financial and economic crises, has shown the importance of banking regulations against the high risk caused by the imbalance in the banks' balance sheets and one of the basic measures in the development of banks is to increase the efficiency of these financial institutions. Therefore, efficiency in banks always has been a matter of attention, and the weakness of the banking system can be a serious threat to the stability of the macro economy. In this way, banks with their credit operations and financing for different economic sectors, they provide suitable conditions for investment and cause the increase and growth of capital and finally the national production. The aim of the current research is to inter temporal relationship between risk, capital and efficiency in Iran's banking system. For this purpose, the data of Iran's commercial and specialized banks have been collected during the years 2006 to 2019 and to evaluate the model, In order to measure the model, the efficiency of banks has been estimated using the stochastic frontier model (SFA), Then, the relationship between risk, efficiency and capital is investigated using the seemingly unrelated regression (SUR) approach. In total, the obtained results show the existence of a relationship between capital and efficiency with risk. The results indicated that with the increase in the capital ratio, the risk of banks decreases and also increasing efficiency increases risk, also with the increase in the internal rate of return of banks, the capital ratio increases and Increasing the size of the bank increases efficiency.

One of the dangers of the growth of markets, institutions and financial instruments is their lack of support for investment in the real sector, which is referred to as the phenomenon of financialization, and since the early 1980s, there is growing evidence of its prevalence. The phenomenon has been reported in different countries. The purpose of this study is to evaluate the effect of financial financing on the real investment of non-financial corporations. Given the growth of financial markets in recent years on the one hand, and the significant difference in returns in this market compared to other markets on the other hand, the study of financial development in the Iranian economy and its impact on capital formation is very important. To assess this issue, the changes in real investment of non-financial companies listed on the Tehran Stock Exchange in the period 2009-2019 have been studied and its impact on financing indicators are estimated including cash dividends paid and non-operating income of the company. The strategy of this study in estimating the model is to use a multi-level panel data model and companies are divided into 4 levels and groups. One of the innovations of this study, in addition to the novelty of the subject, is the use of models based on multilevel panel data. In addition, by using the multi-level panel data model and dividing companies into 4 levels and groups, the effect of independent variables on the dependent variable of the model, means the real investment of non-financial companies is confirmed in each economic sectors and its subgroups as well as the type of ownership of listed companies.

In this paper, a new charge pump in CMOS technology is designed and implemented. By using the body bias to reduce the threshold voltage and controlling the voltage by using the voltage reference circuit, a DC to DC voltage booster circuit with high efficiency has been achieved to provide an input voltage of 320 millivolts and an output voltage of more than 1 volt. Simulations have been done so that the proposed voltage booster circuit can be analyzed in a state where the results are close to the fabrication results. The results indicate that compared to previous works, smaller capacitors have been used to reduce the area of the circuit as well as high output voltage by using the minimum number of transistors. The simulation results with 25 pF charge pump capacitor in each clock pulse frequency of 200 kHz show that the input voltage of 350 millivolts reaches 1.2 volts in less than 2 milliseconds. The proposed circuit can be suitable for radar and RFID applications with low power consumption.

In liquidity analysis, the degree of fluidity is an important factor affecting its quality and efficiency, and therefore focusing on the amount and volume of liquidity regardless of its quality can be misleading and lead to inappropriate policy. Therefore, one of the points that can be mentioned about the quality of money is the study of the trend of the share of money and quasi-money of changes in liquidity and its relationship with production and inflation in recent years. For this purpose, the present study uses the continuous wavelet transform approach to study the dynamics of the causal relationship between the components of liquidity and inflation during the years 1982 to 2021. Results imply that inflation in Iran economy is not just a monetary phenomenon and liquidity is endogenous according to post-Keynesian economists. Also, in this study, in examining the causal relationship between the effect of money growth rate and quasi-money on changes of GDP during the years 1988 to 2021, the results show that in Iran economy, increasing in quasi-money share of liquidity leads to a decrease in investment and future production growth, while increasing money share of liquidity according to wavelet coherence analysis shows positive effects on production changes.

New social sciences and humanities as well as exact sciences are originally based on philosophical thought. The Descartes’ philosophy is their philosophical base. Meanwhile, in the early stages of advanced countries’ development, social scientists and economists didn’t analyze economics separately and as an independent field, but considered all social subjects that was related to economics. They cared about social philosophy, because it directs the path of theories’ evolution. They essentially considered the relevant noneconomic subjects such as philosophy, ethics, politics, history, culture and sociology in economic analysis. In the subsequent stages they also cared about the history of economic thoughts and the mechanisms of evolution of theories and thoughts. But in current time in Iran, social philosophy of social sciences and humanities doesn’t matter. The idea of development is abandoned. The history of thoughts isn’t considered. Despite of its comprehensiveness and complexity, economics is thought very simple. So the economic analyses and even economic trainings and researches have lost their depth and quality. Consequently, the prevalent economics in Iran can’t find the roots and the causes of problems and crises and thus can’t provide any effective and correct solution to solve them.

Development is a concept that simultaneously implies the change of multiple structures in various aspects of social life and requires a multidimensional process that pursues multi-species goals. Goals change with the introduction of new social variables and needs and increase the responsibilities of development managers. Development has ensured the efforts of a society to achieve its value goals, and its sustainability depends on providing relative welfare, complete security and sufficient awareness for all its members. In fact, sustainable development requires social justice and balanced attention to the cultural, political and economic aspects of the society. This should be done in such a way as to make the human resource development process hopeful.Development and justice are among the concepts whose legitimacy cannot be doubted. Justice and its position and relationship with economic performance have been explored in the literature of development economics. Over the past four decades, the theoretical and empirical areas of development have witnessed the growing intertwining of national development issues and scientific advancement in social justice. Thus, in the current situation, the relationship between social justice and national development is explained as an organic relationship. Fairness of conditions is an important variable that determines the desired economic performance. The purpose of this study is to study multidimensional poverty in Iran as an indicator of equitable development. A review of successful development experiences shows that they have a wise approach to designing development plans that are consistent with social justice. Therefore, in this study, the concept of equitable development is studied first, and then the multidimensional poverty index is calculated. Since poverty is a multifaceted phenomenon, the study of all its aspects and dimensions requires accurate knowledge. The Alkire and Foster method is one of the most widely used ways of calculating multidimensional poverty. It has also been used by the United Nations to introduce a multidimensional global poverty index. In this study, the index is examined in the five dimensions of education, health, employment, housing and standard of living.Considering the same weight for each dimension and the same weight for each of the indicators within each dimension, poor households have been found to be deprived of more than one third of the indicators. Then, after the identification of the poor people, Alkier and Foster poverty indices have been calculated using the raw cost-income data of urban and rural households in Iran during the years 1990 to 2020. Calculating the multidimensional poverty index shows that multidimensional poverty has been reduced in urban and rural areas of Iran. Of course, the intensity of this decrease is significantly higher in rural areas. The value of this index in rural areas has decreased from 0.483 in 1990 to 0.183 in 2014. This reduction is a reduction in the extent and severity of multidimensional poverty in rural areas during the years 1990-2020, which can be due to the living facilities provided to rural households in the post-revolutionary years.However, the decline in this index is not very obvious for urban households because most urban households had access to these amenities during the period. The value of this index for urban households in 1991 was equal to 0.239, which was the highest rate during the years 1990 to 2004. After that, during the years 2004-2009, there was a fluctuating trend. During these years, this index was 0.260 in 2003 and 0.294 in 2007, which was the highest value of the multidimensional poverty index during the studied years. This can be due to the high inflation and the recession in the late 2001. Nowadays, the multidimensional poverty index is reported in global databases as a development index, so it can be a criterion for policymakers to make comparisons between Iran and other countries. It introduces equitable development not only in income poverty but also in the deprivation of the poor minorities and marginalized groups of equitable access to various aspects of quality and prosperous life. It brings multidimensional poverty into focus by defining equitable development. Therefore, in order to promote development based on justice in a society, conditions must be created for equal opportunities and access to resources such as education, health, employment and living standards.

The expansion of the globalization process has increased the relationships among financial markets in different countries, which itself has motivated investors to move among them to make more profit. Given the situation in Iran after sanctions, the possibility of investing in well-known financial markets is facing with the risk of sanctions. The present study aims to evaluate the existence of volatility spillover among the financial markets of Iran and Islamic oil exporters countries.  To this aim, a multivariate factor stochastic volatility (SV) model and stock price index data were used with daily frequency for the period 12/05/2008-02/19/2020. Based on the results, the main hypothesis that the volatility spillover among the financial markets of OPEC oil-exporting Islamic countries follows a common and uniform random trend is accepted for the United Arab Emirates, Saudi Arabia, and Qatar, but not for Iran and Nigeria. Therefore, diversifying the portfolio for Iranian investors in the financial markets of OPEC Islamic oil exporters can reduce the investment risk in the long run which make such economies an appropriate investment destination for Iranians due to the conditions of sanctions.

Volatility spillovers among financial markets suggest some sort of information transmission between these markets. The present article uses VAR-BEKK-GARCH approach to investigate volatility spillovers among financial markets in Iran, including stock, foreign exchange and gold markets pre and post JCPOA. To compare volatility spillover among financial markets, the data analyzed were associated with two periods, one pre-JCPOA, i.e. 25 March 2009 to 13 July 2015, and the other post-JCPOA, i.e. 15 July 2015 to 18 July 2018. Moreover, the impulse-response functions were calculated by including the asymmetric volatility spillover of error terms in MGARCH-type equations. Comparing the results obtained from estimating the model confirmed two-way volatility spillover between gold and stock markets in both of the periods, two-way volatility spillover between foreign exchange and stock markets, one-way volatility spillover from gold to foreign exchange markets in the per-JCPOA period, two-way spillover between foreign exchange and gold markets and one-way spillover from stock to foreign exchange markets in the post-JCPOA period. In addition, the effect of volatility spillover from stock to foreign exchange markets was negative in the per-JCPOA period and positive in the post-JCPOA period, and volatility spillovers between financial markets significantly decreased in post JCPOA period. The results of impulse-response functions also confirmed a reduction in the transmission of uncertainty among financial markets in Iran in the post-JCPOA period.

The impact of export diversification and export composition, as two major parts of export section, on economic growth (case study of Iran) are the major purposes of this paper. To extracting technology level of export basket, bases on SITC 3 digit codes, as our innovation, we use TCC Systerm software to convert Iranian export HS data to SITC. Using FMOLS for 1992-2017 duration, we studied the effect of export diversification and its composition on Iranian economic growth. We found that one percent decrease in export diversification leads 0.158 percent decrease in economic growth, and also one percent increase in share of high-technology exports leads to 0.39 percent increase in economic growth. Therefore, it is necessary to establish Iranian non-oil export promotion strategy on both new comparative advantage creation and high technology products.

The main purpose of this study is to increase the understanding of the mechanism of creating liquidity in Iran economy using quarterly data during the years 1983: 2 to 2020: 3 through empirical evaluation of the two main monetary theories endogenous money theory, Post-Keynesian theory, and exogenous money theory, monetarist. Granger causality and co-accumulation tests have been used in most experimental studies to diagnose the endogenous and exogenous nature of liquidity, but due to some limitations of the co-accumulation model, Christoph and Cyril (2020) suggest an alternative test based on the concept of endogenous econometrics. Therefore, in order to compare and identify the nature of liquidity in the Iranian economy, first the model in the present study is based on the co-integration test and then according to the mentioned limitations, the instrumental regression method is used. Empirical evidence confirms the endogenous of liquidity in the period 1983: 2 to 2020:4 (before the privatization of banks), but between the years 2001: 1 to 2020: 3 the results indicate that 1) The nature of liquidity in this period is endogenous, and 2) the views of structuralists and the endogenous liquidity preferences of post-Keynesian money are endorsed. Accordingly, the endogenous of liquidity in the period 2001: 1 to 2020: 3 shows that in addition to the central bank, banks also have the ability to create and create liquidity in the economy.

With the increase of corruption in society, in addition to the negative socio-cultural consequences, the economy is also distorted. Corruption leads to limited productive activities and reduced economic growth by distorting production resources into non-productive activities. Also, corruption limits economic growth by increasing knowledge about corrupt activities and reducing the accumulation of human capital. On the other hand, corruption reduces entrepreneurial incentives by distorting economic resources and increasing the cost of productive activities, and in this way, economic growth is affected by the negative consequences of corruption. A look at indicators such as corruption perception index, natural resources rent share of total GDP, Corruption Control index, Regulatory Quality index, Government Effectiveness index, and Corruption Control rank in Iran's economy indicates the existence of corruption in the economy. In this study, using panel data, the effect of corruption on economic growth in selected countries has been investigated. The results confirm the negative relationship between economic growth and corruption. In other words, countries with higher levels of corruption have lower economic growth.

Culture is infrastructures of economic, social and political. Development of the country is not possible without considering that. Expenditure spent on culture is not cost, but it could be kind of investment. Countries can boost economic growth through investment in their cultural heritage and ultimately contribute to the welfare. The cultural index is estimated by using theoretical foundations of relative advantage and RCA benchmark and the impact of cultural indicators on Iran's economic growth in the form of dynamic integration regression (GMM) in the period of 1379-1395. Estimates show that with each percentage increase in physical capital, economic growth is expected to increase by 0.047% and physical capital has a positive and significant relation with economic growth. Therefore, it is expected that with increasing capital, production and, consequently, economic growth will increase. Also, with every percentage increase in human resource, economic growth will increase by as much as 5.73% and with each unit increase in the interactive variable of economic growth will increase by 0.0004 units. Therefore, the cultural index in addition to the direct channel through human capital can also affect the economic growth. The results for AR (1) and AR (2 are 0.17 and 0.688, which indicate the proper choice of model tools. In fact, in the period under review, the effect of the relative advantage of increasing the value of cultural variables on economic growth is positive and significant. Also, if cultural index can increase human capital, it can also increase economic growth.

In some economic theories emphasizing the positive relationship between financial and real sector development in economy, privatization of financial markets and institutions and increasing private sector share is the dominant approach to financial development. However, private banks performance in some countries have shown different results compared to the goals had been set. Lack of proper economic and institutional environment has led to adverse results of private banks. Considering mentioned issues, this study aims to assess the impact of private banking on the economic growth rate in Iran based on the seasonal data form 2003 till 2018 using Autoregressive Distributed Lag (ARDL) technique. Results of the study have shown that financial development has a positive impact on the growth rate of economy, while, as the market share of private banks has increased, it had a negative effect on the economic growth. The main cause of this negative relationship is undesirable institutional environment which private banks are working in. Therefore, preparing suitable institutional framework is a condition to gain the private banks’ advantages. Central bank constant supervision alongside the enforcement authority prohibiting private banks from managing economic firms and the presence in the alternative markets are the main preconditions.

In recent years, with the expansion of the globalization process, the relationship between the financial markets of different countries, including developing countries such as islamic oil-exporting countries, has increased more than ever, resulting in modeling the volatility of returns in international stock markets in terms of science. finance has become an important issue. the importance of this issue in risk management is the pricing of financial derivatives and the coverage of the resulting risk, marketing and selection of financial portfolios. experimental results show that the modeling of contagion volatility is very important in obtaining the results of the presence or absence of contagion volatility between different financial markets. accordingly, in the present paper, two approaches of multivariate dynamic conditional correlation (DCC) and multivariate factor stochastic volatility in modeling contagion volatility between selected markets using the risk value and calculating the loss function are compared. to obtain experimental results from stock price index data in the financial markets of five selected islamic and oil countries, including Iran, Saudi Arabia, UAE, Qatar and Nigeria with daily frequency during the period 12/05/2008 to 19/02/2020 used. experimental results of Kupiec and christoffersen tests show that both approaches can be used to calculate the risk value, but due to the comparison of loss functions, the multivariate factor stochastic volatility modeling approach compared to the GARCH approach of dynamic correlation (DCC) multivariate is preferred.

The performance of Iranian banking network listed in the Tehran Stock Exchange indicates that the accumulated losses have exceeded the risk limits, which may threatens the stability of the banking system. However, Contrary to the conventional belief, the augmentation of exchange rates could not improve the financial position of banking network. Hence, in this paper an attempt is made to investigate the impact of the estimated threshold level of the exchange rate on the financial stability of banking system. The explanatory variables of the model comprising the certain macroeconomic variables such as the rate of inflation, exchange rate, GDP growth rate, as well as the banks’ balance sheet variables including the profit, equity, Non-Performing Loans(NPL) and also the amount of loans extended to the customers. Due to key role assigned to the exchange rate as an anchor in the economy, we may envisage that the indefinite appreciation in the value of exchange rate does not necessarily enhance the financial position of banking system as we were witness in the Iranian economy in the past, but when the exchange rate rose from Rials 12260 in the 1391, the financial stability of banking system experienced the relative stable trend and subsequently with increasing the foreign exchange rate to the threshold level of Rials 45627, this trend continued to some extent. None the less, after reaching the designated threshold level, the financial stability of banks could change the direction showing that any movement of exchange rate beyond the threshold level of Rials 45627 could lead to reduction of banking stability in the Iranian economy. For this purpose, we applied the Generalized Method of Moment Method to estimate the model Viz-a-Viz employing the Dynamic Panel Data of 31 banks for the study period of 1385-1395 in the Iranian calendar.