The efficient use of oil and gas resources is one of the most important issues in sustainable development and economic growth of countries, which is supported by Islam as well. More than half a century, in countries facing surplus foreign currency through the use of underground resources such as oil and gas, a fund has been established called the “National Wealth Fund”. In Iran an institution like the National Wealth Fund was established in 2010 called the “National Development Fund".Since the concepts of “development” and “justice” are interrelated, economic justice is one of the most important issues that the National Development Fund faces, because sustainable development does not take place unless the intra-generational and intergenerational justice is established in the society.In this study, according to the importance of justice, the role of National Development Fund in the realization of economic justice has been analyzed. In order to clarify the issue, the criteria of realization of economic justice are collected and the quadripartite principles for the realization of justice are assumed. As in order to take advantage of the experiences of other countries, the structure and function of the national wealth fund in Alaska have been studied.The results indicate that: first, provisions of the statute of the Fund should be changed significantly in order to achieve economic justice; second, the company of “National Development Fund” should be established for the professional management of resources and increasing the diversity in the economic performance.

After realizing the necessity of intergenerational justice, many countries have pursued solutions such as establishing development funds for its realization and the productivity of the next generations from the national wealth. These funds usually pursue long-term goals such as converting national resources into lasting wealth with increasing productivity by granting facilities or directly investing in development projects. The National Development Fund in Iran mainly operates in the form of grant facilities through the conclusion of agency contracts with banks, which has always led to grave challenges, especially regarding the collection of claims for granted resources. Although the agency contract of the National Development Fund with the banks had concluded in the form of additional and inflexible contracts and the fund has tried to reduce the risk of return of its resources to the minimum possible level in the form of the conditions included in a contract, but, it still has problems in collecting claims. It is serious.This article tried to examine the nature of the relationship between the client, the bank, and the National Development Fund in granting facilities and its effects with a descriptive and analytical approach, while explaining the process of granting facilities and explaining its legal ambiguity, especially in the mentioned tripartite relationship. Prove that the current problems of the National Development Fund are caused by the unfair nature of the mentioned relationship and that current contracts cannot cover the contractual risks of the facility. In the end, specific suggestions such as concluding deposit contracts instead of agency in some cases, using the capital market mechanism, modifying the conditions while concluding the agency contract, replacing exchange contracts, especially Istisnaa instead of partnership contracts, and finally complying with credit risk management requirements to improve the current situation, the current unfavorable situation can be sorted out with their help.

The purpose of this study was to investigate the effect of Iran's oil revenues on macroeconomic variables in the form of DSGE model during the period of 1995-2015 in the context of open economy based on the real business cycle pattern, in line with the conditions of the Iranian economy including households, enterprises, government and The monetary authority is the oil sector with an emphasis on the National Development Fund.The results of simulation of the model variables indicate that, due to the positive impetus of oil revenues, production, consumption, investment, government spending under both scenarios increases, but the increase in the direct tax distribution scenario is higher than the base scenario. Also, the greater the share of government-owned oil revenues (50 and 75percent) in households from the current budget, the increase will also be higher in the resources of the National Development Fund. Consequently, the contribution of the Facility to the Private Sector (F) increases. According to the modeling of this study, the increased private sector investment (I_t^pa) also increases, as a result of non-oil production in the country. Therefore, based on the results obtained, the direct tax-deductible distribution policy is recommended as a supplement to the National Development Fund.

The purpose of this study was to investigate the effect of Iran's oil revenues on macroeconomic variables in the form of DSGE model during the period of 1995-2015 in the context of open economy based on the real business cycle pattern, in line with the conditions of the Iranian economy including households, enterprises, government and The monetary authority is the oil sector with an emphasis on the National Development Fund. The results of simulation of the model variables indicate that, due to the positive impetus of oil revenues, production, consumption, investment, government spending under both scenarios increases, but the increase in the direct tax distribution scenario is higher than the base scenario. Also, the greater the share of government-owned oil revenues (50 and 75 percent) in households from the current budget, the increase will also be higher in the resources of the National Development Fund. Consequently, the contribution of the Facility to the Private Sector (F) increases. According to the modeling of this study, the increased private sector investment ( ) also increases, as a result of non-oil production in the country. Therefore, based on the results obtained, the direct tax-deductible distribution policy is recommended as a supplement to the National Development Fund.

In order to optimize oil revenues, these revenues are currently allocated to the National Iranian Oil Company, the National Development Fund and the State Budget, in terms of percentates of total revenues. The share of the National Iranian Oil Company is 14.5 percent and division of the rest of revenues is decided by the Government. The purpose of the present research is to study the effect of this rule on the stability of inflation and GDP, and to determine the optimal share of the National Development Fund. We use the Bayesian Autoregressive model to study the effect of different shares of the Fund (20, 30, 40 and 50 percent) on inflation and GDP. The results show that the current fixed share of the Fund contributes to stability of inflation and GDP and that weaknesses in the Fund’s performance are not related to its fixed share of revenues. We estimate that the optimal share of the Fund out of oil revenues is 30 percent, which is consistent with honoring the 14.5 percent share of the National Iranian Oil Company investment and minimizing fluctuations in GDP and inflation.
JEL Classification: Q33, Q38, C11

Resource-rich developing countries are forced by economic fluctuations due to international commodity price movement. One way to reduce the volatility adverse effects is to establish institutions such as Sovereign Wealth Fund. However, the way this fund is managed is important. Iran, as a resource-rich developing country, suffers from economic fluctuations. To manage resource revenues, National Development Fund (NDF) has been established. In this paper, using DSGE model, we examined different scenarios for managing fund resources. A scenario, without any stabilizer Fund and two different scenarios for National Development Fund. In the second scenario, NDF has a role like the one in Sixth Development Plan. In the third scenario, all oil revenues are deposited to NDF and a part of the fund as much as interest rate in the OECD countries plus 70% of long-run oil revenues invested in the economy. The Results indicated that the management of oil revenues by the Fund, in which the inflow of oil revenues into the economy follows the commitment, is an appropriate policy to reduce the economic fluctuations in Iran.

Today, the National Development Fund due to the important role that play in dealing with oil revenue shocks, they are considered by the oil countries as an effective mechanism for managing oil revenues. Therefore, a new Keynesians DSGE model with respect to price stickiness and major sectors as households, firms, governments, central banks and oil, the National Development Fund, Designed and calibrated for Iran's economy. The study of the first and second order moments of simulated variables confirms the relative success of the model in simulating the space of the Iranian economy. However, due to the combination of the state budget, the increase in the current and operational budget is far more than the development budget. The inefficiency of government investment has also made the government's budget more ineffective in the model. Also, the manufacturing sector of the non-oil sector of the Iranian economy has been rising (relatively small) because of National Development Fund share of Concessional facilities provided to the private sector. Other results indicate that increasing the share of the National Development Fund from oil revenues will increase private sector investment and consequently the production of non-oil sector in the country. The necessary condition for realizing the results of this policy is the increase in the capacity of non-oil revenues of the government.

The use of revenues from natural resources, including oil, has always been of interest to politicians, economics professionals as well as various social groups. With the assumption of the Dutch disease in Iran’s economy, this study seeks to explore the management and optimal allocation of oil revenues. Various scenarios on the allocation of oil revenues have been reviewed by the National Development Fund. In the first scenario, it is assumed that all the oil revenues are consumed in every corresponding year. In the second scenario, all oil revenues come into the National Development Fund every year. In the third scenario, oil revenues are allocated for 5 percent of the GDP. Finally, in the fourth scenario, 10 percent of the oil revenues enter the National Development Fund each year and the rest is spent on government costs. According to the results of the first scenario, i.e. increased economic growth, Dutch disease is increasing and households are the most affluent in the community. In the second scenario, there are very limited growth effects. The third scenario leads to worse trading conditions in the short term. In the fourth scenario, although gross domestic product is less than that in the first scenario, it seems to be the best mode for growth and flexibility in the long run. This is because, with the National Development Fund, the country has an incentive to use oil revenues even at low oil prices.

Given the importance role of oil export revenues in the whole dimensions of economy of oil exporting developing countries (government budget, GDP growth rate, investment, saving rate, inflation rate, unemployment rate, poverty alleviation, etc.), this study aimed at investigating and simulating the impact of the oil revenues investing shocks on Iran's economic sectors (i.e. Agriculture, Industry and Services) through nine scenarios including the savings of the oil export revenues in national development fund (20, 50 and 80 percent) and the growth in total efficiency of production factors (5, 8 and 10 percent).The required data were seasonally collected from Central Bank of Iran (CBI) and Statistical Center of Iran (SCI) during 1991-2016. For data analysis, the Mathlab software and Recursive Computable General Dynamic Equivalent (RDCGE) model were applied. Also, the model was calibrated using the social accounting matrix related to the base year of 2011 and basic scenario (saving 20 percent of oil export revenues in national development fund and 5 percent of growth in total efficiency of production factors). Results of Impulse Response Functions (IRF) showed that a positive shock in basic scenario on oil export revenues caused an investment reduction in agriculture and industry sectors while an investment increase in services sector, indicating the existence of Dutch disease in Iran’s economy; but during an increase in saving the oil export revenues in national development fund by 50 percent, the effect of Dutch disease would reduce and increasing the share of saving the oil export revenues in national development fund by 80 percent would remove the effect of Dutch disease; in addition, increasing the growth in total efficiency of production factors would increase the investment in the mentioned sectors.

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