فصلنامه پژوهش های پولی - بانکی
پیاپی 39 (بهار 1398)

The purpose of the paper is to answer several questions. First, if inflation, business cycles, and exchange rate changes are viewed as representative of the state of the economy, is there any evidence of the difference in the type of reaction of the economic sector to monetary and fiscal policies in different macroeconomic conditions? Second, if there is a difference in the type of economic reaction to monetary and fiscal policies, this difference stems from the macroeconomic environment or rooted in the severity of the shocks experienced in the economy in different periods. And third, if the observed difference is due to the macroeconomic environment, which macroeconomic variables play a more important role in creating this difference? Using monthly data of 308 items of consumer price index from 1383: 1 to 1397: 8, it follows that the price-setting behavior indicators in different macroeconomic conditions take different values and these differences are due to the macroeconomic environment. And it's not related to the severity of shocks at different times. Also, in creating these differences, the exchange rate plays a more important role than other macroeconomic variables.

The interbank rate has a great impact on the bank's economic activities that it is one of the important instrument for central bank policy. Banks to back up their funds or liquidity demand participate in the interbank market. These change their needed or surplus liquidity based on interbank market conditions. According to this, liquidity requirements can change the central banks' monetary policy and it as a policy instrument along with central bank policies in the interbank market can influence the banks' behavioral how to provide or allocate liquidity in this market. This paper focuses on the liquidity requirement of Basel III and surveys the impact of the requirement on central bank policies in the interbank market. We link the structure of the balance sheet of banks and central bank policy. The results show that the liquidity requirement of Basel III (liquidity coverage ratio: LCR) is an appropriate alternative to central bank policy. The ratio of liquidity coverage ratio has a positive and significant relationship with the interbank market rate and the central bank can monitor the interest rate in the interbank through a liquidity coverage ratio.

The purpose of this paper is to explore relationship between board compensation and risk taking with regard to CEO duality in the banking industry. Using a panel data regression model, with regard to optimal contracting and managerial power theory, we examined the data to determine the relationship between board compensation and risk taking of twenty one banks, for the period 2012 to 2018. Result show that, there is a negative and significantly relationship between board compensation and risk taking. Since the cash-based compensation is associated with the bank's debt payment and, therefore, it can reduce the risk-taking behavior of the board as a result of losing their income. However, in the presence of CEO duality as moderate variable, the relationship between board compensation and risk in the banking industry have not been seen. The findings can contribute to the creation of a board compensation payment structure in which the cash-based compensation plays a critical role to prevent excessive risk. It is suggested that other corporate governance mechanisms such as audit committee, percentage of executive and non-executive directors, etc. be considered on the relationship between compensation and risk.

There is no convergence in the results of the credit relationship between the financial contracting parties (banks and customers) due to the different importance of the contract variables. Therefore, while examining the impact of the empirical relationship between the variables commercial profit-loss sharing contracts, the dual role of the collateral variable (screening and motivation) is investigated. The statistical population of Bank Rafah Kargaran contracts and the statistical sample of data items during period 1383-1393 were used for estimation by purposeful sampling method of multiple logit template. Hypothesis: Low-risk facilitators opted for more liquidity collateral, confirming the existence of an adverse selection phenomenon. Accordingly, individuals are willing to provide the bank with the quality and degree of risk to the bank through the type of collateral (deposit, property, combination, and contract) and the other hypothesis; To help with the collateral, this effect was accepted only for the profit rate variable. However, the model was not validated for the significant underlying variables. Therefore, coordination in the interactive relationships between financial contract variables to mitigate the consequences of asymmetric information in banks' credit policy to improve contract profitability is inevitable.

Nowadays, deposit insurance plays a significant role in the financial stability of countries, and most countries have implemented this system in their countries.  However, since in the deposit insurance process, it is unknown whether something will happen in the future or not, there are still disagreements between jurisconsults concerning this system, and they believe that factors such as risk and gamble would enter deposit insurance. Therefore, this article aimed to investigate the Legitimacy of deposit insurance through the investigation of typical insurances and comparing them with deposit insurance. For this purpose, in this article, the secondary and descriptive-analytical techniques were adapted. According to the obtained results, it was identified that deposit insurance is a necessary, defined, logical, completed and probable contract, and risk and gamble are not included in deposit insurance. Finally, we realize that deposit insurance is independent from other contracts such as gift, peace and guarantee, and has no compliance with these contracts. Thus, if a contract is authenticated by religious laws, the contract can be used. Considering these conditions, deposit insurance is authenticated and its usage is permitted.

Banks activities are associated with different kinds of risk such as cresit risk. Considering the limited financial resources of banks to provide facilities, assessment of the ability of repayment of bank customers before granting facilities is one of the most important challenges facing the banking system of the country. Accordingly, in this research, we tried to provide a model for determining factors affecting the credit behavior of bank customers. In this study, using real customer data in Sepah Bank in 2007, research modeling was done using the Neural Network, a fuzzy decision tree. What research innovation can be considered is the use of collective learning methods that are considered in this study to increase the accuracy of the results of the fuzzy decision tree. The results of the research show that customer's revenues, along with the customer's financial transactions, are the main factors in determining the customer's credit risk. The results also show that the fuzzy decision tree using the Begging method has higher accuracy than the neural network method and the conventional fuzzy decision tree.