فصلنامه راهبرد اقتصادی
پیاپی 41 (تابستان 1401)

Currently, institutional analysis has found its place in the research literature of economics. The importance of the precedence of political institutions in the formation and efficiency of other institutions and, consequently, economic activities have been reflected in the works of new institutionalists in various ways. In many cases, the propulsive effect of political institutions on various aspects of economic activity or institutional interactions has been interpreted as paradoxical. One area that has been affected by these dual and contradictory effects is the financial area, especially when it comes to the monetary area. In this paper, using the Stochastic frontier Analysis (SFA) approach and focusing on selected countries of the Middle East and North Africa (MENA), it is shown that in which theoretical framework, and secondly, with what kind of empirical interpretation, these contradictory effects can be explained. The results show that whenever political institutions directly interfere in the financial and monetary sectors, they lead to the failure of the government and thus have a negative effect on efficiency, and vice versa if they perform as a external facilitator. financial and monetary sector can play a positive role in efficiency.

7 decades of development history after the Second World War have been associated with the evolution of the concept of development. Perhaps the most important change in the concept of development is the change from the concept of economic growth to a structural and qualitative change that improves the income and non-income aspects of well-being, and has stability and fair distribution. In order to evaluate fair development in Iran's economy, multi-dimensional indicators have been used. The results of the surveys show that the trend of the multidimensional poverty index in rural areas during the years under review was a decrease, which means that the extent and severity of multidimensional poverty decreased during the years under study in rural areas. Regarding the urban areas, this index has a fluctuating trend, but since 2007, the average trend of this index has been upward, which can be caused by high inflation, recession and the occurrence of sanctions. On the other hand, the calculation of the composite European social justice index shows that the index faced an upward trend between 2001 and 2019, and finally the total score reached 7.32 in 1398 from about 4.72 in 1380. Although the trend of this index shows the improvement of the social justice composition index in Iran, the downward trend in the labor market and the social sectors of health and intergenerational justice seems worrying.

The capital market, as the pulse of the country's economy, has faced a sharp decline in the index since August 2020 and has created many challenges. The present study uses the theory of good governance to answer the basic question of what is the governance of the capital market in Iran and what are the problems and harms?Using purposeful and theoretical sampling method, 23 capital market actors were interviewed. After conducting the interviews, data analysis was performed based on the three steps of open, axial and selective coding.The results showed that the bank-oriented economy and the lack of centrality of the capital market, the normalization of index decline, incoherence between the institutions in charge of the capital market and legal gaps and inadequacies are among the causes of stock market collapse. Lack of institutional support and lack of equity culture are the contexts of this decline. Media propaganda, political developments and comments, and price bubbles are among the intervening conditions in this matter. The main strategies used, disruptive and mass behavior and organizational decisions were identified. Endangering national security, social distrust and feelings of financial insecurity are the consequences of this rule.The decline of the stock market index and the outflow of liquidity from it indicate that the capital market needs to monitor transactions, transparency and efficiency, and with the expansion of good governance can make a significant contribution to raising the capital market and rebuilding trust and continuing liquidity to the stock market.

Observing the investment behavior of firms in different sectors of the economy indicates the financialization phenomenon; A phenomenon in which characterized primarily by the desire to earn more profit through financial markets rather than through real economy, and secondly the increasing of financial payments to shareholders and the banking system. The purpose of this research is to investigate and answer the question of whether the phenomenon of financialization can affect the return on assets of firms as an indicator of firms' growth. To answer this question, FMOLS and DOLS panel data models were used to examine the effect of firms' financialization behavior on their growth. The data include financial information of 191 non-financial firms in 17 groups listed in Tehran Stock Exchange during the period of 1379-1399. The findings of this study indicate that, firstly, with the increase in financial payments, the growth of firms has increased, and secondly, with an increase in financial income, their growth has declined.

In general, economic development requires financing. However, exchange rate volatility hinders securing the capital needed for economic projects resulting from economic risks, transaction and money exchange. Taking into amount the importance of the role of exchange rate volatility, the main purpose of this study is to evaluate the effect of exchange rate volatility along with other macroeconomic variables on the inflow of foreign direct investment in various economic sectors of Iran (industry and oil, services, agriculture) by using the Approach of Autoregressive Distributed Lag (ARDL) during the period 1994 -2018. By using the theoretical literature presented in this study, FDI in Iran is considered a function of exchange rate volatility, capital productivity index, index of economic freedom, inflation rate, and economic growth rate, which according to the results, other than the variable the economic growth rate, the coefficients of all the variables are significant and the sign of their coefficients agrees with the theoretical expectations. Furthermore, the effect of capital productivity index and index of economic freedom variables on FDI was positive and the effect of exchange rate volatility and inflation rate on FDI is negative and increasing exchange rate volatility leads to a decrease in foreign direct investment in the Iranian economy.

Economic diplomacy is the most important legal and political tool to counter sanctions. This study seeks to provide a quantitative model for economic diplomacy aimed at strengthening Iran's economic governance in the region. For this purpose, it uses fuzzy hierarchical analysis method to predict policy priorities and the effectiveness of each policy.Findings of this study show that in economic diplomacy, the priority is to attract foreign capital (with a coefficient of 0.17). Economic diplomacy should be more tailored to the needs of multinational corporations than governments. The next priority of Iran's foreign policy in the field of economy should be on Iran's membership and use of world economic organizations. This study shows that the management and liberalization of the country's foreign exchange resources is the next priority of economic diplomacy. Having a trade surplus should be the fifth strategy obtained by obtaining concessions, especially tariff, currency and tax concessions for private sector exporters in the destination countries.The seventh and eighth priorities in economic diplomacy are to strengthen the country's position in the World Bank and the International Monetary Fund. This will happen by strengthening the Iranian representations and strengthening the country's seat in the specialized commissions and working groups of these institutions. The ninth and tenth priorities of economic diplomacy should be to facilitate the export of industrial goods and liberalize the economy, respectively.Findings of this study provide a list of 25 priority measures of economic diplomacy.