نشریه مطالعات و سیاستهای اقتصادی
سال دهم شماره 2 (پیاپی 20، پاییز و زمستان 1402)

The contribution of the Labor force has been an important issue in economic schools. The classical school determines wages in the market. One of the consequences of this determination was the rise of the Marxist school with an emphasis on allocating all production value to labor.Islamic teachings, organize the functioning of the labor market and its components and it provides the ground for the emergence of justice through cooperation and collaboration, and evolution, not conflict and enmity. Every worker had the right to security and health and other social security and fair wages and he has a duty to do his best. Mousavi Ardebili in determining wages, value, and price are divided into two types of natural price and current price, and the three factors of unfair wages, consumer exploitation, and the existence of the machine as the cause of the surplus value of goods and it does not consider the addition of all added value to the labor force or the owner of capital to be legally or economically justifiable. Sanctity of disruption in the social and economic system, exploitation, bipolarity, and invalidity of ownership along with the necessity of all-around justice is one of the basic principles in determining the share of production factors and determining the value of goods.principles in determining the share of production factors and determining the value of goods.

According to financial and monetary theories, the main role of banks in the economy is to create liquidity through cash deposits and provide them in the form of loans. The main purpose of this study is to investigate the effect of shadow banking system on the volume of liquidity in Iran. For this purpose, Iranian quarterly data during the years 1397-1388 have been analyzed using structural vector autoregression and ordinary least squares. The results of  the SVAR model in the form of shadow banking shock and analysis of variance show that the shadow banking system affects the liquidity of the country in the period under review, so that the effect of shadow banking shock on supply Money and quasi-money reached their highest levels in the second year, about 29.70 and 28.40 percent, respectively, and then began to decline. Also, the results of the ordinary least squares method show that there is a positive relationship between shadow banking and money supply and quasi-money and the correlation coefficient of shadow banking with money supply and quasi-money is 0.502677 and 1.043699, respectively. Therefore, the activities of the shadow banking system increase the volume of liquidity by promoting the volume of money and quasi-money, which are the components of the volume of liquidity.

Examining some concepts, in addition to clearly helping to understand its meaning and better understanding of the subject literature and following it in the view of Islamic economics, is useful and even necessary in that it has a decisive effect on the structure and arrangements of a system. Scarcity is one of the structural concepts in social and economic systems, and research on it can explain the position of Islamic thought in comparison with other economic schools and affect the structure appropriate to the Islamic economic system. This article, while examining the concept of scarcity in the knowledge of economics, provides an explanation of its meaning in Islamic economics and emphasizes the difference between the meaning of this word in two perspectives. The method used in this study is in the library collection stage and in the position of content analysis evaluation. The article concludes that in Islamic economics there is absolute scarcity and relative scarcity in a completely different sense from the concept in conventional economics.

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.

This study evaluated a relationship between macroeconomic variables and the yield curve in Iran between years 1994:q1-2016:q4 using a dynamic stochastic general equilibrium model. The model consists of the household, the firm, the finance, the oil, the government, and the central bank. Both households and firms have the exclusive power to supply their labor and their products to adder, which makes it possible to stipulate nominal rigidity  in   wages and prices. After optimizing and obtaining the first order conditions of the brokers, using Uhlig method, the linear - log shape of the equations were obtained. The results of the impulse response functions indicates that the preliminary effect of the technology, monetary, and oil shocks on the slope of the Islamic treasury bills yield curve is positive, the preliminary effect of the technology, government expenditure, and cost push on the curvature of the yield curve is negative, and the preliminary effect of the technology, government expenditure, and cost push on the level of the yield curve is positive. The comparison of the moments of the model variables and the moments of the actual data of the Iranian economy reveals the success of the model in simulating the realities of the Iranian economy.

The purpose of this article is to model a synergistic valuation of integration and acquisition using Monte Carlo simulation and real option approach. Today, global competition has increased so much that relying on the firm's internal performance and strengths alone does not sustain and grow companies. With group synergy, they stand up against the threats of a competitive environment. In this paper, after describing the real discretion analysis method and its variants, we introduce the problem of stochastic optimization and Monte Carlo simulation in the period of 2009-2019. In this study, Monte Carlo simulation method is used to solve the problem numerically. The results of the estimation of the research model indicate that integration is a kind of growth in the activities and activities of the company that makes the activities of the company more diversified, including the strategies of companies to increase their competitive position and It is considered an important and strategic decision in financial management. The results indicated that both increased costs and revenue led to an increase in NPV of total synergies. The results also showed that the synergy of growth and improvement in corporate taxation led to an improvement in the synergy of borrowing, which increased the net present value of total synergy.

The circumstances following the financial and economic crisis in 2008 revealed some fundamental divergence in the economic literature on the effects of fiscal policy. On one hand, some economists have defended the adapting of countercyclical fiscal policy measures, while, others have expressed doubts about the effectiveness of enacting such fiscal policy measures. This study by using 62 countries’ data over the period 1960-2019, applying panel smooth transition regression, and considering the fiscal multiplier as a transition variable, examines the nonlinear relationship between the explanatory variables and economic growth in one hand, and the behavior of fiscal policy during the recession and expansion among the sample countries, applying LPM approach on the other hand. In addition, the main issue is to examine the size of the fiscal multiplier during the recession. The results show that since fiscal policy shocks have a stronger effect during a recession than an expansion period; hence, asymmetric effects are confirmed. Also, based on the research findings, it is observed that the countercyclical fiscal policy is relatively effective in smoothing production fluctuations, while the procyclical policy worsens production fluctuations. Finally, Estimates in this study indicate a procyclical behavior for developing countries and a countercyclical behavior for developed countries.

This study investigated the asymmetric effects of oil price shocks, it's uncertainty and economic sanctions on economic growth and inflation in Iran. For this purpose, annual data 1979-2019 and nonlinear auto-regressive distributed lag (NARDL) approach has been used. Furthermore, two models have been estimated. The first model the asymmetric effects of oil price shocks, it's uncertainty and economic sanctions on economic growth, the second model those variables on inflation are examined. The results of estimating the first model indicate that, positive oil price logarithm shock (LOIL_POS) has a positive effect and negative shock (LOIL_NEG) has a negative effect on economic growth. In addition, the effect of uncertainty on oil price, economic sanctions, labor, government spending and exchange rates on economic growth is negative and significant, and capital stock has a positive and significant effect on it. The results of second model, show that a LOIL_POS has a negative effect and a LOIL_NEG has a positive effect on inflation. In addition, economic sanctions, trade liberalization and government spending have a positive and significant effect on inflation. The effect of oil price uncertainty and the logarithm of GDP on inflation is negative and significant. Wald test show that the effects of oil price shocks on economic growth and inflation is asymmetric both in the short (at the 10% level) and long run.

The purpose of this study is to investigate the effect of exchange rate overshooting and central bank intervention on Iran's trade with the Caspian Basin countries based on data from 1995-2019 and using the Panel Star soft threshold (PSTR) approach. The results of the model estimate show; The variables of GDP per capita, trade agreement, population, distance between the capital, the border and common language have a positive effect and the variables of central bank intervention and exchange rate overshooting have a negative effect on Iran's trade volume with Caspian countries. Artificial pricing of the exchange rate in the years before the crisis and preventing its adjustment in accordance with economic conditions is one of the main reasons for the recent currency crisis in the country. In addition, the calculation of the foreign exchange market pressure index and central bank interventions indicate that the highest numbers obtained for this index are related to the time when the gap between the free exchange rate and the official exchange rate has widened. the expanding and diversifying markets and financial institutions, moving to an open economy and trade agreements, and using foreign investment and changing capital market regulations to increase transparency and stability to increase savings And investment can provide the basis for increasing the country's exports..

In this study, the nonlinear effects of institutional factors on financial development (banking credit and trading stock value) in 14 selected countries (with high human development index) during the period 2007-2018 using data panel econometrics technique With a nonlinear approach, the Auto Regressive Distributed Lag. The results indicate that the combined index of institutional factors had a negative effect on the value of trading stocks in the short and long term, but had a positive effect on the banking credit and in some cases was ineffective. Therefore, the indicators of institutional factors in these societies need to be improved and strengthened. In fact, first by improving and then by expanding the above institutional indicators, we can play a significant role in increasing financial development indicators.

This paper analyzed the effects of exchange rate pass-through with emphasis on the inflationary environment of Iran and the behavior of the Central Bank. Therefore,the STAR model during the period 2001:03 to 2019:04 was used. The results showed that GDP and the volume of money have a positive relationship and nominal interest rate, exchange rate and the central bank intervention have a negative relationship with the price index. The difference between the coefficients of the variables in the two regimes indicates that the effect of exchange rate and GDP growth on the price index in each regime is different. In the low exchange rate regime, the increase in the exchange rate causes a decrease and in the high exchange rate regime, the price index increases. There may be a causality relationship between exchange rates and inflation. That is, inflation increases with the increase in the exchange rate and the price of imported goods, and this inflation causes the exchange rate to rise again. On the other hand, the growth rate of the exchange rate in the impulse function is more than its deviations from the equilibrium which indicates the interventions of the Central Bank have been more to control the growth of the exchange rate. In fact, with this policy, the central bank has sought to control rising prices.

In the new theory of international trade, the deficiency in competition has been emphasized and the role of factors such as economies of scale and variety is taken into consideration. Car world market is also hugely dependent on economies of scale. Firms with sufficient scale and economies of scale are successful in this market. The main purpose of this study is to measure economies of scale in Iran's automotive industry and also to evaluate the welfare effects of variety of automobile imports in Iran. To calculate the economies of scale in automotive industry, Translog production function with input cost share equations and seemingly unrelated iterative regression estimation method were used during the time frame of 2002 to 2018. The research findings confirm that the Iranian car companies are in the descending area of the average cost curve, it means they have not yet benefited completely from advantages economies of scale. As well as in this study for evaluating the welfare effects of variety in imports of Iran's automotive industry, Feenstra and Broda & Weinstein methods has been used. The amount of product variety has been measured by product-level import data and the six-digit codes Harmonized System (HS) classification. The results suggested that the increasing in variety of imported cars leads to increasing in consumer’s welfare and vice versa.