Mofid UniversityThe Journal of Economic Studies and Policies2423-464801820101222Risks coverage of the Istisna' Sukuk in Security MarketRisks coverage of the Istisna' Sukuk in Security Market3262621910.22096/esp.2010.26219FAMohammad NaqiNazarpourAssistant Professor, Department of Economics, Mofid University, Qom, IranAyuobKhazaeeM.Sc. Student of Economic Sciences, Mofid University, Qom, IranJournal Article20100526Islamic finance industry is rapidly developing and one of the consequences of this development is the emergence of Islamic capital market and the structure of its products and financial activities is consistent with shariah. Istisna' sukuk is one of the appropriate tools in Islamic finance. Undoubtedly, emerging and developing of Istisna' sukuk as a securitiy can extend investor's choices and cause prosperity and efficiency in security market. <br />Acceptance of Istisna' sukuk in financial market depends on identifying, analysis and management of its risks. Without assessing potential and present risks, its acceptance may be failed. These risks are two parts: (i) Primary market, (ii) Secondary market. <br />Because of unavoidable impacts of risks in Istisna' sukuk like other securities, this paper through the descriptive methodology analyze risks of Istisna' sukuk and tries to analyze this hypothesis that «Istisna' sukuk risk is lower and it can be easily covered. So it can be one of the popular securities in financial markets that can absorb the excess liquidity of risk avoider investors«.Islamic finance industry is rapidly developing and one of the consequences of this development is the emergence of Islamic capital market and the structure of its products and financial activities is consistent with shariah. Istisna' sukuk is one of the appropriate tools in Islamic finance. Undoubtedly, emerging and developing of Istisna' sukuk as a securitiy can extend investor's choices and cause prosperity and efficiency in security market. <br />Acceptance of Istisna' sukuk in financial market depends on identifying, analysis and management of its risks. Without assessing potential and present risks, its acceptance may be failed. These risks are two parts: (i) Primary market, (ii) Secondary market. <br />Because of unavoidable impacts of risks in Istisna' sukuk like other securities, this paper through the descriptive methodology analyze risks of Istisna' sukuk and tries to analyze this hypothesis that «Istisna' sukuk risk is lower and it can be easily covered. So it can be one of the popular securities in financial markets that can absorb the excess liquidity of risk avoider investors«.https://economic.mofidu.ac.ir/article_26219_83ceae014fabf2e56e69da4b132f4f6b.pdfMofid UniversityThe Journal of Economic Studies and Policies2423-464801820101222Monetary Policy Role in Transmission of the Effects of Oil Shocks on Iran’s EconomyMonetary Policy Role in Transmission of the Effects of Oil Shocks on Iran’s Economy27502622010.22096/esp.2010.26220FAMahmoudMotavaseliProfessor, Faculty of Economics, University of Tehran, IranIlnazEbrahimiPhD student, Faculty of Economics, University of TehranJournal Article20100531This paper analyzes monetary policy role in transmission of oil shocks on Iran’s economy as an oil exporting country. To achieve this, we develop a New Keynesian dynamic stochastic general equilibrium (DSGE) model. Within this framework, oil sector and oil export revenues have been modeled as a separate sector and one of the government budget resources, respectively. Also, oil shocks affect the economy both separately and through their effects on money growth rate. Like all other New Keynesian models, nominal rigidities and monopolistic competition have been introduced in the model. Optimizing, solving and calibration of the model show that business cycle moments generated by the model and those of actual statistics from the Iran’s economy match closely. In the next step, we suggest two ways to examine the effects of monetary policy on transmission of oil shocks on the economy. These approaches are; 1. Examination of the complete transmission of oil shocks on money growth rate, 2.Examining the effect of the zero transmission of oil shocks on money growth rate. With calibrating the model, considering these two assumptions, we find that monetary policy channel has very important effect on transmission of oil shocks on the economy and blocking this channel would reduce the fluctuations arising from oil shocks considerably.This paper analyzes monetary policy role in transmission of oil shocks on Iran’s economy as an oil exporting country. To achieve this, we develop a New Keynesian dynamic stochastic general equilibrium (DSGE) model. Within this framework, oil sector and oil export revenues have been modeled as a separate sector and one of the government budget resources, respectively. Also, oil shocks affect the economy both separately and through their effects on money growth rate. Like all other New Keynesian models, nominal rigidities and monopolistic competition have been introduced in the model. Optimizing, solving and calibration of the model show that business cycle moments generated by the model and those of actual statistics from the Iran’s economy match closely. In the next step, we suggest two ways to examine the effects of monetary policy on transmission of oil shocks on the economy. These approaches are; 1. Examination of the complete transmission of oil shocks on money growth rate, 2.Examining the effect of the zero transmission of oil shocks on money growth rate. With calibrating the model, considering these two assumptions, we find that monetary policy channel has very important effect on transmission of oil shocks on the economy and blocking this channel would reduce the fluctuations arising from oil shocks considerably.https://economic.mofidu.ac.ir/article_26220_6b6fc5fd25aa13116ac6f9bbb1812fb8.pdfMofid UniversityThe Journal of Economic Studies and Policies2423-464801820101222A Long-Term Analysis of Housing Markets and
Inflation in IranA Long-Term Analysis of Housing Markets and
Inflation in Iran51682622110.22096/esp.2010.26221FAAli AkbarGholizadehFaculty member of the Faculty of Economics, Bu Ali Sina UniversityBehnazKamyabPhD student in Economics, Bu Ali Sina UniversityJournal Article20100307This paper examines the relationship between inflation and residential property rent over a 60-quraters period. Using the conventional OLS models and cointegration and causality models, we examine housing markets rent in Iran. The OLS tests provide strong evidence of a consistent and stable relationship. The cointegration results, and in particular those obtained using the Engle–Granger procedure, provide strong evidence to support the hypothesis that housing rent and inflation are cointegrated. Additionally, the causality results provide strong evidence to support the hypothesis that housing rent is strongly affected by inflation expectations.This paper examines the relationship between inflation and residential property rent over a 60-quraters period. Using the conventional OLS models and cointegration and causality models, we examine housing markets rent in Iran. The OLS tests provide strong evidence of a consistent and stable relationship. The cointegration results, and in particular those obtained using the Engle–Granger procedure, provide strong evidence to support the hypothesis that housing rent and inflation are cointegrated. Additionally, the causality results provide strong evidence to support the hypothesis that housing rent is strongly affected by inflation expectations.https://economic.mofidu.ac.ir/article_26221_89c44761d7bafba48b64d0477dfb544e.pdfMofid UniversityThe Journal of Economic Studies and Policies2423-464801820101222Effects of Macroeconomic Variable on Poverty in Iran
Application of Bootstrap TechniqueEffects of Macroeconomic Variable on Poverty in Iran
Application of Bootstrap Technique69942622210.22096/esp.2010.26222FAFarhadKhodadad KashiAssociate Professor of Central Organization of Payame Noor UniversityMohanmmadnabiShahiki TashAssistant Professor, Department of Economics, Sistan and Baluchestan University, Iran0000-0001-6541-3189Journal Article20090429It is believed that the level of poverty is significantly affected by macroeconomic variables, such as inflation, government expenditure and unemployment rate. In this paper attempt has been made to investigate how macroeconomic variables affect the level of poverty in Iranian society. Our findings indicate that the economic growth has no significant effects on poverty intensity in Iran. <br />In addition, there is a negative association between poverty and growth, namely increasing the growth rate leads to poverty reduction. The results of this study have also shown that unemployment and inflation have positive effects on poverty, while social security expenditure relative to government expenditure has no meaningful effects on poverty. In this study bootstrap technique is used to check the validity of the results.It is believed that the level of poverty is significantly affected by macroeconomic variables, such as inflation, government expenditure and unemployment rate. In this paper attempt has been made to investigate how macroeconomic variables affect the level of poverty in Iranian society. Our findings indicate that the economic growth has no significant effects on poverty intensity in Iran. <br />In addition, there is a negative association between poverty and growth, namely increasing the growth rate leads to poverty reduction. The results of this study have also shown that unemployment and inflation have positive effects on poverty, while social security expenditure relative to government expenditure has no meaningful effects on poverty. In this study bootstrap technique is used to check the validity of the results.https://economic.mofidu.ac.ir/article_26222_06105c85f981efa401be2fb19ae27fbe.pdfMofid UniversityThe Journal of Economic Studies and Policies2423-464801820101222The Impact of Tariff Reduction by EU Countries on Iran’s Pistachio ExportsThe Impact of Tariff Reduction by EU Countries on Iran’s Pistachio Exports951102622310.22096/esp.2010.26223FAMansourKhalili AraghiProfessor, Faculty of Economics, University of TehranAhmadHasaniMaster of Economics, University of TehranJournal Article20090106Pistachio is among the main exportable agricultural goods in Iran. The main consumers of this product in the world are countries with high per capita income, like EU countries. On the other hand, there has been severe competition among the main exporters of pistachio, i.e. Iran, USA and Turkey. <br />In this study we have investigated that the impact of tariff reduction from the EU countries on Iran's export of pistachio (Among 1994- 2005). We have considered these scenarios: The reduction of 20 percent, 40 percent and 100 percent of tariff. <br />Our results show that the Iranian pistachio is considered as a luxury commodity- with respect to the income elasticity. While the U.S and Turkey are the main competitors of Iran in this market, based on the elasticity of substitution within the period of study, they have had a lesser competitive power than Iran in the EU countries. We have also found that even though the reduction of tariff in the EU countries will increase the export of Iranian pistachio, but the percentage of this increase was not significant.Pistachio is among the main exportable agricultural goods in Iran. The main consumers of this product in the world are countries with high per capita income, like EU countries. On the other hand, there has been severe competition among the main exporters of pistachio, i.e. Iran, USA and Turkey. <br />In this study we have investigated that the impact of tariff reduction from the EU countries on Iran's export of pistachio (Among 1994- 2005). We have considered these scenarios: The reduction of 20 percent, 40 percent and 100 percent of tariff. <br />Our results show that the Iranian pistachio is considered as a luxury commodity- with respect to the income elasticity. While the U.S and Turkey are the main competitors of Iran in this market, based on the elasticity of substitution within the period of study, they have had a lesser competitive power than Iran in the EU countries. We have also found that even though the reduction of tariff in the EU countries will increase the export of Iranian pistachio, but the percentage of this increase was not significant.https://economic.mofidu.ac.ir/article_26223_cfe04034c4af619cfabd5f2c785131d2.pdfMofid UniversityThe Journal of Economic Studies and Policies2423-464801820101222Effect of ICT Capital Services on Production of Economic Sectors: A Panel Data AnalysisEffect of ICT Capital Services on Production of Economic Sectors: A Panel Data Analysis1111362622410.22096/esp.2010.26224FAMahmudMahmudzadehAssistant Professor, Department of Economics, Islamic Azad University, Firoozkooh Branch, Tehran, IranMaryamTayyariMaster of EconomicsJournal Article20100315The aim of this paper is to investigate the impact of ICT capital services on production of seven major economic sectors by using a panel data method over the period 2001-2007. Findings state that the non-ICT capital stock and labor force have positive impact on production. The production elasticity of ICT capital service is between 0.07-0.098, but this coefficient is less than the production elasticity of non-ICT capital (about 0.2). Thus, the paper concludes that ICT affects the production and it seems that the "Productivity Paradox" does not appear in Iran economy.The aim of this paper is to investigate the impact of ICT capital services on production of seven major economic sectors by using a panel data method over the period 2001-2007. Findings state that the non-ICT capital stock and labor force have positive impact on production. The production elasticity of ICT capital service is between 0.07-0.098, but this coefficient is less than the production elasticity of non-ICT capital (about 0.2). Thus, the paper concludes that ICT affects the production and it seems that the "Productivity Paradox" does not appear in Iran economy.https://economic.mofidu.ac.ir/article_26224_851fd85e0c2baf63f6042123c2b4aac7.pdfMofid UniversityThe Journal of Economic Studies and Policies2423-464801820101222The Effect of Financial Development on Income Inequality: A Case Study for the Middle East and North African CountriesThe Effect of Financial Development on Income Inequality: A Case Study for the Middle East and North African Countries1371542622510.22096/esp.2010.26225FAAliTaeibniaAssociate Professor, Faculty of Economics, University of TehranAbbasZareeiMaster of EconomicsHamidYariPhD student, University of TehranJournal Article20081006Many studies have attempted to assess the effect of financial development on economic growth and it has been revealed that financial development can be assumed as a policy to promote economic growth. Regarding this issue, there are many aspects and problems to investigate; one of these important problems is whether all people are benefited from financial development or not. Do growth policies including financial development have some distributional effects? And, can these policies improve the average income by increasing income of both poor and rich people (neutralized distribution)? This paper studies the effect of financial development on income inequality in Middle East and North African countries. In order to achieve this goal, we have determined a model of income distribution in these countries, then we have investigated the effect of financial development on income inequality in these countries. The result indicates that financial development during 1990 – 2005 has decreased income inequality in these countries which has been great enough to change the existing income distribution pattern.Many studies have attempted to assess the effect of financial development on economic growth and it has been revealed that financial development can be assumed as a policy to promote economic growth. Regarding this issue, there are many aspects and problems to investigate; one of these important problems is whether all people are benefited from financial development or not. Do growth policies including financial development have some distributional effects? And, can these policies improve the average income by increasing income of both poor and rich people (neutralized distribution)? This paper studies the effect of financial development on income inequality in Middle East and North African countries. In order to achieve this goal, we have determined a model of income distribution in these countries, then we have investigated the effect of financial development on income inequality in these countries. The result indicates that financial development during 1990 – 2005 has decreased income inequality in these countries which has been great enough to change the existing income distribution pattern.https://economic.mofidu.ac.ir/article_26225_dff828a2db2702a3b0d2790e23acd705.pdfMofid UniversityThe Journal of Economic Studies and Policies2423-464801820101222The Role of Intellectual Property Rights on Economic Growth: A Comparison of G7 and D8 CountriesThe Role of Intellectual Property Rights on Economic Growth: A Comparison of G7 and D8 Countries1551692622610.22096/esp.2010.26226FAMohammad HasanFotrosAssociate Professor, Department of Economics, Bu Ali University, Hamadan, IranAbolfazlNajjarzade NushabadiMaster student of economics, Bu Ali Sina University, Hamadan, IranJournal Article20100302Intellectual Property Rights has an important role on the long-run economic growth of the countries. So, in recent years, the international institutions likes World Trade Organization (WTO) and World Intellectual Property Organization (WIPO) have recommended their members, the establishments and the reinforcement of this determinant factor in their economic policies. This research deals with this question that whether the intellectual property rights can explain the difference between growth rates of developing and developed countries? For this purpose, we use data of 15 countries for the period of 1975-2005 that is divided in two groups of developed countries (G7) and developing countries (D8); and to analyze the data, the econometric panel data approach is applied. The results show that the intellectual property rights impact on economic growth depends on the degree of economic development of the concerned countries. That is, the effect of intellectual property rights on economic growth, in developed countries (G7) is higher than in developing countries (D8).Intellectual Property Rights has an important role on the long-run economic growth of the countries. So, in recent years, the international institutions likes World Trade Organization (WTO) and World Intellectual Property Organization (WIPO) have recommended their members, the establishments and the reinforcement of this determinant factor in their economic policies. This research deals with this question that whether the intellectual property rights can explain the difference between growth rates of developing and developed countries? For this purpose, we use data of 15 countries for the period of 1975-2005 that is divided in two groups of developed countries (G7) and developing countries (D8); and to analyze the data, the econometric panel data approach is applied. The results show that the intellectual property rights impact on economic growth depends on the degree of economic development of the concerned countries. That is, the effect of intellectual property rights on economic growth, in developed countries (G7) is higher than in developing countries (D8).https://economic.mofidu.ac.ir/article_26226_1e360e456bb346d5ec2e9d6b411a323f.pdf