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Money Economy

description222 papers
group17 followers
lightbulbAbout this topic
A money economy is an economic system where goods and services are exchanged primarily through the use of currency, facilitating trade and commerce. It contrasts with barter systems, emphasizing the role of money as a medium of exchange, a unit of account, and a store of value in economic transactions.
lightbulbAbout this topic
A money economy is an economic system where goods and services are exchanged primarily through the use of currency, facilitating trade and commerce. It contrasts with barter systems, emphasizing the role of money as a medium of exchange, a unit of account, and a store of value in economic transactions.

Key research themes

1. How can the structure of money circulation and taxation policies optimize economic robustness and growth?

This theme investigates the Theory of Cycle of Money, which analyzes how money reuse within an economy—shaped by public policies and taxation—affects economic stability, consumption, investment, and overall growth. The focus lies on identifying optimal public and tax policies that maximize the velocity and utility of money circulation, thereby enhancing economic resilience, especially in the face of economic crises. It accounts for the differentiated roles of various economic units (e.g., SMEs versus large firms) and how their tax burdens influence money cycling within the economy.

2025

Key finding: The study establishes that tax policies targeted at lower rates for small and medium enterprises and higher rates for large multinational firms increase the cycle of money within the domestic economy, thereby enhancing...Read more
Key finding: The study establishes that tax policies targeted at lower rates for small and medium enterprises and higher rates for large multinational firms increase the cycle of money within the domestic economy, thereby enhancing economic robustness. It also highlights the role of sectors like factories, health, and education in strengthening the money cycle, proposing that optimized allocation of production units and taxes leads to maximal economic reuse of money, thus supporting social welfare and prosperity.

2025

Key finding: This work rigorously examines the utility function of the Cycle of Money under various scenarios involving enforcement and escape savings, showing how different savings behaviors modulate the effectiveness of money recycling....Read more
Key finding: This work rigorously examines the utility function of the Cycle of Money under various scenarios involving enforcement and escape savings, showing how different savings behaviors modulate the effectiveness of money recycling. Using first-order derivatives and Karush-Kuhn-Tucker conditions, it identifies tax and public policies that enhance consumption and investment by optimizing the velocity of money. This analysis further substantiates the importance of controlling both enforcement and escape savings for maximizing economic efficiency.

2025

Key finding: Applying the Theory of Cycle of Money empirically to Serbia’s economy reveals that Serbia’s cycle of money index aligns closely with the global average, indicating a well-structured economy. The study suggests that Serbia’s...Read more
Key finding: Applying the Theory of Cycle of Money empirically to Serbia’s economy reveals that Serbia’s cycle of money index aligns closely with the global average, indicating a well-structured economy. The study suggests that Serbia’s middle-ranked index reflects moderate economic dynamism, and proposes tax policy adjustments—lower taxes for SMEs and higher for large multinational companies—to further enhance money reuse and economic vigor, thereby strengthening resilience against economic crises.

2. What is the socio-economic and institutional role of money and how does its control affect the stability and democratic governance of the monetary system?

This research theme explores money not as a mere economic mechanism but as a social and political institution central to capitalist economies. It evaluates the concentration of money creation within private finance, the state's dual role as stabilizer and capitalist actor, and the implications for economic inequality, debt, and system instability. It also probes proposals for a public, democratically controlled monetary system to remedy capitalist financial dysfunctions and promote ecological and social sufficiency.

2022

Key finding: Mary Mellor argues that money is a public resource currently captured by private finance capital to serve speculative profits, contributing to widespread public and individual debt. The financial crises exposed the state's...Read more
Key finding: Mary Mellor argues that money is a public resource currently captured by private finance capital to serve speculative profits, contributing to widespread public and individual debt. The financial crises exposed the state's indispensability in stabilizing money but also revealed the lack of democratic control over money creation. The work proposes reclaiming and restructuring the money and banking system as a publicly administered resource to enable equitable, sustainable provisioning aligned with social and ecological sufficiency.

2023, Globalizations

Key finding: This paper critically reevaluates earlier sociological analyses of the US dollar’s global role, incorporating post-GFC monetary trends, and finds existing globalization theories insufficient in macro-sociological treatment of...Read more
Key finding: This paper critically reevaluates earlier sociological analyses of the US dollar’s global role, incorporating post-GFC monetary trends, and finds existing globalization theories insufficient in macro-sociological treatment of the international monetary system. It advocates for integrating sociological monetary theory with empirical studies on central banks, Eurodollar flows, and shadow banking to develop a robust theoretical framework capturing the international monetary system's socio-political dynamics and its societal impacts.

2023, Review of Political Economy

Key finding: John Smithin develops an alternative monetary model rooted in Post-Keynesian realism, emphasizing the endogenous creation of bank credit and the critical role of governments and central banks in economic outcomes. Critically...Read more
Key finding: John Smithin develops an alternative monetary model rooted in Post-Keynesian realism, emphasizing the endogenous creation of bank credit and the critical role of governments and central banks in economic outcomes. Critically engaging with monetary and sociological literatures, the work highlights power relations shaping money’s functions beyond mere means-of-payment, and proposes a macroeconomic framework better suited to address growth, uncertainty, and policy efficacy than mainstream models.

2023, European Journal of Economics and Economic Policies: Intervention

Key finding: This article clarifies core misconceptions about Modern Monetary Theory (MMT), emphasizing its nuanced understanding of money as a social relation involving assets and liabilities, with demand driven by taxation needs rather...Read more
Key finding: This article clarifies core misconceptions about Modern Monetary Theory (MMT), emphasizing its nuanced understanding of money as a social relation involving assets and liabilities, with demand driven by taxation needs rather than legal tender alone. It asserts that MMT recognizes distinctions between inside and outside money, money and the monetary base, and supports active, committee-based monetary policy including quantitative easing, opposing claims that MMT neglects these policies or monetary control mechanisms.

3. How does monetary policy influence income distribution, financial stability, and economic growth in heterogeneous economies?

This theme addresses the distributional and macroeconomic consequences of monetary policy choices, including their effects on income inequality, banking stability, and growth trajectories. It explores empirical and theoretical analyses of how shocks and policies affect heterogeneous households, non-performing loans, banking leverage, and securitization mechanisms, proposing integrated approaches to assess winners and losers of monetary decisions and the systemic risks emerging from shadow banking and financial deregulation.

2025, The journal of money and economy

Key finding: Employing Dynamic Stochastic General Equilibrium models calibrated to the Iranian economy, this paper quantifies the heterogeneous effects of monetary policy shocks on income and consumption distributions across households....Read more
Key finding: Employing Dynamic Stochastic General Equilibrium models calibrated to the Iranian economy, this paper quantifies the heterogeneous effects of monetary policy shocks on income and consumption distributions across households. It finds significant distributional impacts mediated via earnings heterogeneity and asset ownership, suggesting that monetary authorities need to consider inequality outcomes alongside traditional macroeconomic objectives.

2025, Journal of Money and Economy

Key finding: Using a Random-Coefficients modeling approach in a panel of Iranian banks, the study reveals that intra-organizational factors like credit risk and liquidity risk exert heterogeneous and bank-specific effects on banking...Read more
Key finding: Using a Random-Coefficients modeling approach in a panel of Iranian banks, the study reveals that intra-organizational factors like credit risk and liquidity risk exert heterogeneous and bank-specific effects on banking leverage. These differences emphasize the importance of tailored risk and capital regulation strategies to maintain banking system stability in varying institutional contexts.

2024, The journal of money and economy

Key finding: Through regime-switching panel smooth transition regression models, the study links macroeconomic variables—especially oil revenue growth and inflation—to the dynamics of non-performing loans (NPLs) in Iranian banks across...Read more
Key finding: Through regime-switching panel smooth transition regression models, the study links macroeconomic variables—especially oil revenue growth and inflation—to the dynamics of non-performing loans (NPLs) in Iranian banks across oil boom and recession cycles. It finds inflation positively influences NPLs, with loan loss provisions, interest rate spreads, and loan-to-deposit ratios showing asymmetric effects varying by bank quality, highlighting critical risk factors for banking stability.

2023, Journal of Money and Economy

Key finding: Applying quantile regression across G20 economies, the study documents that shadow banking activities exacerbate financial instability particularly in countries with a high shadow banking presence. It highlights the...Read more
Key finding: Applying quantile regression across G20 economies, the study documents that shadow banking activities exacerbate financial instability particularly in countries with a high shadow banking presence. It highlights the regulatory challenge posed by shadow banking entities, especially in circumventing traditional banking oversight, suggesting the need for comprehensive reforms to safeguard financial system robustness.

2024, The journal of money and economy

Key finding: Integrating a Dynamic Stochastic General Equilibrium model extended with shadow banking and securitization variables calibrated to US data, the analysis finds securitization by banks tends to slow economic growth over the...Read more
Key finding: Integrating a Dynamic Stochastic General Equilibrium model extended with shadow banking and securitization variables calibrated to US data, the analysis finds securitization by banks tends to slow economic growth over the long term. The study warns about risks generated by securitization processes, such as asset bubbles and inflationary pressures, recommending caution in promoting securitization as a financing tool.

Related Topics

All papers in Money Economy

2025, Journal of Money and Economy

The market competition urges companies to invest heavily in Customer Relationship Management (CRM) projects to gain a better understanding of the customers. Nevertheless, the successful implementation of CRM seems to be difficult to...more
The market competition urges companies to invest heavily in Customer Relationship Management (CRM) projects to gain a better understanding of the customers. Nevertheless, the successful implementation of CRM seems to be difficult to achieve. Researches show that less than 30 percent of organizations that implement a CRM technology have seen an improvement in organization performance. Hence, a more than 70 percent rate of failure for CRM projects is an alarm for organizations to provide the required arrangements prior to the CRM implementation. This paper aims to consider two research questions: How has CRM implementation research evolved over the past 20 years? What are the Critical Success Factors (CSFs) and Critical Failure Factors (CFFs) for CRM implementation? To answer these questions, the authors conducted an in-depth review of CRM implementation research for the last 20 years and analyzed the content of 214 selected papers (published from January 2000 to January 2020). Then CSFs and CFFs were classified and prioritized. Finally, the work proposes a covering definition of the success factors based on the literature review. Acknowledging the growth of studies on CRM implementation, this paper presents the latest picture of the discipline and hopes that understanding these 24 CSFs and 15 CFFs would help organizations to obtain the expected benefits of their CRM initiative.

2025, The journal of money and economy

The market competition urges companies to invest heavily in Customer Relationship Management (CRM) projects to gain a better understanding of the customers. Nevertheless, the successful implementation of CRM seems to be difficult to...more
The market competition urges companies to invest heavily in Customer Relationship Management (CRM) projects to gain a better understanding of the customers. Nevertheless, the successful implementation of CRM seems to be difficult to achieve. Researches show that less than 30 percent of organizations that implement a CRM technology have seen an improvement in organization performance. Hence, a more than 70 percent rate of failure for CRM projects is an alarm for organizations to provide the required arrangements prior to the CRM implementation. This paper aims to consider two research questions: How has CRM implementation research evolved over the past 20 years? What are the Critical Success Factors (CSFs) and Critical Failure Factors (CFFs) for CRM implementation? To answer these questions, the authors conducted an in-depth review of CRM implementation research for the last 20 years and analyzed the content of 214 selected papers (published from January 2000 to January 2020). Then CSFs and CFFs were classified and prioritized. Finally, the work proposes a covering definition of the success factors based on the literature review. Acknowledging the growth of studies on CRM implementation, this paper presents the latest picture of the discipline and hopes that understanding these 24 CSFs and 15 CFFs would help organizations to obtain the expected benefits of their CRM initiative.

2025, Ahmed Almadani

The COVID-19 pandemic is damaging economies across the world, including financial institutions in all possible dimensions. For banks, in particular, the pandemic generates multifaceted crises, mostly through increases in default rates....more
The COVID-19 pandemic is damaging economies across the world, including financial institutions in all possible dimensions. For banks, in particular, the pandemic generates multifaceted crises, mostly through increases in default rates. This is likely to be worse in developing economies like the Kingdom of Bahrain. This paper utilizes Bahrain as a case study of an emerging economy and examines the possible impacts of the pandemic on the country’s banking sector. Bahrain's banking sector has a low and controlled level of non-performing loans (NPLs) but the pandemic is likely to increase the rate. As per the number, we got from the CBB Annual report of 2020 and the selected Bank's financial statement and the information of covid19 cases from the Ministry of Health Bahrain, other universities research, the paper estimates the impacts of the COVID-19 pandemic on NPL in dimensions of which the ECL impairment provision stage 3 as per the ECL module movement between the q1 2019 to q3 2021 which appears the NPL shock.  Findings suggest that all banks are likely to see a fall in risk-weighted asset values at the individual bank and sectoral levels. However, estimates show that larger banks are relatively more vulnerable. The decline in the dimensions will increase disproportionately if NPL shocks become larger. Findings further show that a 5% NPL shock could force capital adequacy of all banks to go below the minimum BASEL-III requirement, while a shock of 8% or more could turn it to zero or negative at the sectoral level (BIS 2017 Basel III). the government of Bahrain does an immediate and innovative policy measure to prevent a large-scale and contagious banking crisis in the Kingdom. The paper offers lessons for other developing and emerging economies similar to Bahrain.

2025, Agrociencia

This paper pinpoints how economic policy efficiency and quality of institution have influenced bank deposit growth in Nigeria during the period 1995-2023, after incorporating Taylor's Principle to assess the responsiveness of policy...more
This paper pinpoints how economic policy efficiency and quality of institution have influenced bank deposit growth in Nigeria during the period 1995-2023, after incorporating Taylor's Principle to assess the responsiveness of policy through different economic regimes. Application of a Markov switching model allows the differential impacts of periods of economic expansion and contraction to be depicted on bank deposit growth, the loan-to-deposit ratios, and liquidity ratios. The findings show that the monetary policy rate, interacting with fiscal variables of government expenditure and tax revenue, exerts regime-sensitive effects on banking resilience. Simultaneously, institutional quality variables of regulatory quality and government effectiveness were observed to be highly influential in shaping bank deposit behavior over the cycle. Other determinants of the stability of banks include economic uncertainty and financial development, the later suggesting deposit protection during contraction. The study, therefore, facilitates priorities in adaptive policy frameworks in Nigeria by striking a proper balance between strong institutional frameworks and flexible economic policies that would ensure resilience in the banking sector across economic fluctuations.

2025, International Journal of Agriculture and Technology

Purpose: This paper examines the impact of Foreign Direct Investment (FDI) and Agricultural Total Factor Productivity (AgTFP) in Mali from 1990 to 2018. Research Method: The analysis uses the Phillips-Perron and Augmented Dickey-Fuller...more
Purpose: This paper examines the impact of Foreign Direct Investment (FDI) and Agricultural Total Factor Productivity (AgTFP) in Mali from 1990 to 2018. Research Method: The analysis uses the Phillips-Perron and Augmented Dickey-Fuller unit root tests, the Johansen Cointegration test, and the Vector Autoregressive (VAR) model for stability and normality assessment. A Vector Error Correction Model (VECM) is further utilized to explore both short-and long-term relationships. Findings: The results indicate that FDI inflows contribute positively to agricultural development and poverty reduction in Mali. FDI, which accounted for 3.3% of GDP in 2021, plays a crucial role in improving agricultural productivity, enhancing infrastructure, and strengthening value chains. However, the adjustment rate coefficient suggests that Mali's agricultural sector operates below its potential, facing challenges such as inefficient resource allocation, inadequate technological adoption, suboptimal infrastructure, and policy deficiencies. Originality/Value: The study highlights the necessity for Mali to implement strategic policies aimed at enhancing agricultural productivity. Recommendations include increasing investment in agricultural research and development, facilitating farmer access to credit and resources, strengthening extension services, promoting innovation, and encouraging sustainable agricultural practices. By accelerating the transition toward an optimal equilibrium, Mali can boost agricultural productivity, improve food security, enhance rural livelihoods, and foster overall economic growth.

2025, Journal of Money and Economy

In Iran, following the intensification of economic sanctions during the 2010s and the exacerbation of the government's budget deficit, investment declined starting in 2012, which led to a reduction in GDP. As uncertainty accompanied...more
In Iran, following the intensification of economic sanctions during the 2010s and the exacerbation of the government's budget deficit, investment declined starting in 2012, which led to a reduction in GDP. As uncertainty accompanied fiscal policy, its positive effect weakened. We aim to measure fiscal policy uncertainty in Iran using a specified fiscal reaction function tailored to the oil-dependent and sanctions-affected economy in Iran. This function includes two types of shocks: fiscal level shock, and fiscal instability shock, which serves as a proxy for fiscal policy uncertainty. Previous studies used GARCH estimators to measure fiscal policy uncertainty in Iran; however, it cannot separate the instability shock from the level shock. Therefore, we estimated the fiscal reaction function using particle filters for Iran. The results suggest that in 2012, the intensification of sanctions led to an increase in fiscal policy uncertainty in Iran. From 2013 to 2016, the trend of the fiscal policy uncertainty has decreased mildly (by a maximum of 0.04). However, from 2017, the fiscal policy uncertainty index in Iran has rapidly increased, reaching its peak in 2020, whereas Iran's economy had not faced such high fiscal policy uncertainty (a maximum of +0.19) since 1979. In the 2000s, positive growth in fiscal level shocks generally compensated the adverse effects of fiscal policy uncertainty. However, in the 2010s, from 2012 onwards, with the intensification of economic sanctions, fiscal policy uncertainty has dominated over fiscal level shocks. Furthermore, the trend of overall budget balance or deficit closely aligns with the trend of the structural budget balance or deficit in Iran, indicating that the nature of the government's budget is structural and the government's budgetary discretionary decisions has increased during the period of intensified sanctions.

2025, Journal of Money and Economy

Corporate governance of banks is one of the most important structures required by banks to maintain the health and stability of banks, which can play an important role in managing banks' risk. This paper examines the effect of corporate...more
Corporate governance of banks is one of the most important structures required by banks to maintain the health and stability of banks, which can play an important role in managing banks' risk. This paper examines the effect of corporate governance on liquidity risk management, credit risk management, and total bank risk management. We used board structure effectiveness, transparency, and responsibility as corporate governance indicators. The financial ratio approach is also used to measure risk management. The period under review was 2006-2018. In addition to corporate governance criteria, other explanatory variables affecting banks' risk management have also been used. This paper used the performing unit root, cointegration, and F-Limmer tests to ensure panel estimation. Given the impact of past banks' risk management on current risk management, this variable has also been modeled as an explanatory variable. For this reason, the GMM method has been used to estimate the models in question. Given the importance of bank size in corporate governance on bank risk management, Banks are divided into large and small groups, so the effect of corporate governance in large and small banks has also been investigated on bank risk management. The results show that compliance with corporate governance criteria positively affects banks' risk management. However, due to weak corporate governance in large banks, corporate governance in large banks hurts bank risk management.

2025, Journal of Money and Economy

The merger of banks is one of the methods for reforming the structure of banks, which has attracted Iranian banking policymakers in recent years. In the process of merging, paying attention to its effects can help to integrate banks. In...more
The merger of banks is one of the methods for reforming the structure of banks, which has attracted Iranian banking policymakers in recent years. In the process of merging, paying attention to its effects can help to integrate banks. In Iran's banking network, financing of production is one of the main concerns of banking policymakers. Therefore, it is important to study the effect of banks' integration on financing. In this paper, considering the importance of this issue, using the financial statements of banks in the period 2006-2018, and the Panel Data method, the effect of the merger of banks on financing has been investigated. The static method has been used to integrate banks. For this reason, banks have been considered in terms of size and health. The results of the survey indicate that the merger of small banks with large banks and the merger of healthy banks, as compared to other options, have a more positive effect on the supply of facilities.

2025, Journal of Money and Economy

Iranian banking network policymakers are focused on bank consolidation as one of the reform policies in recent years. But before merging banks, it is necessary to examine their effects. Loans are one crucial item in the banks' balance...more
Iranian banking network policymakers are focused on bank consolidation as one of the reform policies in recent years. But before merging banks, it is necessary to examine their effects. Loans are one crucial item in the banks' balance sheets that are affected by bank consolidation. In the Iranian banking network, loans are offered to various economic sectors. What is important for banking policymakers is how the structure of loans will change as banks merge. Also, the effect of bank consolidation on loan structure is affected by the bank's ownership and its performance. Therefore, in this paper, we investigate the impact of bank mergers on loan structure of banks, using panel data model and financial statements of Iranian banks in 2006-2018. For this purpose, 28 models have been designed. Results indicate the merger of banks and the creation of private banks have a positive effect on the loan supply to services and the business sector. The merging of banks and the creation of state-owned banks will also have a positive impact on the loan supply to the industry and mining, construction, and housing sectors. Also, banks merger has a positive effect on the loan supply to services and the business sector.

2025, Journal of Money and Economy

Iran-China relations are deeply rooted in history and have been enhanced recently with bilateral cooperation in the areas of energy, arms sales, trade, political cooperation and cultural ties. The objective of this paper is to analyze the...more
Iran-China relations are deeply rooted in history and have been enhanced recently with bilateral cooperation in the areas of energy, arms sales, trade, political cooperation and cultural ties. The objective of this paper is to analyze the role of international outsourcing in form of trading intermediate products on bilateral trade relations between Iran and China. As an empirical work, we have studied the trade structure of intermediate and final goods between the two countries during the period 1992-2011. Intermediate and final goods traded are classified into three groups: 1) electronic product, 2) automobiles and motorcycles, and 3) apparel and footwear. Observations on such products show that the share of Iran's intermediate trade with China in these three industries to total trade is about 55% on average. We have concluded that trade in intermediate goods between Iran and China has been more volatile than that of final goods.

2025, The journal of money and economy

Over the last decades the research on monetary policy has largely concentrated on the impact of monetary authorities' decisions on inflation and the fine-tuning of the macroeconomic, so that distributional effects of monetary policy which...more
Over the last decades the research on monetary policy has largely concentrated on the impact of monetary authorities' decisions on inflation and the fine-tuning of the macroeconomic, so that distributional effects of monetary policy which are non-trivial has been ignored. A view that has become increasingly popular since the financial crisis 2008 is that expansionary monetary policy can exacerbate inequality. There is some recent empirical evidence that even in an era of low inflation rates; monetary policy shocks have persistent effects on the distribution of income and consumption across households. However, there has been little formal analysis of "winners" and "losers" from monetary policy. This paper investigates the distributional impact of monetary policy using the data of the Iranian economy based on the Dynamic Stochastic General Equilibrium Models (DSGE) approach. In this framework, the monetary shock via heterogeneous earnings channel effects two typical household's income and consumption distribution. As the monetary shock have different effects on the consumption and income of each of typical households relying on model's results, so the distributional effect of monetary policy is confirmed, the reason that monetary authorities must consider distributional effects of their policy besides other goals. The micro-based approach of study is the paper innovation which has been done for the first time in Iran.

2025, Journal of Money and Economy

Over the last decades the research on monetary policy has largely concentrated on the impact of monetary authorities' decisions on inflation and the fine-tuning of the macroeconomic, so that distributional effects of monetary policy which...more
Over the last decades the research on monetary policy has largely concentrated on the impact of monetary authorities' decisions on inflation and the fine-tuning of the macroeconomic, so that distributional effects of monetary policy which are non-trivial has been ignored. A view that has become increasingly popular since the financial crisis 2008 is that expansionary monetary policy can exacerbate inequality. There is some recent empirical evidence that even in an era of low inflation rates; monetary policy shocks have persistent effects on the distribution of income and consumption across households. However, there has been little formal analysis of "winners" and "losers" from monetary policy. This paper investigates the distributional impact of monetary policy using the data of the Iranian economy based on the Dynamic Stochastic General Equilibrium Models (DSGE) approach. In this framework, the monetary shock via heterogeneous earnings channel effects two typical household's income and consumption distribution. As the monetary shock have different effects on the consumption and income of each of typical households relying on model's results, so the distributional effect of monetary policy is confirmed, the reason that monetary authorities must consider distributional effects of their policy besides other goals. The micro-based approach of study is the paper innovation which has been done for the first time in Iran.

2025, Journal of Money and Economy

This study investigates the effect of intra-organizational and macroeconomic factors on banking leverage in selected Iranian banks. For this purpose, after calculation of the Banking Leverage for each bank, by using Random-Coefficients...more
This study investigates the effect of intra-organizational and macroeconomic factors on banking leverage in selected Iranian banks. For this purpose, after calculation of the Banking Leverage for each bank, by using Random-Coefficients Approach (Swamy model), the impact of explanatory variables during the period of 1999-2016 was examined separately by 10 selected Iranian public and private banks. Based on calculations, Melli, Saderat, Refah, and Tejarat Bank had the highest and Sanat-va-Madan, Eghtesad-Novin, and Sepah had the lowest level of banking leverage. Furthermore; the results of estimations show that "organizational" and "structuralvariables" of each bank have different effects on their banking leverage. For example, "credit risk" has a positive and significant effect on bank leverage in "Tejarat", "Saderat", "Refah" and "Sanat-va-Madan" banks. The effect of "liquidity risk" is the same as "credit risk". In general, due to banks' dissimilar structures, organizational and structural variables hold a varying impact on their banking leverage.

2024, Fragmenter av Nord-Norges fortid

An overview of Coins found i Northern Norway from the late Iron Age and medieval (Ad 750-1350), after 10 years of massive increase of coins found by metal-detecting. This calls for a reevaluation of the understanding of the early phases...more
An overview of Coins found i Northern Norway from the late Iron Age and medieval (Ad 750-1350), after 10 years of massive increase of coins found by metal-detecting. This calls for a reevaluation of the understanding of the early phases of monetisation in N. Norway

2024

In the economic theory, many arguments were advanced to justify the efficiency of the fiscal policy with a view to stabilization. For some, expansionist fiscal policies can have favorable effects on the economic growth, while for others,...more
In the economic theory, many arguments were advanced to justify the efficiency of the fiscal policy with a view to stabilization. For some, expansionist fiscal policies can have favorable effects on the economic growth, while for others, the economy is always in a global balanced situation, and thus the fiscal policy will have no effect and can be even harmful for the economy. However, these two effects can coexist in the economy, therefore putting forward the nonlinear character of fiscal policy in the economy growth. This study has the objective of appreciating the nature of the relation between fiscal policy and the economic growth in a 36 developing country sample of, taking into account the existence of possible nonlinear effects of the fiscal policy. Due to the use of the methodology of endogenous thresholds, the iterative procedure for the determination of endogenous thresholds developed by Hansen (1996, 1999, 2000) has allowed us to identify an optimal budget deficit thresho...

2024, Journal of Money and Economy

Financial markets have been developed rapidly in recent years. New and sophisticated financial tools have been the cause of these developments which need new controlling systems to prevent crisis. Most of industrial economies have...more
Financial markets have been developed rapidly in recent years. New and sophisticated financial tools have been the cause of these developments which need new controlling systems to prevent crisis. Most of industrial economies have reformed regulatory structure of their financial systems.

2024, IMF Working Papers

This is a Working Paper and the author(s) would welcome any comments on the present text. Citations should refer to a Working Paper of the International Monetary Fund. The views expressed are those of the author(s) and do not necessarily...more
This is a Working Paper and the author(s) would welcome any comments on the present text. Citations should refer to a Working Paper of the International Monetary Fund. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.

2024, The journal of money and economy

The present study investigates the impact of macroeconomic and bank-specific variables on non-performing loans (NPLs). To avoid the identification problem, two models are employed to address this impact. The first one tests the effect of...more
The present study investigates the impact of macroeconomic and bank-specific variables on non-performing loans (NPLs). To avoid the identification problem, two models are employed to address this impact. The first one tests the effect of macroeconomic variables including the growth of oil revenues, inflation, and the growth of GDP without the oil sector on the growth of NPLs. Data is quarterly over the period 2004:3 to 2019:3. The transition variable in this setup is the growth of oil revenues and its threshold is 9 percent, which divides the sample into oil booms and oil recessions. According to the results, inflation has a significant positive effect on NPLs. During the oil boom, oil revenues decrease the NPLs. Due to the immense size of the government and its current and capital expenditures, when oil revenues are lower, the government forces banks to allocate loans to finance projects with long maturity. Furthermore, the present study used PSTR to test the impact of bank-specific variables consisting of interest rate spread, loan loss provision, loan to deposit ratio, and NPLs. To do so, monthly data of 10 banks is used over 2016:04 to 2020:12. The transition variable is the interest rate spread at 1 percent, which categorizes the banks into two groups of good and bad. Good banks collect deposits with a low-interest rate and allocate high-rate loans with less chance of default. So, interest spread is the most important prominent determinant of decreasing NPLs, while the loan to deposit ratio is dependent on the banks belonging to which group. For good banks, the loan to deposit ratio decreases the NPLs, while for bad banks, it worsens the growth of NPLs.

2024, The journal of money and economy

Economic growth is the most common goal in any economy, and capital is one of the most important determinants of growth. In the last few decades, the use of securities in various countries' capital markets has expanded and has become an...more
Economic growth is the most common goal in any economy, and capital is one of the most important determinants of growth. In the last few decades, the use of securities in various countries' capital markets has expanded and has become an essential part of the economic system supplying the capital need for investors and other institutions. This study aims to analyze the effect of securities used to finance banks (securitization) on economic growth. For this purpose, the theoretical analysis method is used in the framework of a Dynamic Stochastic General Equilibrium (DSGE) model. The theoretical model used is based on Frank Ramsey's (1928) economic growth model. To transform this model into a suitable model for research, the shadow banking system and securitization have been added. The model is then simulated using the calibration method and using the real data of the US economy; then, the macroeconomic changes and fluctuations created by bank securities are explained and analyzed. According to the research findings, issuing securities by banks will lead to slower economic growth. Therefore, it is recommended to avoid the use of securitization in banking.

2024, Journal of Money and Economy

The national economy of most countries is made up of various regions (provinces) with different industrial composition, financial structure, trade relations, and institutional environment. Depending on these characteristics, regions may...more
The national economy of most countries is made up of various regions (provinces) with different industrial composition, financial structure, trade relations, and institutional environment. Depending on these characteristics, regions may respond differently to a uniform national macroeconomic policy. Policymakers should consider these heterogeneities to achieve the national development objective. Using separate VAR models to investigate the regional effects of a uniform policy neglects the spillover effects across regions. The GVAR approach models the links between units (such as regions) using the weighted average of different macroeconomic aggregates. Since Iran is a regionally dispersed country, this motivates us to analyze whether or not a standard monetary policy has different effects on its provinces' unemployment and inflation rates using a GVAR approach during 2005q1-2016q1 period. Results indicate that one standard deviation positive monetary shock at the national level can significantly reduce unemployment in some provinces. These responses are similar in terms of timing, but their intensity is different. Also, this positive shock has a positive effect on inflation in all provinces. All responses are approximately similar in terms of timing. Despite this similarity, shock responses vary in terms of intensity.

2024, Review of Professional Management- A Journal of New Delhi Institute of Management

At present, most Developing Countries have been facing persistent trade deficits in the regime of exchange rate liberalization that most of countries are practicing. The value of domestic currency in terms of foreign currency in the...more
At present, most Developing Countries have been facing persistent trade deficits in the regime of exchange rate liberalization that most of countries are practicing. The value of domestic currency in terms of foreign currency in the liberalized foreign exchange market is determined through market forces. International Economics is based on the assumption that a real devaluation of a nation's currency against foreign currency improves the trade balance and its current account. A decline in a nation's currency value in terms of foreign currency is likely to make export commodities relatively cheaper in the world market thus, increasing the volume of exports. Imports of the currency depreciating country turns costlier and hence, the volume of imports should reduce in response to devaluation. However, the Marshall Lerner condition states that devaluation of currency improves the balance of trade only if the sum of the price elasticities of demand for exports and for imports is greater than one. The objective of the study is to identify the relationship between Trade Balance and the exchange rate. Here, Trade Balance is defined as the ratio of exports to imports. In order to test results, the Augmented Dickey-Fuller (ADF), Phillips-Perron (PP) stationary tests are used to check for the presence of a unit root for the individual variable and first differences among variables. The results indicated that Marshall Lerner condition is applicable in Indian context for the period of 1996 to 2011.

2024

This study examines the impact of financial and economic variables on the industrial Dow Jones Industrial Average (DJIA) using daily data over the sample period March 1995-May 2014. Gold, Bond, Currency, Metals and Oil market were taken...more
This study examines the impact of financial and economic variables on the industrial Dow Jones Industrial Average (DJIA) using daily data over the sample period March 1995-May 2014. Gold, Bond, Currency, Metals and Oil market were taken into consideration, and, as well as, their impact on the DJIA. The results of the model GJR-Generalized Autoregressive Conditional Heteroskedasticity proved that the purchase of gold, of decade bonds (10 years Treasury Note) and the US Dollar/Yen exchange rate affect, negatively, the returns of DJIA. On the other hand, it was made clear that the purchase of industrial metals affects, positively, the returns of DJIA. Lastly, our findings indicate that the asymmetry of the oil returns affects-extremely negatively-the DJIA returns.

2024

This paper tries to analyze the impacts of intermediate goods trade on production, consumption, investment, net exports, employment, labor wage and capital rent of Iran in its bilateral trade relations with China. This analysis has been...more
This paper tries to analyze the impacts of intermediate goods trade on production, consumption, investment, net exports, employment, labor wage and capital rent of Iran in its bilateral trade relations with China. This analysis has been done by modeling, solving and calibrating an international real business cycles (IRBC) model in period 1980-2009. The results show that when elasticity of substitution between domestic and imported intermediate goods is low, increasing the share of Iran’s imported intermediate goods from China increases volatility of Iran’s macroeconomic variables. The value of an increase in volatility of Iran’s macroeconomic variables depends on elasticity of substitution between domestic and imported intermediate goods, when the elasticity of substitution between domestic and imported intermediate goods is low, an increase in the share of Iran’s imported intermediate goods from China leads to a further increase in the volatility of macroeconomic variables. These r...

2024, Journal of Money and Economy

Iran-China relations are deeply rooted in history and have been enhanced recently with bilateral cooperation in the areas of energy, arms sales, trade, political cooperation and cultural ties. The objective of this paper is to analyze the...more
Iran-China relations are deeply rooted in history and have been enhanced recently with bilateral cooperation in the areas of energy, arms sales, trade, political cooperation and cultural ties. The objective of this paper is to analyze the role of international outsourcing in form of trading intermediate products on bilateral trade relations between Iran and China. As an empirical work, we have studied the trade structure of intermediate and final goods between the two countries during the period 1992-2011. Intermediate and final goods traded are classified into three groups: 1) electronic product, 2) automobiles and motorcycles, and 3) apparel and footwear. Observations on such products show that the share of Iran's intermediate trade with China in these three industries to total trade is about 55% on average. We have concluded that trade in intermediate goods between Iran and China has been more volatile than that of final goods.

2024, Journal of Accounting and Finance in Emerging Economies

Purpose: The challenge of managing a portfolio effectively is allocating capital among numerous stock holdings to achieve maximum profit. Therefore, the purpose of this study is to guide investors in developing optimal portfolios in the...more
Purpose: The challenge of managing a portfolio effectively is allocating capital among numerous stock holdings to achieve maximum profit. Therefore, the purpose of this study is to guide investors in developing optimal portfolios in the stock market of Pakistan. Design/Methodology/Approach: To pick and optimize a portfolio in the most effective way possible, we used the daily closing stock prices of a sample of listed firms at the Pakistan stock exchange. The study applied the mean semi-variance approach and compared the performance of portfolios with equally weighted portfolios under artificial neural networks and historical-based return estimation in Pakistan. Findings: The result shows that artificial neural network-based estimation of the expected return vector has outperformed the historical return estimation under mean semi-variance portfolio optimization and constrained mean semi-variance portfolios based on the Sharp ratio in Pakistan. Implications/Originality/Value: The stu...

2024, Journal of accounting and finance in emerging economies

The challenge of managing a portfolio effectively is allocating capital among numerous stock holdings to achieve maximum profit. Therefore, the purpose of this study is to guide investors in developing optimal portfolios in the stock...more
The challenge of managing a portfolio effectively is allocating capital among numerous stock holdings to achieve maximum profit. Therefore, the purpose of this study is to guide investors in developing optimal portfolios in the stock market of Pakistan. Design/Methodology/Approach: To pick and optimize a portfolio in the most effective way possible, we used the daily closing stock prices of a sample of listed firms at the Pakistan stock exchange. The study applied the mean semi-variance approach and compared the performance of portfolios with equally weighted portfolios under artificial neural networks and historical-based return estimation in Pakistan. Findings: The result shows that artificial neural network-based estimation of the expected return vector has outperformed the historical return estimation under mean semi-variance portfolio optimization and constrained mean semi-variance portfolios based on the Sharp ratio in Pakistan. Implications/Originality/Value: The study suggests that investors, fund managers, and portfolio analysts should focus on the more sophisticated neural network-based choice for the development of portfolios in the equity market of Pakistan.

2024, Journal of Money and Economy

OIC members have much potential in their economic development. Therefore, their economic integration leads to more increment for partners and deal with global system as a unique organization. Consequently, studying the convergence of OIC...more
OIC members have much potential in their economic development. Therefore, their economic integration leads to more increment for partners and deal with global system as a unique organization. Consequently, studying the convergence of OIC members and their encountered challenges has especial importance which can assist the policy makers to develop their commercial relationship and consequently employment enhancing and economic situation improvement in future planning. Therefore, in this research the commercial effects of selected OIC members during 2005-2011 were modeled using gravity method. Results showed that from the basic gravity equation, the economy size of other 6 OIC members is the main determinant in the Iranian bilateral trade relationship. Thereby, 1% increase in the economy size of other 6 OIC members, leads to 0.91% increase in the volume of trade inflows between considered OIC members.

2024, Journal of Money and Economy

OIC members have much potential in their economic development. Therefore, their economic integration leads to more increment for partners and deal with global system as a unique organization. Consequently, studying the convergence of OIC...more
OIC members have much potential in their economic development. Therefore, their economic integration leads to more increment for partners and deal with global system as a unique organization. Consequently, studying the convergence of OIC members and their encountered challenges has especial importance which can assist the policy makers to develop their commercial relationship and consequently employment enhancing and economic situation improvement in future planning. Therefore, in this research the commercial effects of selected OIC members during 2005-2011 were modeled using gravity method. Results showed that from the basic gravity equation, the economy size of other 6 OIC members is the main determinant in the Iranian bilateral trade relationship. Thereby, 1% increase in the economy size of other 6 OIC members, leads to 0.91% increase in the volume of trade inflows between considered OIC members.

2024, Ideal Islamic Economy

The results of the Islamicity Indices are clear. Muslim countries are not rule compliant. They, individually and collectively, have not adopted, practiced and established the rules and institutions recommended in Islam. The question is...more
The results of the Islamicity Indices are clear. Muslim countries are not rule compliant. They, individually and collectively, have not adopted, practiced and established the rules and institutions recommended in Islam. The question is why? Why is the state of affairs in Muslim countries? And more positively, what can be done to encourage and facilitate rule compliance, institution building in Muslim countries and, in turn, a turnaround? What is the explanation for these results? Does Islam preach the benefits of unrepresentative rule, oppression, determinism, selfishness, impoverishment, conflict and hate? Clearly, Islam does not teach or condone such behaviour in the Kur'an or through the interpretation of the Kur'an and its practice by the Prophet (sawa). Islam preaches the polar opposites-free will and freedom to develop individual talents, equality of opportunity (a level playing field), representative governance answerable to the community, indeterminism, sharing, eradication of poverty, peace, the Unity of Creation, and adoration and love for the Almighty and His Creation. Why is the state of affairs in Muslim countries so different than that envisaged in the Kur'an and practiced by the Prophet? The reasons are many (for thoughts on the dissonance between the Message of Islam and the history of its practice by Muslims see Charfi 2003; Ya'qub2011; Mirza 1992; Taji-Farouki 2004; Dakake 2007). The most straightforward and fundamental answer is that Muslims, individually and collectively, throughout history have not internalized and practiced the rules detailed in the Kur'an and interpreted and implemented by the Prophet (sawa). This path dependency has had devastating

2024

The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and...more
The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use.

2024, Islamic Capital Markets

This chapter is designed to introduce students to the conceptual basics of the linkage between the real and financial sectors. On completing this chapter, you should have a good understanding of the framework and theory of capitalism and...more
This chapter is designed to introduce students to the conceptual basics of the linkage between the real and financial sectors. On completing this chapter, you should have a good understanding of the framework and theory of capitalism and a comparative understanding of the foundations of Islamic financial system

2024, Islamic Economic Studies

Evidence has been mounting that the interest-based debt financing regime is under increasing distress. Evidence also suggests that the financial crises, whatever title they carried-exchange rate crisis or banking crisishave been debt...more
Evidence has been mounting that the interest-based debt financing regime is under increasing distress. Evidence also suggests that the financial crises, whatever title they carried-exchange rate crisis or banking crisishave been debt related crises in essence. At present, data suggest that the debt-to-GDP ratio of the richest members of the G-20 is expected to reach 120% mark by 2014. There is also evidence that out of securities worth US$ 200 trillion in the global economy, no less than three-fourth represent interestbased debt. It is difficult to see how this massive debt volume can be validated by the underlying productive capacity of the global economy. This picture becomes more alarming considering the anemic state of global economic growth. There is great uncertainty with regard to interest rates. Although policy-driven interest rates are near-zero level, there is no assurance that they will not rise as the risk and inflation premia become significant. Hence, a more serious financial crisis may be in the offing and a general collapse of asset prices may occur. This paper argues that the survival of the interest-based debt regime is becoming less tenable, as is the process of financialization that has accompanied the growth of global finance over the last four decades. The above has resulted in an unprecedented increase in economic risks; generating (adverse) non-1 The study is an expansion of the base papers by

2024, Social Science Research Network

Evidence has been mounting that the interest-based debt financing regime is under increasing distress. Evidence also suggests that the financial crises, whatever title they carried-exchange rate crisis or banking crisishave been debt...more
Evidence has been mounting that the interest-based debt financing regime is under increasing distress. Evidence also suggests that the financial crises, whatever title they carried-exchange rate crisis or banking crisishave been debt related crises in essence. At present, data suggest that the debt-to-GDP ratio of the richest members of the G-20 is expected to reach 120% mark by 2014. There is also evidence that out of securities worth US$ 200 trillion in the global economy, no less than three-fourth represent interestbased debt. It is difficult to see how this massive debt volume can be validated by the underlying productive capacity of the global economy. This picture becomes more alarming considering the anemic state of global economic growth. There is great uncertainty with regard to interest rates. Although policy-driven interest rates are near-zero level, there is no assurance that they will not rise as the risk and inflation premia become significant. Hence, a more serious financial crisis may be in the offing and a general collapse of asset prices may occur. This paper argues that the survival of the interest-based debt regime is becoming less tenable, as is the process of financialization that has accompanied the growth of global finance over the last four decades. The above has resulted in an unprecedented increase in economic risks; generating (adverse) non-1 The study is an expansion of the base papers by

2024, Journal of Asian Finance, Economics and Business

The covid-19 pandemic scenario caused the most extensive economic shocks the world has experienced in decades Maintaining financial performance and economic stability is essential during the pandemic period In these conditions, where...more
The covid-19 pandemic scenario caused the most extensive economic shocks the world has experienced in decades Maintaining financial performance and economic stability is essential during the pandemic period In these conditions, where movement is severely restricted, media consumption is considered to be increasing The social media platform is one of the media online used by the public as a source of information and also expressing their sentiment, including individual investors in the capital market as social media users Twitter is one of the social media microblogging platforms used by individual investors to share their opinion and get information This study aims to determine whether microblogging sentiment investors can predict the capital market during pandemics To analyze microblogging sentiment investors, we classified sentiment using the phyton text mining algorithm and Naive Bayesian text classification into level positive, negative, and neutral from November 2019 to Novembe...

2024, Jahangirnagar University Journal of Business Research (JUJBR)

The study scrutinizes the influence of the selected macroeconomic forces on the liquidity of Bangladesh during the period 1986-2021. The ratio of excess reserve and total deposit liability is used to represent the liquidity of Bangladesh...more
The study scrutinizes the influence of the selected macroeconomic forces on the liquidity of Bangladesh during the period 1986-2021. The ratio of excess reserve and total deposit liability is used to represent the liquidity of Bangladesh while total domestic credit, lending rate, consumer price index (CPI) and exchange rate are selected as the macroeconomic forces. As the data become stationary at both level and intercept, the ARDL bounds testing approach has been used to investigate the long-run linkage among the variables. Through the ARDL bounds test, it has been confirmed that there exists a long-run impact of consumer price index, domestic credit and exchange rate on liquidity. In both the long-run and short-run, domestic credit has a statistically significant impact on liquidity whereas lending rate have poor prediction of liquidity in both the long-run and short-run. From the result of the lag order selection criteria, the maximum lag of the series is one. From the stability test and diagnostic test, it has been found that the model seems stable in predicting the behaviour of the variables. The use of the ARDL approach in examining the short-run and long-run effects of selected macroeconomic variables makes the present study unique. There are limited studies on analysing the liquidity dynamics of Bangladesh using the ARDL approach.

2024, Journal of Money and Economy

The aim of this article is to investigate the dynamic correlation between the Global Economic Policy Uncertainty index (GEPU) and Non-Performing Loans (NPL) in Iran. The relationship between economic uncertainty and banking performance...more
The aim of this article is to investigate the dynamic correlation between the Global Economic Policy Uncertainty index (GEPU) and Non-Performing Loans (NPL) in Iran. The relationship between economic uncertainty and banking performance indices is significant because of the systemic importance of banks in every economy. We evaluated this relationship in this developing country, especially under economic sanctions. In this study, we used the Dynamic Conditional Correlation Generalized Autoregressive Conditional Heteroskedasticity (DCC-GARCH) to assess the relationship between Global Economic Policy Uncertainty and Non-Performing Loans of Iranian banks using the statistics of these two indicators by R and Eviews programming and statistical software in the period from 2004 to 2021. Our results show that Iranian banks' Non-Performing Loans (NPL) are rather associated with Global Economic Policy Uncertainty (GEPU) during major global shocks such as the global financial crisis in 2008 or the Covid-19 pandemic. However, despite fluctuations in the correlation between Non-Performing Loans and Global Economic Policy Uncertainty over time, this study also illustrates that these correlations in some periods are generally somewhat low that some of the reasons could be the sanctions imposed on Iran's economy and banking system, imposed loans to banks by the government, forced interest rate, etc., which led to a limited connection among Iranian banks and global banking system. To prove this claim we estimate the model for some countries with an open economy, like Japan, Singapore, the US, Turkey, and Spain. The result shows that this correlation is much higher in comparison to Iran.

2024, Uludağ Üniversitesi İlahiyat Fakültesi dergisi

Simmel, sosyoloji kuramında, para ekonomisinin metropol tipi yaşama etkilerine ve yabancılaşma kavramına odaklanmıştır. Metropoller, para ekonomisinin kalbinin attığı yerler olarak ekonomik aktivitelerin en yoğun olduğu yerlerdir. Üretim...more
Simmel, sosyoloji kuramında, para ekonomisinin metropol tipi yaşama etkilerine ve yabancılaşma kavramına odaklanmıştır. Metropoller, para ekonomisinin kalbinin attığı yerler olarak ekonomik aktivitelerin en yoğun olduğu yerlerdir. Üretim ve takas ilişkileri kırsal kesimde metropollerden farklı deneyimlenirken, bunun bireyde yarattığı psikolojik etki yaşam biçimlerine nasıl yansımaktadır? Simmel'e göre modem hayatın en derin sorunu giderek bireyselleşmeye hapsoluşumuzdur ve metropol tipi yaşamın en büyük maliyeti ve tehlikesi budur. Bu konuları analiz edebilmek amacı ile Simmel, Marx kavramsallaştırmaları olarak bilinen yabancılaşma ve meta fetişizmi kavramlarına değinir. Ancak problem şu ki; Simmel'in modemite kuramını oluştururken kullandığı kavramlar, genellikle sadece Marx'a atfedilen kavramlar olarak karşımıza çıkmakta, çok önemli bir modemite kuramcısı olmasına rağmen Simmel'in katkısı gözden kaçmaktadır. Makalenin amacı, Simmel'in bu kavramları kullanış biçimini Marx ile karşılaştırmak ve Marxist ekol içinde Simmel'in etkisini vurgulamaktadır.

2023, Journal of Money and Economy

The paper aims to examine the impact of financial sanctions on capital inflow and outflow in Iran. The research question is about examining the effect of financial sanctions on FDI inflow and capital outflow in Iran. We used the...more
The paper aims to examine the impact of financial sanctions on capital inflow and outflow in Iran. The research question is about examining the effect of financial sanctions on FDI inflow and capital outflow in Iran. We used the intervention model as an econometric method to estimate the impact during 2005-2019. The paper discussed three periods. From 2005 to 2010, severe financial sanctions negatively affected FDI, and capital outflow was positive. From 2011 to 2015, severe and multilateral financial sanctions were implemented, adversely affecting FDI. There is a positive relationship between financial sanctions and capital outflow. In the third period, i.e., 2016-2019, when financial sanctions and implementation of JCPOA and the withdrawal of the United States happened, the overall effect on FDI inflow is negative. Although Iran absorbed about $2 billion of FDI, with the withdrawal of the United States from JCPOA and the return of secondary U.S. sanctions, the reduction of FDI happened again. On capital outflow, the sanction has a positive effect on capital outflow. Altogether, during 2005-2019, financial sanctions adversely affected FDI inflow and increased capital outflow in Iran.

2023, Journal of Money and Economy

In this paper, we examined an effective business model for the ecosystem of Islamic FinTech for Resalat Islamic Bank. The article discussed three phases of Resalat Bank development as a Platform in formulating social business models that...more
In this paper, we examined an effective business model for the ecosystem of Islamic FinTech for Resalat Islamic Bank. The article discussed three phases of Resalat Bank development as a Platform in formulating social business models that require new value propositions, value constellations, and profit equations, and as such, resembles business model innovation. The result of the qualitative method for comparing Resalat Bank and Grameen Bank indicated that the business model of Resalat Bank is more efficient than Grameen Bank. We also discussed the challenges of transformation from the "current Islamic banking business model" to "Islamic banking as a platform" and proposes a framework for "Islamic bank as a platform" at the macro and micro levels.

2023, Journal of Money and Economy

Shadow banking is a term that came out of the financial crisis of 2007-2009. There is a belief that shadow banking was one of the crisis reasons. Because the excessive expansion of shadow banking endangers the financial stability of...more
Shadow banking is a term that came out of the financial crisis of 2007-2009. There is a belief that shadow banking was one of the crisis reasons. Because the excessive expansion of shadow banking endangers the financial stability of countries, this paper examines the impact of shadow banking on financial stability using data from 14 countries of the G20 during 2002-2018. We divided countries into four groups according to the level of shadow banking activity; then, we employed the quantile regression method. The results indicated that shadow banking hurts financial stability (positive impact on financial instability) in countries with a high shadow banking index (fourth group countries). One unit of increase in the shadow banking index increases financial instability in the fourth group countries (high shadow banking) by 1.6 units. But in countries where shadow banking is not very strong (other three groups), shadow banking does not significantly affect financial stability.

2023, Journal of Money and Economy

Stock Exchange Investors have paid more attention to the banking group in recent years so that in many cases, the direction of the banking index has changed the general direction of the market. Therefore, exploring the banking index...more
Stock Exchange Investors have paid more attention to the banking group in recent years so that in many cases, the direction of the banking index has changed the general direction of the market. Therefore, exploring the banking index fluctuation is important from the point of view of investors as well as the direction of the market. The purpose is to examine the effectiveness and direction of news, as one of the most important factors in the formation of volatility, on the banking group index in Tehran Stock Exchange by using 1460 daily records during 2018-2019 and the GARCH family's method. The data were collected for four different newsgroups, including economic, political, psychological, and financial. After that, the news that had more relationship with the banking group was separated to underscore in the weighting stage and divided into the positive and negative news, according to the perspectives of capital market experts and economic elites. The results indicated that newsgroups have a significant effect on the group index, and only the negative political model on the banking group has an asymmetric effect. The results indicated that political and economic news has a positive and significant impact on banking index fluctuations.

2023, Journal of Money and Economy

In the aftermath of the global financial crisis (2007-2009), policymakers in the developing countries and emerging economies have generally relied on macroprudential policies to achieve financial stability. Since the banking system's...more
In the aftermath of the global financial crisis (2007-2009), policymakers in the developing countries and emerging economies have generally relied on macroprudential policies to achieve financial stability. Since the banking system's vulnerability plays an essential role in financial instability, and the banking system's stability is exposed to vulnerability, we examine macroprudential policies' effectiveness in reducing banking vulnerability and economic instability through containing credit growth. We estimated a dynamic panel for 14 Iranian banks using GMM and Arellano-Bovar / Blundell-bond two-stage estimators during 2009-2018. The results indicate that the increase in lending rates in the interbank market leads to the banking system's contraction of lending capacity. The positive and significant effect of the economic growth index indicates the banks' procyclical behavior. That financial institutions in the business cycles behave procyclical in lending. The diminishing effect of the macroprudential policy index on the bank credit expansion indicates that macroprudential authority and policy tools' application reduces the banking system's instability and vulnerability. Therefore, to reduce financial intermediation instability, the financial sector regulator can institutionalize macroprudential policies.

2023, International journal of business

Banks play an important role in the Iranian economy which has a bank-based financial system. We examined the impact of exchange rate volatility as a determinant of banks' performance. In recent years, the exchange rate has been...more
Banks play an important role in the Iranian economy which has a bank-based financial system. We examined the impact of exchange rate volatility as a determinant of banks' performance. In recent years, the exchange rate has been volatile in the Iranian economy and have an adverse effect on banks' performance. This study, investigate the issue for the period 2007-2017 for 14 Iranian banks. Exchange rate fluctuations are derived by GARCH method and the effect of its fluctuations on bank performance examined using panel data method. In order to evaluate banks' performance, we used two criteria, namely liquidity and profitability. Estimation of econometric model using panel data by random effects indicated that exchange rate volatility has a negative and statistically significant effect on banks' capital return ratio. Exchange rate volatility is also a determinant in increasing the ratio of lending to total bank deposits, as it increases the financial gap and creates the ...

2023, Management Science Letters

Studies have shown that in service organizations, quality can have a growth in customer satisfaction as its consequence, and when it regards the banking services, factors are brought up with regard to the quality of banking services,...more
Studies have shown that in service organizations, quality can have a growth in customer satisfaction as its consequence, and when it regards the banking services, factors are brought up with regard to the quality of banking services, which include the speed in responding, providing products proportionate to the customer needs, and gaining competence. These concepts are shared by the issue of organizational agility; hence, the qualities as well as the bank's agility of the banking system embrace these concepts in common. Therefore, the study aims at studying the effect of the quality of electronic banking services on the bank's agility, and assesses the role of two mediator variables of the quality of service system and personnel behavior quality. Using a questionnaire comprised of 76 items about the above components and asking the line personnel in Bank Saderat Iran (BSI) in the branches both inside and outside of Iran, the research data was collected, and stratified random sampling was used. To analyze the data, the Structural Equation Model (SEM) was used and the PLS software was employed to perform the computations. Results indicated that the model of the study has a high Goodness of Fit, and the quality of the electronic banking services had a significant effect on the bank's agility. In addition, the quality of electronic banking services affects the service system quality. The system service quality, also affects the employees' behavior. Therefore, it can be said that the electronic services quality and the bank's agility affect the personnel behavior quality through the mediated effect of the service system quality. The results of the present study can help the bank's executives to promote their bank's agility and the personnel behavior quality.

2023, Asia Pacific Management Review

News reports have become an imperative conduit of public information. Several recent studies have used news data from public media to investigate the impact of news on stock market returns. This study analyses the usefulness of news for...more
News reports have become an imperative conduit of public information. Several recent studies have used news data from public media to investigate the impact of news on stock market returns. This study analyses the usefulness of news for predicting stock returns in the Taiwan stock market. We employ text mining of economic news, transform documents using a keyword matrix, and then convert the results into news variables. Subsequently, together with other quantitative variables, we construct a fixed effect model to investigate the behaviours of stock market returns in 20 subsectors from January 2008 to December 2014. Empirical analysis reveals that the news variables provide useful information for predicting Taiwan stock market returns, although the out-sample performance is only marginally improved. We also discover an asymmetric effect of economic news for predicting stock market returns. The prediction accuracy is higher when the stock market is booming than when it is glooming.

2023, Tirtayasa Ekonomika

Inflation and unemployment are closely watched indicators in the economy of a country. The consumers in a goods market are willing to get the goods and services at a relatively lower price, or in other words, they expect a low inflation...more
Inflation and unemployment are closely watched indicators in the economy of a country. The consumers in a goods market are willing to get the goods and services at a relatively lower price, or in other words, they expect a low inflation rate. However, if the inflation rate is low, the incentive of producers to produce more is low, and employment will not happen. Therefore, there are trade-off between inflation and unemployment. This phenomenon is called the Phillips curve. This study aims to analyze the causal relationship between inflation and unemployment in Indonesia. We use inflation rate and open unemployment rate from 1986-2018 collected from Statistics Indonesia (bps.go.id). We employed the Granger causality method and found that there is no causal relationship, either one-way or two-way, between inflation and unemployment. Further, we analyzed using simple linear regression and found that inflation significantly affects unemployment and vice-versa.

2023, Springer eBooks

The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and...more
The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use.
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