درخت حوزه‌های تخصصی

Increased government revenues and improved economic efficiency are the main goals of implementing privatization and regime switch in Iran. Information efficiency in the capital market can also be considered as a milestone for increased government revenues and improved economic efficiency. In this study, according to the results of regime switching GARCH models, it is determined that stock returns have had different regimes during the study period (2000-2015). According to the results of the estimation of the three-regime GARCH model, the most important events of the Article 44 of the Constitution in the direction of privatization in Iran's economy and its implementation during the study period have been effective in switching the regimes of the fluctuating process of efficiency. Market risk has also been identified as a factor affecting regime switching in the stock return process, which is due to the behavior of stockholders in low-fluctuation regimes compared to high-fluctuation regimes and liquidity. Also, according to the Kalman filter model, poor performance has been established in Tehran Stock Exchange, which indicates that privatization policy has been effective in improving the efficiency of this marketplace. Using the technique related to the detection of structural failure in the liquidity variable as one of the signs of the stock market depth, the failure of this series was detected by virtue of the implementation of privatization, and it was discovered that privatization increased market liquidity as one of the principles of market development.

Iran allocated 6% of the world's natural disaster fatality, while the country only has one percent of the world's population. More than 40 natural disasters have been recognized globally. According to the evaluations carried out in Iran, at least 31 natural disasters have occurred locally. Domestic insurance capacity does not cover this volume of risk and the need for external reinsurance capacity is always felt. Catastrophe bonds structure as a financial innovative solution allows an issuing institution to transfer catastrophic exposures and risk to capital market’s investors by creating capital relief and additional risk capacity for Iran’s insurance industry. We adjusted formal cat bonds structure with the Islamic jurisprudence, as well as domestic regulations consideration. According to the research and interviews conducted and using thematic analysis research method, we finally suggested that the catastrophe bond instrument in Iran could be issued in the form of "insurance Sukuk" contract template, as a solution for transferring catastrophic risks to the Iranian capital market. Since this proposed structure have many aspects, the comprehensive implementation of it depends on cooperation between money market, capital market and insurance industry.

The history of international relations represents in vain, that the countries when faced with crises, have made many errors. Most of the decisions of countries have usually lead to huge disasters for the international community. This article utilizes the theory of the international community to acknowledge the dysfunctionality of states’ attention to spending for the wars, siege, and boycott, and torecognize JCPOA’s negotiations as a result of cooperation and power. Using force against Iraq and Afghanistan had no consequent but to help grow terrorism in the world. However, negotiations and granting a positive role to an international actor can help the state to cooperate with the international community. The result of this action would be a stable peace. The Vienna agreement, similar to the Vienna Congress, will start a new era in international relations. This is a new era will be based on dialogue, cooperation, respect and adhere to the principles of international law, and respecting the interests of great powers. The author believes thatthe international security and peace in the world would last, as long as international actors support the JCPOA.