درخت حوزه‌های تخصصی

Forfaiting, as one of the modern instruments of international trade finance, enables the conversion of medium- and long-term receivables into immediate liquidity while transferring the full spectrum of political, commercial, and credit risks to financial institutions. This method has played a significant role in facilitating transactions and enhancing the competitiveness of exporters in many countries, particularly in emerging economies. Despite these advantages, no clear institutional and legal framework has yet been developed for its implementation in Iran, and the existing research has largely been confined to theoretical and legal aspects. This gap highlights a critical research necessity, the examination of which can contribute to financial and trade policymaking in the country. The purpose of the present study is to assess the feasibility of establishing a forfaiting institution in Iran’s financial market and to analyze its effect on reducing investment risk. The research is applied in nature and conducted through a descriptive–survey method. The statistical population consisted of 152 experts in the monetary and banking sector as well as financial market practitioners, with data collected using a structured questionnaire. The validity of the instrument was confirmed by experts and statistical criteria, while its reliability was verified through Cronbach’s alpha and composite reliability values exceeding 0.7. The collected data were analyzed using SPSS (version 24) and SmartPLS software. Within this framework, four main dimensions—risk reduction, risk coverage, operational mechanism, and institutional framework—were examined as determinants of the feasibility of forfaiting.

The resource-based model (centered on the extraction and sale of crude oil) has been a significant contributor to the phenomenon of the "natural resource curse," undermining sustainable economic growth. Consequently, this study advocates for a paradigm shift in Iran’s oil industry, moving from the current model of crude oil extraction and export toward a technology-driven model. The technology-centric approach is proposed as a solution to mitigate this challenge and facilitate long-term development. In this context, critical questions arise: How prepared is a nation’s oil industry across technical, human, structural, and other dimensions to adopt a technology-driven approach? This research focuses on the human capability components within Iran’s oil industry for implementing such a model. To this end, 36 components across four key domains—organizational talent management, leadership, human resources, and organizational capabilities—were analyzed using the Importance-Performance Analysis (IPA) method. The findings reveal that leadership-related components predominantly fall within Quadrant I of the IPA matrix, indicating high importance but weak performance, necessitating urgent strategic interventions. Conversely, most human resource components reside in Quadrant IV, reflecting the existing workforce’s high readiness for adopting a technology-driven approach in Iran’s oil industry. Components related to organizational capabilities and talent management are dispersed across multiple quadrants, underscoring the need for tailored policies and context-specific measures. Further results highlight that transitioning to a technology-driven model could yield significant competitive advantages and profitability for Iran’s oil industry. However, this transformation demands a comprehensive evaluation of existing capabilities and the design of targeted strategies to address identified gaps.

Accurate stock market forecasting is a challenging and complex problem for the market analysts and decision makers. During the past decade’s accuracy of different methods are examined yet there is no consensus on optimum forecasting method. In this regard, the main objective of present study is to investigate eligibility of nonlinear time series, such as exponential smoothing and regime-switching models beside Box-Jenkins scheme in forecasting of stock return time series. Data set consist of daily observations of Apple and Microsoft corporations as of 2024 to 2025. The Terasvirta-Lin-Granger procedure chaotic behavior of data generating process of the selected samples being examined. The Self-Exciting Threshold Autoregressive procedure combined with GARCH component (SETARMA-GARCH) and ARMA model combined with EGARCH component (ARMA-EGARCH) in order to capture the heterogeneous variance of financial time series, which yield dynamic hybrid models. Moreover, due to the overwhelming application of Artificial Intelligence methods in computation, besides the Exponential Smoothing (ES) approach as a non-parametric method, a recently developed Multilayer Perceptron Network (MLP) based on Feed-Forward-Back Propagation (FF-BP) algorithm being developed either. Both of the in-sample and out-sample forecasting are carried out and performance of models is evaluated using standard error criteria. Finally, the Diebold-Mariano test is employed in order to determine the significance of forecasting differences among the models. Findings indicated that the behavior of the return series for the both of the corporations are chaotic and nonlinear methods are appropriate in modeling. The exponential smoothing method outperformed the developed SETARMA-GARCH and ARMA-EGARCH procedures in terms of the majority of error criteria in the both of in-sample and out-sample forecasting. However, the MLP has outweighed the ES model based on every calculated error criteria. The estimated S-statistic of Diebold-Mariano test confirmed results of the forecasting in favor of the MLP method. This finding suggests application of the dynamic nonparametric methods in modeling and forecasting of the selected time series. Implication of such finding recommends use of dynamic nonlinear and nonparametric methods in financial series prediction.

This article examines the relationship between crude oil trade, economic growth, and the real exchange rate in Iran from 1979 to 2023, utilizing the Autoregressive Distributed Lag (ARDL) approach. The findings indicate that crude oil exports have a negative and statistically significant influence on the real exchange rate. Conversely, crude oil imports have a positive and significant effect on the real exchange rate. Additionally, the budget deficit from the previous period has positively impacted the real exchange rate. Gross Domestic Product (GDP) has also demonstrated a significant positive effect on the real exchange rate. In contrast, the monetary base has shown a significant negative effect on the real exchange rate. Long-term analyses reveal that oil export variables negatively affect the real exchange rate, while crude oil imports contribute positively. Over the long term, GDP maintains a significant positive effect on the real exchange rate, whereas the budget deficit and monetary base variables do not significantly influence the real exchange rate. Short-term dynamics suggest that the real exchange rate from the previous period positively and significantly affects the current real exchange rate. Moreover, the budget deficit variable in the current period negatively and significantly impacts the real exchange rate. The monetary base also has a significant negative effect on the real exchange rate; Central Bank assets have been utilized as a proxy for the monetary base. Key Words: Oil exports, oil imports, real exchange rate, ARDL approach.