درخت حوزه‌های تخصصی

The purpose of this paper is to investigate the relationship between the inflation and inflation uncertainty in Iran. Using mixed models of self-exciting threshold autoregressive (SETAR) and generalized autoregressive conditional heteroskedasticity (GARCH), the inflation behaviors are examined for the period 1990M05-2013M10. This approach allows testing the hypotheses of Friedman-Ball, Pourgerami-Maskus, Cukierman-Meltzer, and Holland during different inflationary regimes. The results indicate that an increase in Iran’s inflation leads to higher inflation uncertainty, as predicted by Friedman-Ball Hypothesis, while the other three hypotheses are not confirmed. Positive unidirectional causality from inflation to uncertainty seems to be significant only in periods of relatively higher inflation, but not in periods of low inflation. The finding is important because it confirms the existence of regime-dependent effect of inflation on public’s expectations about future inflation; that, in trend, it reduces economic activity and misallocates resources. This is a new insight about asymmetric behaviour of inflation in Iran that has noteworthy implications for policy-makers, especially for price stabilizing and inflation targeting. JEL Classifications: C22, E31.

Financial instruments are one of the fundamental dimensions of financial markets that guarantee their efficiency and effectiveness of these markets. These instruments playe a main role in economy to direct money from saving sources to investment needs. These instruments provide possibility of financing companies from public and private sources and also are considered as investment instruments for cash savings in an economy that can provide a suitable return for investors. Today, various financial instruments have been developed that can meet different financial needs of corporations which can comply with investor tastes and preferences. Among these instruments, commercial paper is usually considered as a short-term financing instruments for working capital expenditures of companies. Banks and credit institutions are among the main entities which issue commercial papers for their liquidity needs. In spite of this, like other traditional financial instruments, commercial papers have been developed and structured in western markets and cannot be issued in Islamic markets due to Shariah (Islam) regulations and condition. But, Islamic contracts and regulations have the capability to develop this important financial instrument in an accepted framework of prescribed contracts in Islam jurisprudence (Fiqh). The present research with a comparative study, (Delphy method) explains the conceptual model of Islamic commercial papers for banks and credit institutions in the form of Murabaha Sukuk, in a way that these papers can be structured and issued in the Islamic markets by using opinions of the experts. Key words: Islamic finance, Commercial paper, Sukuk, Murabaha JEL Classification: G21, G23, G32

The present paper contributes to the theoretical analysis of the human capital investment and participation decision of heterogeneous workers in the search and matching framework . Its aim is to characterize the equilibrium and to identify the efficiency . Here , the paper studies search equilibrium and matching to consider the participation decision of heterogeneous workers who have different inherent ability levels . The productivity investment decision is endogenous and wages are determined by the Nash bargain among participants. JEL Classifications: J23, J24

In this paper we construct a modeling for detection of banks which are experiencing serious problems. Sample and variable set of the study contains 30 banks of Iran during 2006-2014 and their financial ratios. Well known multivariate statistical technique (principal component analysis) was used to explore the basic financial characteristics of the banks, and discriminant Logit and Probit models were estimated based on these characteristics. Results suggest that the model can be used as an analytical decision support tool in both on-site and off-site bank monitoring system to detect the banks which are experiencing serious problems. JEL Classifications: C49, G21, G33