monetary policies

The most important policymaker entity in the bank-centered economy of Iran is central bank of Islamic Republic of Iran which has always been trying to manage and improve macroeconomic indicators by applying monetary policies. However, investigation of Iran's economy after four decades shows that this country has always suffered from double-digit inflation rates and 15000-fold liquidity throughout this period, while GDP of Iran has grown only by two times during this period. This paper tries to evaluate the effect of monetary policies of central bank on macroeconomic indicators by analytical-descriptive and library method via combining system dynamics and fuzzy multi-criteria decision-making using Vensim and Super Decision software. Monetary policy instruments in this re-search include foreign exchange rate, deposits interest rate, facilities interest rate, required reserve ratio, and open market operations. Further, the macroeconomic indicators include inflation, liquidity, national foreign exchange value, and eco-nomic growth. The results indicated that the most important macroeconomic indi-cators in the country according to economic experts are "national foreign ex-change value" and "inflation". The most important tool for monetary policies of central bank is "foreign exchange rate". Indeed, in order to improve the economic misery index, this bank should take measures to improve the national foreign exchange value, then manage inflation and liquidity, and eventually adjust the banking interest rate

The main objective of this study is to investigate the relationship between monetary policies, capital structure and risk-taking of listed banks in Tehran Stock Exchange. In this study, to measure the monetary policies, the indicator of legal reserve rate have been used. The sample consists of 21 banks listed in Tehran Stock Exchange in the period from 2012 to 2018. In this study, the data were extracted from the Rahavard Novin 3 software and then classified by Excel software, and after calculating the variables, finally, through Eviews10 software, the multivariable regression model and panel data was used to test the hypotheses. The results showed that there is significant negative relationship between monetary policies and banks' risk-taking with in 95% confidence level. In addition, other findings indicated existence of a significant positive relationship between monetary policies and bank capital structure. However, the research results show that there is no significant relationship between bank capital structure and banks' risk-taking.

The purpose of this article is to simulate the behavior pattern of shareholders in the Iran’s capital market according to the monetary policies of the Central Bank of Iran. The research method in the first stage was qualitative (interview) and in the second part it was quantitative (statistical and inferential tests). According to the purpose of the research, the research method was of fundamental-applied type and based on the research method of survey type. The statistical population of the research consists of the shareholders of the Tehran Stock Exchange, whose number was about 650 stock companies until the end of the fiscal year 2023. Semi-structured interviews with experts of this market have been used to identify model indicators. Then, by coding the data obtained from the interviews, a research questionnaire was designed. Finally, to extract the model from the factor-based model (ABM) using the exploratory factor analysis method, Netlogo software was used for simulation. The investigated period can be divided into three periods without applying a targeted monetary policy to control the behavior of shareholders. The first period is the period when economic variables such as exchange rate, inflation rate and interest rate are constant. In this situation, the number of buyers in the capital market has increased and purchases have taken place in this market (in this purchase, the share of emotional buyers is higher). In the second period, when inflation decreases and the interest rate remains the same, the number of shareholders in the market is reduced, but purchases still occur, but the share of volatile buyers is higher in this period. In the third period, when the inflation rate and the interest rate both increase, with the greater effect of expansionary policies (increasing the volume of money) than the increase in the interest rate, the number of shareholders and the amount of purchases increase. The study of the behavior of shareholders and their buying and selling in this market indicates that the profit from the buying and selling of volatile shareholders in the period under review is more than that of emotional shareholders and shareholders who hold their shares for a while in order to gain profit with a long-term view. The results indicate that due to uncertainty, this market, which has the nature of long-term financing, has lost its function and the shareholders' view of this market is short-term profit.