نشریه اقتصاد و بانکداری اسلامی
پیاپی 12 (پاییز 1394)

Open market operations are among the most important instruments in monetary policy due to their high flexibility, speed, desirable efficiency, rapid effect, the fact that their volumes are under the complete control of the central bank, their leading role in the development of financial markets, and the fact that they facilitate public sector debt management. There are some barriers to using these instruments in the Central Bank of the Islamic Republic of Iran after passing the interest-free banking law. First, it is not allowed to use interest rate-based bonds. Second, there is a lack of wide, deep, and efficient secondary market. Third, some securities are traded in the primary market, while they are impossible to be traded in the secondary market. None of the proposed instruments could replace open market operations, while all banking experts have emphasized their necessity in dealing with temporary crises, long- term planning, and policymaking. This paper exploited descriptive and content analysis techniques due to the importance of this instrument in implementing the monetary policies of the Central Bank and the lack of development in secondary markets. It investigated the hypothesis as to whether the development of securities secondary market is necessary for the Central Bank to succeed in open market operations. Results show that one of the ways to use open market operations in the country efficiently, extensively, and most importantly, according to religious criteria, is to attend to secondary market and its development in order that it performs efficiently from an economical point of view, other than not being based on interest rates and complying with Islamic law. Using secondary market is feasible in new financial instruments which are portable and for which the formation of secondary market is possible.

With the current speed of globalization, economic relations among countries have gained special daily attention. Continuing this great global transformation requires a safe and relaxed atmosphere. If a country aims to provide the welfare of the people and also to have a sound economic system, economic ethics is an essential condition. Human society usually has been grappling with extremism. Before the economics become like a current modern science, the economics was taught as a branch of ethics. But then gradually distanced from morality, as many experts tried to completely separate economics from morality and religion that created a great deal of loss for human society. Gradually, some economists such as Keynes, Robinson, Sraffa, Myrdal, Schumpeter and Hayek criticized the separation of economics from morality.That is why in recent decades, a new trend in Europe and America was created toward ethics and this must be good thing. But there are fears that a new orientation will be more towards profit-seeking ethics. The reason is clear, the system of liberal capitalism and communism do not have a correct interpretation of human-kind and his true perfection. While broad economic teachings of Islam is mixed with moral values from the beginning. Given that one of the main problems of the current economics in the modern world, is the ethical problems within these economic systems and considering that the foundation of Islamic economics is based on the moral and religious laws and rulings, therefore, it is essential to challenge both above-mentioned ethical problems within the Islamic economic system. It should be mentioned, that the methodology used in this article is based on applying the descriptive method.

Financial development and growing significance of financial competition, implicate study of ethical processes in financial institutes. Therefore in this article we first study effect of ethic in management of financial institutes and also analyse side effect of precept organizational ethic in facilitating managerial operations as a new approach of ethic as an advantage of competition. As a part of this analysis we determined some hypothesis about relation between ethic and compatible managerial style in four extent of creating, saving, transferring and suitable instrumenets of value in financial institutes.

One of the basic assumptions of the efficiency of competitive markets is the assumption of perfect information so that this assumption has been undermined in recent years, and information asymmetry in the market has received attention as an important issue from economists. Studies show that information asymmetry undermines market efficiency. Markets are one of the essential elements of the market economy therefore, providing models of efficient market was one of the main concerns of economists at different times. The labor market and commodity, money and capital markets make the economic system. Information asymmetry in this market can greatly distort its efficiency. For example, if for the employment, the employer is not able to detect low or high worker productivity, it is possible that the labor market's decline and it became a market which only hired people with low productivity and wage, costs increase talented workers out of the market and etc. Therefore, markets with incomplete information are generally inefficient. So, it should take steps to reduce the information asymmetry in the market. The labor market study we find that Islam has given the disparity of information from the beginning so it Islam seeks to provide a model of market that it is minimized information asymmetry in the market. Ethical Elements of labor and production in religious teachings are widespread and labor and production value in Islam depends to observe the moral and religious values in this area. Islamic ethics observation increasing labor productivity, leading to lower information asymmetry and increase the efficiency of the market by creating incentives to work, to strengthen the work Conscience, reducing the cost of monitoring, avoiding layoffs and a waste of time and resources and etc. In this paper, the theoretical foundations of information asymmetry and work ethic in Islam describe. Afterward, some Muslim moral principles associated with information asymmetry in the market are expressed. This study shows that the moral principles and values observation that recommended in Islam reduces information asymmetry and increases market efficiency. In general, it can be said that the identification and objective realization of these elements in addition to increasing market efficiency, groundwork for optimizing of production activities and thereby laying the economic growth.

With the current speed of globalization, economic relations among countries have gained special daily attention. Continuing this great global transformation requires a safe and relaxed atmosphere. If a country aims to provide the welfare of the people and also to have a sound economic system, economic ethics is an essential condition. Human society usually has been grappling with extremism. Before the economics become like a current modern science, the economics was taught as a branch of ethics. But then gradually distanced from morality, as many experts tried to completely separate economics from morality and religion that created a great deal of loss for human society. Gradually, some economists such as Keynes, Robinson, Sraffa, Myrdal, Schumpeter and Hayek criticized the separation of economics from morality.That is why in recent decades, a new trend in Europe and America was created toward ethics and this must be good thing. But there are fears that a new orientation will be more towards profit-seeking ethics. The reason is clear, the system of liberal capitalism and communism do not have a correct interpretation of human-kind and his true perfection. While broad economic teachings of Islam is mixed with moral values from the beginning. Given that one of the main problems of the current economics in the modern world, is the ethical problems within these economic systems and considering that the foundation of Islamic economics is based on the moral and religious laws and rulings, therefore, it is essential to challenge both above-mentioned ethical problems within the Islamic economic system. It should be mentioned, that the methodology used in this article is based on applying the descriptive method.

Ethic crisis is being identified as a source of economic crises in recent economic literature. When the 2008 financial crisis unfolded in the US and started to cause a severe recession across the globe, some economists approached the exploration of the roots of this crisis from ethical point of view. This article challenges capitalism (as the prevailing philosophy), which is based on the rationality and claims the self-interest and maximization of profits lead to an increase in the welfare. It seems that the growing financial crisis was a tremendous blow to the capital’s hegemony to the extent that today we are witnessing the failure criterion of maximum profit. Echoes the importance of individual morality and therefore business ethics in opposition to the ruling capitalist philosophy, has established a new paradigm in which the importance of ethics beyond what is reflected in the various samples of code of conduct and ethics as a set of human virtues is viewed as a major determinant of welfare function. This study analyses the role of ethics on financial markets by analytical - descriptive method. in addition, it explains how ethics may affect the expansion of welfare and the reduction of turbulence in the financial market.