فرشید پورشهابی

In the last three decades, the Iranian economy has faced many vicissitudes in macroeconomic areas such as the banking industry. Analysis of the dominant condition of Iran’s banking system indicates that although it has not practically resulted in an explicit crisis due to the state-owned banks and the central bank's financial support, the Iranian economy has experienced a banking crisis. The main objective of the current study is to examine the role of banking crisis in the effect of Income diversity on Profitability of banking industry using panel econometric method) EGLS .(For this purpose, 8 accepted banks in the Tehran Stock Exchange were evaluated as a research statistical population during 2005-2015. The results show that an increase in the share of Non-interest income in the time of banking crisis has a significant negative effect on return on equity. However, there is a significant positive relationship between the ratio of lending facilities to bank assets and return on equity during times of banking crisis. This means that in times of banking crisis, generating interest income is more efficient for the banks than diversifying their activities and investments. The results also suggest that variables of capital adequacy and efficiency in times of banking crisis have significant positive effect on return on equity, but on the other hand, the degree of bank concentration (Lerner) in times of banking crisis has significant negative effect on return on equity.

Today, corporate restructuring strategies are presented as a solution by chief executives officer and in order to exit the company from the crisis. In this regard, it is necessary to examine the impact of implementing these strategies is highlighted. The purpose of this study is to investigate the effect of implementation restructuring strategies in different stages of crisis life cycle companies. For this purpose, we used Z-score Toffler to select crisis companies. 406 years - Company were selected as samples. it was used to determine the stages of the company's life cycle from Dickinson's cash flow model. The Logit regression model was used to test the hypotheses. The results of the paper suggest that Toobin's Q variable only has a significant and negative relationship with the asset restructuring strategy, the total assets variable negatively correlated with the restructuring of management and financial restructuring and with the asset restructuring strategy. Financial leverage variables and institutional shareholders only have a meaningful and negative relationship with the financial restructuring strategy. The cash flow variable only has a positive and meaningful relation with the financial restructuring strategy. There was no relation between the firm's asset return variable and all three restructuring strategies. The growth stage companies use less than the asset - restructuring plan. Birth phases are less likely to be used than restructuring management structures than in other stages. In addition, the decline stage is used as compared to other stages of financial restructuring.

In the present study, the effect of financial market development on banking industry risk with three criteria (capital ratio, income diversification, and beta coefficient) is investigated. Due to statistical constraints, a set of 8 active banks in Tehran Stock Exchange is investigated during the period of 2005-2015. For estimation purposes, the generalized least squares panel method (GLS) is used. The results of the study indicate that the development of financial markets in both stock and bank has increased the systematic risk of banks. Moreover, the stock index development has a positive effect on capital ratio and increases the quality of banks' income. Foreign direct investment has increased the capital ratio of the studied banks and the degree of open trade in the studied period has reduced the systemic risk of the banking industry. Among the three benchmarks that show the performance of banks, including return on assets, return on equity, and cost-to-income ratio, only return on equity has increased the quality and variability of banks' income.

The financial crisis and failure of corporate managers always have been a problem for researchers to think of finding ways to predict and improve the status of firms. The risk phenomenon is one of the most important characteristics of decision formation in the field of investment, financial markets and economic activities. The statistical population of the research is the listed companies of Tehran Stock Exchange during the period of 2005-2015. In this regard, the necessity of identifying the financial crisis and examining the effect of different variables on risk and performance measures are highlighted. In this research, first, the statistical sample companies were selected from the elimination method Z - Toffler was used to identify the crisis companies then, the separation of firms to stages were performed using the model of Dickinson cash flows (2005), followed by different periods of life cycle on risk and performance measures in each stage. In order to test the hypotheses, the combination of mixed data and Logit regression method has been used. The software used in this research is Eviews9. The results of the 406 Samples test show that the impact of different periods of life cycle on risk and performance measures has significant differences with one another. The effects of birth and decay periods are higher than those of other periods. Also, the increasing explanatory power of risk measures in different stages of life cycle are significantly different. The maximum explanatory power is related to the decline period

Economic growth has always been an important objective of policy in different countries. In developing countries including Iran, to achieving a reasonable rate of economic growth is essential. Since developing countries are facing with low efficiency of investment due to technological backwardness, so this set of countries would be taking advantage from foreign direct investment (FDI) as a source of capital accumulation and promote economic growth. Iran has a good potential for utilization of this resource considering to entering the field of FDI after the implementation of the nuclear deal. But the impact of FDI on economic growth needs required fields, including the host country's financial development. Therefore, in this study financial development as an important variable in the FDI inflow and economic growth is considered. The results for 10 developing Asian countries including Iran in the period 2013-1996 indicate that financial development has a determining effect on FDI inflow to the set of countries, but this is not enough and political stability is essential for FDI inflow. Also, the results indicate that although FDI has a positive and significant effect on economic growth in these set of countries, but financial development has a deterrent effect on economic growth of these countries due to the weak institutions and inefficiency in the allocation of funds.

Considering the process of globalization and the importance of trade and foreign direct investment، the effects of the trade openness of countries and attraction mechanism of foreign direct investments to domestic investment and economic growth during 1980-2008 has been studied in 10 Asian developing countries in this paper. In order to estimate the model the GMM model and panel data method with fixed effects has been used dynamically. Results show that domestic investment، foreign direct investment، trade openness and human capital have had positive and significant effect on economic growth in these countries، but inflation and financial development have had negative and significant effect on economic growth. Also، they indicate that economic growth، foreign direct investment and financial development have had positive and significant effect on domestic investment in these countries، but trade openness has had negative and significant effect on the level of investment in these countries during selected time span

Undoubtly, all individuals and societies often face the state of uncertainty. According theories related to optimal decision-making, the type of facing with uncertainty leads us to achieve a solution. This paper seeks to explain as comprehensively as possible the effects of uncertainty on Iranian economy and its consequences by employing documentary and library method in order to contribute to the future policy makings. Thus, it attempts to shows that economic uncertainty results in economic depression and removes capitals from investing in productive sector to purchasing real properties such as land: situation that already exists in Iran. In this framework, the paper has proposed some policy recommendations designed to minimize costs posed by economic uncertainty on Iranian economy.

Given the importance of tourism industries and the revenues that can be imported to developing countries, in this current study, we have investigated the effect of tourism revenue on economic growth of D8 Islamic countries. For this purpose, we use panel data method with fixed and random effects estimator, during 1995-2006. The results show that the revenues from tourism have the positive and significant effect on economic growth of these countries. Also the effect of other variables, such as labor force, share of export to GDP, human capital and gross fixed capital formation on economic growth are positive and statistically significant. Hence we suggested that D8 countries increase investment in tourism industries and provide facilities to attract tourism.

Although many internal and external studies have been undertaken to investigate the relationship between economic growth and financial development, but most of these studies use the bivariate causality test for examining the relationship between these two variables. Due to the omitted variable bias, the results of these studies can face difficulties. Therefore, in this study, we examined the dynamic causality relationship between economic growth and financial depth for Iranian economy, within a trivariate causality model (through importing saving’s intermediate variable) during 1966-2007. In this study, the existence of the long-run relationship between these two variables is examined by using Auto Regressive Distributed Lag Method (ARDL) and Johansen-Juselius co-integration test. Afterwards, the causality relationship between the variables of the model is examined by using Error Correction model and VAR Granger Causality Test. According to the results of this study, existence of the long run Granger causality relationship from financial depth to economic growth is rejected. However, the results confirm that there is a long run Granger causality relationship from economic growth to financial depth. Therefore, the results imply that there is a unidirectional long run Granger causality relationship from economic growth to financial depth.

In this study, the relationship between inflation and economic growth of Iran is conciliated with a perspective on uncertainty of inflation. We use a Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model that make possible this advantage that Conditional variance of error term changes along the time, also, Vector Error Correction model (VECM) is stable. For surveying the co-integration relation between variables of model, we use Johansen Co-integration test. The source of used data is Central Bank of Iran from 1971 to 2007. The cause of this selection is that the impact of inflation on Iran economy started from 1971 with a palpable effect. For analysis of relation between variables of model, Impulse Response (IR) and Variance Decomposition (VD), that are so useful in Vector Autoregressive (VAR) models, are used. For this study the Conditional variable of inflation that is lead to uncertainty of inflation and it redound to decrease of investment of private sector of Iran economy and this had a long run negative effect on economic growth of Iran.

In this paper we try to measure inflation uncertainty. The measure of uncertainty is based on the conditional standard deviations which are derived rom univariate garch models. We focus on volatility of the consumer price index, using monthly data the period 1369:01 to 1387:12 representing 228 observations. There is sufficient empirical evidence that higher inflation rate level will results in higher inflation uncertainty. Our next research will study on the relationship (granger causality) between Inflation and Inflation and inflation uncertainty as noted by friedman (1977) who argues that a positive relationship between the level of inflation and inflation uncertainty. Also in this study we gauge two features of inflation uncertainty, namely asymmetry and persistence of shocks. The results show that shocks have asymmetric effects on the volatility of inflation and shocks inflation uncertainty do not die out rapidly.