محمد واعظ

Based on experiences and theoretical analysis, sustainability development is considered an important concept in the progress literature. Sustainable development has three components: economic, social and environmental. Based on this, sustainable development will be realized when there is economic stability along with social and environmental monitoring. Financial stability influences sustainable development directly by affecting sustainable development financing, and indirectly by affecting one of its main dimensions, namely economic development. Therefore, it can be concluded that sustainable development is impossible without stability and financial development.
As a result, in this study, the first step is to create a new composite indicator called sustainable development and high-quality financial stability for detailed and comprehensive analysis. After constructing composite indicators, the mutual impact of sustainable development and high-quality financial stability in the period of 2010-2020 in the countries of Iran, Turkey, Armenia, Pakistan and Iraq with the corrected ordinary least squares (FMOLS) approach and the combined group average estimate. (PMG) is checked in the tabular data space.
The results of the research indicate that there is a direct and significant relationship between sustainable development and financial stability, private investment and political stability in the long term, while the relationship between sustainable development and public investment is inverse and significant. Also, by examining causality, it was concluded that in the short term, the relationship between the variables is not bidirectional

The rule against discretion is a key issue in monetary policy research. There are many studies that each recommends the use of one or a combination of both Islamic Central Banking has not been the exception, now the question is about the Islamic central banking, which one under the ideal assumption and realistic condition is comply with the Islamic teaches, it needs research.
By a definition, the discretion has three completely arbitrary, optimistic, and re-optimal types between the time when the former and the second are not desirable, but the third one has advantages that it can verified against the rule.
This paper by descriptive-analytic method shows that within the framework of an Islamic state with an ideal assumption although re-optimization has the positive points of the rule and it has no weaknesses of that, it is preferable to prefer the rule, but given the institutional characteristics of the central bank, The money authority is not directly chosen by the Vali-e- Faghih and is not monitored by him. According to the existing empirical evidence, the existence of time incompatibility, political business cycles and financial domination in the Iranian economy, from the point of view of the Maslaha of the system, obliges the monetary authority to use an appropriate monetary rule is better in the context of a secondary verdict.

Uncertainty about the legitimacy of speculative transaction in economic and financial markets has created widespread controversial discussions among Islamic scholars. To recognize the nature of short – run speculative financial transactions from an Islamic viewpoint، through this paper، first، the relationship of these discussions with Keynes in one hand and Gharar، Gambling and Wager in the other hand were examined. Then، this research studied the nature of Keynesianism. At last، it was tried to understand the nature of short-run speculative transactions from an Islamic point of view conceptually and analytically. The results showed that all short-run financial transactions that strongly have the nature of zero or negative sum games are not illegal. These transactions have a betting nature via unusual normal risk. We have frequently experienced them in exchange markets. It also revealed that it is not obligatory for entering the betting activities based only on chance according to jurisprudential principles. Entering such activities with prediction and estimation does not make them eligible. It was finally concluded that disregarding the doubt about being Keynesian concerning the short-run speculative transactions، these transactions can be considered as the instances of Gharar and betting.

In this research economic outcomes of a few speculative actions according to Islamic Jurisprudence, Islamic ethics and their results on economic growth by using content analysis method has been analyzed.
Within the research, short-run speculative contracts evaluated based on three criterias :1. Non-positive sum game 2.Certain amount 3. Rule of win/loss.
The results show that the short-run speculative transanction have to be rejected whereas entrepreneurship activities must be encouraged. This approach is consistent with Islamic ethics and leads to economic growth.

The development a low-cost and high efficiency water treatment technology to decolorize the organic dye effluents is desirable due to overwhelming discharge of organic synthetic dyes into the natural water cycle during the dying process. In this study، the decolorization of Acid Black 26، as the model organic contaminant، was investigated using immobilized nano-sized TiO2 particles as the photocatalyst. Sackcloth fiber was used as a support to immobilize TiO2 nanoparticles. The structural properties of the immobilized photocatalysts were characterized by XRD and SEM. UV-Vis absorption spectroscopy and the measurement of the chemical oxygen demand (COD) were also used for the process performance studies. Moreover، we investigated the effects of the oxidant H2O2، initial dye concentration، the presence of anion and pH on the photocatalytic degradation efficiency. The XRD results did not show significant changes in the structure of TiO2 as a consequence of the immobilization procedure. The formation of titania crystallites in the sackcloth fiber was confirmed by SEM. Experimental results showed that after 60 min، the degradation percentage of Acid Black 26 with the immobilized TiO2 particles was about 60%، which was higher than that with TiO2 slurry. Based on the COD results، after 3 h، the TiO2-coated sackcloth fiber effectively decomposed 94% of the organic compounds presenting in dye solution during the degradation of Acid Black 26 The titania nanoparticles immobilized on the sackcloth fiber can be used as an effective and environmental friendly photocatalyst in the degradation of colored wastewater.

In this study we have tried to analyze the impact of financial sector reform on the cost structure characteristics and on the ownership-cost efficiency relationship in Iranian commercial banking system. It also analyzes the impact of reform on dynamics of competition in lending market. Evidence shows that reform focuses on the banking regulation and deregulation. Therefore, deregulation induced competition should in turn translate into incentives for managers to improve efficiency and performance. On the other hand, the aim of prudential re-regulation is to foster stability and minimize excessive risk taking. In this study regulatory reform emphasizes on capital adequacy ratio. Estimation of the models performed by using data from 8 banks (Meli, Sepah, Maskan, Eghtesadnovin, Parsian, Melat, Tejarat and Saderat) for the period 1380-1389. The results show that the regulatory reform has a positive and significant impact on dynamics of competition in lending market. Our results also suggest that the ownership-cost efficiency relationship is affected by the reform and regulatory reform as well as positive and significant impact on cost structure. Finally, regulatory reform has a positive impact on the efficiency cost within the mentioned period.

Concentrating on the international conditions of Iran economy in recent years, exhibits extensive economic sanctions as well as variations in crude oil prices. It shows the effect of unanticipated factors under above condition on official foreign reserves. In order to achieve macroeconomic targets, we study the feasibility of optimal policy for foreign reserves combinations.Using Mean-Variance approach, we try to simulate official foreign reserves in Iranian economy within the period of 1999-2007.The results show that the average share of the U.S Dollar and Pound were more than its optimum share, while the average shares of the Euro and Yen were less than their optimum shares.

Considering tariff policy in trading has been especially interested for countries particularly developing ones in recent decays. The primary aim of tariff was to protect domestic industries as well as improve and equilibrate tariff payments, but today tariff is one of the most important tools in international trade policy with an influence on forms and volumes of a country's business with others. Considering economical effects of custom tariff in international trade, every country can benefit from this tool in accordance of their national goals. In the present study, the effect of tariff reduction on GNP, automobiles import and other economical sections was evaluated based on the computable general equilibrium CGE model for Iran. This model in planned based on the matrix of MCM data1380. The results suggest that automobile for other sections. Also, GNP and economic welfare were increased. In addition, tariff reduction caused automobile import reduction and import increase. Also, it caused an increase in GNP.

Conducting research projects in line with the country’s macroeconomic priorities will accelerate scientific progress of the country. The present paper will first test the hypothesis that “macroeconomic studies in Iran are not compatible with research priorities of the Iranian economy.” To test the hypothesis, the status quo is compared to the optimal situation. The status quo is determined by analyzing the content of scientific and research papers on Iran’s macroeconomy, written in 2000-2007 period, while the optimal situation is derived from content analysis of five analytical books on the Iranian economy.The hypothesis survived the test. Therefore, one may claim that Iran’s macroeconomic researches have not been compatible with research priorities of the Iranian economy. The most common subjects discussed in Iranian economic analytical books include: distribution and allocation of national revenues (8.6 percent), government’s expenses (7.8 percent), national production (7.7 percent), and inflation (7.2 percent). These four subjects account for about one-third of all subjects covered in those books. The most common issues taken into account in macroeconomic researches include: economic growth (10.4 percent), inflation (9.8 percent), foreign exchange rate system (7.8 percent), and investment (6.4 percent). More than one-third of macroeconomic research papers focus on these four topics.According to Iran’s economic experts, as reflected in their books, more research is needed on such macroeconomic subjects as monetary policy and central bank, macroeconomic aspects of oil and gas industries, and macroeconomic aspects of the government’s economic activities

Foreign exchange reserves management is a main part of international monetary system that determines the optimum value and optimum exchange composition of foreign reserves. Recently new emerging market countries as well as crude oil exporting economies have accumulated huge stocks of foreign reserves. But the optimality of the composition of these reserves is doubtful. In today’s world economy in which such phenomena as financial crises and variations in the value of main currencies are occurring, the rearrangement in new foreign exchange convergences is probable. So, determining the optimal composition of foreign exchange reserves is one of the most important issues in international and financial economics studies. In this article we used the dynamic optimizing model based on Mean-Variance and Transaction Cost approaches to determine the optimum composition of foreign exchange reserves in selected Middle East crude oil exporting countries during the period 1999-2007. The results show that it is necessary for selected economies to revise their foreign exchange reserves so that to decrease foreign reserves depreciation risk and upgrading their ability to debts repayments.

Due to the high costs of collecting the quarterize or seasonal statistical information and the need of econometricians for Modeleny and short analysis, the National Statistical Institutes decided to obtain quarterize time series as indirect methods of the short-term dynamics of the annual data. In this article, two alternative approaches based on related indicators and pure mathematics has been introduced and then after temporal disaggregation of government oil revenues, consumer price index and liquidity, the approaches compared to each other.The empirical results indicated that Boot, Feibes and Lisman methods deliverd the better results for two series (government oil revenues and consumer price index), whereas Chow and Lin approach is more approprate for liquidity, based on MSE and r2 criteria. Also this paper shows that the best choice approach for temporal disaggregation of economic time series is not always possible.

Indeed, long-run inflation rate is one of the major problems of development countries. This mainly due to weeked stractures of their economies. So, its analysis, especiall in a financial sector, is important.This research emphasizes on the analysis of the relationship between the efficiency of financial development and inflation rate in Iran and Arabian Middle East countries. Indicator for the efficiency of financial development provided by private sector credits times inverse GDP.The model was estimated by using Panel Data method within 1973-2006. the results show there is a negative relationship between inflation rate and efficiency of financial development.

One of the most important problems of the banks is that how they can control and decrease credit risk. In other words, banks would want to know that what determinants effect of credit risk, which one can be controlled and in general, how they can reduce the credit risk of their portfolio.To answer these questions, we use a macroeconomic model in this study to analyze the credit risk in all economic sectors of Iran, namely, agricultural, industry and mining, services and housing sectors. This model is based on CPV model of Wilson which can explain the relationship between default rate in different sectors and economic states of each sector. The model of the study is estimated using seemingly unrelated regression model and then the effects of each variable of the model on default rate. The optimal portfolio of banking system facilities is also determined using least value at risk of default rate of banking system facilities. We found that the coefficients of the output of sectors, exchange rate of spot market, interest rate on facilities and oil price are positive and significant. The coefficients of producer price index and stock price are negative. The estimation result for each sector shows that macroeconomic variables have different effects on default rate of sectors. Using the Monte Carlo simulation, the best combination of portfolio which minimizes the value at risk of the first quarter of 2010 is a combination which includes 49% facilities in agriculture, 13% in industry and mining, 11% in services and 27% in housing. If the facilities are allocated in this way, the value at risk of the next period (first quarter of 2010) would be equal to 25%.

After collapse of Smithsonian agreement, many countries accepted floating exchange rate system, while the majority of their central banks engaged in exchanges transactions due to decreasing volatilities in exchange rate markets. By Accepting a floating exchange rate system, it is required to maintain optimal international reserves level. In this research using Random Walk model, we have determined the optimum level of international reserves for 1961-2004 period. By implementing VAR model, international reserves impulse response functions for oil price increases and the imposed war are also investigated. Random Walk model outcomes show that central banks international reserves are not according to the estimated optimum quantities, except for a few years. They are normally less than mentioned quantities. Results of the Random Walk model show that real level of reserves is less than level of optimum quantities for periods 1961-1972 and 1984-1998. moreover, real level of reserves is more than level of optimum for years 1973-1983 and 1999-2004. Analysis of impulse response functions show that oil price shocks has increased the international reserves for periods 1973-81 and 1999-2004 and the imposed war leads to decreasing the international reserves compared to the optimal level.

Exchange market operations, as prime institution for capital market, reflect the mutual interaction of buyers, brokers, administrators of stock Exchange and government behavior on stock prices. So, the resultant pattern of stock prices is considered as an important issue. In this research, we study the feasibility of stock price forecasting, the degree of efficiency, and expectations formation method. We concentrate on non-metal industries, financial intermediaries, and car industry in Tehran Stock Exchange for the period of 1999-2003. We use CAPM model to find out intrinsic value of stocks for above mentioned industry and then try to understand the kind of relationship between market price and intrinsic values under the conditions of meaningful systematic risks. We also examine the relationship between present and past rate of return to market capital efficiency. Finally, we examine expectations formation by using ECM model.

Today the activities based on research and development are the main subject of innovation, in which new demands for such economic activities emerge continuously. Such demands result ultimately in new investment and growth. Like the developed countries, developing countries are encouraged to promote research and development conditions in which they would be able to reduce their technological gaps with respect to those of the developed countries. This paper examines the role of R & D expenditures in Iran's high-tech manufacturing value added using data of R & D expenditures through estimating a panel data regression model during 1987-2006. The empirical results show that the effect of R & D is quite significant on the value added of the manufacturing added.

According to the definition, the international reserves consist of the international cash assets, which the central bank of every country keeps in order to reach some goals, for example: interfering in the foreign exchange market and financing the balance-of-payments deficit. On one hand, the central banks encounter with the holding of the international reserves for financing the balance-of-payments deficit and on the other hand, holding these reserves involves opportunity costs. Therefore, the monetary officials of countries pursue optimizing their international level of reserves. The special economic conditions of the country, such as the severe economic dependency to incomes from oil selling, lacking of the necessary flexibility in the foreign exchange, commercial limitations and controlling the capital flows, insufficient availability to the international financial markets, lacking of a comprehensive management of the foreign exchange debts, and incidence of different events and its effects upon the economy of the country in recent years, such as the oil shock of 1973, have caused in determining the optimized level of the international reserves to be very important economically. In this Article, we used the dynamic optimization model and the econometrics approaches in order to determine the optimized level of the international reserves of Central Bank of The Islamic Republic of Iran during 1961-2004.We used the model of Frankel, Jovanovic based upon Bamol’s and Toobin’s buffer stock (inventory) model, and models of ARCH and GARCH. The findings show that the real reserves level is different of the optimized reserves level in the studied years. The real reserves level is lower than the optimized reserves level. Also, the findings show that the real reserves level was higher than the optimized reserves level when Iran faced with the severe increase in the oil price.