نظریه مقداری پول

Technological advancements have transformed the payments industry. In the competition between banknotes and alternative instruments such as debit cards and mobile payments, the question of Central Bank Digital Currency (CBDC) has emerged in recent years and sparked much debate. This research examines the factors influencing public adoption of CBDC in two parts. From a macroeconomic perspective, demand for money encompasses the demand for the various functions of money—such as a means of payment and as a type of asset. Drawing on conventional theories of money demand, we analyze this demand over the long term. Since CBDC is essentially fiat money with characteristics similar to physical currency, but does not compete with cash due to the latter’s unique features (e.g., anonymity), it serves as a better substitute for demand deposits. With this view of CBDC, the findings related to demand deposits can be attributed to CBDC demand. In this study, using data on the number of point-of-sale (POS) terminals, debit cards, and ATMs, a logistic model is estimated to calculate a digital development index for Iran’s economy. One key result is the positive and significant effect of this digital development index on demand for demand deposits (as a proxy for CBDC demand), and its negative and significant effect on demand for banknotes. In the second part, CBDC is examined as a payment instrument. Here, the factors influencing CBDC adoption are categorized into four groups: technological, demographic, financial-economic, and operational.

The relationship between nominal interest rates and inflation is one of the most important issues in macroeconomic issues. Knowing this relationship and knowing the direction of this relationship will have many benefits for all economic and monetary policymakers. In this study, by expanding the theory of quantity of money, we examine the relationship between nominal interest rates and inflation rates and test this relationship using the gentle transition regression approach during 1352-96. The results show that as interest rates rise (especially when the interest rate exceeds its threshold), its impact on inflation increases. Also, the effect of interest rates on the general level of prices does not have a severe effect and changes in parameters are slow. Therefore, it can be concluded that interest rate instruments cannot be used to control high inflation and the use of policies that reduce the speed of money circulation can be more effective in controlling the general level of prices. This result shows in general terms that in the long run, interest rate income that enters the economy from payment to the factors of production is practically compensated and eliminated by reducing the purchasing power of money due to the increase in the general level of prices in society. Perhaps this can be considered as one of the wisdoms that God Almighty has said in the Holy Qur'an about the sanctity of usury: "God forbid usury" means that God eliminates usury; cited.

Inflation and its causes are one of the main issues in economics. One of the theories that try to interpret this phenomenon is Quantity Theory of Money. According to this theory, there is pure linear relationship between the amount of liquidity and general level of prices. This article tests the accuracy of this theory in Iran. In addition, the government of Iran has taken the policy of price stabilizing for several years. This article also investigates the effect of this policy on inflation rate. The results show that although the relationship between liquidity and inflation in Iran is not linear, changes in liquidity have a direct effect on inflation. In addition, resultsindicate that there is statistically significant positive relationship betweeninflation uncertainty and inflation rate. So government could control inflationuncertainty through this policy, which in turn lead to decrease in inflation rate.