جستجوی مقالات مرتبط با کلیدواژه « نرخ سود واقعی ‏ » در نشریات گروه « مالی »

The purpose of this study is to investigate the effects of real interest rate on inequality in different income deciles in Iran. For this purpose, the current model was estimated with the quantile approach and based on the data of 1990-2020. Based on the estimation results, there is a positive and significant relationship between the real interest rate and income inequality in the study period, and as the share of income deciles increases, income distribution becomes more unequal. As such, the bottom 60 percent of the decile lose 0.05 percent of their income share in total, while the top 10 percent gain 0.16 percent, which indicates the transfer of income from the poor and middle-income groups to the rich ones. It should be noted that the top 10 percent receive income transfers from the bottom 60 percent as a result of the increase in interest payments. The effect of such income transfer can also be seen in the increase of the Gini index, because the Gini index increases by 0.10% as a result of the increase in interest payments. Therefore, this transfer of income increases income inequality at the expense of low- and middle-income groups, thereby reducing social welfare. According to the above-mentioned findings, it can be claimed that if the interest rate is increased by the monetary authorities, households with more savings will benefit more, while households with more debts will suffer a lot. This reveals that the result of such a decision will eventually cause income inequality. Thus, it is better to focus on stabilization and reduction of inflation, as well as inflation targeting policy, instead of the policy of excessive profit increase to prevent the transfer of the real interest rate from the poor to the rich.

Floating rate issuance is one of the financial innovations that has attracted the attention of the ‎public and private sectors in recent decades. Basically, financiers are looking for access to less ‎expensive financial resources, and investors are also looking for high-yield, low-risk investment ‎opportunities. Accordingly, the design of this tool should be in a way to bring the utility of both ‎parties to a satisfactory point, which is provided according to the conditions, expectations and ‎economic policies. When the government enters as an economic policy maker, this issue takes on ‎other dimensions, so the issue of economic management of the country, management of ‎government debts and liabilities, the amount of money and liquidity, formation of interest rates in ‎the economy and its relationship with budget deficits, management of economic cycles and its ‎determination is of great importance that should be considered in the design of this tool. Treasury ‎inflation protected securities are a type of floating-rate securities that are often issued by ‎governments, so they need to be studied more carefully in order to be more localized. The present ‎article uses a descriptive-analytical method to examine the advantages and disadvantages of ‎issuing securities for the government. The results of this study show that the economic effects of ‎Treasury Inflation Protected Securities are very different from floating-rate securities, and given ‎the current economic situation of the country with high and variable inflation rates, treasury ‎inflation protected securities are recommended.‎

This Article by applying descriptive- analytical method answers the following questions: Based on Imamiyah juridical school, is it possible to issue floating-rate and inflation-protected musharakah sukuk? What are the correcting solutions consistent with finance knowledge? The results of the study show that it is possible to issue inflation-protected musharakah sukuk with floating provisional rate. In order to float the rate of return, difficult solutions may be offered such as floating provisional rate with call option and floating provisional rate with call and put option.
In recent years, inflation-protected bonds have developed in the world and have been invested in most of portfolios. The goal of these bonds is to ensure purchasing power by directly linking returns to inflation for the bond's entire term. Linkers, therefore, contain two forms of payment: the real interest that is fixed at the beginning of the term, and compensation for the loss of purchasing power. Thus, the asset class presents an ideal opportunity to a broad range of investors for protection against inflation. Iran as a country that has high and variable inflation can use these securities for financing long and mid-term projects, especially in public construction projects.