نشریه مطالعات و سیاستهای اقتصادی
سال دوم شماره 1 (پیاپی 3، بهار و تابستان 1394)

Monetary policy and impulses are the most important factors which influence the financial and physical assets markets. Increased volatility in asset prices arising from the impulses has an important effect on the market speculators activities which seek profit (especially in short run) and can jeopardize financial stability of the economy.
However, monetary policy makers are aware of the effect of monetary policy on asset prices, have a more reasonable estimate in using monetary instruments to implement policies. The purpose of this paper is to explore the effect of monetary policy on the price of monetary assets such as; exchange rate, gold, stocks and proprieties.
Due to existence of the mutual relationship between monetary policy and asset prices, estimation of the effect of monetary policy on asset prices confronted with the problem of endogeneity. Also, the role of other variables affecting on this relationship, estimation of the impact of monetary policy on asset prices is faced with some problems. So, due to these problems, identification of this effect through estimation is faced with problems. Therefore, in this study we used three-stage least squares simultaneous equation techniques. Our monthly estimates during 1999 and 2012 indicate that expansionary monetary policy has positive impact on exchange rates, mortgages and gold, while a negative impact on stocks.

Islamic banks’ better performance in dealing with the recent global crisis has paid much attention to the way that banks’ mechanism works. The present study examines the following hypotheses by employing the PR-H statistics, Lerner index and Multivariate analysis. First, players of Islamic banking industry, by more market power, have better profitability and, in terms of market structure, have low competition. Second, Islamic banking market, by having a low competitive environment, is more concentrated and has a higher risk. Estimates show that Islamic banks have a higher degree of market power. Furthermore, multivariate analyses suggest that profitability increases significantly with increasing the market power. Islamic banking market shows less competition and more concentration. According to the results, Islamic banks allocate a greater share of their assets to finance and also have a more efficient allocation of capital.

In this paper, Using CPI data from 1990 to 2011, it is showed that Iranian inflation series has been encountered with structural breaks. Then, it is showed that time-varying parameter models can explain the behavior of Iranian inflation, but nonlinear model cannot. Also, investigating the performance of out-of-sample forecasting shows that the performance of time-varying parameter model is slightly better than benchmark AR model in all forecast horizons, although this difference is not significant, but the nonlinear model in all forecast horizons does not have better performance than our benchmark model. So, although modeling inflation by time-varying models can explain the behavior of inflation, but it cannot help forecast inflation.

The importance of human capital as a relatively new concept in the economic status of communities and important functions in conjunction with other forms of capital such as cultural capital, physical capital and financial capital has led to the development of many communities considered and several studies comparing the effects and positive results in different areas to strengthen this capital. This paper reviews and analyzes the effect of social casuality conditions of human capital as one dimention of development. Based on the research theoretical concepts, social capital is a necessary condition for human capital. Approach of paper is comparative–fuzzy and international survey data has been processed using the software SPSS, FS / QCA and Excel. Experimental data showed in 73 percent of the countries, social capital is a necessary condition for human development; Coverage index showed 61 percent of human capital space is covering by social capital; it also was cleared that the degree of membership in social capital set is associated with a degree of membership in a set of human capital; So that, the higher the degree of membership in the set of countries with high social capital, the higher is the degree of membership in countries with high human capital.

The importance of sustained and stable economic growth, have prompted authorities to identify factors influencing economic growth especially in countries rich in natural resources which have abundant, because these resources have decisive role in production capacity and in addition to the direct channel, through indirect channel also have impact on economic growth. Therefore, present study attempts to evaluate the direct and indirect effects of natural resource abundance of domestic research and development, human capital, accumulation of physical capital, financial development and economic freedom on economic growth in selected countries rich with natural resources, with panel data approach and simultaneous equations model, during the period of 1996-2014. The results show that the mentioned variables have significant and positive impact on economic growth and the total effect caused by direct and indirect channels.

The main objective of this paper is to examine the impact of market share as a structural variable, advertising and R&D expenditures as behavioral variables, real exchange rate and profitability on the Iranian manufacturing exports as a performance variable. For this purpose, the data for Iranian manufacturing firms has been extracted from the Statistical Center of Iran over the period of 2000-2007. Moreover, the empirical model of this study has been estimated by the Dynamic Panel Data approach (GMM Estimator). The empirical results indicate that the market share, advertising and R&D intensity, real exchange rate and profitability have positive and significant effects on the Iranian industry exports and the impact of market share is more than other explanatory variables. Therefore, the market structure is one of the main determinants of Iranian manufacturing exports. Also, due to the direct impact of R & D spending effect on exports, we can say that if managers and policy makers increase the research and development activity in Iranian industry sector can promote non-oil exports, especially exports of industrial products in Iran.