فصلنامه سیاستهای مالی و اقتصادی
سال نهم شماره 33 (بهار 1400)

Hedging is one of the most important topics in investment field, which could be noticed from different points of view. We evaluate the role of gold relative to different indices in Tehran Security Exchange (TSE) as a representative of Iran Capital Market .In this topic gold charecterristics of “save haven” and “hedge” versus TSE are studided. Daily Price Returns of 21 TSE stock indices and daily price returns of world gold (ons) are used as research data. Utilizing these data and GARCH model, two charecteristics of “safe haven” and “hedge” related to long position and short position of world gold for each stock indice is determined. This way it provide us with deciding on proper position in world gold, whether long or short position, to hedge downfall of a certain stock. In accordance with outcomes, we find long position in gold is not a strong hedge for non of the studied groups except for transportation indice. In addition, short position in gold is a weak hedge for two groups of non-metalic minerals and metals. Regarding safe haven, long position of gold played as a strong safe haven role for all groups in 10% quantile but not in non of 5% & 1% quantiles. Long position of gold is a safe haven for most of indices. However, there are little groups for which short position of gold is a safe haven.

The mutual relationship between financial development, as a multilateral concept, and inflation, as a key indicator of macro-economy is crucial. In this paper, inflation regimes are identified using Markov-Switching approach, and then the finance-inflation mutual relationship is investigated in post-revolution cabinets in Iran (1982-2017). Our findings suggest that there are mutual co-movements between different laterals of financial development and inflation regimes in Iran. On one hand, financial access can decrease inflation. On the other hand, inflation distorts international financial depth, financial system efficiency, and financial stability. However, it encourages some domestic financial depth laterals. Generally, the best performance of financial development to maintain inflation in the low regimes was in the 7th and 8th cabinets, and the worst performance was experienced in the 9th and 10th cabinets because of the release of the suppressed inflation accumulated due to severe financial repressions.

Content analysis of articles in the field of taxation   Abstract:The purpose of this study is to analyze the content of tax articles. The research method of the present study is quantitative content analysis and the data were extracted using a reverse questionnaire and by numerical method and by descriptive statistics, to analyze the statistical population of 404 articles focusing on taxation in scientific research journals approved by the Ministry of Science. 1390 to 1400. Findings showed that the percentage of article production in 1397 is more than other periods and in 1399 and 1390 is less than other periods. Men are more likely to participate in the production of articles than women and public universities. The Journal of Taxation has had the most participation in the publication of tax-related articles and the least cooperation in the publication of tax articles in the Journal of Accounting Advances. In the production of articles, there is a tendency for group participation and the number of authors is more than one person. Writing articles is often in line with the priorities of the tax authority. The highest percentage of various subjects belonging to the subject in the field of tax collection organization and the most statistical community used are the companies of Tehran Stock Exchange Organization. The highest percentage of software use belongs to SPSS software, the most research method, the use of regression analysis, the tax category is twice as much as the independent variable in the articles as a dependent variable and the average of about 100-150 companies as a statistical sample has the highest frequency As a statistical sample of the research and the number of people under one hundred in the research questionnaire. 

Firstly, on February 20, 2020, the World Health Organization (WHO) to declare coronavirus disease (covid-19) as a global emergency, and then a pandemic on 11th March. Like the political, social, cultural, and economic disorders caused by Corona disease, financial markets fluctuated sharply in line with Coronachr('39')s news. According to the subject importance of the present study, the short-term forecasting power of initiative method (SutteARIMA), were analyzed in compare to the three common methods such as "Auto Regressive Integrated Moving Average", "Artificial Neural Networks", and "Holt-Winters". To predict the stock index of 50 active companies in the Tehran Stock Exchange market, and the daily number of coronavirus (Covid-19) confirmed cases in Iran, during the range of solar date from 1398/12/05 to 1399/02/31. The results showed that the short-term forecasting outcomes related to the SutteARIMA method have more accuracy and less error compared to the other three methods.

Proper understanding of the concept of inflation and the factors affecting it is essential to achieving price stability. Despite the same general understanding of the concept of inflation, there is still no consensus among economists on the causes, so in recent years, many empirical studies in the country have identified and examined the factors affecting inflation. Since inflation is affected by various macroeconomic variables, this study has addressed this issue using the DSGE model. The data used were quarterly between 2002 and 2016, when the response of inflation to the shocks of monetary policy, fiscal policy, currency and stock price index was positive; In contrast to import tariff rate shocks, oil revenues and overall productivity have been negative. Among the shocks, monetary policy shocks have also had the most impact.Keywords: Inflation, Shock, DSGE

In the Islamic legal and economic system, a precise mechanism for land use is defined. The classification of lands, along with the flexible methods available to the government for the allocation of land, raises the question of what is the most desirable method for state lands allocation based on the Islamic legal and economic system? Accordingly, the purpose of the present study is to find a favorable strategy for the transfer of state lands within the framework. The method used in this article is game theory, in which the main actors are the government as the custodian of land management and the applicants for land acquisition, both individuals and legal entities, each of which pursues different goals and strategies. The concept of Nash equilibrium has been used to find the optimal strategy in which none of the actors will be willing to deviate from the status quo. The results of research based on two scenarios of higher profits of productive and useful economic activities than Speculative activities and vice versa, indicate that the allocation of land in exchange for taxes commensurate with the level of production, is the best way for the Islamic government because firstly It will be sustainable and high income, secondly, it will provide excellent support for productive economic activities, and finally, it will prevent speculative activities.