فصلنامه پژوهش های پولی - بانکی
پیاپی 49 (پاییز 1400)

This paper studies the effects of central bank credibility on nominal interest rate and output gap on 17 inflation targeting (IT) developing countries using Instrument Variables (IV) over a period that spans 24 years (1996-2019). In the first stage, using new Keynesian model is obtained “Credibility loss” index to measure the importance of central bank past performance and its deviation from its target. The findings show the existence of a non-linear effect of credibility loss on deviation of past inflation from target, the existence of positive and significant effect of credibility loss index on interest rate, the existence of positive and significant effect of nominal interest rate on output gap, and finally the existence of positive and significant effect of credibility loss index on output gap by interest rate channel. These findings suggest that the central banks increase the credibility of the policies set by improving their performance over time by increasing the accountability, reducing the effect of political pressures on policy-making and increasing their commitment to the determined goals and also by creating positive beliefs among economic agents control their expectations and reduce the pressure of existing shocks and have a positive effect on macro variables.

The ownership structure is one of the important issues of corporate governance that can affect the efficiency of companies by influencing managerial motivations. The aim of the present study is to investigate the asymmetric effect of ownership structure on bankschr('39') risk-taking behavior. The present study was conducted using the information of twenty-one banks listed on the Tehran Security Exchange and the Iran OTC in the period from1390 to 1398. Using the Panel smooth transition regression model approach, it has been concluded that the influence of major owners in the banking industry on bankschr('39') risk-taking is different in the two regimes. In the first regime (threshold level of 23%), major shareholders have a positive effect on banks chr('39')riskiness and in the second regime (above 23%) have a negative effect on bankschr('39') riskiness. The results showed that the presence of major shareholders in the ownership structure of banks has an asymmetric effect on their risk-taking and based on these findings, one of the foundations for improving risk management is the use of appropriate strategies to concentrate ownership.

Bitcoin soon attracted the attention of experts and the general public around the world, including the Islamic community. Due to the novelty of the subject, although little research has been done to examine the legitimacy of bitcoin mining from the perspective of Muslim thinkers, this paper is responsible for examining two reasons in the research of contemporary Sunni thinkers. The two reasons for "violation of the sovereignty in the issuance of money" and "the truth of gambling" are among their strongest arguments for the sanctity of bitcoin mining. A comparative analysis of these two reasons leads us to the conclusion that in addition to the major premise of the sovereign monopoly on the issuance of money, the minor premise of its application to bitcoin mining is not provable; As from the point of view of Imami jurisprudence, there is no valid reason for either the minor or the major premise. As for the title of gambling, although the prohibition of gambling is one of the prerogatives of Shiite and Sunni jurisprudence, but in terms of minority, it is not applicable to bitcoin mining. In addition, the novelty of the present paper is to prove that the title of reward (Joaleh) is thematically and ruling consistent with bitcoin mining, so bitcoin mining can be considered a kind of Joaleh, which is considered a religious and valid unilateral obligation.

Violation of contractual conditions leads to the transmission of bad news due to poor performance and the expertise of auditors and regulatory mechanisms can be a factor in adjusting it. In this article, the purpose is to examine the role of strictness in the debt contract and the auditor's expertise.

In order to study the subject based on the logistic regression model, in the period 2012 to 2019, data of 113 companies listed on the Tehran Stock Exchange were collected and used to test research hypotheses.

The results of the first hypothesis of the research on the significant effect of auditing expertise in the industry on strictness in debt contracts have been confirmed. The second hypothesis of the research indicates that corporate governance mechanisms have a significant effect on the relationship between auditor expertise in the industry and strictness in debt contracts. Violation of the terms and obligations of debt contracts leads to the reflection of negative news in prices. In other words, corporate governance mechanisms in order to control and protect prices and also reduce the risk of information asymmetry for creditors, reduce the risk of managers and implement regulatory approaches to maintain the quality of financial statements that benefit Include creditors.

The purpose of this study is to investigate the role of social responsibility on the financial performance of Iranian banks. In this study, first a quantitative index was created by combination of 9 indicators of the banking system. The indicators were selected to cover the social responsibility of the country's banking system to shareholders, customers, borrowers, producers, society and the government. Then, the effect of this index on the financial performance (return on assets) of 11 selected banks, including 3 state-owned banks, 3 semi-public banks, and 5 private banks, over period 2007-2017 by using the Generalized Moments Method (GMM) was examined. The results showed that first; the average social responsibility index was for private banks (0.39), for state-owned banks (0.46) and for semi-public banks (0.57). Therefore, private banks have the least social responsibility and semi-public banks have the most social responsibility. Second; there is a positive and significant relationship between social responsibility and financial performance of the banks under review, so that by playing a higher role of social responsibility, the financial performance of banks improves. Third; This relationship is weaker in state and semi-state banks than in private banks, so that with the increasing role of social responsibility, the financial performance of private banks improves more sharply.

The banking system is one of the main pillars of any economic system and has the highest degree of influence on other sectors, and in the event of a crisis and bank instability, it easily spreads to other sectors and even to the macroeconomy. Therefore, the factors affecting bank stability should be identified and applied by the importance of each relevant strategy. The research method is descriptive and applied and to identify, influence and influence and prioritize and interact between factors affecting bank stability, the combined method of DANP in the period 2006-2018 has been used for 15 countries in the Middle East and North Africa (Mena). Based on the research background, 17 sub-criteria have been extracted in 5 main criteria. Examination of the factors affecting the stability of the banking system of the countries revealed that the external factors of macroeconomic and internal inflation are specific banking factors (net loan to assets and granting facilities), profitability (average return on equity), and banking risk (ratio of cash reserves to assets). Have had the most impact. Expanding the scope of analysis and explicit calculation for asset and risk management, especially credit risks (net loan to asset-to-payments ratio) and liquidity (ratio of cash reserves to assets) for bank managers and inflation control for macroeconomic sustainability is proposed by the central bank.