فهرست مطالب

نشریه اقتصاد پولی، مالی
پیاپی 23 (بهار و تابستان 1401)

  • تاریخ انتشار: 1402/03/07
  • تعداد عناوین: 6
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  • حبیب حبیبی نیکجو، علی چشمی*، مصطفی سلیمی فر صفحات 1-46

    هدف اصلی مقاله اندازه گیری شاخص نا اطمینانی اقتصادی با استفاده از اخبار منتشرشده در شبکه های اجتماعی است. این روش اندازه گیری با فراگیری استفاده از شبکه های اجتماعی اهمیت بالایی پیدا کرده است. در این مقاله، با پایش و تحلیل 3,117,960 خبر از 28 کانال تلگرامی پرمخاطب و اثرگذار ایران، شاخص نا اطمینانی اقتصادی در ایران را از ژانویه 2017 تا دسامبر 2020 اندازه گیری شد. برای تحلیل این اخبار از روش های «یادگیری ماشین با ناظر» بهره گرفته شد. در مرحله اول 13404 خبر توسط ارزیابان انسانی برحسب اثرگذاری بر نا اطمینانی برچسب گذاری شد. سپس با استفاده از چهار الگوریتم («C4. 5» از روش های درخت تصمیم، «پرسپترون چندلایه» از روش های شبکه عصبی مصنوعی، «لجستیک» از روش های تابع محور و «بیز ساده» از روش‎ های بیزی) برچسب گذاری کل اخبار انجام شد. شاخص نا اطمینانی اقتصادی به صورت شمارشی و بر اساس تعداد اخباری که اثرگذار بر نا اطمینانی اقتصادی هستند، اندازه گیری و مقدار این شاخص استاندارد شده و سپس کیفیت شاخص با شواهد تاریخی، برچسب گذاری مجدد و مقایسه با شاخص مبتنی بر داده های گوگل ارزیابی شد. شاخص محاسبه شده با وقایع مهم دوره مطالعه مانند خروج آمریکا از برجام، تحریم نفتی و بالا گرفتن تقابل آمریکا با ایران در ترور سردار سلیمانی همخوانی دارد. برآورد تاثیر نا اطمینانی اقتصادی رسانه‎ بنیان بر نرخ ارز با مدل گارچ، اثر مثبت و معنی دار این نا اطمینانی را نشان می دهد.

    کلیدواژگان: نااطمینانی اقتصادی، رسانه، متن کاوی، یادگیری ماشین، نرخ ارز
  • حجت ایزدخواستی*، رضا محسنی، میثم سلطانی صفحات 47-71

    امروزه بازارهای مالی یکی از اساسی ترین بازارهای هر کشور است و شرایط این بازارها به شدت بر بخش های واقعی اقتصاد اثرگذار است. به طورکلی عوامل موثر بر بازار سهام به دو دسته عوامل بیرونی (عوامل اقتصادی و عوامل سیاسی) و عوامل درونی (فعالیت ها و تصمیمات شرکت ها) تقسیم بندی می شوند. در این پژوهش، عوامل اقتصادی و رفتاری اثرگذار بر تلاطم های شاخص قیمت سهام در بازار بورس اوراق بهادار تهران در دوره زمانی بهار 1383 تا زمستان 1399 با استفاده از الگوی خود توضیح با وقفه های گسترده بررسی شده است. نتایج برآورد بلندمدت بیانگر این است که رشد قیمت نفت اوپک، رشد نرخ ارز و رشد تولید ناخالص داخلی اثر مثبت و شاخص احساسات سرمایه گذاران (شاخص آرمز) و رشد قیمت مسکن اثر منفی و معناداری با رشد شاخص قیمت سهام بورس اوراق بهادار تهران دارند. همچنین، حاصل ضرب شاخص احساسات سرمایه گذاران و متغیر مجازی خروج آمریکا از برجام و شیوع ویروس کرونا اثر مثبت بر رشد شاخص قیمت سهام بورس اوراق بهادار تهران داشته اند.

    کلیدواژگان: عوامل اقتصادی، عوامل رفتاری، شاخص آرمز، شاخص قیمت سهام بورس اوراق بهادار تهران
  • اسماعیل میرزائی، شهرام فتاحی*، محمد شریف کریمی صفحات 72-109

    از زمان فروپاشی نظام برتن وودز در سال 1973 و اتخاذ سیستم نرخ ارز شناور، تلاطم نرخ ارز همیشه به عنوان یک موضوع اصلی و نگران کننده پیش روی گروه های مختلفی از فعالان اقتصادی از جمله سیاست گذاران، بانک های مرکزی، دانشگاهیان و سرمایه گذارهای فردی بوده است. از میان عوامل احتمالی که می تواند نرخ ارز و به طور کلی تلاطم نرخ ارز را در مسیرکاهشی قرار دهد، کانال شفافیت بانک مرکزی است که افزایش آن در چند دهه گذشته یکی از مهم ترین تحولات بانکداری مرکزی در سیاست گذاری های پولی بوده است. بنابراین این سوال مطرح می شود که شفافیت بانک مرکزی چگونه می تواند بر تلاطم نرخ ارز تاثیر بگذارد. مهم ترین استنباطی که از ادبیات گذشته پیرامون موضوع شفافیت بانک مرکزی می شود این است که افزایش ارایه اطلاعاتی توسط بانک های مرکزی در قالب اطلاع رسانی سیاست پولی، منجر به افزایش توانایی مردم در درک اهداف بانک مرکزی و بهبود پیش بینی هایشان از سیاست های پولی بانک مرکزی است که این امر از تغییر در مواضع سیاست بانک مرکزی در بی ثبات کردن بازارهای مالی از جمله بازار ارز جلوگیری خواهد کرد که البته این موضوع می تواند نیازمند وجود یک بانک مرکزی مستقل باشد. بنابراین پژوهش حاضر سعی دارد با بکارگیری دو روش حداقل مربعات معمولی کاملا اصلاح شده و حداقل مربعات معمولی پویا  و به کمک داده های ترکیبی برای دوره 1998-2019 و مبانی نظری مرتبط، به بررسی تاثیر شفافیت بانک مرکزی بر تلاطم نرخ ارز در کشورهای منتخب عضو اوپک بپردازد. نتایج این مطالعه نشان داد که شفافیت بانک مرکزی و استقلال بانک مرکزی از متغیرهای تاثیرگذار بر تلاطم نرخ ارز هستند و با تلاطم نرخ ارز رابطه منفی و معنی داری دارند. همچنین نتایج این مطالعه رابطه منفی و معنی دار درآمد نفتی و رشد اقتصادی با تلاطم نرخ ارز را تایید می کند.

    کلیدواژگان: شفافیت بانک مرکزی، استقلال بانک مرکزی، تلاطم نرخ ارز، کشورهای منتخب عضو اوپک
  • یزدان گودرزی فراهانی*، امیدعلی عادلی صفحات 110-136

    تاثیر سیاست های پولی بر نرخ ارز در دیدگاه دورنبوش به این صورت است که تغییرات غیرقابل پیش بینی حجم پول نقش اساسی را در نوسانات نرخ ارز، ایفا می کند. هدف مقاله حاضر بررسی رابطه سیاست پولی و جهش نرخ ارز در اقتصاد ایران است. به منظور آزمون مدل تجربی تحقیق از اطلاعات دوره زمانی 1399-1368 بر اساس فراوانی داده های فصلی و روش گشتاورهای تعمیم یافته (GMM) استفاده شد. بر این اساس در قالب دو نظام ارزی ثبات و شناور میزان جهش و انحراف در نرخ ارز با استفاده از فیلتر هودریک - پرسکات محاسبه شده و تاثیر سیاست پولی و متغیرهای کلان بر جهش نرخ ارز محاسبه شده است. نتایج به دست آمده نشان داد که سیاست پولی منجر به افزایش در جهش نرخ ارز و ایجاد انحراف در نرخ ارز می شود و این موضوع در نظام ارزی شناور بازه ای نسبت به نظام نرخ ارز ثابت شدیدتر بوده است. همچنین نتایج نشان داد که شکاف تولید تاثیر معنی داری بر کاهش انحراف نرخ ارز حقیقی داشته است. از سوی دیگر بر اساس ضریب برآورد شده، مشاهده شد که انحراف نرخ تورم منجر به افزایش انحراف نرخ ارز حقیقی می شود.

    کلیدواژگان: نرخ ارز حقیقی، نرخ تورم، جهش ارز، روش گشتاورهای تعمیم یافته (GMM)
  • آذرمیدخت کمالی وحیدی، معصومه عربشاهی*، امید بهبودی صفحات 137-167

    در عصر حاضر، کسب وکارهای مختلف و به ویژه شرکت های خدماتی باید از اقدامات بازاریابی متنوع برای ایجاد ارتباط کارا با مشتریان استفاده کنند تا شرایطی را به وجودآورند که منجر به تعهد و ایجاد وفاداری در آن ها گردد. به همین دلیل، حصول اطمینان از اینکه راهبردهای بازاریابی مبتنی بر رابطه منجر به بهبود عملکرد شرکت ها می شود، اهمیت یافته است. این پژوهش به بررسی اثربخشی مدیریت ارتباط با مشتری پرداخته است و هدف آن، بررسی رشد و توسعه عملکرد مالی و ارتباط با مشتری در صنعت بیمه از طریق سیاست های بازاریابی رابطه مند است. از نظر هدف، کاربردی و از حیث روش توصیفی- پیمایشی و از نوع همبستگی است. جامعه آماری این پژوهش را کارگزاری های مختلف بیمه در شهر مشهد تشکیل می دهند که تعداد آن ها 140 شرکت است. با استفاده از جدول مورگان 103 کارگزاری بیمه در شهر مشهد به عنوان نمونه انتخاب شد. از پرسشنامه نیز برای ابزار جمع آوری داده، استفاده گردید. تجزیه وتحلیل داده ها با استفاده از روش معادلات ساختاری با کمک نرم افزار Smart-PLS انجام شد. نتایج نشان داد هر یک از متغیرهای تاکتیک های بازاریابی رابطه مند، شامل مالی، اجتماعی و ساختاری بر کیفیت ارتباط با مشتری تاثیر مثبت و معناداری دارد، ارتباط معناداری بین کیفیت ارتباط با مشتری و عملکرد مالی و ارتباط با مشتری نیز تایید شد. همچنین متغیرهای ابعاد بازاریابی رابطه مند شامل، مالی، اجتماعی و ساختاری از طریق کیفیت ارتباط با مشتری بر عملکرد مالی و ارتباط با مشتری نیز تاثیر معناداری را نشان داد.

    کلیدواژگان: عملکرد مالی، عملکرد ارتباط با مشتری، سیاست های بازاریابی رابطه مند، کیفیت ارتباط با مشتری
  • فرشید خیراللهی، سید جواد دلاوری، امید یوسفی* صفحات 168-193

    بحران مالی دهه اخیر اثر عمده ای بر بازارهای مالی داشته و سبب کاهش قابل توجه تامین مالی از طریق انتشار سهام توسط شرکت ها و موسسات مالی گردیده است. یکی دیگر از پیامدهای آن افزایش مبلغ بدهی در ساختار سرمایه شرکت ها است؛ بنابراین بسیاری از شرکت ها در دوره بحران توانایی بازپرداخت بدهی های خود را نداشته و در معرض درماندگی مالی و انجام رفتارهای فرصت طلبانه قرار می گیرند. هدف پژوهش حاضر، مطالعه تاثیر بحران اقتصادی جهانی بر درماندگی مالی، مدیریت سود و قیمت گذاری اقلام تعهدی شرکت های پذیرفته شده در بورس اوراق بهادار تهران است. برای تجزیه وتحلیل داده ها و آزمون فرضیه ها از الگوی رگرسیون چند متغیره و داده های ترکیبی استفاده شده است. به منظور نشان دادن قدرت توضیحی متغیرها و بررسی اهمیت آن ها از آزمون تی زوجی استفاده شده است. برای آزمون این اثرات، تعداد 104 شرکت پذیرفته شده در بورس اوراق بهادار تهران، در طی دوره زمانی 1387 الی 1399، موردمطالعه قرار گرفتند. یافته های تحقیق بیانگر تاثیر بحران مالی جهانی بر عملکرد مالی شرکت ها بوده و آن ها را در آستانه درماندگی مالی از طریق ناتوانی در تامین منابع مالی قرار داده و از طرفی انگیزه مدیران را برای مخفی کردن عملکرد رو به وخامت شرکت با توسل به اقداماتی مانند مدیریت سود و قیمت گذاری اقلام تعهدی افزایش می دهد. نتایج پژوهش حاکی از تاثیر معنادار بحران مالی جهانی بر درماندگی مالی شرکت ها، مدیریت سود و قیمت گذاری اقلام تعهدی در بورس اوراق بهادر تهران است.

    کلیدواژگان: بحران مالی جهانی، درماندگی مالی، مدیریت سود، قیمت گذاری اقلام تعهدی
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  • Habib Habibi Nikjou, Ali Cheshomi *, Mostafa Salimifar Pages 1-46
    INTRODUCTION

    Economic uncertainty is one of the important and influential factors on economic policies and their results, and in such a situation, rational decisions are replaced by other methods. Various studies has shown the effect of economic uncertainty on inflation, investment, economic growth, consumption and demand for money.Uncertainty is difficult to measure due to its invisibility, and as the uncertainty measurement methods improve, the measurement of its effect on various economic variables and markets and the prediction of their behavior in response to the actions of economic agents will be more accurate.The main aim of this article is to measure the economic uncertainty index by using news published in social networks. This method of measurement has become very important with the widespread use of social networks.

     THEORETICAL FRAMEWORK:

    Uncertainty is one of the most controversial concepts in the philosophy and methodology of economics. The history of the concept of economic uncertainty goes back to David Hume. There are three categories of theories about economic uncertainty. The first group believes that the future reality is unchangeable and predetermined and economic decision makers have perfect information. In this view, there is no such thing as uncertainty and the world is in complete certainty. 18th century the economists of were the first group to present this theory. The second group believes that the reality of the future is unchangeable and predetermined and the decision makers are able to know the future. These economists use objective conditional probability functions to solve the future uncertainty problem. The third class considers the future reality to be changeable and unknown. The starting point of these theories started from the study of the Chicago school economist Frank Knight titled "Risk, Uncertainty and Profit". He clearly distinguished between the two concepts of risk and uncertainty. Keynes also reached the same results as Knight. In general, in a situation where the economy has a high level of uncertainty, the theories of the first and second category have a good explanation. But in confronting with exogenous shocks such as the corona virus epidemic, war and financial crisis, the concept of uncertainty will be more appropriate in the theories of the third category. This study will measure this index based on fundamental uncertainty (the third category).

    METHODOLOGY

    In this article, the economic uncertainty index in Iran was measured from January 2017 to December 2020 by monitoring and analyzing 3,117,960 news from 28 popular and influential Iranian Telegram channels. To analyze these news, we used "supervised machine learning" methods. In the first step, 13,404 news items were labeled by human evaluators according to their impact on uncertainty. The labels had two modes "affecting uncertainty" and "neutral". Then by using four algorithms ("C4.5" from decision tree methods, "Multilayer Perceptron" from artificial neural network methods, "Logistics" from function-oriented methods and "Simple Bayes" from Bayesian methods) labeling of the whole news was done. The economic uncertainty index was calculated numerically and based on the number of news items that affect economic uncertainty, the measurement and value of this index was standardized, and then the quality of the index was evaluated with historical evidence, relabeling and comparison with the index based on Google data.

     RESULTS & DISCUSSION

    Among the 4 media-based uncertainty indicators, 3 indicators can better explain the historical events of this period. Among them, the best performance is determined by C4.5 algorithm from the decision tree methods. After this algorithm, multilayer perceptron, logistic has the best performance and the weakest performance belongs to the simple Bayes method. Media-based economic uncertainty index trend with C4.5 method is consistent with the important events of the study period, in such a way that the highest level of uncertainty occurred during the period when Trump announced his withdrawal from the JCPOA until the official withdrawal of the United States from the JCPOA. In general, it can be said that the fluctuations of the economic uncertainty index have been limited and have several jumps, which are due to the withdrawal of the United States from the JCPOA, the oil embargo and the assassination of Sardar Soleimani.In the logistic algorithm, the highest level of uncertainty dates back to the end of 2020. The period that coincides with Trump's presidential election. The level of economic uncertainty increases after Trump's official withdrawal from the JCPOA and reaches its peak with oil sanctions.The output of the multilayer perceptron algorithm indicates that the average level of uncertainty has not changed significantly.  In the simple Bayes algorithm, the highest level was also reached during the period of the withdrawal of the United States from the JCPOA and the increase in enrichment.  The results of the regression showed that economic uncertainty has a positive and significant effect on the average logarithm of the exchange rate with multilayer perceptron, logistic and simple methods. This effect is larger in the multilayer perceptron model, which had better performance based on machine learning indicators.

    CONCLUSIONS & SUGGESTIONS:

    The calculated economic uncertainty index is consistent with the important events of the study period, such as the US withdrawal from the JCPOA, Iran’soil sanctions, and the escalation of the US confrontation with Iran in the assassination of Sardar Soleimani. It is suggested that daily calculation of this index be used to reduce uncertainty in the managing future events. We employed GARCH model to test effect of Media-based Economic Uncertainty index on Iranian exchange rate. The results showed that Economic Uncertainty index has poisitve effect on exchange rate.

    Keywords: Economic Uncertainty, Media, Machine learning, Text mining, Exchange Rate
  • Hojjat Izadkhasti *, Reza Mohseni, Meysam Soltani Pages 47-71
    INTRODUCTION

    In most of the developed countries, the stock market is considered as the central core of the capital market and it directs large amounts of stray capital to productive and active sectors every year (Hadipoor et al. 2021).Also, in behavioral finance studies conducted in the last decade, empirical evidence has been provided that all investors do not react rationally to information and investors' emotions have been effective on asset pricing (Kumari, 2019).

     THEORETICAL FRAMEWORK:

    In some studies, the role of emotional behaviors in stock price fluctuations of Tehran Stock Exchange Organization has been confirmed (Phuong, 2021). With the increase in oil prices, the income of petrochemical, refining  and other oil-related industries will increase. Therefore, the stock price of these companies will also increase. Several studies have examined the relationship between oil prices and the stock market (Zeinoldini et al. 2020, Alamgir, & Bin Amin, 2021). In one approach, with an increase in the exchange rate, the income of companies exporting products to abroad increases, and it causes an increase in the stock price of these companies and ultimately increases the stock price index. Some studies have investigated the relationship between exchange rate fluctuations and stock price index (Nguyen et al. 2020, Çakır, 2021, Huang et al., 2021  & Qalandari & Fallah, 2021(. Housing market is considered as a rival market to the stock market (Zare and Rezaei, 2006). It is expected that with the increase in housing prices, a part of people's assets will enter the housing market and ultimately have a negative effect on the stock market price index.

    METHODOLOGY

    Based on theoretical foundations and following Singhal et al. (2019) the model is expressed as relation (1):  (1) where: GTEPi,t the growth of Tehran Stock Exchange's total stock index in quarter i of year t, GOILi,t the growth of OPEC oil prices in quarter i of year t, GEXCi,t the growth of the free market exchange rate (US dollar) in quarter i in year t, ARMi,t investor sentiment index (Arms index) in quarter i in year t, GGDPi,t real GDP growth of Iran based on base year 2013 in quarter i in year t and GHPIi,t price growth Housing is in season i in year t.

    RESULTS & DISCUSSION

    A large share of the total value of the capital market is related to petrochemical and refining companies, and the increase in oil prices causes an increase in the stock price index of the Tehran Stock Exchange.  Also, the increase in the exchange rate causes a decrease in the purchasing power of people, therefore, to compensate for the decrease in purchasing power, people invest their stagnant money in the stock market to compensate for the decrease in their purchasing power which leads to an increase in the  the stock price index. There is a negative relationship between the stock price index of the Tehran Stock Exchange and the sentiment index of active investors in this market.

    CONCLUSIONS & SUGGESTIONS:

    The growth of OPEC oil prices, exchange rate growth and GDP growth have a positive effect and the ARMS investors' feelings index and housing price growth have a negative effect on the growth of Tehran Stock Exchange stock index.

    Keywords: Economic Factors, Behavioral factors, ARMS Index, Stock price index of Tehran Stock Exchange
  • Esmaeil Mirzaei, Sharam Fattahi *, Mohammad Sharif Karimi Pages 72-109
    INTRODUCTION

    Since the collapse of the Bretton Woods system in 1973 and the adoption of floating exchange rate system, exchange rate volatility (ERV) has become a central issue and concern for various groups of agents including policy makers, central banks, academics and individual investors among others. Central bank transparency (CBT) is one of the possible factors which can reduce exchange rate or generally exchange rate volatility that increase it's in has been one of the main developments in central banking in the past few decades. Thus, this leads to the question of the effect of central bank transparency on the volatility of exchange rates. The most important inferred from the previous literature on the issue of central bank transparency is that the increase of information provision by the central banks in the form of communication of monetary policy will lead to an increase in the ability of people to understanding the objectives of the central bank and improve their forecasts from the monetary policy of the central bank, which will prevent changes in the central bank's policy stance from destabilizing financial markets , which this could be required existing an independent central bank. Due to the fact that in oil exporting countries, especially OPEC member countries, the move towards more transparent monetary policy has been slow, thus the increase in central bank transparency and existing an independence of the central bank can have been decreasing effect on exchange rate volatility. Also, this study used the Extended Central Bank Independence (ECBI) index is the newly created index of central bank independence (CBI). Therefore, the purpose of this study is to examining the impact of central bank transparency on exchange rate volatility in Selected OPEC Member Countries to use two approaches Fully Modified Ordinary Least Squares (FMOLS) and Dynamic Ordinary Least Squares (DOLS) that in perversion research have been ignored.

    THEORETICAL FRAMEWORK:

    According to the existing literature, CBT is said to be based on performing several tasks: the clear formulation of monetary policy objectives, the regular publication of economic outlooks and forecasts, the disclosure of methods, the regular publication of press releases and minutes of monetary policy meetings, and the regular organization of press conferences and other meetings with media and the public. As central banks have been moving towards more transparent policies over the last two decades, some of them started publishing their own forecasts on the future state of the economy. Projections of future growth rate of GDP and inflation rate are but two examples of such forecasts. These changes in the practice of central banking resulted in considerable growth in the literature. The aspect of transparency people is interested in has to do with release of central bank projections of the future state of the economy. Of course, if, that there is no strategic attempt to manipulate the public's beliefs and in this context with the people have been truthful. One of the main goals of most central banks is to stabilise the economy and reduce economic fluctuations. This includes a reduction in inflation volatility, output variation, and exchange rate volatility. Blinder (1998) argues that a nation's central bank should explain its actions to the people, so as to remove the mystery behind the decision - making process. If the bank cannot provide a clear explanation of a decision, then the decision may not be a good one. Thus, that more open public disclosure of central bank policies may enhance the efficiency of financial markets. First, greater information about how a central bank makes policy decisions would curtail excessive speculation. Second, clearer decision rules on the part of the central bank would help to reduce the volatility of markets, and thus enhance the predictability of future movements of financial assets. Crowe & Meade (2008) argues, as central banks have become more independent, so the demand for transparency has increased, both for reasons of accountability and legitimacy, and to guide the expectations of financial market participants (whose appetite for information has expanded as financial markets have become broader and deeper).

    METHODOLOGY

    The purpose of this study is to examine the impact of CBT on ERV in selected OPEC member countries (for the six OPEC countries that consisting of United Arab Emirates, Iran, Iraq, Kuwait, Nigeria and Saudi Arabia) with the help of annual panel data for 1998-2019. In this study, to analyze the tests related to panel data and model estimation employed two approaches FMOLS and DOLS have been used from Eviews and Stata softwares.                                                                                                        

    RESULTS & DISCUSSION

    In this step, we check whether the variables have a unit root using the Maddala & Wu (1999) Fisher test that adopts an augmented Dickey–Fuller test for panel data. According to the results of the tests stationarity and cointegration, FMOLS and DOLS methodologies were used to estimate the long relationships. The findings of this study in the both approaches showed that CBT and CBI are the effective variables on ERV and have a negative and significant in relation to ERV. The findings of this study confirm that oil rent and GDP growth have a negative and significant in relation to ERV, also.

    CONCLUSIONS & SUGGESTIONS:

     As a novelty for the first time, this study found the overall relationship between CBT and ERV emissions which came to be negative in selected OPEC member countries using annual panel data over the period 1998-2019. This showed that an increase in CBT would lead to a reduction in ERV emissions. According to the results of this study the central bank transparency is considered a positive measure and often due to its benefits and high flexibility to stabilize the economy can reduce exchange rate volatility. However, empirical evidence of such benefits has not yet been considered in oil exporting countries. The findings of this study show the importance of central bank transparency in selected OPEC member countries which in an independent environment of the central bank can play a role in reducing exchange rate volatility. The more stable, less volatile, and more secure the financial markets, including the exchange rate market can increase gdp growth.

    Keywords: Central Bank Transparency, Central Bank Independence, Exchange rate volatility, Selected OPEC Member Countries
  • Yazdan Gudarzi Farahani *, Omidali Adeli Pages 110-136
    INTRODUCTION

    The effect of monetary policy on the exchange rate in the Dornbusch’s point of view is that unpredictable changes in the money supply play a major role in exchange rate fluctuations. In a fixed exchange rate system, keeping the country's currency stable against foreign currency stabilizes a country's currency and provides grounds for increasing the credibility of policy makers; at the same time, the floating currency system provides the basis for removing the effects of external shocks from the economy. In addition, the use of a fixed exchange rate system has reduced the uncertainty of the real sectors of the economy, and this issue can improve international trade and domestic investment. However, the use of a floating exchange rate system can lead to the independence of monetary policy in the face of shocks and can be considered as a tool to stabilize the economy in times of business cycles.

    THEORETICAL FRAMEWORK:

    The theory of exchange rate overshooting was proposed for the first time by Dornbusch in 1976. If the economy is continuously exposed to unexpected monetary expansion, the exchange rate will exceed its long-term trend in the short term and return to its long-term level in the long term. The overshooting in the exchange rate is a short-term phenomenon that is formed due to the price sticky in the short term and the high adjustment speed in the financial market and the slow adjustment in the real sector of the economy. The dominant core of monetary systems is the use of a "nominal anchor". The nominal anchor is a variable that is used to achieve the goal of monetary policy, and the purpose of its authority is to adjust inflationary expectations and commit the monetary authorities to achieve the declared goals. The innovation of the present study compared to the previous studies is the use of a dynamic approach as well as the examination of the exchange rate jump in the conditions of a stable and floating exchange rate system, which has been less considered in previous studies.

    METHODOLOGY

    The purpose of this paper is to investigate the relationship between monetary policy and exchange rate overshooting in the Iranian economy. In order to test the experimental model of the research, the data of the period 1989-2020 based on the frequency of seasonal data and the generalized moment method (GMM) were used. Based on this, in the form of two stable and floating exchange systems, the rate of jump and deviation in the exchange rate has been calculated by using the Hodrick-Prescott filter and the effect of monetary policy and macro variables on the exchange rate overshooting has been calculated.

    RESULTS & DISCUSSION

    The results showed that the monetary policy leads to an overshooting in the exchange rate and creating a deviation in the exchange rate, and this issue has been more severe in the floating exchange rate system compared to the fixed exchange rate system. Also, the results showed that the production gap had a significant effect on reducing the deviation of the real exchange rate. On the other hand, based on the estimated coefficient, it was observed that the deviation of the inflation rate leads to an increasingly deviation of the real exchange rate.

     CONCLUSIONS & SUGGESTIONS:

    Since the relationship between monetary policy and exchange rate is positive, with an expansionary monetary policy, the exchange rate increases, which means the value of the national currency decreases. Therefore, in order to reduce the negative effects of monetary policy on the value of the national currency, it is suggested that appropriate policies and executive tools be designed and implemented by the government so that with proper management, it can be placed on the path of economic activities in the society. There is a need for monetary policy stability, which itself requires the existence of an independent central bank.

    Keywords: Real Exchange Rate, Inflation rate, exchange rate overshooting, generalized method of movement (GMM)
  • Azarmidokht Kamali Vahidi, Masoomeh Arabshahi *, Omid Behboodi Pages 137-167
    INTRODUCTION

    Nowadays, various businesses, especially service companies, must use a variety of marketing measures to build effective relationships with customers, to lead to commitment and loyalty. Therefore, it is important to ensure that relationship-based marketing strategies improve the performance of companies. In today's era, different businesses and especially service companies should use various marketing measures and activities to establish effective relationships with customers, in order to create conditions that lead to commitment and loyalty among them. For this reason, ensuring that relationship-based marketing strategies lead to improved company performance is of paramount importance. All marketing activities carried out in order to create, develop, and maintain successful relationships, which is called relationship marketing, are defined as a two-way relationship between the service provider and the customer that leads to profitability. Relationship marketing tactics include financial, social and structural dimensions and are influential on financial and non-financial functions.

    THEORETICAL FRAMEWORK:

    This study examines the effectiveness of customer relationship management. The purpose of this study is to investigate the growth and development of financial and non-financial performance in the insurance industry through relational marketing policies. In the last two decades, many organizations have become aware of the importance of their customers' satisfaction and have realized that maintaining existing customers is less expensive than attracting new customers.  For this reason, companies must always monitor and take care of the interaction between themselves and their customers, and with the correct knowledge and understanding of the needs and values ​​of customers, provide them with valuable goods and services in order to create loyalty in them by gaining satisfaction. Relationship marketing is known as a strategic solution to create commitment and loyalty and influential on the quality of relationships with customers. Also, customer relationship management leads to enhanced efficiency and performance and improved effectiveness in customer service, integration of communication channels, increase in new business opportunities and competitive performance, and customer classification. Relationship marketing has a significant impact on the quality of customer relationship management and the quality of management. Communication with the customer, which shows the customer's commitment and trust, affects the organizational performance

    METHODOLOGY

    The current research is practical in terms of purpose, and is descriptive-survey and correlational in terms of the nature of the method and implementation. The statistical population of the research consists of different branches of insurance agencies in Mashhad. According to statistics and information, there are 140 companies. Therefore, using Morgan's table, 103 samples were determined for the statistical population. The sample analysis unit in this research was the managers of the brokerages. Due to the lack of cooperation of some agencies in providing data and completing the questionnaire, available sampling method has been used. 110 questionnaires were distributed among the members of the statistical community and finally 103 questionnaires were collected. The tool of data collection was a questionnaire that was compiled in three sections: introduction, demographic questions and questions to measure the main variables of the research. To measure the main variables of the research, 38 questions were designed and the measuring scale of the variables was a five-part Likert scale. Given that the questionnaire was standard and its validity has already been confirmed, it can be said that it has the required validity. Nonetheless, to determine the validity of the questionnaire, the face content validity method was used again. For this purpose, the questionnaire was given to the experts, professors and experts related to the research field and they were asked to express their corrective opinions and after collecting their opinions and actions, the final questionnaire was compiled. Average variance index (AVE) was used to measure the validity of questionnaire questions. To measure the reliability of the research questionnaire, the customary method of reliability assessment, i.e., Cronbach's alpha coefficient, was used. This coefficient is higher than 0.7 for all variables and equal to 0.95 for the entire questionnaire, which is a good coefficient and shows that the reliability of the research tool is at an optimal level. Also, the combined reliability coefficient (CR) was used to measure the reliability of the questionnaire. Table (1) shows the results of validity and reliability indices of the questionnaire.

     RESULTS & DISCUSSION

    The purpose of this research was to investigate the impact of relationship marketing dimensions on the financial and non-financial performance of insurance agencies with the mediating role of the quality of customer relationship variable. After examining the theoretical foundations and related literature, and based on the conceptual model of the research, taken from Kaliskan and Asmer (2019), hypotheses were presented. After data collection, data analysis was done using structural equation modeling with the help of Smart-PLS software. The analysis of data and results showed that each of the variables of relational marketing tactics, including financial, social and structural, had a positive and significant effect on the quality of customer relationship.  A significant relationship between the quality of customer relationship and financial and non-financial performance was also confirmed. Also, the variables of relationship marketing tactics, including financial, social and structural, showed a significant impact on financial and non-financial performance through the quality of communication with the customer.

     CONCLUSIONS & SUGGESTIONS:

    The impact of financial relationship marketing on the quality of customer relationship was shown to be positive, and this demonstrates that insurance company managers can gain the trust and commitment of their customers and increase the quality of their customer relationship by using financial relationship marketing tactics. The positive effect of social relationship marketing on the quality of customer relationship showed that insurance agency managers using social related marketing tactics (such as regular contact with customers in any way, reminding them of special occasions, paying attention to the tastes of their customers, holding social events to their suggestions and complaints, etc.) can enhance the satisfaction and loyalty of their customers and improve the quality of their relationship with customers. The positive effect of the quality of customer relationship on financial performance also showed that insurance agency managers by maintaining the quality of relationship with their customers (such as adhering to commitments, giving detailed information and advice, being trustworthy in maintaining and maintaining customer's personal information, which leads to commitment and more customers' trust and loyalty to the company, etc.) can make the customer loyal to the company. The positive impact of customer relationship quality on non-financial performance showed that insurance agency managers can attract new customers in the future by maintaining the quality of relationship with their customers apart from keeping their current customers.

    Keywords: Financial performance, Customer relationship performance, related marketing policies, Customer relationship quality
  • Farshid Kheirollahi, Seyed Javad Delavari, Omid Yousefi * Pages 168-193
    INTRODUCTION

    The financial crisis of the last decade has impacted financial markets significantly and has led to a remarkable reduction in the financing through the issuance of shares by companies and financial institutions. Additionally, it has given rise to an increase in the amount of debt in capital structure of companies; therefore, many companies are unable to repay their debts during the of crisis, exposing companies to financial distress and opportunistic behaviors

    THEORETICAL FRAMEWORK:

     With the occurrence of the global financial crisis, the price of metals, oil, and including the country's oil revenues will decrease, which will initially cause a budget deficit through the reduction of government revenues. With the decrease in government revenues, the amount of government expenditures decreases, and the result is a decrease in investment and a decrease in demand, and the creation of economic imbalances, including recession in the economy. that this effect on exporting companies is more tangible due to the reduction of the general level of prices in the world markets; As a result, warehousing costs and other costs in these companies increase and they face the problem of lack of liquidity; On the other hand, it lowers investors' expectations of the growth and profitability of these companies, which ultimately increases the possibility of not being able to repay the interest and principal of debts. As a result, capital gains in investment companies decrease and put the companies on the verge of financial helplessness. When companies are on the verge of financial helplessness, they may take profit management in order to deal with the crisis and not lose shareholders, in order to make their situation more stable. Also, the management can influence the company's profit through optional accrual items in ways such as early recognition of revenues or postponing the recognition of expenses. What draws the attention of experts to the quality of accruals as an indicator of the quality of profit; The information content of accrual items components, in other words, the separation of accrual items components can provide information about the company's performance, but the market reacts to this information slowly; Therefore, the components of accruals can be considered as an indicator for determining the improvement or deterioration of the company. The aim of this study is the investigation of the impact of the global economic crisis on financial distress, earning management, and the pricing of accruals of companies listed on the Tehran Stock Exchange.

    METHODOLOGY

    The multivariate regression model and combined data were used to analyze the data and test the hypotheses. In order to show the explanatory power of the variables and to evaluate their importance, paired t-test was used. To test these effects, 104 companies listed on the Tehran Stock Exchange during the period 2008 to 2020 were studied.

     RESULTS & DISCUSSION

    There is a significant difference between financial helplessness during the period of the global financial crisis and the period after it; therefore, it can be expected that the global financial crisis will expose companies to financial helplessness and even bankruptcy. There is a significant difference between profit management during the global financial crisis and the period after it; when a company is exposed to a financial crisis, the company's management is affected by reducing its rewards, changing management and losing its reputation. Companies to secure financing and attract investors by making the financial performance of companies attractive during the period of financial crises. , have enough motivation to hide the deteriorating performance of the company by resorting to accounting choices, and finally, there is a significant difference between the pricing of accruals during the global financial crisis period and the period after it; Therefore, during the period of the global financial crisis, managers who try to manage profits to hide the dire situation of the company, there is an incentive for them to do this through the manipulation of discretionary accruals that are part of the net profit.

    CONCLUSIONS & SUGGESTIONS:

    The findings of this study indicate the impact of the global financial crisis on the financial performance of companies and put them on the verge of financial distress. This occurs due to the inability of financing and as well as the motivation of managers to hide the deteriorating performance of the company by taking measures such as earning management and the pricing of accruals increases. Therefore, during the period of the global financial crisis, managers who attempt to manage profits to hide the dire situation of the company, have the incentive to do so by manipulating discretionary accruals that are part of net profit; Because accruals provide information about the company's performance and because it is an indicator to determine the improvement or deterioration of the company, there is always the motivation to manipulate it within the framework of accounting principles through the time of recognition of revenues and expenses as a tool for managing profits by management.

    Keywords: global financial crisis, Financial Distress, earnings management, market pricing of accruals