فصلنامه پژوهش های پولی - بانکی
پیاپی 53 (پاییز 1401)

One of the topics of financial market research is the ability to compare the financial statements and risk-taking of banks, which has always been of interest to researchers and is considered one of the most challenging topics in the field of financial knowledge research. Presenting comparable financial statements is likely to facilitate the ability of stakeholders to assess risk in banking, financing and investment activities. Accordingly, the present study seeks to examine the comparability of financial statements and risk-taking of banks by emphasizing the moderating role of bank size and the financial crisis. For this purpose, a sample consisting of 23 banks listed on the Tehran Stock Exchange during the years 1392 to 1398 was selected and tested using a multivariate regression model based on panel data technique. The results indicate that the ability to compare financial statements has a negative effect on banks' risk appetite. Also, the size of the bank and the financial crisis, as a moderating role, exacerbate the negative relationship between the comparability of financial statements and the riskiness of banks.

In recent years, with the definition and development of a new phenomenon called cryptocurrencies, we have witnessed challenging and scientific discussions about the origin of the value of these currencies. The evolution of cyberspace and the effects of blockchain and the emergence of virtual currencies have overshadowed the theories put forward in response to questions about money, including the value of money, and presented a new structure. It seems that the expansion of cyberspace will have fundamental effects and changes on scientific and knowledge issues, and this assumption can be seen in virtual currencies. Meanwhile, with the expansion and general popularity of the people of the country to buy and sell virtual currencies, determining the appropriate position and answering religious and Islamic issues in the field of various cryptocurrencies, including their value in the Islamic economic system has become necessary and inevitable. Therefore, first, the views of monetary schools on the value of money and virtual currencies are analyzed using basic and descriptive methods, and then, using valid jurisprudential methods, the Islamic view on the value of money is explained. Finally, operational suggestions and a suitable model for designing national cryptocurrencies based on Islamic values are presented. The results based on the research hypotheses show that first, credit matters such as cryptocurrencies in Islam will be valuable and acceptable when they have a valuable value in the real world to be recognized as valid, and credit without value is not acceptable in Islam. Second, cryptographic protocols can be designed in a way that is based on Islamic values, and in designing Islamic cryptocurrencies, these protocols must be considered.

Changing the direction of monetary policy from targeting the monetary aggregates to targeting reference rates, the interbank market interest rate is considered as one of the most significant operational objectives of the Central Banks. Identifying the interbank market is important as it enables the monetary policymakers to achieve more in following their goals with limited intervention. Due to the completion of the initial stages of the formation of interbank market and the establishment of Open Market Operations (OMOs) mechanism as well as the provision of standing facilities in the Iranian money market, the analysis of interbank market network with the aim of identifying the core of this market increases the effectiveness of the implemented policies. According to this, the formation mechanism of the interbank market was examined using graph theory and network analysis techniques as well as the transactions performed during the twelve-month period from March 21, 2018 to March 20, 2019. The findings show that it is challenging for the market to identify a core with fixed members owing to direct communication between the members and the frequent changes of the core members; nonetheless, it was possible to identify the members that played the biggest role. This, along with other factors such as health and financial stability index, can be used by the CBI as a useful criterion for identifying primary dealers in monetary operations.

The available evidence indicates an unhealthy flow of liquidity creation in Iran's banking system, that if it continues, it can be a very serious threat to create unbridled and uncontrollable inflations. Therefore, it is very important to adopt a solution for improving the situation before escalating crisis and creating uncontrollable instabilities. The proposed solution should be aimed at solving the existing disorder in the money destrucion process so that it can have corrective effects on the balance sheet structure of the banking system at all time frequencies, so that at the same time, in addition to increasing the quality of the assets on the right side of the banks' balance sheets, it also puts their shareholders’ equity in optimal conditions. Therefore, the main focus of this article is the explanation of a new financial instrument called CoCo securities that, while making the flow of liquidity healthy, can also protect the shareholders’ equity of banks with a special mechanism. These securities are hybrid and convertible instruments whose main purpose is to protect the banks' tier 1 capital adequacy in order to increase the banks' ability against incoming shocks. Based on this, in 6 different scenarios with 10 periods of balance sheet turnover in each scenario, in accordance with the Stock-Flow Consistent model, it has been investigated how these securities affect the process of creating liquidity and destructing money. In this regard, the results of modeling indicate that the mentioned securities effectively improve the process of destructing money and at the same time since it improves the shareholders’ equity of banks, it also increases the quality of the created liquidity and can be used as a complementary plan to achieve the goals outlined in the resolution of the precautionary policy to control the growth of the banking network's balance sheet.

Government expenditures as an important component of fiscal policy can play an important role in macroeconomic stabilization. Taking cyclical features and behaviors of various types of government expenditures into account, ameliorates the effectiveness of fiscal policy in confronting with economic shocks. This research tries to evaluate the cyclical features of different types of government expenditures and influential factors in Iran's economy by using Iran’s time series data from 1359 to 1398 and a two-stage autoregressive distributed lags model. Based upon the findings of this research, all types of government expenditures in Iran, behave procyclically. Government investment aggravates the fluctuation of fiscal cycles more than government consumption, and the procyclical effect of government investment in machinery is more than the procyclical effect of government investment in construction. In addition, the findings show that adding control variables, affects the logarithm coefficient of GDP in all models and therefore plays an important role in the cyclical behavior of various types of government expenditures. The government debt to GDP ratio and the government income to GDP ratio reduce cyclical fluctuations and the government size, inflation rate and elections intensify cyclical fluctuations.

The purpose of this study is to investigate the effect of market power and income diversification strategy on liquidity creation. Thus, the data of 20 banks in Iran during the period 2016-2021 were collected from the financial statements and attached notes. For this purpose, the Panel Vector Auto Regression method has been used. In order to measure the liquidity creation index, Berger and Boehman's (2009) method has been used. Also, the market power in the bank system is measured by the Lerner index, for this, the translog random frontier function is used, and then the market power is calculated. To measure the income diversity index, the adjusted Herschmann Herfindahl index of income has been used. The results indicate that competition or market power has a significant negative effect on liquidity creation. The effect of non-interest income diversification strategy on liquidity creation was also confirmed. The results of the analysis of variance decomposition test show that in the long run, market power has more explanatory power on liquidity creation, so that market power has a greater share in explaining liquidity creation than the non-interest income diversification strategy.