فصلنامه پژوهش ها و سیاست های اقتصادی
پیاپی 111 (پاییز 1403)

The reactions to the global financial crisis that started in 2007 and reached its peak in 2008 can be considered the beginning of new perspectives in financial markets. These responses included emergency liquidity assistance by the central bank and many restructuring and assistance programs for failed banks that included guarantees, capital increases, other forms of government support, etc. The widespread and excessive use of the concept of lender of last resort has been a defining and evolving feature of responses to various crises. Due to its multiple dimensions, this issue has influenced the economic and monetary policies of the central bank and can cause many problems for the banking and financial system. The purpose of the article is the need to review the payments that are made in the form of liquidity assistance to the banking system in the country. There are several frameworks in the world in this field, which are discussed in this article by examining the experiences of other countries at the time of liquidity assistance emergency and the importance of decision making and policy making. This article examines the interrelationship between banking stability and central bank liquidity assistance using dynamic panel data and data analysis. By examining the trend of regular overdrafts and facilities in Iran in order to provide liquidity to the banking system in the country, it can be noted that the role and functions of the central bank should be considered as the last resort. The results obtained in the research show that the central bank's liquidity assistance to banks with a lack of liquidity has had negative effects on the stability of the country's banking network. In this regard, access to the necessary strategies regarding the bankruptcy and recovery of weak banks is of particular importance.

Despite having various advantages, Sukuk has complications, primarily due to its different structure compared to bonds and the shared risk between the lender and the borrower. Based on this, this study investigates the effect of investing in sukuk- as a way to finance the bank- on the financial performance of Islamic banks. For this purpose, the data of Islamic banks of 16 selected countries during the period 2019Q1 to 2022Q3 and the econometric method of panel data have been used. The research results showed that investing in sukuk in model 3 (with the dependent variable of return on equity), model 4 (with the dependent variable of capital adequacy), and model5 (with the dependent variable of the rate of return on assets) has a negative and significant effect on the financial performance of banks. Additionally, in model 2 (with the dependent variable of net profit margin), the impact of investing in sukuk on the financial performance of banks is positive and significant. Finally, investing in sukuk in model 1 (with the dependent variable of financing growth) does not have a significant effect on the financial performance of banks. Also, the bank size variable has a positive and significant effect in models 1 and 2, and a negative and significant effect in model 5 on bank performance variables, and it has no significant effect on banks' performance in other models. The inflation rate variable has a positive and significant effect on bank performance variables in models 3, 4, and 5 of the research, but has no significant effect on bank performance in other models. Similarly, the per capita income in models 2, 3 and 5 has a positive and significant effect on bank performance variables, while in other models it has no significant effect.

For many years, the budget deficit has been studied as an important variable in economics, and various schools and scholars have identified its causes and influential factors. However, since the 1990s, increasing attention has been directed toward the effect of institutional and political indicators on the budget deficit, and corruption has been introduced as one of the key contributors. This article, by introducing and calculating a composite index of financial corruption based on the deprivation theory and choosing the four economic dimensions of government spending, investment, income and economic freedom, investigates the effects of financial corruption on the budget deficit in 120 selected countries from 2007 to 2017 using the generalized torque method (GMM). The results show that, assuming other conditions constant, a one- unit increase in the corruption index increases the budget deficit by an average of 49/3 units, which indicates the positive and direct effect of corruption on the budget deficit. Also, according to the significance of the estimation, the variables of inflation, government spending, taxes and oil revenues have a positive effect on the budget deficit, while higher economic growth leads to a reduction in the budget deficit.

Examining the trend of changes in Foreign Direct Investment (FDI) shows that, firstly, many committed foreign investments have not been made in Iran's economy, and secondly, that the amount of foreign investments made in Iran's economy has not been proportionate to the country's needs for structural changes. Also, due to many sanctions, some foreign companies may have invested in Iran unofficially. So, it is claimed that the recorded figures for the FDI variable are not accurate. Hence, one of the goals of this study is to estimate FDI by the fuzzy systems method. After estimating the amount of FDI using the panel data autoregression, FDI effect on the terms of trade in agriculture, industry and mines, services and oil in the period from 2011 to 2022 has been evaluated. The results show that FDI has a negative and significant effect on the terms of trade in agriculture, industry and mines, services and oil in the long run, which is consistent with the theory. Accordingly, it can be claimed that FDI would weaken the terms of trade in the country. The coefficients show that FDI in the sectors of industries and mines, agriculture, oil and services, respectively, has the greatest negative effect on terms of trade. Therefore, the policy recommendation in the field of using foreign direct investment in the field of international trade is that in order to develop foreign trade and increase the amount of exports, foreign direct investment should be considered one of the important economic goals, which can increase economic growth in addition to helping the process of globalization of the economy. Therefore, the results of this study showed that FDI has an impact on the terms of trade of economic sectors, which is, in any case, related to the foreign trade of these sectors.

This research investigates the effect of financial health and macroeconomic indicators on the profitability, efficiency and productivity of Iran’s banks. The statistical population in this research is private and government banks listed on the Tehran Stock Exchange. For this purpose, 20 banks were studied during the period 2013-2021, using the panel data method. The results of the data analysis show that the capital adequacy ratio has a negative and significant effect on the efficiency of the studied banks. Conversely, the quality of the bank's assets, the quality of the bank's management, and the quality of the bank's liquidity have a positive and significant effect on the technical efficiency of the bank. Moreover, the results indicate that interest rate, inflation rate, exchange rate and GDP per capita, as macroeconomic indicators, have a positive and significant effect on the technical efficiency of the bank. Financial health indicators such as capital adequacy ratio, bank assets, bank management quality and liquidity quality have a positive and significant effect on bank profitability and productivity. Macroeconomic indicators such as interest rate, inflation rate, exchange rate and GDP per capita affect positively and significantly the bank's profitability and productivity, while the exchange rate shows a negative and significant effect.

Understanding the relationship between institutions and economic performance, as well as how institutional quality differs across countries, has attracted increasing attention in recent years. Northern countries support economic progress due to having strong institutions. On the other hand, weak institutions in southern countries prevent their progress. Therefore, it is very important for policymakers to identify the factors affecting institutional quality and to understand how institutional quality affects economic growth in order to develop efficient economic policies. The main motivation of the present study is to understand the effect of improving institutional quality on Iran's economic growth through total factor productivity using the Global Trade Analysis Project model. In this regard, the data were aggregated into two regions (Iran and the rest of the world) and ten sectors based on the research objective. To achieve the main objective of the study, two scenarios were evaluated: 1) Increasing the growth rate of production factor productivity in Iran (due to improving institutional quality); 2) Increasing the growth rate of production factor productivity in other regions of the world (due to improving institutional quality). The results show that improving institutional quality through increasing the growth rate of production factor productivity in Iran leads to higher economic growth in Iran and its sub-sectors.