مجله نامه مفید
پیاپی 42 (خرداد و تیر 1383)

This essay is based on an individualistic methodological assumption - one of the basic assumptions of the institutionalist economists’ research program- that the individuals seek to maximize their benefits. This assumption asserts that individuals do not react merely on the basis of a simple utilitarianism. Rather, in their encounter with the events and facts they behave in a way that meets their interests (i.e. expectations, creeds, and beliefs). These beliefs and creeds are primarily shaped in the family and then the educational centers and finally the social institutions.Accordingly, the form and the way the government bodies and organizations, as a set of social institutions, behave, engenders different expectations, creeds and beliefs in the entrepreneurs of a given society. Hence, based on the performance of the governments and other social institutions, individuals and organizations will find different activities valuable, thus, forming efficient and inefficient markets.In the development process, the government is considered as an endogenous factor. Consequently, as one of the factors of development, its characteristics may contribute to the formation of efficient or inefficient markets.The evidence suggests that the characteristics of the government of Iran have acted as an impediment to the formation of efficient markets by increasing the transaction costs.

The research examines the effects of globalization of trade on Iran’s economic growth in a 24 years period (1338-1379). To differentiate between the effects of production level from growth two separate econometric models were employed and the parameters were estimated by the ordinary least square OLS method. In studies like this, choosing appropriate indexes for analyzing variables behavior, and in particular, globalization as a variable, is critical. Therefore, surveying dozens of available indexes, the ratio of trade to production, as a common and popular index for trade openness in empirical literature, was selected as the most suitable index for this study. This paper consists of a short preface, three main parts, and a conclusion. The findings of this research indicate that the globalization of trade has a positive effect on the level of per capita production and economic growth rate in Iran.

The current set up of Iranian banking system is the continuation of previous structure and nothing has changed in the banking organization after the passage and implementation of law of interest free banking operations. The changes introduced in the arrangements of banks after the enactment of the Law, were confined to the nationalization and merger of these banks. While non-interest banking operation is essentially different from interest based banking system, the lack of an appropriate structure has caused Iran’s banking system to remain far from an interest free and efficient system. The low share of banks direct investment, noncontingent return, the incompatibility of intermediation with principle-agent method, lack of commitment to the nature of contracts, inverse selection, and moral hazards are the major implications of Iranian banking system remaining unchanged. The research aims at presenting a model for restructuring the Iranian banking system- in conformity with interest free financial system. To keep the intermediatory nature of bank, its dual legal entity, and monetary and capital sectors, as it is the case in conventional banking operations, Iranian banks’ should only act as financial intermediators and hand over the investment and agent tasks to appropriate institutions. Thus, the current banking system must undergo three changes. First, bank operations should be limited to handling current accounts, beneficiary loan deposits and other common banking services. Secondly, banks should not accept time investment deposits, this task will be handed over gradually to the related institutions. Thirdly, specialized banks should be transformed into commercial investment banks. In this model, the interest will be eliminated and the specialization of financial institutes will help decrease the informational asymmetry. As a result, direct investment will increase and the economic growth will accelerate.

Since 1996, the policy of improving the governance or empowering the government has been at the center of the World Bank policy prescriptions. In this context, the question of the size of government and minimizing it has been superseded by the issue of empowering the government. Although, still the World Bank prescribes the minimization of government but lays more emphasis on enhancing the capacities and abilities of the government. This development in policy has appeared as the result of the unsuccessful experience of transition of East European and former Soviet countries to the market economy and global economic development in the last two decades. In many of these countries, the GNP has decreased and in the meantime, poverty, inequality, and inflation have increased. Financial liberalization in the last two decades has led to devastating crises in developed and developing countries. In view of these experiences the World Bank has adapted a set of new polices. In this set of policies, the market economy remains the ultimate goal but the way of transition to the market economy is different from the structural adjustment policy.

The paper attempts to evaluate and measure the effect of Globalization on Iranian basic metal Industries in terms of technical efficiency, volume of export, and value added amount. To this end, two indexes i.e. Level of International trade (LIT) and Integration of International Trade (IIT) are used The findings indicate that Globalization will have positive effects on technical efficiency, volume of exports and value added of the basic metal industries. In other words, while promoting technical efficiency, globalization will increase exports and value added of the basic metal Industries, which are among the upstream Industries.

The paper explains the importance and the incomes of inflationary finance, the maximum income, and the corresponding inflation rate, and the optimal level of application of this instrument.The empirical researches suggest that except for the hyper-inflationary cases, inflationary finance does not play a significant role in financing government expenditures.The calculation of inflationary finance income and its maximum amount and the corresponding inflation rate has been a concern for economists. The results of investigations suggest that usually the seigniorage increases with an increase in monetary base and inflation rate. However, in many studies, maximum income is achieved by a certain rate of inflation. When the inflation exceeds the certain rate inflationary tax will decrease. Incorporating the welfare costs of inflation in inflationary finance income calculation will yield the optimal inflationary finance. The study shows that, first, the social cost of seigniorage income, and the tax should be equal. Secondly, a one percent increase in government income as a fraction of gross domestic product GDP will increase the inflation by 1.8 percent.