نشریه جستارهای اقتصادی ایران
پیاپی 8 (پاییز و زمستان 1386)

Excluding government bonds and possibility of Islamic contracts in devising different financial instruments has made Muslim scholars think of designing Islamic financial instruments; in such a way, which different Islamic financial instruments were developed in a shortterm.The present study explains one of these instruments, designed on the basis of Estesnaa contracts. Through this instrument, those ministries, municipalities or government and private companies which want to launch or run a major project and have not enough financial credit, order the project to the contractor, according to the Estesnaa contract and then, guarantee the payment of project costs to a contractor in a definite timing. In this way, the employer gives negotiable papers of Esteesnaa to the contractor instead of any other payment, regarding the improvement of the project. In due date,contractor acquires the ownership of negotiable papers of Estesnaa or he/ she can sell them in a secondary market before due date. Negotiable papers of Estesnaa, considered as profit-making financial instruments with definite output rate, are expected to be encouraged by non-risky and common people. They are also known as appropriate instruments for financial and monetary policies besides encouraging investment. As well as, it is a suitable complementary for the capital market of Iran which suffers a shortage of different financial instruments.

In transactions, Gharar has always been noticed by Shi’a jurisprudence (Figh) and Muslim scholars have always tried to avoid it. Ghararian transaction is one that its results are so vague that produce unusual probability for loss. As a whole, there are three fundamental cases of Gharar, including vagueness in sold existence,descriptions and ability to deliver it. In risk management, one of the most applied transactions all over the world is stock option transaction. Benefiting from financial instruments, the dubiety of Gharar in this transactions has always been challenging and under consideration. By an exact jurisprudential consideration it is found that this transaction is divided into two stages. The first stage is an exchange of engagement for price and the second one is selling right.There almost always have been disputes on selling rights among scholars. Assessing reasons given by those in agreement or disagreement, it is concluded that selling right is approved (in some shia jurisprudence approaches such as those by Imam Khomeini).Existence of credit risk, vagueness in option's descriptions and option contract qualification for delivering the right possession are problems which generate the dubiety of Gharar in these transactions.Considering clearing room role, existence of standard contracts and being common the credit delivering instruments in use among rationales, the dubiety of Gharar in these transactions is rejected in shia jurisprudence approach.

Values of western culture have combined with economics in different delicate methods. These values play an important role in theories.Three principles including: observation of values, efficient allocation of resources and brotherhood (friendship and understanding between people) can be concluded from Islamic solutions on demand.Although economic subjects have the potentials of accepting new methods but regarding the rules govern the behavior of an economical Muslim man, a little change can be made in the concepts related to the literature of capitalist economy to present the discussion.The principles of brotherhood, economy and avoidance of merrymaking (or efficient allocation of resources) make people tend to use basic necessities where they are limited and not more available,i.e.; people from different social classes, on low or high income, are inclined to buy particular goods and commodities.Stabilizing the conditions, the level below the curve of a Muslim demand graph is less than a non-Muslim one in regard to the level below the curve, but the level below the curve on a demand graph in Islamic market is more in regard to the highly – competitive market. If prices exceed the purchasing power of consumer in regard to the basics for living, the Islamic government or people on high income can pay for, through donations to reach to the utility level. In other word, the effects of income, in two levels of prices, based on the high amount of consuming (waste) and lowest amount of consuming (living necessities).

In this paper, first, social (and spiritual & religious) capitals are discussed and explain their concepts; introduce components and the type of relationship exists between them. Then, the effect of social (and spiritual & religious) capitals on economic growth and development is determined and demonstrate the most important mechanisms of this effectiveness. At last, this paper includes the most conclusive mechanisms as: reducing inequality and alleviating poverty, increasing the effectiveness of market, encouraging economic growth, reducing costs, increasing efficiency of other capitals, creating economic institutions and organizations and improving their operations, expanding financial markets and encouraging investments, increasing full employment, conducting more transactions, fostering innovations and improving technology.

Currency depreciation is such a remarkable and curious phenomenon, which as it has been continued and intensified, has left unpleasant and unjust effects on Iran's economy in the monetary transactions (esp. in the long term ones). The present theories had been propounded for currency with its past nature, and also the relative stability of its value, are no longer fulfilling the real needs of this condition.Emphasizing the turning point of the change of the nature of currency in the third phase of issuing bank notes and comparing it with the coins in early Islam, this article explains that mere credit currency, especially in the condition of the severe and constant depreciation of the currency, is a new phenomenon which requires new jurisprudential and legal rules, so that higher assurance and validity are secured in all monetary transactions.Therefore, it is necessary for new theorization, bound up with preservation of the jurisprudential principles and rules, to make this subject known again. It also seeks the basic changes that can cause some revisions in jurisprudential rules for money subject to clarification in an analytical method.

This paper aims to show that pragmatism is the philosophical and methodological base for the institutional economics. It also demonstrates that institutional economists, based on pragmatism,where they take it as an approach, use the qualitative research method. Institutional economists, particularly, believe in pragmatism of Dewey and Pierce. According to the results of the analysis, made through this study, there are fundamental differences between the logical positivism, as a philosophical base for mainstream, and the pragmatism. The research method concluded from pragmatism is a qualitative one, which vs. quantitative research method. The quantitative research method in economics has arisen from logical positivism.

In this paper, it is supposed that there are only two countries in the world, with two different population growth rates, depend on two factors for production and own two sectors in producing goods. An analytical generalized equilibrium model has been used to explore possible implications of population dynamics differential for external trade. (Research group was a combination of the young and the elderly). The pre- supposed countries are characterized by identical preferences for consumption and production technologies as in the Hechscher- Ohlin framework. The results of this research indicate that differences in population growth rates create comparative advantages in the same way as suggested in Hechscher- Ohlin model, but contrary to the predictions by this model, free trade would not necessarily cause welfare gains for both of them. This research paper mainly aims to demonstrate the role, importance and advantages of work power in the process of production and trade.