نشریه جستارهای اقتصادی ایران
پیاپی 16 (پاییز و زمستان 1390)

One of the important goals of privatization is reducing the size of the public sector and increasing the size of the private sector. In this paper we ask if shares of privatized SOEs are sold to private owned institutions and individuals or returned to other parts of public sector. We use Iran Privatization Organizations (IPO) data from 2003 to 2007 on sellers and buyers of privatized SOEs.Results indicate that share of real private sector from privatized shares of SOEs is about 4.61 percent. In addition, share of non-government part of public sector was 47.1 percents of sold SOEs and a big part of privatized SOEs (38.58 percents) were sold back to hidden layers of other SOEs.In our sample, privatization has led to change of the board of directors, only in 9 state owned enterprises. In 8 cases, managerial shares (more than 30 percents of total shares) were transmitted to non-governmental public sector and just in 1 case to private sector.In sum, results do not corroborate the so-called hypothesis according to which privatization leads to expansion of private sector.

The purpose of this paper is to study the role of fiscal policy in stabilization in I. R. IRAN during 1974-2007. Our analysis is articulated in two steps. The first step is the analysis of Keynesian or non-Keynesian nature of fiscal policy. The second step is the characterization of cyclical behavior of fiscal policy. The results show that, fiscal policy has Keynesian nature, but behaves pro-cyclically. Taken together these two finding imply that fiscal policy in I. R. IRAN is a cause of volatility and not a tool for stabilization.

In the present study an attempt is made to find out the appropriate and affordable insurance strategy to expand and develop microinsurance and Takaful among Iranian rural society who are deprived of common insurance services compared to the wealthy. rural society due to weak financial difficulties, despite facing higher risk and the number of cases, and any disregard toward providing an appropriate and affordable insurance coverage will bring about huge losses to economic proliferation and rural development. With regard to the factors contributing the providing of microinsurance and considering to public responsibility (Kefalah) the importance and positive performance of Takaful, the feasibility study of providing the rural regions with microinsurance and Takaful mechanism as well as the amount of reception from the residents was studied. The data was collected through the questionnaires distributed among the rural families in Kerman and insurance experts there in. Sign Test for median was employed to find out the level of the reception of microinsurance and Takaful among subjects and with using the modle of Logit, hyposis are converted modle then analysis of hyposis will be possible. Results revealed that Takaful is an appropriate mechanism for presenting microinsurance in rural regions.

Mortgage Backed Securities (MBS) are financial instruments that uses for banks financing in most countries. With ratifying Security Market Law in 2002, legal infrastructure provided for issuing such financial instruments in Iran. In designing any financial instrument, different aspects of financial design, jurisprudence, law, risk management, accounting and tax effects should be investigated.This article is based on exploratory methodology and aimed to answer this question: what are risks and hedging methods for Islamic mortgage securities? Therefore, we will analyze various risks of Islamic mortgage securities and some methods for hedging in term of Islamic economics in according with investors and originators.

It is well-known fact that any country's economic stability depends on financial issues. Among the various issues involved, the stability of banking sector as core of financial and monetary affairs is of prime importance. The present paper intends to study the factors affecting the stability of this sector of Iran economy in both state owned and private banks on the basis of already existing research on banking in Islamic countries. The study is done based on the assumption that the banking system of Iran has the features of Islamic banking and findings indicated that all banks in Iran had a low level of financial stability within the years 1380 to 1387. It must be noted that the factors affecting financial stability in the case of state owned and private banks are not identical. The macro-variables of net gross domestic product and national currency value have diverse impacts on banking sectors, as the development of the former leads to financial stability and reduction in the case of latter brings financial stability. The balance between the volume of loans and the net assets of the banks is also a variable to be considered, as the increase in loans causes financial instability. It is also found that private banks are prone to be affected by these variables more often when compared to state owned banks.

General equilibrium, as an important issue, was initiated by Wallrace in economics. One of the general equilibrium models, what is called Arrow-Debreu-McKenzie (ADM) model. In this model time differential and its effect on the concept of commodity is emphasiezed and exogenous money will be set pareto effincy in economics. The main question is: does monetary ADM using recursive approach, have pareto effincy in economy at RCE when the agents have hetergenous incomes in the form of intergenetational equities? This paper, uses analytical approach in a new viewpoint to criticize monetary ADM. The results have shown that because of the hetergenous structure, fiat money would not obtain pareto optimality. So new criteria, BAVA's criteria based on intergenetational aggregation is recommended. This contribution opens a new approach to theorizing of new field of endogenous monetary literature.

This article analyzes structural changes and growth sources and factors of major economic sectors in demand side using five Input-Output tables of 1986, 1991, 1996, 2001, 2006. These tables have 9.9 dimensions and are based on benchmark tables of Statistical Center of Iran. Table regarding to 2006 is the only one based on 2001 table through usual RAS method. All tables have been modified for stable price of 1996 according to Producer Price Index (PPI). The main question of this study has two key points: first, whether any structural changes have been occurred since 1986 till 2006 in macro level and main product groups. Second, the proportion and effects of each factors and fourfold sources of growth including "domestic demand", "export expansion", "import substitution" and "technological changes" was how much in output growth and its structural changes during studied years. The analytical method used here is at the framework of Structural Decomposition Analysis (SDA). Based on two methods of measuring growth changes, as absolute () and relative (), each has been calculated using weighted indices of Laspeyres and Paasche; the results have been mainly presented as their mean in five-year periods and a long twenty year period. Two strategic factors of "import substitution" and "domestic demand expansion" have been known as the most effective factors in structural changes and growth output sources in different time periods. Among these fourfold factors, structural changes effects of technological changes or changes in intermediate demands of major product groups had ware significant structural changes compared with other factors. The most growth rate and share change in seen in structural changes of food industry groups at 2001-2006 periods in contrast to preceding periods. In this period, specifically, groups which had greater share in growth changes, relatively had larger growth rate for the first time. It is obvious that such trend is a promising hope to establish structural changes in macro economic strategies although it goes slowly.