فصلنامه پژوهش های پولی - بانکی
پیاپی 14 (زمستان 1391)

The experience of recent crisis has confirmed the inadequacy of banking officer's attention toward liquidity risk management. Hence, even before the emergence of this crisis, international regulators commenced designing new guidelines on liquidity risk management. These guidelines ended up in the configuration of new approach in designing liquidity risk guidelines in different countries. Therefore, the liquidity risk management guideline of central bank of islamic republic of Iran, which has been approved exactly once recent crisis realized, encounters several gaps respecting the new approach. This article, evaluating and criticizing the aforementioned guideline respecting new international approach, portrays an appropriate horizon for developing new guideline and implementing proper liquidity risk management in the banking system of Iran.

There are two approaches to measure welfare known as subjective and objective. Happiness economy deals with the analysis of data associated with subjective welfare indices. The present paper analyses micro subjective welfare data about 4620 observations collected in 2003 and 2005, and tries to identify factors affecting subjective welfare in Iran based on different sexes. Research findings categorise income, profession, individual health, religious beliefs, family ties, age, and sex among factors which affect the welfare level of Iranian citizens.

Economists pay lots of attention to the effective factors on the economic growth in the form of the growth models. For this purpose, the relationship between inflation and economic growth in Iran was studied in the years 1978-2010. First an adjusted model was designed based on the (Barro) template and then the relationship between inflation and economic growth was investigated using ARDL model. The results derived from the estimations made by the pattern revealed that in the period under consideration the effect of the inflation on the economic growth in all inflationary levels was negative and meaningful. One percent increase in inflation rate causes the short term reduction of 0.0009% in economic growth and long term reduction of 0.001%. Moreover, rolling linear regression model confirms the negative relation between inflation and economic growth.

Using stochastic optimal control theory, the optimal values of imports in the years 1388-1385 have been calculated in the present paper. For this purpose, we set up a linear quadratic objective lose function. This model imposes fines on the squared deviations economic growth from the goals of the approved 4th development plan. The Inter-temporal target function with respect to dynamic and econometric equations and using Bellman equation is minimized. Based on our results, the optimal values of the volume of import were less than those in the approved 4th plan and the actual volume of import. Also, assuming no change in monetary and fiscal policy, the calculated amount of imports could have stabilized economic growth rate and trend close to the goals of the plan. Using the optimization algorithm in determination of the optimal volume of imports and controlling the volume of imports in the fifth development plan are the most important suggestions of this study.

Supporting the development of small and medium enterprises (SMEs) is one of the main priorities in the economic development of most countries in the world. However, SMEs often face various difficulties in financing their investments. Those problems are related to their structures in case of small size and lack of collateral. Indeed, bank as an important financial institution plays a key role in providing financial services to SMEs, particularly based on the commitments of the Basel Committee on Banking Supervision. In this paper, we have evaluated the effect of bank financial facilities on SMEs financing through specifying an econometric investment model. We then estimate the model by the methods of panel data and GMM for 20 selected SMEs, which were active in Iran’s economy over the period 1995-2011. Overall, the empirical results indicated that bank credits have a significant and positive effect on the selected SMEs’ investment financing.

The Dynamic Stochastic General Equilibrium (DSGE) model has developed the bases for macroeconomic policies. The main aim in this research has been to introduce a DSGE model corresponding to the developing economy of Iran and then to evaluate the effects of monetary policy in the framework of business cycles. The data in this article are related to the fixed prices in the year 2004 and run annually from 1966 to 2008 on a per capita basis. Thus, we have developed a DSGE model for Iran and we have seen that the shock of monetary growth rate increases inflation and its effect on the real variables such output and employment is very low in Iran. In other words, the money is neutral in a non-sticky price framework. Moreover, oil revenue shocks injected through monetary channel will increase inflation (nearly 0.6 percent deviation from the steady state). Otherwise, the net assets of the central bank will not change and the inflation will raise a little.