Journal of Iran's Economic Essays An Islamic ApproachIran's Research Institute of Hawzah & University · Department of Economics
Journal of Iran's Economic Essays An Islamic Approach
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Introduction
The Journal of Iran's Economic Essays; an Islamic approach (IEE) "Jostarhaye Eghtesadiye Iran" is an open-access double-blind peer-reviewed academic semi-annual journal that publishes original research, written with an Islamic approach in various Economic areas such as Islamic economics and finance, Iran's economy, Fiqh (Islamic jurisprudence) and economics, philosophy of economics, economic theory, ethics and business, Islamic banking, economic development., etc.
Publications
Publications (257)
A righteous wanting of our society after the Islamic revolution is establishing Islam
values in all society decisions such as economic and business decisions. With this
fact in mind, Islamization of universities and textbooks is a necessity of religion.
However, a review of textbooks and papers in business courses - such as mixed
marketing decision...
Nowadays, export has a main role in development and growth of every country. Iran is
dependent on oil in its export and so, the country is dependent on the oil revenue. It is
essential for the country to develop policies that decrease its dependence on exporting
a single-product and increase its export of other products and boost its trade balance....
During the past fifty years, important theories have been introduced to economics, which
have undergone great review in the past two decades. Two of these theories, which have
great applicability in analyzing economic subjects especially in the field of finance, are
reviewed in this paper. Decision-making in uncertainty and the Games Theory are two...
The most important instrument of controlling and managing liquidity in developed
countries is open market type operations. However, in many developing countries,
because of the lack of developed financial markets, the central banks use the open
market operations as a transitional step. This article examines these new operations
and transition probl...
This is a basic, data-collecting research. The research aims to provide the indices for
the success of future contracts to be presented to the market in a conceptual mode.
The presented model in the article has effective variables on the success of
presenting a designed future, including properties of underlying assets and
properties of designed co...
Liquidity management is one of the most important discussions in banking which
applies to all Islamic and conventional banks. The importance of liquidity transcends
the individual bank, since a liquidity shortfall at a single bank may invoke systemic
repercussion causing harm to the whole financial stability of a country. Difference
between maturit...
The issue of currency devaluation and whether or not it should be compensated has
received much attention from economic and jurisprudence scholars, especially at the
time of high inflation. The society has also been involved with the issue. The type of
debt payment is closely related with the conception of the nature of currency. The
opponents of c...
The present essay deals with-among different types of distribution - "the distribution
of product among production factors" and suggests two important ideas:
First, it is not possible to claim with certainty that in a perfect competitive market,
final output of a factor shows its added value and participation rate in production. It is
true if some...
Markowitz portfolio model still is the dominant approach in the investment profession and
scientific approaches. Contrary to the growing use of portfolios and in spite of the rich
literature on the subject, there are some problems and unanswered questions. How to
select the stocks of a portfolio is a matter of controversy; besides, the approach to...
This research aims to comprehensive recognition and study on Islamic banking, to
assign bank profit and its main factors. It is done by means of Interpretive Structural
Modeling (ISM) in order to propose a systemic analysis which is intended to be
complete and adopted to reality. The results of this research pose that there are some
important econo...
Lack of data, income or solely precautionary considerations have caused people act
differently in their life cycle rather than what is expected of them. These differences are
mainly related to educational levels, production capacity and their differential pension
conditions. The assumption is that people have planned for their old age through
diffe...
This paper by modeling the behavior of economic agents in an Islamic economy and
develop a general equilibrium model investigates the capital market equilibrium in
an Islamic Economy. Accordingly, have tried to determine the capital market
regulator variable, by determine the affecting factors on supply and demand of
capital in an economy without i...
The main purpose of the current paper is to introduce a model to rate credit risk in
developing countries. Since there is no comprehensive theory for evaluation of
country credit risk and no complete transparency on the process of rating credit risk
by involved institutions then the first aim of the research is to find variables which
have most imp...
Main target of this article is investigating the causality, long-run and short-run
relationships between economic crimes, income inequality, poverty and economic
development for Iranian economy in 1983-2006 period. The results of Engel-
Granger, Johansen-Juselius, and Pesaran, et al. (2001) cointegration tests and also
Toda-Yamamoto causality test...
In this research, it was aimed to investigate and analyze the effect of replacement of
value added tax (VAT) with income tax as to product companies in Golestan province.
To do so, the data of the absolute income tax of some 67 companies were gathered from
their tax records. Then the value added tax of each company was estimated, applying the
addit...
The authors of the present paper try to study the affecting roots and factors on
inflation, using the Autoregressive Distributed Lag Model, Granger-Wald Causality
Tests, Impulse Response Function (IRF), and Variance Decomposition. The
affecting variables dealt with in this paper are as follows: liquidity growth rate,
imported inflation, labor produ...
Debt markets, as an important part of the financial system, play an effective role in
providing funds. Islamic law (Shari'ah) prohibits the charging and payment of fixed
interest. Therefore, in Islamic law system, traditional debt markets can not be used.
We need some appropriate alternative tools for traditional debt securities that are
compatible...
One of the major concerns experienced by almost every country in the world is the
rising trend of hidden and informal economic activities. Following the formation of
modern economies, the presence of these informal activities has become a main
feature of labor markets. A lack of available employment in the formal sector, plus
the restrictions and c...
Bank's resources are allocated according to different Islamic agreements in free of interest
banking system. Estimating of the efficiency of this Islamic agreements in free of interest
banking system can be used in policy making for banking sector. Therefore study of different
Islamic agreements efficiency in free of interest banking system through...
Welfare and happiness has been looked upon for ages as the major desires of human
beings and societies in such a way that positions, policies, and economic institutions
are evaluated in the light of their effects on individuals' welfare. However, there has
been much disputation about its quiddity and its essence. From the western
perspective, welfa...
Health is being addressed as a right in the constitution of Iran. Moreover it is a tool, in
the form of investment, to preserve the ability and efficiency of labor. It causes an
increase in the health stock of the society directly and increases the motivation among
the youth to continue their education and gain more skills indirectly. These direct...
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 R...
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...
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 200...
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...
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...
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 pr...
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...
Participation securities have been issued by the state to provide and finance the national infra-structure projects from international markets in foreign currency and a given period. Due to the prohibition of usury (Riba) and the necessity for using financial instruments in accordance with Islamic principles، these securities has attempted to devel...
The main purpose of this paper is to evaluate the modeling of the influential factors affecting the deviation and vulnerability of the implementation of general policies mentioned in Article 44 of the Constitution. For this purpose، analytic hierarchy process method was used. Evaluation period was from the notification of law until May 1389. Resear...
The revolution in knowledge and the key role of knowledge in production has significantly changed the present economy so that production amount is no longer an appropriate index to estimate the economic potential of a country. Therefore، the new index of national economy in the post-industrial era has been the rate of knowledge and knowledge-based...
Economists have proposed numerous methods and criteria to quantify poverty and inequality، but none of them can be described as consistent with the Islamic notion of justice. Based on an acceptable standards and criteria for evaluating the economic justice، we will be able to attain a more realistic picture of where we stand in relation to the just...
Monetary policy is one of the most important instruments for controlling the demand side of economy and so it is necessary to investigate the impacts of it on the key economic variables. There is an agreement between economists about monetary policy real effects in the short run، but they believe that it is neutral in the long run.
According to the...
Studying the political economy of regional budgeting، the paper tried to examine the impact of economic and political variables on the consumption، investment، and total provincial budgets in Iran، quantitatively. Therefore، two sets of programmatic and tactical variables were investigated in three panel data models over the period of 2000-2007. Th...
Although it has passed about three decades from the theoretical and executive scheme of interest-free banking in Iran، but still has not been seen any desire from banking system to implement real Musharakah contract. Studies have shown that one of the main reasons of this attitude is moral hazard. On the other hand، the financial institutions، whic...
The first step in designing any type of corruption and economic index is demonstrating the concept of that type based on required methodological commitments. Therefore, the most important task in designing the index measuring bribery can be precise definition of the concept of bribery and determining its aspects and dimensions. For this purpose, fi...
Determining the required liquidity of a bank is the most important activity of its managers. A firm can be recognized as a financial institute with a high liquidity if it has the capability of rapid access to cash with appropriate cost and appropriate time. For this reason, the financial manager of a financial institute tries to implement a proper...
One of the essential objectives of Article 44 accomplishment is improving financial performance of economic firms. The aim of this research is to investigate the financial and operating performance of Article 44 companies offered in TSE for two years prior and after privatization.
In this study the performance of firms is assessed by operational in...
In this paper, we analyze the pro-cyclical behavior of fiscal policy in I. R.IRAN during1974-2007. For this aim, we estimate an econometric model with ARDL co-integration technique. The results showed that first; Woo (2009) hypothesis is accepted. In other words, in short- and long-run increases in social polarizations (income and education inequal...
In traditional investment theories, it is assumed that investment decisions accomplish under certainty, while in the developing countries including Iran, there exist high degree of macroeconomic uncertainty. Growth, inflation, exchange rate and the other important macroeconomic variables are more fluctuating than industrial countries. The effects o...
The progress of Islamic countries and creation of new needs and relative success of Islamic financial sciences made Muslim thinkers to think about designing Islamic financial tools. Islamic contracts capabilities and experience in financial markets led to design of various Islamic financial tools and were proposed for implementation in a short time...
Cash is the most important current assets of each bank. Cash increases the financial flexibility of bank and its absence leads to liquidity risk. Generally, the reasons of liquidity risk in banks are summarized in both deposit withdrawal and off-balance sheet commitments. Since the vast deposit withdrawal by customers leads to the risk of bankruptc...
After the enactment of Fifth Development Program Law, the Oil Ministry was authorized to invest in oil supply through the release of Sukuk action. One of the most appropriate Islamic financial instruments for this purpose was salaf sukuk. In this regard, after approval of the jurisprudential committee, the Securities and Exchange Organization appro...
One of the responses of countries to deal with the phenomenon of globalization is economic and regional integration. Today, along with globalization, the debate on the economic and regional integration has also been flourished in various parts of the world. Islamic countries by relying on their advantages and different economic capabilities can inc...
Investigation the impact of income inequality on consumption and saving of private sector is one of the important issues in the economic growth literature and consumption theories and many empirical studies have been allocated to these fields. For this purpose, the main objective of this paper was to estimate long-run relationship between income in...
This paper tries to evaluate the bases of the conventional financial system which enhance the possibility of financial crises occurrence and to shed light on the potentials of the Islamic banking system to avoid such crises. It distinguishes between the reasons which lead to economic crises and classifies them into those leading to the occurrence o...
Decreasing and eliminating poverty has been emphasized in religions specially Islam. Improper distribution of opportunities and resources are known as the instances of injustice and oppression. Islam has sought to achieve a decent life for humans with its program on fair distribution. In this century, after a period of relative neglect of the impor...
Activities of money market and capital market and their effects on the economy are of high importance in the world todays and play a major role in controlling the economic enterprises and the flow of the economic cycle. This means that the development of financial markets has a decisive role in the process of economic growth and financial funding....
Since the social welfare function deals with the ordering of welfare distribution in a society, this question arises that what is the origin of this ordering. Old welfare economics and Pareto's welfare economics believed the ordering was derived from utility and individual preferences; but Bergson–Samuelson's approach sees it arising from people's...
Undoubtedly, banks are authorized to use the deposit investments in exchange or participation based contracts. From the jurisprudential – legal point of view these contracts relate to exchange and participation based contracts rather than the mechanism for the determination of interest rate. For instance, the sale on installment outlines the framew...
Stockholders for making proper investment decisions need information which assists them in making the best decision. Among available information, Information related to the per share forecasted earnings is the important ones in the user’s opinions. Beside, companies try to forecast the earnings per share with maximum accuracy to attract investors....
This research aimed to investigate the public and private institutions in Iran and compared its situation with the countries have been mentioned in Iran’s 1404 vision statement so that it can suggest strategies which lead to move the country toward economic development while standing as the first country in the region according to its 20-year natio...
Economics like other sciences needs to solve "the problem of induction" as a methodological problem to become an experimental science. The founders of the paradigm of econometrics were to resolve the problem by the theories of "probability and statistical inference". The present paper tried to show that the paradigm of econometrics failed to achiev...
Today, productivity is known as the engine of economic growth. But improving productivity depends on knowledge based economy. By using panel data econometric methods in a sample consisting of Iran, some developed and developing countries for the period 1995-2012, consequently, the objectives of the present study are: (1). Examination and comparison...
This study was to reveal the role of individuals' utilities in social welfare function. It was based on implicit inferences of reason and certain teachings of religion derived from library sources. The present paper is to find answer for this question that to what extent the individuals' utilities is valued in the social welfare functions based on...
Money is one of the most challenging concepts in economics about which economists have always had serious disputes with each other. During the history of economics development, all different schools of thought have tried to explore the true meaning of money and its real origins. It seems that one of the most important causes of having different cog...
Uncertainty about the legitimacy of speculative transaction in economic and financial markets has created widespread controversial discussions among Islamic scholars. To recognize the nature of short – run speculative financial transactions from an Islamic viewpoint, through this paper, first, the relationship of these discussions with Keynes in on...
Justice as the most controversial phenomenon in human thought is a multi-dimensional truth. Income distribution, fairness and entitlement are recognized the most significant aspects of justice. Each society's understanding of these concepts has important effects on labor, goods and services markets as well as on the distribution of income and wealt...
In this paper, we analyze the determinants of Intra-Industry trade (IIT) in the agriculture, industry and service sectors between Iran and its trading partners, i.e. D8, ECO, GCC and OIC countries by using dynamic panel data and GMM during 1980-2009. This study uses country-specific characteristics such as economic size, per capita income, foreign...
Micro- finance (Microfinance) can be described as a tool to extend various financial services to lower income groups. Since this group of people has a low credit-worthiness, they are not regarded as good borrowers by banks and other conventional financial institutes. On the other, one of the main missions of Islamic banks is providing small loans f...
The use of cooperative mechanism in all sectors, especially the agricultural sector, is very important. Agricultural cooperatives are used for providing services such as provision of agricultural inputs, financing and marketing of agricultural products. This paper examines adaptive efficiency of South khorasan province's cooperativesin providing ag...
An increase in the money growth uncertainty increases uncertainty in economic activities and this uncertainty causes the decline in economic growth. In this study, for investigation of this effect on Iran’s economy, effect of money growth uncertainty on economic growth is studied by quarterly data during 1369Q1 to 1389Q4 period. For measuring money...
Joint endowment (Waqf) funds for the purpose of investment in Iran, with the money donated by the endowers (Waqif), can invest in the diverse portfolio of securities. Each beneficiary invested units of endowment of the fund can act as the representative of every portfolio of securities which can be bought and stewarded by the fund based on the prop...
Investigating benevolent and godly economic behaviors and the factors influencing these types of God's sake behaviors is one of the needs of economic policy making in each society in order to develop them. In this paper, we attempt to assess the impacts of Infāq (giving or disbursing in charity to please God without asking for any favor or hoping f...
Religion as system of values and norms can have a profound impact on human social life. Regarding that religious beliefs and attitudes are encouraging of social cooperation and collaboration; religious peoples’ behaviors are expected to be more social. Since religion as set of values, beliefs and norms has special program and education system, it i...
In regard to the customers who are willing to participate in stock market and insurance market simultaneously, insurance companies introduced equity linked insurance contracts. Equity linked life insurance contracts is a life insurance policy , in which all or some part of premium allocated to a separate account that will be invested in a particula...
Due to the discrepancy amongst motivations of bank and the recipients of bank facilities, there is always an information asymmetry between the two parties. This brings about risks for the bank in granting facilities. There are several methods which banks can employ in order to decrease the risks involved in granting facilities. One of the methods i...
The growing non-performing loans which are rooted in credit risk have increasingly intensified the importance of identification and resolution of this problem. Many systematic and unsystematic factors affect non-performing loans. By reviewing scientific sources, this study aims to identify these factors. As an initial step, approximately 90 factors...
In recent years, economists have deviated from traditional rational choice models of pro-social behavior. They introduced new models which are a reflection of new findings on the hidden costs of reward and punishment. These new models are established on the bases of social preferences, conditional cooperation, and self-identity. The present paper e...
Health is the most valuable material property of human and the health sector is one of the most important sectors in community. Therefore, justice is the key issue in economics in general and emphatic in Islamic economics. According to an approach concerning equity in health sector, justice occurs when socio-economic factors do not expose people wi...
This study investigates the causal relations between corruption and government size in Islamic and developing countries of the D8 group from 2000 to 2013. For this purpose, some variables such as the control of corruption (as an indicator for measuring corruption) and the ratio of government consumption expenditure to GDP (as an indicator for asses...
At the beginning of 2014, resistance economy's policies were declared by supreme leader of Islamic Republic of Iran. Because of its importance, this article aims to explore the systemic aspects of "Economy of Resistance". For this purpose, we firstly study the "Economy of Resistance" from economic systems' point of view in order to explain its natu...
Exchange rate is one of the most important factors affecting the stock returns. Thus, in this study, the relationship between stock returns and exchange rates is discussed significantly. This study investigated the effects of currency shocks on stock returns in Iran. For this end, data related to 52 companies listed in Tehran Stock Exchange during...
The current study examines the effect of stock market development on capital structure on one hand and capital structure on firm performance on the other hand. It also examines some variables related to firm specifications. To do so, unbalanced panel data of 175 non-financial firms in securities and exchange organization of country and a recursive...
Cooperative sector is mentioned as one of the sectors of the economy in the Article 44 of the constitution of the Islamic Republic of Iran. Accordingly, many cooperatives are formed and operated in the country. However, cooperatives are faced with problems, some of which date back to the internal structure of the company. So the world today is witn...
Despite the developments of Islamic economy and banking, Islamic accounting hasn’t grown along with the needs of this field. Because, the challenges of Islamic accounting haven’t been noted in the international financial reporting standards (IFRSs) on one hand, and on the other hand Islamic accounting standards which are issued by involved organiza...
This study tries to evaluate the effect of economic growth volatilities on income inequality in Iran for years of 1971-2013. For this purpose, economic growth volatilities have been modeled by GARCH & EGARCH and its effect on the Gini coefficient has been estimated by canonical Co-integration regression. Park Co-integration test applied for canonic...
America's economy is now highly dependent on military production. The American military-industrial complex to achieve constant production, as any other industry, requires a market with sustainable consumption. Sustainable consumption of armaments means permanent war. Moreover, Huntington's Clash of Civilizations believes Islamic Civilization is the...
Optimal monetary policy has been identified as a policy that has the lowest social losses. The loss functions of the monetary authority including the key components for achieving the least social Loss. The function which has been recognized as the appropriate framework for drawing optimal monetary policy is designed based on macroeconomic objective...
As governments and private sectors fail to supply public goods in social optimal level, third sector of economy and Waqf institutions become more important in Iran. In this study household's willingness to pay for establishment of Waqf institutions, that finances educational organizations, was investigated in a case study of Isfahan city. Based on...
One of the challenges in studies about religion is the lack of valid measures for determining religious characteristics. Although some attempt has been made for this purpose, but, considering religion as a capital is less seen in the existing measures. In this article it is attempted to design a measure for evaluating religious social capital based...
This study by utilizing the data of micro-level statistics on households’ income and expenditure survey over 2005-2014 investigates the determinant of urban-rural welfare inequality in Iran’s household. One of the factors affecting the welfare gap (consumption) is income gap. For this study, we uses of Blinder-Oaxaca decomposition approach (inequal...
Capital markets are recognized as bridges between investor and investee. The mechanisms applied in these markets accelerate the economic development by the growing volume of savings and investment. In this market, financing a major part of the costs of firms should be possible by the existing instruments. Preferred shares or preferred stocks is a t...
This paper studies the neoclassical profit theory and Islamic perspective on profit and investigates the necessary components required for establishment of an Islamic theory. In this paper, first, we discuss the neoclassical standpoint on the concept, origin, and the issues of ownership of profit. The emphasis is on the distinction between risk and...
Islam views social security as one of the primary responsibilities of society, centered around governance. This concept is emphasized and explicitly stated in Article 29 of the Constitution of the Islamic Republic of Iran. The mechanisms designed to achieve the objectives of the social security system in various societies, including Iran, largely r...
One of the types of Islamic financial instruments is when the basic contract is not a simple type of contract; Rather, it is a combination of contracts. The expansion and complexity of financial markets have doubled the necessity of designing and developing new financial instruments based on a combination of contracts. Today, combining contracts is...
The word genius has seen different meanings during its semantic evolution, from an angel or an inherent spirit to a latent potential force of existence. Still, its existence must always be accepted as a fact. The fact that the origin of genius is the intelligible world and the spirit is its carrier doubles the complexity and difficulty of tracking...
This article examines the effects of corruption, uncertainty, and access to the Internet on happiness in Iran. In addition, we use economic growth, unemployment, and sanctions as other control variables. The model is estimated using the Autoregressive Distributed Lag method for quarterly data from 2005-2022. This method allows us to study the model...
Fintech is one of the financial innovations that affects the development of financial markets, the growth of financial institutions, and the provision of financial services which leads to the creation of new products, new business models, and new applications. Fintech has different effects on the welfare of urban and rural households according to s...
Agency conflict has been recognized as one of the determinants of capital structure of firms based on the agency theory. Financing decisions have been recognized as one of the strategic decisions in the firms that are affected by firm’s governance. The purpose of this paper is to empirically investigate the impact of capital structure choice on fir...
In this research, first six areas including Islamic banking, the main laws of the country, macroeconomic trends, supervising regulations and risk management, management of resources and costs and the structure of the banking market have been investigated. Then through pathology of current method of profit payments a new model was designed for the e...
Financial crisis in the economic and financial systems in the world have always prompted researchers to identify their different causes, encourage them to perform pathology for this crisis and in the next step provoke them to face with them. In a crisis, the different components of the system due to defects in other components are impaired. Since t...
Asymmetry in price transmission between producer and consumer price indices has important policy implications and welfare effects. In order to participate in this discussion, the aim of this study is to investigate the relationship between producer price index (PPI) and Consumer Price Index (CPI) in Iran using the novel approach for threshold co-in...
The aim of this paper is to identify factors that affect credit risk of bank customers (based on time to default approach) with emphasis on macroeconomic factors in Iran. This paper tries to find answer for these two questions. 1) What is the effect of individual variables and variables related to loan on credit risk? And 2) what is the effect of m...
Inflation is one of the most important factors in income inequality that its effects are vague and unclear theoretically and empirically. In this regard, present study attempted to examine the non-linear impact of inflation on income inequality in Iran. For this purpose, the Smooth Transition Regression (STR) and annual data from the period 1969-20...
Decent income distribution is the aim of Islamic economic system. Islamic school of thought introduces unfair income distribution as the basic source of economic problems. Zakat is the most important Islamic tax which has effective roll in arriving to fair income distribution. Therefore this research paper attempted to investigate the effects of Za...
One of the main strategies in all economies, developed or developing, to create stability and guarantee a long-run economic growth is to rely on high-tech export and knowledge-based economy. These would also reduce macroeconomic risks and possible vulnerabilities of an endogenous economy. This article studies the effects of knowledge-based economy...
The problem of devaluation in case of inflation has caused the efficiency of fixed income bonds decreases. The high inflation rate in Iran during recent years and inflexibility of bonds payable have resulted in undesirable consequences. The effects of inflexibility of interest rate in bonds include the lack of attractiveness of securities for inves...
According to Iranian Constitution, Oil and Gas are classified under Anfal. Conservation in production of oil is the most important criterion in exploitation of oil resources which affects all phases of exploration, appraisal, and development and production of oil from a reservoir. Despite the passage of more than hundred years of oil production in...