Monetary & Financial Economics

Abstract Commercial credit is the most important source of short-term financing for companies and commercial enterprises. Commercial credit is one of the methods by which companies provide financing for short-term periods. The purpose of this study is to investigate the impact of enterprise risk management on the supply and demand of commercial credit. Enterprise risk management has been used by Gourdon's comprehensive method (2009) and business credit by two methods of receiving and paying to measure it. The statistical population of the research is the companies admitted to the Tehran Stock Exchange in the period of 2013 to 2022, and by using the systematic elimination screening method, 136 companies have been considered as the final sample of the research. In the current research, Eviuz 12 software was used to test the research hypotheses. The results of the regression test showed that risk management directly affects the demand for commercial credit. But it does not affect the supply of commercial credit. Therefore, by controlling the risks facing the company, it is possible to obtain higher financing through commercial credit and reduce the need to keep cash in purchases.

Abstract The present study explains the response of the economic welfare index to fiscal deficit and tax policies despite the government's sovereign role for the years 1365-1400. For this purpose, using the structural vector autoregression model (SVAR), the effect of fiscal deficit, government tax policies and other indicators affecting economic well-being were investigated. The findings showed that an impulse from oil price and exchange rate decreases economic welfare by 26 and 15 percent. The response of economic well-being to the impulse from the area of net tax income and production growth is also close to 11 and 32 percent. The results of instantaneous reaction functions for the model show that the response of economic well-being to the impulses from government governance and tax policies from the upper limit to two periods of downward trend and then at the lower limit to two upward periods and finally in the long term is damped to zero. The main channel of influencing economic well-being is done through the optimal size of the government, governance indicators and financial policies. Therefore, the way of financial market liberalization, weak management of the financial system and the lack of formation of coherent financial markets and the benefit of regulations in the country can be seen as the reasons for reducing the efficiency of investment through sub-optimal allocation of resources in the country, which requires more attention and effort in the country.

Abstract 1- INTRODUCTION
With the passage of time and the importance of international interactions between countries in the field of economy, topics such as currency market, foreign trade, capital flow in the international arena, etc. became very important in economic theoretical foundations. One of the issues that is emphasized a lot in the field of international economy is the management of the foreign exchange market and, as a result, issues such as the mechanism of determining the equilibrium exchange rate and exchange rate deviation, which almost all countries are involved in with varying intensity and weakness. . Undoubtedly, the stability of the currency market and the establishment of a real equilibrium exchange rate in this market are of double importance in developing countries. Therefore, managing the exchange rate and preventing its fluctuation and deviation from an equilibrium value has become one of the most important concerns of policymakers in these developing countries, including Iraq. Because, any cross-sectional fluctuation or exchange rate deviation in the short and long term can create challenges for other sectors of the economy, as well as acute imbalances at the macro level and the balance of payments crisis in developing countries are often the direct result of deviation from the long-term equilibrium path is the exchange rate.
2- THEORETICAL FRAMEWORK
The exchange rate is one of the important tools in the hands of monetary authorities in all countries of the world in general and developing countries in particular, due to its high sensitivity to the investment environment, business environment and economic conditions. The most appropriate exchange of facts and data is political economy. The excessive sensitivity of macroeconomic variables to the change of the Iraqi exchange rate is due to the deterioration of the real macroeconomic environment.
On the other hand, foreign trade plays an important role in determining the fate of any country, and this important economic sector connects the domestic economy of the country with the international economy. Trade is so important that some see it as a driver of development. Different economic schools offer different views on business. Some people like the liberals consider it a factor of peace, realists consider it a factor of increasing national power if the trade balance is positive, and some others like; Marxists propose free trade as a tactic of developed countries to dominate developing countries. The exchange rate is directly related to foreign trade and any increase or decrease can affect the trade balance and competitiveness of domestic producers against foreign goods inside and outside. There are positive relationships between the exchange rate and domestic production, therefore, an increase in the exchange rate can be useful for national production, but it should be noted that the increase in the exchange rate should not be sudden and fluctuating, because Fluctuations in the exchange rate create uncertain conditions for the country's producers and exporters, which can have a negative impact on industrial and agricultural production, employment, etc. The political will of the government should be independent of any political dealings with the exchange rate, so that in this way it can prevent the fluctuations of the exchange rate and its adverse effect on exports and consequently on the power of the country. In fact, policy-making in this area should be technically appropriate to the conditions of domestic and foreign inflation and away from any considerations such as institutional, party interests, election time, and budget deficit.
3- METHODOLOGY
To investigate the effect of deviations of the equilibrium exchange rate on the foreign trade relationship of Iraq for the years 2005 to 2021. Therefore, in the first step, the influencing factors on the equilibrium exchange rate were examined using the DOLS method, and the second step was to examine the short-term and long-term effects of deviations of the equilibrium exchange rate on the exchange, export, and import relationship using the ARDL method.
4- RESULTS AND DISCUSSION
In this paper we examine three hypotheses. According to the negative and significant short-term and long-term deviation of the exchange rate with the exchange relationship, it shows exports and imports. Therefore, in the first hypothesis; the effect of exchange rate deviation on the exchange relationship of Iraq is negative, it was confirmed and the results showed that the effect of exchange rate deviation on the exchange relationship of Iraq is negative and significant. In the second hypothesis; the negative and significant effect of exchange rate deviation on Iraq's exports has been tested and this hypothesis has been confirmed. But, the third hypothesis; the exchange rate deviation had a negative and significant effect on Iraq's imports, and this hypothesis was also confirmed.
5- CONCLUSION AND SUGGESTION
Considering the negative and significant effect of exchange rate deviations on exports, imports and the exchange relationship, it is suggested that the currency policies in Iraq be designed in such a way that the real exchange rate moves towards the equilibrium level and from high deviations the exchange rate should be reduced as much as possible. In this regard, the reduction of the nominal value of money is introduced as a solution to eliminate the deviation of the real effective exchange rate from the long-term equilibrium path, which the use of this policy is based on the complementary policy that increases the prices in the country. Can be used as a practical solution and economic policy makers in Iraq use the equal purchasing power method due to the simplicity and availability of information from price indices, inflation rate and consumer price index to estimate Use the exchange rate. Finally, since the exchange rate is influenced by political relations, the imposition of economic sanctions, the price of oil and the occurrence of war, it is strongly affected. Improving political and economic relations with neighboring countries and major economic powers can be effective in this regard.

Abstract In this study, the comparative prediction of Bitcoin price was discussed using econometric models and artificial intelligence. For this purpose, daily Bitcoin price data for the period January 1, 2016 to January 1, 2023 was collected from the Bitstamp exchange website. In addition, in this study, in all horizons, 70% of the data is used to train artificial intelligence models and specify econometric models, and the remaining 30% is used to test the output of artificial intelligence models and predictions outside of Samples of econometric models were assigned. Also, in order to evaluate the efficiency of the models, R^2, MAD and RMSE criteria were used. Finally, in order to check the statistical difference in the effectiveness of the investigated models in predicting the daily price of Bitcoin, the restricted F test was used. The results showed that the average daily price of Bitcoin fluctuated from $449.71 on January 1, 2016 to $16,555.75 on January 1, 2023. Also, its minimum and maximum value was $370.21 (February 3, 2016) and $67,482.75 (November 9, 2021), respectively. In addition, in all models, by increasing the prediction horizon from 1 to 4 days ahead, the effectiveness of predicting the daily price of Bitcoin decreases. Finally, the results of comparing the effectiveness of the investigated models confirm that SVM, ANFIS, GARCH and ARIMA models have the most efficiency, respectively.

Abstract In this study, we seek to test the financial tension and uncertainty of Iran's monetary policy despite the role of government governance in recession and boom regimes. For this purpose, by using the principal component analysis (PCA) model in the first part, the financial stress index was calculated and in the second part by using the rotation model and the Markov switching (MS) regime change, the effect of the study variables during the period of 1996 to 2022 on an annual basis was investigated. Based on the obtained weights, the monetary and financial sector has the greatest effect in creating financial tension. After that, the foreign exchange sector and the stock market have the next effects. Among the variables, the free exchange rate has the most impact on financial stress in Iran's economy, followed by oil income to GDP, money to liquidity ratio, government expenditure to GDP ratio, and the real interest rate has the greatest impact on financial stress. in Iran's economy, also based on the results of Markov model estimation, for one percent increase in financial stress and oil price, respectively; 36 and 27 units, monetary policy uncertainty increases. Also, the quality of governance and the volume of business during the boom lead to a decrease of 8 and 12 units of monetary policy uncertainty.

Abstract Exchange rate volatility through instability in the economy causes uncertainty in the economy at the macro level and decision-making and planning of economic factors face a crisis. Also, the exchange rate is affected by several factors and the requirement for managing exchange rate volatility is to identify the factors that cause it. Given the special conditions of the Iranian economy and the intensification of economic sanctions in the last decade and the dependence of the government budget on oil revenues, it is important to examine the impact of oil revenues and the growth of the budget deficit on the exchange rate volatility under severe sanctions. The main purpose of this study is to investigate the interactive effects of oil revenues fluctuations and severe economic sanction on exchange rate volatility using quarterly data in the period (1996-2021) and the combined method of Autoregressive Distributed Lag and Exponential Generalized Autoregressive Conditional heteroskedasticity (ARDL-EGARCH) in Iran. The results show that oil revenues fluctuations and budget deficit growth have positive impacts on exchange rate volatility. Also severe economic sanctions have indirectly increased exchange rate volatility by affecting fluctuations of oil revenues. Economic growth has reduced exchange rate volatility.

Abstract With the expansion of computational and simulation capacities, factor-based models have also found a special place in the economics literature. Unlike theoretical models that mainly focus on maintaining theoretical frameworks, these models have the ability to explain the behavior of economic agents without considering the representative agent assumption and other cumbersome assumptions far from reality. In this article, while describing the economic conditions after the sanctions shock, with the agent-based modeling method to simulate and evaluate the behavior of the economic factors effective in the currency structure of Iran after the sanctions shock caused by the withdrawal of the United States from the JCPOA NetLogo software has been paid. Considering that at least three exchange rates are created after the shock of the sanctions, the results show that there are at least four policy bottlenecks in front of the currency policymaker in this situation: a) the amount of reserves of the central bank b) the volume of activities Speculative c) The gap between the policy rate and the unofficial market rate of the currency d) The length of time period of the adjustment of the policy rate of the currency by the central bank. The lower the amount of foreign currency and gold reserves available to the central bank, the more speculative activities, the greater the gap between the policy rate and the informal market rate of the currency, and the shorter the period of adjustment of the policy rate by the central bank, the jumps The exchange rate and currency fluctuations will be more severe, so that the central bank may lose all its capacity and foreign reserves as a result of interventions, and with the complete inactivity of this bank, the sanctioned country will leave the stability of the currency system and falls into the abyss of currency crisis.

Abstract 1. INTRODUCTION
In addition to creating a wave of infections and deaths, the COVID-19 pandemic has involved various countries in a particular economic crisis. Therefore, researchers have tried to study and investigate the issue from different aspects of this field. For example, some researchers showed that the rapid spread of the COVID-19 pandemic had a great impact on financial markets and caused heavy losses to investors in a short period (Mou, 2020). Others showed that the main economic effects of the COVID-19 pandemic were not caused by death, illness, and the duration of patient care, but rather fear and discrimination were the main factors and drivers affecting the economy in this crisis (Gong et al., 2020). Anyway, these studies should be supported by review articles including bibliometric articles. As far as the author has checked, no special research has been done in the bibliometric analysis of articles in the subject area of COVID-19 and economics in Iran. Therefore, this bibliometric study attempts to quantitatively analyze the literature on this field in Iran and visualize the knowledge structure in this field to help future researchers and policymakers.
2. METHODOLOGY
This applied study was conducted based on bibliometrics. The statistical population of the research includes all the articles published in the field of the COVID-19 pandemic and economics in scientific journals in the field of economics in Iran from February 2020 to January 2023. Related articles were extracted and analyzed by referring to the website of these journals and through their advanced search section and limiting the search to the words "coronavirus", "COVID-19", "epidemic", and "pandemic". The software used in this research is Excel, VOSviewer, and RavarMatrix software, each of which was used for a part of the research.
3. RESULTS & DISCUSSION
3-1. The process of publishing articles in the field of COVID-19 researches and the economics in Iran.
Results show that the trend of publishing articles in the field of COVID-19 research and economics in Iran is on the rise, and the highest number of published articles is related to the year 2022 with 32 titles and 39% of all articles. In any case, the publication of scientific articles in the field of COVID-19 research and economics in Iran, due to the large number of scientific journals in the field of economics in Iran, has not gone through a successful process in the studied period.
3-2. The intellectual structure of researches in the field of COVID-19 and the economics in Iran.
Evaluation of the intellectual structure of research in bibliometric analysis is usually done by examining the most frequent keywords, and the words co-occurrence. The most frequent keywords in identifying the main core of topics that make up the intellectual structure of research and the co-occurrence of words in identifying clusters, the time trend, and also the density of keywords that make up the intellectual structure of research from the point of view of introducing dominant, developed, saturated, extinct or emerging topics, they are used.
In this research, to investigate the most frequent keywords, the main words used in the title and the keywords selected by the authors in each of the articles were used. Results show that researchers in the field of COVID-19 research and economics in Iran have used 518 keywords in their articles. Keywords of COVID-19 with 82, Tehran Stock Exchange and pandemic each with 14, stock market with 9, industry and oil price each with 8 repetitions in order of the most frequent keywords of the main core of the topics that make up the intellectual structure is the researches in the field of COVID-19 and the economy in Iran, which has started in recent years.
To investigate the words co-occurrence also, social network mapping was used. Analysis of the social network map of the co-occurrence of words through three methods 1. Analysis of clusters of the most frequent keywords, 2. Investigating the time process of formation of clusters of the most frequent keywords, and 3. Density analysis of the most frequent keywords is done. Due to its novelty and the small number of articles in this field in Iran, analysis of the articles by examining the time trend and the density of the most frequent keywords will not be meaningful. Therefore, the co-occurrence of words was done only through the analysis of clusters of the most frequent keywords.
In any case, drawing the keywords co-occurrence map in the field of COVID-19 research and the economics in Iran only led to the identification of one thematic cluster. This cluster has eight main keywords including; COVID-19, Tehran Stock Exchange, pandemic, stock market, industry, oil price, economy, and exchange rate connected by red lines. Thus, it can be said that the keywords of this cluster show the direction of studies on COVID-19 and the economics in Iran, which has started in recent years.
3-3. Cooperation networks in the field of COVID-19 researches and the economy in Iran.
One of the most important cases in bibliometric evaluations is the analysis of collaboration networks between authors and universities. Knowledge of these networks facilitates the provision of financial and human resources for research and leads to the improvement of scientific interactions and communications (Ding, 2011).
In this research, to investigate collaboration networks among authors, the map of collaboration networks based on co-authorship was used.
To investigate cooperation networks among universities, the map of social networks based on co-authorship was also used. However, due to the lack of data related to universities in the reference section of Iranian journals, instead of using the relations of citation and keywords, the focus was on the direct relationship between universities.
In any case, the examination of the map of cooperation networks among authors and universities in Iran shows that Although there has been good cooperation between universities in the subject area of COVID-19 and economics, there has not been an outstanding subject connection between the authors in this area.
4. CONCLUSIONS

Abstract The main objective of this study is to investigate the effect of the monetary policy transmission mechanism (money volume, monetary base, and liquidity) on GDP through the exchange rate channel in the Iranian economy. In this regard, seasonal data for the period 1375-1399 and the Bayesian autocorrelation model technique have been used. The results of instantaneous shocks from the Bayesian autocorrelation model of production show that the exchange rate plays an important role in the impact of monetary policy on GDP. According to the results obtained, if the percentage of exchange rate changes is equal to the percentage of monetary base changes, the monetary base leads to an increase in production. In other words, the monetary base through the exchange rate channel leads to a positive impact on GDP. This finding is also true for the M1 money volume. The difference between the monetary base transmission mechanism and the money volume through the exchange rate channel is that the impact of the money volume on production is greater than the impact of the money base on production through the exchange rate channel. The results of this study for liquidity show that if the percentage of exchange rate changes is equal to the percentage of liquidity changes, it will have a negative impact on production. In other words, liquidity through the exchange rate channel has a negative effect on Iran's GDP. In general, the results confirm that the monetary policy transmission mechanism through the exchange rate channel is inverted U-shaped and has a positive effect to some extent, and after passing that threshold, it leads to the destruction of GDP.

Abstract In this study, the optimal monetary policy was determined to reduce the negative effects of the shock caused by the spread of the corona disease on value added of economic sectors (agriculture, industry and mine and services) in Iran. For this purpose, the social accounting matrix (SAM) of the Islamic Parliament Research Center and the central bank's input-output table were used to collect data. Also, to analyze the data, the recursive dynamic computable general equilibrium (RDCGE) model and MATLAB software were used. The results showed that among the economic sectors, the service sector is more vulnerable to the shock caused by the spread of the Corona virus. Also, adoption an expansionary monetary policy equivalent to a 5% reduction in the legal reserve rate reduces the negative effects of the shock caused by the outbreak of the Corona virus on value added of studied economic sectors compared to the base scenario (not adopting a monetary policy). Also, adopting an expansionary monetary policy equivalent to a 10% reduction in the legal reserve rate reduces the negative effects of the shock caused by the outbreak of the Corona virus on the value added of studied economic sectors compared to the scenario 1 (5% reduction in the legal reserve rate) and adopting an expansionary monetary policy equivalent to a 20% reduction in the legal reserve rate reduces the negative effects of the shock caused by the spread of the Corona virus on the value added of studied economic sectors in comparison to scenario 2 (10% reduction in the legal reserve rate). Based on this, it is suggested to the monetary authorities to adopt an expansionary monetary policy under similar conditions so that commercial banks can provide facilities to households (in order to stimulate demand and prevent the reduction of production of goods and services) and producers (in order not to lay off or adjust the workforce) in order to reduce the value added of economic sectors.

Abstract Among the most important reasons for establishing development banks are:
- Helping to rebuild the economies of countries;
- Strengthening infrastructure and strategic sectors;
- Separating commercial loans from development loans.
High risk and long-term returns are a major feature of large-scale economic projects, which means that the private sector does not have sufficient incentive to invest, and instead, development banks, which are considered government institutions, provide financing.

Using common bank performance evaluation criteria - which are mainly based on profitability - to measure the efficiency of development banks, whose objective function is different from that of commercial banks, is a strategic error.

In other words, the neglected point in the performance evaluation indicators of state banks, and especially development banks, is the lack of attention to the extent to which banks benefit the country's economy, which can lead to state banks being pushed into competition with private banks and as a result, the stalling of large-scale development projects.

On this basis, this research proposes three dimensions: "bank health", "development orientation" and "justice orientation", along with their relevant indicators for measuring the performance of development banks.

The dimensions, components and indicators are weighted using the Analytic Hierarchy Process (AHP) method and a composite index is calculated for 5 development banks in the country during the years 1391 to 1400.

The results show that although the performance of development banking has improved in recent years, it is still far from satisfactory.

Abstract The main goal of this study is to design a suitable model of asset and Liability management of the Agricultural Bank with the purpose of achieving the set goals of the bank.
In this research, an attempt has been made to present the optimal value of assets, debts and cash in accordance with the structure of the financial statement. Given the determination of multiple goals and limitations in the banking system and the experience of the past years, the model used in this paper is the fuzzy ideal planning model with fuzzy constraints. The proposed model of the paper has the ability to present the optimal values of each items of balance sheet for the upcoming years according to the conditions of the previous years.
In order to reach the final solution, the number of ten ideals has been determined, and by solving the general model, the value of the objective function has been significantly improved, and by converting fuzzy numbers into definite numbers and by using the fuzzy ideal planning model, a suitable model of asset and debt management of financial year 2023 has been determined for this bank. And based on the results arising from the implementation of the model, we achieved seven ideals, including maximizing profit in the amount of 32,433,646 million Rials (31,634,068), complying the limitation of the ratio of facilities to deposits in the amount of (0.86) 0.85, improving the bank's share from the deposits of the bank system in the amount of 3,553,820,000 million Rials (3,273,413,445), complying the limitation of capital adequacy in the amount of (0.08) 0.0825, reducing the volume of investment in tangible fixed assets in the amount of (0.77) 0.66, green banking in the amount of (0.9) 0.091 and liquidity risk in the amount of 70,108,198 million Rials (0) and not achieved three less important ideals include increasing the amount of the items of balance sheet 4,433,821 302 million Rials (4,514,025,887), increasing the value of some items of assets compared to the total by (0.9) 0.84 and the amount of claims from banks and credit institutes is greater than the amount of their debits by the amount of 0.234 (1).

Abstract Background and purpose: the main examples of criminal policies in the field of economy are aimed at economic and financial crimes, and economic and financial crimes have been given a lot of attention due to their large increase in society, and in this regard, criminal policies to deal with economic and financial crimes from the degree are of great importance, on this basis, the purpose of this research is to develop a model of Iran's criminal policy in the field of economic and financial crimes.
Research method: Qualitative research method with grounded theory approach. Data collection has been done through theoretical literature, policy documents, authentic research reports, and in-depth interviews, and data analysis has been done in three stages of open, central, and selective coding. The sampling method was also purposeful and the sampling process continued until theoretical saturation and finally the research interviews reached theoretical saturation with 17 interviews.
Findings and results: The results based on three stages of coding, analysis of 17 in-depth interviews with participants and content analysis of several original research works and some rules and conventions resulted in 130 open codes, 46 core codes and 16 selective or core codes to a paradigm model of criminal policy. Iran's participation in the field of economy has reached. The main selective codes include: causal conditions (feeling the need for cooperative criminal policy, accepting the principle of divine sovereignty and reforming judicial and economic structures); Background conditions (civil society empowerment, strong government response and control and prevention); Intervening conditions (surveillance and monitoring and formulation of policies based on research and evaluation); Central phenomenon (Iran's collaborative criminal policy in the field of economy); Strategies (integrated institutional cooperation, the principle of balance and coordination, strengthening policy and legislation and community response); The consequences are (drawing the coordinates of Iran's criminal policy in the economy, implementing the ideals of the country's criminal policy and general tax compliance), which can answer the research questions in a paradigmatic model, as well as a comprehensive and complete description of the state of the country's criminal policy.

Abstract Purpose: The main purpose of this study is to investigate the effect of macroeconomic variables, economic sanctions and global commodity price index on the price index of banks and credit institutions in Iran's capital market.
Method: This study is using time series data with monthly frequency during the period of 1387-1400 and using the auto-regression approach with distribution breaks (ARDL) of the estimated model. Also, the edge test was used to test the convergence of the model.
Findings: The results of the model estimation indicate that in the dynamic model, the price index of the banks and credit institutions group is significantly affected by the examined variables, and based on the collocation test, the existence of a long-term relationship was also confirmed; That is, in the long term, the price index of the group of banks and credit institutions is significantly affected by the macroeconomic variables and the global price index of commodities. The results of the error correction model have shown that any imbalance in the model moves towards balance in the long term and it takes less than two years for the short-term balance error to be corrected and the model to return to its long-term balance.
Innovation: Previous studies to examine external factors have generally considered macroeconomic variables, while Iran's capital market is a commodity-oriented market, and on the other hand, Iran's economy is affected by economic sanctions, so in the current research, in addition to the impact of macroeconomic variables, the impact of economic sanctions And the global price index of commodities has been checked on the price index of the group of banks and credit institutions.

Abstract The interest rate is an important indicator for the economy that is affected by economic factors. Macroeconomic factors that reflect the state of the economy are important for the behavior of interest rates. In addition, major global shocks such as COVID-19 can also affect interest rates. Therefore, the aim of this study is to investigate the short-term and long-term effects of economic factors on the interbank interest rate in Iran with monthly data from March 2018 to March 2024 with the ARDL approach since the beginning of the epidemic and the period after that. Experimental findings showed that the exchange rate and oil price have a positive and significant effect on the interest rate in the long term during the corona and post-corona outbreak. The results show a negative and significant relationship between the consumer price index and the interest rate in the long term. In addition, the results indicate that there was no statistically significant relationship between GDP and liquidity with interest rates in the post-Corona era. The policy implications of this study provide important findings about the factors influencing interest rates in crisis situations.

Abstract The development of companies leads to the creation of wealth only when there is a rational cost-benefit relationship between the cost of capital and the efficiency of the projects. The cost of capital is influenced by the method of financing, and its yield is reflected in the accounting profit and finally in the stock yield. This research has investigated this issue using the differential method and on 182 companies admitted to the Tehran Stock Exchange in the years 2016 to 2016. The role of the financing method on the profitability of the stock market and the financial efficiency of companies with capital projects has also been investigated. The results show that in emerging economies like Iran, the performance of financial efficiency and the profitability of the stock market of companies with capital projects are not affected by their financing methods. Also, the performance trend of financial efficiency and profitability of the stock market in this research sample follows similar patterns. These findings provide new evidence regarding competing theories of corporate financing.

Abstract Today, due to climate changes caused by the emission of greenhouse gases, renewable energies play an important role in achieving sustainable development. In addition, it is inevitable for countries to join the global village and develop the financial sector. Therefore, the purpose of this study is to investigate the role of financial development and globalization on the consumption of renewable energy in the developing societies of Asia with the new moment quantile regression (MMQREG) approach during the period of 1990-2022. The results showed that energy consumption, globalization and financial development contribute to the development of clean energy in developing countries. The results show that economic growth reduces the development of green energy in developing countries. In addition, the results did not show a significant relationship between carbon emissions and green energy development in developing countries. Therefore, in order to achieve the goals of sustainable development through the development of clean energy, the authorities of the mentioned countries should pay special attention to the role of financial development and globalization.

Abstract Background and Objective: Entrepreneurship opportunities can be seen as a potentially feasible and profitable investment that offers a new innovative product or service to the market. Therefore, various strategies can affect the development of entrepreneurial opportunities, of which financing strategies and ensuring profitability seem to be the most important factors. Accordingly, the purpose of this study is to analyze financing strategies and ensuring profitability for the development of entrepreneurial opportunities in Lorestan NGOs.
Methodology: This research used a mixed (qualitative and quantitative) method. Its quantitative part was conducted with a grounded theory approach and the quantitative part with a structural equation modeling method.
Findings and Results: In conceptualizing the qualitative part, first 56 meaningful statements were extracted from the interviews, then 44 corresponding concepts were extracted from them. Following axial coding, 44 concepts were transformed into 10 main subcategories and three final categories. The three final categories were the main concepts of the research, with the financing variable in three subcategories; External financing, internal financing and strong financial performance are conceptualized and profitability assurance is identified with three main subcategories; attention to future benefits, attention to profitability and conversion of stagnant assets into money. In the quantitative part, the results of structural equation modeling have shown that financing strategies with a coefficient of 0.85 have a direct and significant effect on the development of entrepreneurial opportunities in Lorestan NGOs, and profitability assurance with a coefficient of 0.89 has a positive and direct effect on the development of entrepreneurial opportunities in Lorestan NGOs.

Abstract One of the most fundamental sectors in economic and social development planning is housing. One of the most important challenges facing the housing market is the existence of speculation in this market, which leads to a market bubble and, as a result, imposes high costs on society. The main objective of this research is to investigate the housing rental bubble and its influencing factors in Iran during the period 1990-2024. Therefore, first, using the Kalman filter, the rent bubble is calculated, and then the factors affecting it are analyzed using the ARDL approach. Findings from the estimation of the housing rent bubble showed that a significant portion of the housing rent changes in this period were not only due to changes in fundamental variables but also due to the formation of a price bubble, so that since 2019, due to increasing inflation, decreasing people's purchasing power, and increasing rents, the amount of the housing rent bubble has increased. The results of the ARDL approach also showed that in the long run, real liquidity and the unofficial exchange rate have a positive and significant relationship with the housing rental bubble. In addition, the results indicate that GDP per capita, unemployment rate, and bank interest rate have a negative relationship with housing rent bubbles in the long run. This study emphasizes the government's influence on the housing market through monetary policy with liquidity and interest rate instruments. Therefore, authorities should pay attention to the effects of monetary policy on the housing market.

Abstract The aim of this study is to investigate the effect of working capital management on accelerating the speed of achieving optimal liquidity in the banking industry. This study is applied and from a methodological perspective, the correlation is of a causal (post-event) type. The statistical population of the study is all banks listed on the Tehran Stock Exchange, and using the systematic exclusion sampling method, 10 banks were selected as the research sample and were examined over a 9-year period between 1394 and 1402. The results of testing the research hypotheses showed that in fact, the liquidity conversion cycle (working capital management) has a direct effect on achieving optimal liquidity in banks and increases the speed of adjusting cash holdings in the bank. Of the two subsets of working capital management (liquidity conversion cycle), namely the receivables collection period and the debt payment period, it was observed that the receivables collection period also has a direct effect on the speed of achieving optimal liquidity, but the debt payment period has no statistical effect on the speed of achieving optimal liquidity in the sample of the present study.

Abstract 1- Introduction
With the rapid growth of information and communication technology, electronic banking will play a central and important role in various fields. In this framework, determining the impact of the expansion of electronic banking on banks' costs can be very important. The use of electronic banking tools has positive and negative effects on the productivity of bank branches and causes the final effect of each of these tools to be different. This research examines the role of electronic banking on productivity in 16 bank branches in Yazd province in the period of 1396-1400.
2- Theoretical framework
Electronic banking is the optimal integration of all activities of a bank. In other words, by using new information technology based on banking processes and in accordance with the organizational structure, it provides the possibility of providing needed services to customers. This type of banking provides facilities for customers to access banking services without the need for physical presence and using safe intermediaries. Also, it is the use of technology that allows bank customers and other stakeholders to interact with the bank without intermediaries and through various electronic channels.
3- Methodology
This research examines the effect of using electronic banking tools on the productivity indicators of the bank in Yazd province. Therefore, the research data has been obtained using the data provided by the bank's planning and development department, financial department, support department and human capital department; The data is extracted monthly, quarterly and annually. The statistical population of the research includes all branches (16 branches) of the bank in question during the years 1396-1400 in Yazd province.
3-1- Dependent variable
The branch productivity index consists of the combination of four main criteria. The main criteria include equipment, allocation, arrears and performance. Each of these four criteria is calculated by 2 to 5 indexers.
3-2- Explanatory variables
Explanatory variables are: electronic banking tools (modern documents and cards), human capital (number of employees, educational qualifications and service history), building (age of branches), deposit interest rate. In the general division of bank documents, they are: small, modern and card documents. Modern documents and cards are known as electronic banking tools.
3-3- Research model
The research model is as follows:
(1) Pr = f (Hc, Eq, Eb, Er, Ek)
where Pr is the productivity index, Hc is the vector of human capital variables, Eq is the vector of building and equipment quality and quantity variables, Eb is the vector of electronic tools use indicators, Er is the interest rate vector, and Ek is the vector of small documents.
4- Discussion
The results of Model 1 show that the amount of modern documents has a significant relationship with productivity and has a very small but negative effect on the equipment index. Also, card documents and small documents do not have a significant relationship with the equipment index. The number of manpower, service history and education level of employees have no significant relationship with the equipment index. The age of the building has a positive and significant relationship with the equipment index. The deposit rate also has a negative and significant relationship with the equipment index. In model 2, there is no significant relationship between the number of modern documents and the card with the allocation index. Also, the number of micro documents has a positive and significant relationship with the deposit allocation index. In addition, there is no significant relationship between high education degree and employees' service history with allocation index. In model 3, there is a positive and significant effect between the amount of modern documents and the arrears index. But the amount of card documents has no significant relationship with the arrears index. Also, micro documents do not have a significant effect on the arrears index. In addition, the high level of education and the number of employees have a negative effect on the arrears index. But the service history does not affect the arrears index. In model 4, modern documents have a significant and negative relationship on the performance index. On the other hand, micro documents have a significant and positive relationship on this index. There is a positive and significant relationship between the average level of education and performance index. The deposit interest rate also has a negative effect on the performance index, and the age of the building does not affect the performance index. In the 5th model of the research, the general and summarized mode is 4 productivity indicators under the index of the total score, and the title of productivity is determined from the total score. According to the targeting of the studied bank in the indicators affecting productivity, finally, the number of documents has been used as a factor affecting productivity. The number of modern documents and cards do not have a significant relationship with the productivity index. Therefore, the null hypothesis is not rejected and it cannot be said that electronic banking documents have been able to influence the productivity of the bank. Among the variables of education degree, service history, building age and deposit rate, only service history has a significant relationship with the productivity index, and it cannot be said that these variables play a significant role in the bank's productivity.
5- Conclusion and Suggestions
According to the findings of the research, it is not possible to say that electronic banking has a significant relationship with the bank's productivity, and this shows that electronic banking has not been able to reduce banking costs and create profitability as it should have been. Therefore, the main hypothesis of the research regarding the impact of electronic banking on productivity indicators can be rejected. Therefore, according to the research results, the most important suggestion is: Increasing the quality of providing electronic banking services by updating equipment and software.

Abstract This study aims to investigate the presence of feedback trading strategies among investors in the "Refah Coin Deposit Certificate" as a commodity-based financial instrument, as well as to analyze the symmetry or asymmetry of return volatility in response to market news. For this purpose, the Santana and Waldany (1992) model was employed to test for the existence of feedback trading, while the GJR-GARCH model was used to examine asymmetric responses of returns to positive and negative news. Daily data covering the period from February 22, 2016 to April 21, 2025were analyzed. The results indicated an asymmetric reaction of returns to market news, with positive news having a greater impact compared to negative news. However, no evidence of feedback trading behavior was found among investors in this market. Therefore, it can be concluded that investors have primarily focused on fundamental factors rather than short-term market trends or emotional reactions. Accordingly, it is recommended that investors pay more attention to fundamental and economic variables in their decision-making processes and avoid speculative or reactive trading strategies.

Abstract The purpose of this study is to investigate the effect of uncertainty of the government's macroeconomic policies on the speed of adjustment of trade credit . Considering that financing through commercial credit is of great interest to managers of companies due to the high cost of financing through debt, therefore, achieving commercial credit as soon as possible is of great importance. The statistical population of the study is Tehran Stock Exchange and the study period has been since 2011 until 2023‌. By applying the conditions of systematic exclusion, 136 companies have been included in the final screening from the statistical population as the final sample‌. In the present study, the generalized moment approach‌ has been used to test the research hypotheses. Three factors of changes in the inflation rate, exchange rate changes, and changes in the country's economic growth rate were used to identify the uncertainty of macroeconomic policies.
The statistical results showed that the rate of adjustment of trade credit in the sample used in the study is about 75%, which in fact shows the high willingness of companies to use credit financing, and companies actively reduce 75% of the gap between the target and real business credit annually.
Also, changes in the exchange rate, changes in the inflation rate, and changes in the country's economic growth rate affect the rate of adjustment of trade credit. It has positive and meaningful. In fact, with the increase in uncertainty in economic policies, the speed of adjustment of trade credit towards optimal commercial credit will increase, and in this situation, managers will move towards credit financing.

Abstract A stable financial system plays a critical role in facilitating the flow of funds from savers to investors and optimal allocation of scarce resources to productive economic activities. Any disruption in the functioning of this system can jeopardize these essential objectives. Economic uncertainty, as a key factor affecting economic decision-making, has always been the focus of policymakers. This study aims to provide a comprehensive analysis by calculating an uncertainty index arising from Iran's economic policies (including monetary and exchange rate policies) during the period 1981–2022 using the GARCH model and the OECD’s ten-step methodology. Furthermore, the relationship between the economic policy uncertainty index and the financial stability index was examined using the Markov Switching model. Key variables affecting monetary policy uncertainty include interest rate, money supply growth rate, inflation rate, central bank independence, and government fiscal health, while the key variable for exchange rate policy uncertainty is the real exchange rate. The financial stability index was constructed using variables such as liquidity, capital adequacy ratio, bank credit to the private sector, deposit interest rates, stock market index, and exchange rate. The findings reveal that EPU1 primarily reflects domestic economic fluctuations, while EPU2 is more sensitive to international shocks like sanctions. During financial instability, external shocks dominate, whereas both domestic and external uncertainties pose threats during stable periods, highlighting the need for adaptive policy measures to maintain financial stability in Iran's economy."

Abstract Medical insurance is known as one of the most important fields of insurance in the insurance industry. This field can be designed and implemented in a wide range of designs. Medical insurance is one of the important branches of the insurance industry, which attracts the attention of many insurers and has a very high diversity due to the difference in lifestyle, purchasing power and different needs of people. Different insurance policies with various insurance coverage obligations are designed and priced according to the needs and requests of policyholders. Since the day-by-day increase in the costs paid by people to receive medical services is considered one of the most important issues and problems in the field of healthcare in the country, insurance companies have also tried, considering the importance of this issue, by providing different and innovative plans that suit the needs of people. Provide and facilitate this need so that when an accident or illness occurs, the economy of families does not fall apart due to the high cost of medical services. But in the meantime, some violations and frauds that occur in the field of medical insurance or the non-technical rates that are included for this insurance, have caused the field of medical insurance to be considered one of the losing fields in the insurance industry and cause problems for insurance companies. According to the study, the supervisory body and insurance companies should prevent price breaks and non-technical rates of companies for sale in order to reduce the loss of this field. Due to the higher growth rate of damage compared to the growth rate of medical insurance premiums in the country, this issue has had many destructive and negative effects on the loss of the medical field and has caused a negative deviation in the performance of this insurance field.