Original Article
zohreh eskandaripour; marzieh esfandiari; nazar dahmarde; Mohammad Hassan Fotros
Abstract
Given the dependence of the country's economy on banks as the most important source of financing for companies, it is important to study the factors affecting the performance of the banking system; Therefore, in this study, the effect of exchange rate shocks, crude oil prices, total stock index and government ...
Read More
Given the dependence of the country's economy on banks as the most important source of financing for companies, it is important to study the factors affecting the performance of the banking system; Therefore, in this study, the effect of exchange rate shocks, crude oil prices, total stock index and government budget on the performance (profitability) of the country's banking system in the form of 12 scenarios based on the profitability response of the banking network to 2%, 5% and 10 Shock% was addressed in the mentioned variables. For this purpose, research data were collected from the SAM matrix of the Majles Research Center in 2011 and the data-output table of the Central Bank in 2016. Also, the dynamic recursive dynamic calculus model (RDCGE) and Math Lab software were used to analyze the data. The results showed that the informal exchange rate and crude oil prices have an inverse effect and the total government stock index and budget have a direct effect on the profitability of the banking network; So that if a positive shock of 2%, 5% and 10% is applied to the informal exchange rate, the profitability of the banking network will decrease to a maximum of 1.73, 2.01 and 2.57%, respectively. Also, if a positive shock of 2%, 5% and 10% is applied to the price of crude oil, the profitability of the banking network will decrease to a maximum of 1.41, 1.63 and 2.03%, respectively. In addition, if a positive shock of 2%, 5% and 10% enters the total stock index, the profitability of the banking network will increase to a maximum of 0.47, 0.97 and 1.52%, respectively. Finally, if a positive shock of 2%, 5% and 10% enters the government budget, the profitability of the banking network will increase to a maximum of 0.38, 0.44 and 0.61%, respectively.
Original Article
Financial monetary economy
hashem manzarzadeh tamam; Mohammad Reza Abbaszadeh; reza hesarzadeh; Seyed Saeed Malek Sadati
Abstract
With the tightening of sanctions and the unilateral withdrawal of the United States from the JCPOA in 2017, the maximum pressure on Iran caused great damage to Iran's economy. It is predicted that in the new period after the JCPOA, these sanctions will have many destructive effects on the performance ...
Read More
With the tightening of sanctions and the unilateral withdrawal of the United States from the JCPOA in 2017, the maximum pressure on Iran caused great damage to Iran's economy. It is predicted that in the new period after the JCPOA, these sanctions will have many destructive effects on the performance indicators of selected industries of the Tehran Stock Exchange. Based on this, the purpose of this research is to investigate the effect of some macroeconomic variables. During the sanctions periods (before and after the JCPOA), it is based on the performance indicators of the companies admitted to the Tehran Stock Exchange (selected industries: automobile, chemical, medicine and steel).In terms of the purpose of this research, it is considered as applied research, and the current research is of the post-event type, that is, it is based on the analysis of past information (financial statements of companies). Also, the method of this research is correlational in nature and content. The time period of the research includes 11 consecutive years from 1389 to 1399.The results of the research showed that sanctions had a moderating role on the relationship between exchange rate fluctuations and added value of companies. Sanctions in all selected industries, except the automobile industry, have had a moderating role on the relationship between the volume of foreign investment and the investment activities of companies. Sanctions in all selected industries, except the automobile industry, have had a moderating role on the relationship between the price index of products and the profitability of companies. Sanctions in the whole sample and in the chemical industry, on the relationship between the import of intermediate goods and capital and operational activities of companies have a moderating role.Keywords: sanctions, exchange rate fluctuations, volume of foreign investment, performance indicators of companies.
Original Article
hossein samsami; mohammad osoolian; hesam hasanpur baghban
Abstract
The present article compares the effectiveness of financing from the banking system and the stock market on the performance of listed companies in the Tehran Stock Exchange. Test cases have been studied. This study examined the statistical data of 55 companies during 7 years (3 years before entry, 3 ...
Read More
The present article compares the effectiveness of financing from the banking system and the stock market on the performance of listed companies in the Tehran Stock Exchange. Test cases have been studied. This study examined the statistical data of 55 companies during 7 years (3 years before entry, 3 years after entry and year of entry) and concluded that between the effects of financing from the banking system and the stock market on the performance of firms In this study, the productivity variables of total factors of production, investment and employment as performance variables, and long-term facilities, capital increase from cash flow and entry into the stock market as an independent variable and firm size, interest rate, Firm production, wages, public and private ownership of the company are considered as control variables. According to the research results, financing from the banking system has a positive and significant effect on the investment variable as a performance variable, while entering the stock market and increasing cash flow does not have a significant effect on the investment variable. Also, the effect of entering the stock market and increasing cash flow, such as the effect of financing from the banking system on the productivity variables of all factors of production and employment is meaningless.
Original Article
Zarir Negintaji; samira nouralidokht
Abstract
The oil sector, as the most important economic sector of the country, has played a significant role in the economic growth and development of the country and, therefore, has always been given special attention by managers and decision makers. Investing in this sector makes its capacity and potentials ...
Read More
The oil sector, as the most important economic sector of the country, has played a significant role in the economic growth and development of the country and, therefore, has always been given special attention by managers and decision makers. Investing in this sector makes its capacity and potentials real and causes its effects on other economic sectors of the country. In a general division, the factors affecting investment can be divided into real and monetary categories. In this study, the effect of exchange rate and oil price shocks as monetary shocks and GDP shocks and value added of the oil sector as real shocks on investment in the oil sector has been investigated. To do this, the Bayesian self-regression approach (BVAR) and the data of 1357-99 years have been used. The results of the instantaneous reaction function show that the shocks of GDP, value added and oil prices have a positive effect on investment in the oil sector, among which, the shock of GDP has the greatest effect. Also, the exchange rate shock initially has a contractionary effect on investment in this sector, and after two periods, the amount of investment increases.
Original Article
Samira Noori; Sohrab Delangizan; Kiomars Sohaili
Abstract
INTRODUCTION Today, new financial technologies (fin techs) have caused extensive changes in the banking industry. In recent years, new financial technologies have become the most popular term in the word of economic markets Investors in these emerging markets are looking to innovate ...
Read More
INTRODUCTION Today, new financial technologies (fin techs) have caused extensive changes in the banking industry. In recent years, new financial technologies have become the most popular term in the word of economic markets Investors in these emerging markets are looking to innovate to improve their position. Fintech includes both digital innovations and technology-based business model innovations in the financial sector. Such innovations can disrupt existing industry structures. Fintech development has increased the competitiveness of commercial banks, as digital technologies play an important role in improving the efficiency of services provided by banks. and other financial institutions have played to small companies and private companies. Others believe that the most important question is when these innovations in fintech will affect the implementation and formulation of macroeconomic policies. Therefore, the new financial technology and its effect on the monetary field, its concepts and its nature need to be investigated and explained. In this research, the role of modern financial technology on Monetary Base Usages in Iran will be examined, and in this regard, in order to check the validity of the research hypotheses, the econometric models will be used the data during the period of 2013-2019. This model is estimated by ARDL and OLS approach. 2- THEORETICAL FRAMEWORK Electronic money can be replaced central bank money by in terms of its features. The replacement of central bank money will affect it the most due to the relatively larger volume of banknotes and coins in the definition of M1 money. The narrow definition of M1 money includes notes and cash in the hands of the people (C) plus demand deposits (D). Bank cards can increase the volume of money by increasing liquidity and monetary base. According to the theories of monetarists, the increase in money in turn causes an increase in inflation, because with an independent increase in the amount of money, the amount of money paid and the amount of money demanded collides, and as a result, it faces a surplus of money, which causes it to increase. Lack of sufficient supply of goods causes prices to rise. 3- METHODOLOGY The patterns examined in this research are as follows The model introduced to evaluate the estimation of modern financial technology on the speed of in come velocity: LVt=α0+α1LVt-1+α2LFINTECHt+α3LCUt+α4LM1t+Ut (1) The model introduced to check the estimation of the new financial technology on the money multiplier: Lmt=α0+α1TRENDt+Ut (2) The introduced model for evaluation of the estimation of new financial technology on money supply: LM1t=α0+α1LM1t-1+α2LFINTECHt+α3Lmt+α4LCUt+α5LRGDPt+Ut (3) And at the end, the model introduced to investigate the role of modern financial technology on monetary base usages: LMBt=α0+α1LMBt-1+α2LFINTECHt+α3Lmt+α4LRGDPt+α5LRRt+Ut (4) 4- RESULTS & DISCUSSION The results of the models show that modern financial technology (the sum of mobile and internet transactions) has a positive and significant effect on the money multiplier in Iran, because in the era of modern financial technology, the monetary money multiplier trend has been upward. In examination of the velocity of money, the results show that modern financial technology and money supply have a positive and significant effect on the velocity of money in Iran. but the volume of banknotes and coins in the hands of the people has a negative and significant effect on the velocity of money in Iran, because the increase in the volume of banknotes and cash in people's hands increases the ratio of banknotes and cash to deposits, which in itself leads to a decrease in the velocity of money. In examining the money supply pattern, the results showed that the new financial technology, money multiplier, real gross product and the number of banknotes and coins in the hands of the people have a positive and significant effect on the money supply in Iran. In examining the model of monetary base usages, the results indicated that modern financial technology, monetary multiplier and real gross output have a negative and significant effect on monetary base usages in Iran, but the volume of legal reserves with the central bank has a positive and significant effect on monetary base usages. 5- CONCLUSIONS & SUGGESTIONS The results show that the emergence of new financial technologies increases income velocity, money multiplier and supply of money and on the other hand leads to a decrease monetary base usage. The expansion of modern financial technologies is necessary due to the reduction of transaction costs, the increase in the speed of transactions, the facilitation of the implementation of banking services and the increase of competition between knowledge-based companies, and the basis for its expansion must be provided.
Original Article
behrouz barzegar; nir feiz falahshams; maryam khalili iraghi; hashem nikoomaram
Abstract
AbstractThe current research has been designed to design the overflow model of probability of financial helplessness in Iran's banking system with the approach of multivariate GARCH models.The statistical population of the includes the banks admitted to the Tehran Stock Exchange, which have been analyzed ...
Read More
AbstractThe current research has been designed to design the overflow model of probability of financial helplessness in Iran's banking system with the approach of multivariate GARCH models.The statistical population of the includes the banks admitted to the Tehran Stock Exchange, which have been analyzed in the period of 2015 to 2019. To calculate them, time series data of banks' stock returns, equity value, book value of liabilities and daily value of assets have been used. The current research has investigated the probability of financial helplessness spillover to other banks by applying the KMV method and the concept of distance to default and by using the VAR model and the multivariate GARCH method (DCC-GARCH).The results of the research have shown that there is a significant relationship between the financial helplessness risk of banks with each other; Mellat Bank is exposed to the highest risk of helplessness contagion and Parsian Bank shows the least effectiveness. Based on the results of the model, the increase in operational risks of banks, including credit risk and market risk, has a significant effect on increasing the risk of financial helplessness, and this risk can spread to other banks in the banks' communication network and then to the entire economy.
Original Article
mohsen rashidi; zahra mansouri; saro sabrju
Abstract
Objective: The value relevance of financial statements is of great significance to investors and standard setters. Comparability of accounting is one of the increasing features in the financial reporting system. It generally means that two reporting entities that face the same economic events use the ...
Read More
Objective: The value relevance of financial statements is of great significance to investors and standard setters. Comparability of accounting is one of the increasing features in the financial reporting system. It generally means that two reporting entities that face the same economic events use the same accounting methods to record underlying transactions. The present research examines whether the accounting comparability among industry peers enhances the value relevance of earnings and book value. This is an important question because both the Financial Accounting Standards Board and the Securities Exchange Commission seek greater comparability in financial reporting.Research Method: In order to study the subject based on the panel regression model, in the period 2010 to 2020, data of 111 companies listed on the Tehran Stock Exchange were collected and used to test research hypotheses.Results: The results show that accounting comparability increases the value relevance of earnings, but not book value. Financial statements that are more comparable do better in gaining the trust of users, which increases the value relevance of earnings per share. This means that when companies demonstrate the ability to compare more information than their industry counterparts, investors place a higher value on reported profits. However, the incremental benefits of accounting comparability are attenuated when financial reporting opacity is high or when there exists an internal control material weakness over financial reporting. In contrast, comparability benefits are enhanced when an industry specialist auditor is employed.
Original Article
MOHAMMAD HOSSEIN Hadavi; Behrooz Ghasemi; SOHEIL SARMAD SAEIDI
Abstract
Financial development in banks, as the most important pillar of Iran's financing system, requires identifying business opportunities and facilitating the exchange of goods and services through diversification of financing methods and focusing on improving the effectiveness of the resource allocation ...
Read More
Financial development in banks, as the most important pillar of Iran's financing system, requires identifying business opportunities and facilitating the exchange of goods and services through diversification of financing methods and focusing on improving the effectiveness of the resource allocation system with the aim of attracting Customer satisfaction.Achieving these goals requires the use of integrated management systems that simultaneously focus on financial, marketing and decision-making issues. Credit solutions such as inland letters of credit are especially important in the field of indirect provision of funds needed for those active in industrial markets, which are referred to industrial customers.In this research, based on the grounded theory methods and the multi-criteria decision-making combined approach, the criteria for segmenting industrial customers applying for inland letters of credit and the internal and external factors affecting the development of services to this group of customers were prioritized. The findings of the research show that if the bank focuses on eliminating the weaknesses in the system in order to take advantage of significant environmental opportunities in the business environment of customers, it will have a smoother path for financial development and the realization of its financial goals and policies.
Original Article
Meysam Pashaee
Abstract
Reviewing the efficiency of banks as one of the most important pillars of each country's financial markets is one of the essential steps to achieve economic growth and development. Banks, as the most important monetary market entity, have played a very important role in the economy of each country, and ...
Read More
Reviewing the efficiency of banks as one of the most important pillars of each country's financial markets is one of the essential steps to achieve economic growth and development. Banks, as the most important monetary market entity, have played a very important role in the economy of each country, and measuring the efficiency of banks is of particular importance given their role and the rapid reflection of the policies of this sector in the entire economy of the country. Accordingly, the purpose of this study was to measure the efficiency of selected private banks (modern economy, Pasargadae, capital, exports, nation, trade and welfare) and government (national, export development, industry and mining) during the study period (1393-1395). Be To achieve this goal, two nonparametric approaches (data coverage analysis) and a parametric approach (border production function) have been used using value added and earnings method. The findings confirm the main hypothesis. In the study period, private banks were more efficient than government banks. Regardless of the income approach of the data coverage analysis method, the second hypothesis of the research was that the outcomes of the approaches were similar Parametric and nonparametric is also confirmed.
Original Article
Financial monetary economy
samira motaghi; samane talei; ramezan gholami
Abstract
According to Fisher's theory, an increase in expected inflation results in a unit increase in nominal interest rates, and the real interest rate, which plays a key role in shaping investment and savings behavior, remains constant, and this factor, although inflation Leads to the neutralization of monetary ...
Read More
According to Fisher's theory, an increase in expected inflation results in a unit increase in nominal interest rates, and the real interest rate, which plays a key role in shaping investment and savings behavior, remains constant, and this factor, although inflation Leads to the neutralization of monetary policy;On the other hand, based on the theory of quantity of money and the direct relationship between the velocity of money and the general level of prices, as well as the direct effect of the velocity of money on interest rates, raising interest rates is expected to increase inflation.This effect of interest rates on the inflation index (according to some economists) is not only related to inflation and affects other macroeconomic variables, but the important issue is the type, manner and amount of this effect in the short term and It is a long-term study in the present study using VAR and VECM methods and in the period of 1360 to 1399.The results of the study show the confirmation of Fisher's theory in the Iranian economy both in the short and long term, and suggest that there is a positive and significant relationship between the interest rate variable and the inflation index in the Iranian economy.In addition, variable interest rate fluctuations overshadow other macroeconomic indicators, as this relationship is inverse for the economic growth index and physical investment and direct for the inflation rate index.
Original Article
Banking and Banking Management
Aliyeh Kazemi; Amir Moghadamfalahi; Ali Abdali; Sara Aryaee
Abstract
Nowadays, money laundering has become a serious threat to the world economy. Traditional methods of Anti Money Laundering (AML) are costly and inefficient. Recently, data mining techniques have been developed and have been considered as appropriate methods to detect money laundering activities. The purpose ...
Read More
Nowadays, money laundering has become a serious threat to the world economy. Traditional methods of Anti Money Laundering (AML) are costly and inefficient. Recently, data mining techniques have been developed and have been considered as appropriate methods to detect money laundering activities. The purpose of this research is to detect money laundering suspicious cases which might need more detailed scrutiny using data mining algorithms with real banking transaction datasets. CRISP-DM would be used as the research methodology, the statistical population would be the banking transactions and samples would be the transactions of one of the bank branches. For this purpose, two main approaches are used. In the first approach, using the k-means algorithm, financial transactions of banking accounts are clustered. Then, using anomaly detection techniques, abnormal transactions that might be suspicious of money laundering and need to be scrutinized in more detail have been detected. In the second approach, a novel technique using Benford’s law and GANs algorithm has been introduced. It can detect financial accounts that used concocted amounts in their transactions and might be suspicious of financial fraud and money laundering. The first approach can identify accounts with outliers in their transactions with an accuracy of about 93%, and the second approach can identify suspicious accounts that do not use professional methods to hide fake figures in their transactions with an accuracy of about 60%. to recognize correctly.
