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Showing 114 results for Policy
Volume 0, Issue 0 (1-2024)
Abstract
The transition of small-scale farmers from traditional production methods to contract farming (CF) 22 enhances the potential for increased profits. By offering higher profits to producers, contract farming encourages greater product diversity and provides the opportunity to grow more valuable products. The primary objective of this study is to identify what kind of contract farming model producers are likely to adopt for their continued production. The Analytical Hierarchy Process (AHP) was used as a methodology in the study. In the region, 70% of producers utilize female animals for fattening purposes. It was found that 73.2% of producers lack knowledge about contract farming. In production contracts, livestock operators prioritized price guarantees at 26.4%, cash prices at 24.8%, livestock supply at 21.2%, input support at 12.5%, 30 advance payments at 10.3%, and organized production at 4.8%. If contract farming is to be implemented in the region, policymakers should prioritize price guarantees in the model, ensuring that these guarantees are not set below the market price.
Volume 0, Issue 0 (1-2024)
Abstract
As new venture establishment has become a vital source of economic evolution and indispensable expediter for local development in current years, the ecosystem approach is considered as one of the practical solutions for reducing the gap between the economies of developed and developing regions. The concept of rural entrepreneurship ecosystems has attracted significant attention among practitioners, policymakers, and researchers during the past decade. However, the research concerning rural entrepreneurship ecosystem has been largely focused on empirics from developed regions. In order to explain the drivers of rural entrepreneurship ecosystem in a developing region, in this study, the data was collected from 103 rural entrepreneurship practitioners through a survey in northern area of Iran. The data was then analyzed using the exploratory factor analysis method. The research team considered the rural entrepreneurship ecosystem supporters in three pillars: policy-making, institution, and society. According to the results of exploratory factor analysis, each triple supporter pillar of the rural entrepreneurship ecosystem was divided into two components. The components extracted from the policy pillar included "rules and regulations" and "infrastructure." The components extracted from the institutional pillar included "networking and informing" as well as "services and support." In addition, "tendencies and characteristics of the people" and "financial participation" were assumed as the society components. These results were discussed and provided agenda for future practical and professional works.
Volume 0, Issue 0 (12-2024)
Abstract
Aim and Introduction
After the global economic recession in 2008-2009, the discussion about countercyclical and procyclical fiscal policies and their effects on the economy began. Countercyclical fiscal policy is applied to reduce economic fluctuations by adjusting government spending and taxes against the business cycle. The aim of this policy is to stabilize the economy and flatten its fluctuations. On the contrary, procyclical fiscal policy strengthens economic fluctuations in the direction of business cycles. On the other hand, fiscal sustainability refers to the government's ability to maintain expenditures, income and public debt at a certain level in the long term without jeopardizing economic stability or facing a fiscal crisis. A sustainable fiscal policy ensures that the government's debt in the long run is at a level proportional to the size of the economy. The main questions of this research are as follows:
After the global economic recession in 2008-2009, the discussion about countercyclical and procyclical fiscal policies and their effects on the economy began. Countercyclical fiscal policy is applied to reduce economic fluctuations by adjusting government spending and taxes against the business cycle. The aim of this policy is to stabilize the economy and flatten its fluctuations. On the contrary, procyclical fiscal policy strengthens economic fluctuations in the direction of business cycles. On the other hand, fiscal sustainability refers to the government's ability to maintain expenditures, income and public debt at a certain level in the long term without jeopardizing economic stability or facing a fiscal crisis. A sustainable fiscal policy ensures that the government's debt in the long run is at a level proportional to the size of the economy. The main questions of this research are as follows:
- Is Iran's fiscal policy countercyclical or procyclical?
- Is Iran's fiscal policy sustainable?
- What is the effect of cyclical fiscal policy and fiscal sustainability on the Iranian economic growth?
- How is the mutual relationship between fiscal sustainability and cyclical fiscal policy in Iran?
Methodology
The evaluation of fiscal policy cyclicality and fiscal sustainability and their determinants have been previously researched. However, the effect of cyclical fiscal policy and fiscal sustainability on economic growth and their mutual relationship has not been covered. This research, has utilized Iran's 1970-2021 annual data and a state-space model with time-varying parameters and an autoregressive distributed lags model as well as Kalman filter method. Moreover, to evaluate Iran's cyclical fiscal policy and fiscal sustainability, the effect of cyclical fiscal policy and fiscal sustainability on economic growth have been investigated. The research also deals with the mutual effect between cyclical fiscal policy and fiscal sustainability in Iran.
Findings
In this research, in order to evaluate the cyclical behavior of Iran's fiscal policy and obtaining the index, a state-space model with time-varying parameters, is estimated in which the real GDP logarithm coefficient varies over time. Then, in order to assess Iran's fiscal sustainability and obtaining the index, a state-space model with time-varying parameters is estimated. Finally, an autoregressive distributed lags model is utilized to estimate the effect of cyclical fiscal policy index and fiscal sustainability index on economic growth, as well as estimating the mutual effect between cyclical fiscal policy index and fiscal sustainability index.
Discussion and Conclusion
The findings of this research show: First, Iran's cyclical fiscal policy index estimated in all years is positive and has not recorded a negative number in any year, which means that the fiscal policy implemented in Iran during the period 1970-2021, was procyclical. In other words, the fiscal policy implemented in Iran has increased the range of fluctuations of cycles and for this reason, it has made the Iranian economy vulnerable to the economic shocks. Second, the estimated Iran's fiscal sustainability index is negative in most years so that the average fiscal sustainability index in the entire period is -0.068. This indicates the unsustainability of Iran's fiscal policy in the period 1970-2021. The trend of the smoothed changes of the time-varying parameter related to the fiscal sustainability index is also downward, which means that Iran's fiscal sustainability has been weakening over time and has moved in the direction of unsustainability. Third, Iran's cyclical fiscal policy index has had a negative effect on economic growth. In other words, procyclical behavior of Iran's fiscal policy has slowed down the economic growth rate. Fourth, Iran's fiscal sustainability index has a negative and significant effect on economic growth. Based on the estimated fiscal sustainability index, unsustainability is evident within Iran's fiscal policy. Therefore, unsustainability of Iran's fiscal policy has weakened economic growth. Fifth, Iran's fiscal unsustainability has increased the procyclical behavior of fiscal policy and as a result, exacerbated the fluctuations of economic cycles. Sixth, the increasing Iran's cyclical fiscal policy index reduces the reaction of the primary balance to the government debt. In other words, the increase in the procyclical behavior of the fiscal policy weakens Iran's fiscal sustainability
The evaluation of fiscal policy cyclicality and fiscal sustainability and their determinants have been previously researched. However, the effect of cyclical fiscal policy and fiscal sustainability on economic growth and their mutual relationship has not been covered. This research, has utilized Iran's 1970-2021 annual data and a state-space model with time-varying parameters and an autoregressive distributed lags model as well as Kalman filter method. Moreover, to evaluate Iran's cyclical fiscal policy and fiscal sustainability, the effect of cyclical fiscal policy and fiscal sustainability on economic growth have been investigated. The research also deals with the mutual effect between cyclical fiscal policy and fiscal sustainability in Iran.
Findings
In this research, in order to evaluate the cyclical behavior of Iran's fiscal policy and obtaining the index, a state-space model with time-varying parameters, is estimated in which the real GDP logarithm coefficient varies over time. Then, in order to assess Iran's fiscal sustainability and obtaining the index, a state-space model with time-varying parameters is estimated. Finally, an autoregressive distributed lags model is utilized to estimate the effect of cyclical fiscal policy index and fiscal sustainability index on economic growth, as well as estimating the mutual effect between cyclical fiscal policy index and fiscal sustainability index.
Discussion and Conclusion
The findings of this research show: First, Iran's cyclical fiscal policy index estimated in all years is positive and has not recorded a negative number in any year, which means that the fiscal policy implemented in Iran during the period 1970-2021, was procyclical. In other words, the fiscal policy implemented in Iran has increased the range of fluctuations of cycles and for this reason, it has made the Iranian economy vulnerable to the economic shocks. Second, the estimated Iran's fiscal sustainability index is negative in most years so that the average fiscal sustainability index in the entire period is -0.068. This indicates the unsustainability of Iran's fiscal policy in the period 1970-2021. The trend of the smoothed changes of the time-varying parameter related to the fiscal sustainability index is also downward, which means that Iran's fiscal sustainability has been weakening over time and has moved in the direction of unsustainability. Third, Iran's cyclical fiscal policy index has had a negative effect on economic growth. In other words, procyclical behavior of Iran's fiscal policy has slowed down the economic growth rate. Fourth, Iran's fiscal sustainability index has a negative and significant effect on economic growth. Based on the estimated fiscal sustainability index, unsustainability is evident within Iran's fiscal policy. Therefore, unsustainability of Iran's fiscal policy has weakened economic growth. Fifth, Iran's fiscal unsustainability has increased the procyclical behavior of fiscal policy and as a result, exacerbated the fluctuations of economic cycles. Sixth, the increasing Iran's cyclical fiscal policy index reduces the reaction of the primary balance to the government debt. In other words, the increase in the procyclical behavior of the fiscal policy weakens Iran's fiscal sustainability
Volume 0, Issue 0 (12-2024)
Abstract
Aim and Introduction
Asset bubbles arise when the prices of assets – such as real estate or stocks –significantly exceed their intrinsic value due to excessive speculation and investor euphoria. These bubbles are typically characterized by rapid price escalations that become disconnected from fundamental economic indicators, driven more by market psychology than by real economic value. Although asset bubbles may generate short-term economic benefits, they pose serious risks to financial stability, as their eventual collapse often results in sharp market corrections, financial crises, and broader economic downturns.
Monetary policy, primarily executed by central banks, plays a critical role in influencing macroeconomic conditions through liquidity management, credit accessibility, and interest rate adjustments. On the one hand, expansionary monetary policies—characterized by low interest rates and increased liquidity—can stimulate speculative investment and contribute to the formation of asset bubbles. On the other hand, central banks can use contractionary policies—such as raising interest rates or reducing liquidity—to dampen excessive market exuberance and promote financial stability.
The complex relationship between asset bubbles and monetary policy underscores a significant challenge for economists and policymakers, who must balance the goals of economic growth and financial stability. A nuanced understanding of this relationship is crucial for designing effective regulatory frameworks and policy interventions capable of mitigating harmful boom-and-bust cycles and fostering sustainable economic development.
Methodology
This study examines stock market bubbles and the influence of monetary policy in five D-8 countries, Iran, Turkey, Indonesia, Malaysia, and Egypt, over the period 2009–2023. Two key analytical approaches are employed:
Log-Periodic Power Law Singularity with Confidence Interval (LPPLS-CI) for detecting stock price bubbles, and
Asset bubbles arise when the prices of assets – such as real estate or stocks –significantly exceed their intrinsic value due to excessive speculation and investor euphoria. These bubbles are typically characterized by rapid price escalations that become disconnected from fundamental economic indicators, driven more by market psychology than by real economic value. Although asset bubbles may generate short-term economic benefits, they pose serious risks to financial stability, as their eventual collapse often results in sharp market corrections, financial crises, and broader economic downturns.
Monetary policy, primarily executed by central banks, plays a critical role in influencing macroeconomic conditions through liquidity management, credit accessibility, and interest rate adjustments. On the one hand, expansionary monetary policies—characterized by low interest rates and increased liquidity—can stimulate speculative investment and contribute to the formation of asset bubbles. On the other hand, central banks can use contractionary policies—such as raising interest rates or reducing liquidity—to dampen excessive market exuberance and promote financial stability.
The complex relationship between asset bubbles and monetary policy underscores a significant challenge for economists and policymakers, who must balance the goals of economic growth and financial stability. A nuanced understanding of this relationship is crucial for designing effective regulatory frameworks and policy interventions capable of mitigating harmful boom-and-bust cycles and fostering sustainable economic development.
Methodology
This study examines stock market bubbles and the influence of monetary policy in five D-8 countries, Iran, Turkey, Indonesia, Malaysia, and Egypt, over the period 2009–2023. Two key analytical approaches are employed:
Log-Periodic Power Law Singularity with Confidence Interval (LPPLS-CI) for detecting stock price bubbles, and
- Panel Vector Autoregression (P-VAR) for assessing the dynamic impact of monetary policy variables.
The LPPLS-CI model enhances traditional LPPLS techniques by incorporating confidence intervals, thus improving the accuracy and robustness of bubble detection. This model identifies unsustainable asset price growth and log-periodic oscillations—signals typically preceding bubble collapses. Its predictive capacity offers early warning signals that are valuable for financial market monitoring.
To evaluate the effects of monetary policy on these bubbles, the study employs the P-VAR model. This econometric framework captures interdependencies between multiple time-series variables—including stock prices, interest rates, inflation, and liquidity—by analyzing their lagged interactions. This comprehensive approach facilitates a dynamic understanding of how monetary policy decisions shape speculative trends and bubble formation. The effectiveness of this analysis depends on key methodological considerations, including appropriate model specification, lag length selection, and rigorous validation techniques.
Results and Discussion
The LPPLS-CI analysis confirms the presence of stock price bubbles across various time scales (short-, medium-, and long-term) in the selected countries throughout the 2009–2023 period. These bubbles were characterized by rapid price increases fueled by speculative behavior and optimistic market sentiment, ultimately followed by sharp corrections.
The P-VAR results demonstrated that high inflation, increased liquidity, and low interest rates were key contributors to bubble formation. These conditions encouraged capital inflows into financial markets, driving up stock prices beyond sustainable levels. However, as monetary policy conditions tightened or external economic shocks emerged, these bubbles burst, resulting in significant financial losses and increased market volatility.
The findings underscore the dual nature of monetary policy: while accommodative policies can promote growth and investment, they also risk inflating asset bubbles. The study emphasizes the need for balanced and proactive policy responses to prevent systemic instability. Regulatory oversight, timely monetary adjustments, and enhanced early warning mechanisms are crucial in minimizing the risks associated with speculative excesses.
Conclusion
Monetary policy in the examined D-8 countries significantly influences the formation and trajectory of stock market bubbles. Expansionary policies may exacerbate bubbles, leading to financial shocks, economic contractions, and capital flight when the bubbles burst. The study underscores the imperative for central banks in emerging markets to carefully manage accurate interest rates, control inflation, and stabilize liquidity to safeguard financial markets.
Key components of monetary policy affecting asset bubbles include:
To evaluate the effects of monetary policy on these bubbles, the study employs the P-VAR model. This econometric framework captures interdependencies between multiple time-series variables—including stock prices, interest rates, inflation, and liquidity—by analyzing their lagged interactions. This comprehensive approach facilitates a dynamic understanding of how monetary policy decisions shape speculative trends and bubble formation. The effectiveness of this analysis depends on key methodological considerations, including appropriate model specification, lag length selection, and rigorous validation techniques.
Results and Discussion
The LPPLS-CI analysis confirms the presence of stock price bubbles across various time scales (short-, medium-, and long-term) in the selected countries throughout the 2009–2023 period. These bubbles were characterized by rapid price increases fueled by speculative behavior and optimistic market sentiment, ultimately followed by sharp corrections.
The P-VAR results demonstrated that high inflation, increased liquidity, and low interest rates were key contributors to bubble formation. These conditions encouraged capital inflows into financial markets, driving up stock prices beyond sustainable levels. However, as monetary policy conditions tightened or external economic shocks emerged, these bubbles burst, resulting in significant financial losses and increased market volatility.
The findings underscore the dual nature of monetary policy: while accommodative policies can promote growth and investment, they also risk inflating asset bubbles. The study emphasizes the need for balanced and proactive policy responses to prevent systemic instability. Regulatory oversight, timely monetary adjustments, and enhanced early warning mechanisms are crucial in minimizing the risks associated with speculative excesses.
Conclusion
Monetary policy in the examined D-8 countries significantly influences the formation and trajectory of stock market bubbles. Expansionary policies may exacerbate bubbles, leading to financial shocks, economic contractions, and capital flight when the bubbles burst. The study underscores the imperative for central banks in emerging markets to carefully manage accurate interest rates, control inflation, and stabilize liquidity to safeguard financial markets.
Key components of monetary policy affecting asset bubbles include:
- Interest Rates: Low rates can stimulate borrowing and speculation, while higher rates can curb overheating but may suppress growth.
- Quantitative Easing (QE): Although QE enhances liquidity and asset values, prolonged implementation can fuel speculative bubbles.
To prevent crises, Policy recommendations include:
- Regulatory Oversight: Strengthen financial regulations to enhance transparency and mitigate systemic risks.
- Macroprudential Tools: Implement counter-cyclical capital buffers and risk-weighted asset requirements.
- Monetary Policy Adjustments: Implement forward guidance and timely rate changes to manage expectations.
- Early Warning Systems: Monitor key financial indicators to detect signs of market overheating.
- Investment Diversification: Encourage asset diversification to reduce systemic exposure.
Implementing these strategies can help minimize the occurrence and adverse consequences of asset bubbles, contributing to more resilient financial systems and sustainable economic growth in the D-8 member countries.
Volume 0, Issue 0 (12-2024)
Abstract
Aim and Introduction
Financial markets have become one of the most attractive environments for investment in the modern era. Through the efficient allocation of capital, these markets exert a significant influence across various domains, including trade, education, employment, technology, and the broader economy. Financial markets are categorized into specific industries and sectors based on the characteristics of the goods and services produced. These unique features and industry-specific conditions influence productivity, which in turn affects returns.
Industry-level returns reflect a combination of financial and non-financial factors that shape stock market dynamics. Industry data offer critical insights into the sources of a country’s economic growth, particularly from an industrial standpoint. Furthermore, industries often act as a leading force in the stock market, as their performance is closely tied to macroeconomic fundamentals.
There are two primary approaches to investing in stocks and generating returns commensurate with risk: the fundamental approach and the technical approach. The fundamental approach is based on three key levels of analysis. The first is macroeconomic analysis, which considers variables such as gross domestic product, monetary policy, and the broader economic environment, along with their effects on the returns of various industries and sectors. The second is industry analysis, which evaluates the performance of companies within a specific industry based on the unique conditions and characteristics of that industry. The third is company analysis, which focuses on assessing a firm’s current operations and financial status to determine its intrinsic value and future potential. Therefore, industry-level analysis serves as a crucial component within the broader framework of fundamental investment analysis.
At the industry level, macroeconomic variables—especially government monetary policy—play a pivotal role. Monetary policy influences capital markets through four primary transmission channels: the exchange rate, interest rate, credit, and asset prices.
Methodology
To examine the research hypotheses regarding the impact of monetary policy on the returns of small and large industries from April 2010 to March 2024, this study employs the Pooled Mean Group (PMG) estimator on monthly data. A key advantage of this method is its capacity to handle both stationary and non-stationary variables, thereby overcoming issues related to cointegration and the limited power of unit root tests in long-term estimations.
The model used is a Panel Autoregressive Distributed Lag (ARDL) framework, which enables the simultaneous estimation of short-term and long-term coefficients. In this framework, a long-run relationship is assumed betweenY t X t μ i
The error correction model is as follows:
∆ y it = μ i + ∅ i y i , t + β i ' X it + j =1 p - 1 ω ij * ∆ y i , t - j + j =0 q - 1 δ ij *' ∆ X i , t - j +…+ ε it
The final equation is as follows:
∆ y it μ i + ∅ i y i , t - 1 - θ i ' X it + j =1 p - 1 ω ij * ∆ y i , t - j + j =0 q - 1 δ ij *' ∆ X i , t - j +…+ ε it
In this study, the dependent variable is the industry return (IR) for small and large industries, and the key independent variable is Monetary Policy (MP)—measured via the Monetary Conditions Index based on principal component analysis. Additional control variables include Liquidity Volume (LV), Oil Price (OP), and the Consumer Price Index (CPI).
Findings
The results for long-term relationships reveal a positive and significant relationship between monetary policy and the return of small industries on the Tehran Stock Exchange, with an estimated coefficient of approximately 4.1%. However, no significant long-term relationship was found between monetary policy and the return of large industries.
In the short term, the error correction terms are estimated at -0.78 and -0.70 for small and large industries, respectively. This indicates that roughly 78% and 70% of the disequilibrium between the independent and dependent variables is corrected each period, guiding the system toward long-run equilibrium. In the first model (small industries), monetary policy has no immediate impact on returns. Conversely, in the second model (large industries), monetary policy exerts a significant short-term effect at the 5% level.
Conclusion
Government policies exert a profound influence on financial markets, with monetary policy playing a distinct and varying role across industries. Despite its importance, this differentiation has received limited attention in Iran. This study contributes to the literature by analyzing the differential effects of monetary policy on small and large industries, using the PMG model to estimate both short-term and long-term impacts on a monthly basis from April 2010 to March 2024.
The findings reveal that, in the long run, monetary policy exerts a positive and significant impact on the returns of small industries, whereas this effect is absent in large industries. In the short run, with the significance of the error correction term confirming the adjustment toward long-term equilibrium, the dynamics between the independent and dependent variables become balanced over time. Furthermore, the analysis indicates that monetary policy has no significant effect on small industries in the short term but demonstrates a positive and significant impact in the long term. In contrast, for large industries, monetary policy has no discernible effect in the long run but exerts a positive and significant influence in the short term.
These results confirm both the main and sub-hypotheses of the study, which posit that the effects of monetary policy vary between small and large industries and differ across time horizons. Consequently, investors are advised to consider firm size, as reflected in market value, when constructing their portfolios. Specifically, they should align their investment strategies with their time horizons—favoring small industries for long-term investments and large industries for short-term opportunities.
Financial markets have become one of the most attractive environments for investment in the modern era. Through the efficient allocation of capital, these markets exert a significant influence across various domains, including trade, education, employment, technology, and the broader economy. Financial markets are categorized into specific industries and sectors based on the characteristics of the goods and services produced. These unique features and industry-specific conditions influence productivity, which in turn affects returns.
Industry-level returns reflect a combination of financial and non-financial factors that shape stock market dynamics. Industry data offer critical insights into the sources of a country’s economic growth, particularly from an industrial standpoint. Furthermore, industries often act as a leading force in the stock market, as their performance is closely tied to macroeconomic fundamentals.
There are two primary approaches to investing in stocks and generating returns commensurate with risk: the fundamental approach and the technical approach. The fundamental approach is based on three key levels of analysis. The first is macroeconomic analysis, which considers variables such as gross domestic product, monetary policy, and the broader economic environment, along with their effects on the returns of various industries and sectors. The second is industry analysis, which evaluates the performance of companies within a specific industry based on the unique conditions and characteristics of that industry. The third is company analysis, which focuses on assessing a firm’s current operations and financial status to determine its intrinsic value and future potential. Therefore, industry-level analysis serves as a crucial component within the broader framework of fundamental investment analysis.
At the industry level, macroeconomic variables—especially government monetary policy—play a pivotal role. Monetary policy influences capital markets through four primary transmission channels: the exchange rate, interest rate, credit, and asset prices.
Methodology
To examine the research hypotheses regarding the impact of monetary policy on the returns of small and large industries from April 2010 to March 2024, this study employs the Pooled Mean Group (PMG) estimator on monthly data. A key advantage of this method is its capacity to handle both stationary and non-stationary variables, thereby overcoming issues related to cointegration and the limited power of unit root tests in long-term estimations.
The model used is a Panel Autoregressive Distributed Lag (ARDL) framework, which enables the simultaneous estimation of short-term and long-term coefficients. In this framework, a long-run relationship is assumed between
The error correction model is as follows:
The final equation is as follows:
In this study, the dependent variable is the industry return (IR) for small and large industries, and the key independent variable is Monetary Policy (MP)—measured via the Monetary Conditions Index based on principal component analysis. Additional control variables include Liquidity Volume (LV), Oil Price (OP), and the Consumer Price Index (CPI).
Findings
The results for long-term relationships reveal a positive and significant relationship between monetary policy and the return of small industries on the Tehran Stock Exchange, with an estimated coefficient of approximately 4.1%. However, no significant long-term relationship was found between monetary policy and the return of large industries.
In the short term, the error correction terms are estimated at -0.78 and -0.70 for small and large industries, respectively. This indicates that roughly 78% and 70% of the disequilibrium between the independent and dependent variables is corrected each period, guiding the system toward long-run equilibrium. In the first model (small industries), monetary policy has no immediate impact on returns. Conversely, in the second model (large industries), monetary policy exerts a significant short-term effect at the 5% level.
Conclusion
Government policies exert a profound influence on financial markets, with monetary policy playing a distinct and varying role across industries. Despite its importance, this differentiation has received limited attention in Iran. This study contributes to the literature by analyzing the differential effects of monetary policy on small and large industries, using the PMG model to estimate both short-term and long-term impacts on a monthly basis from April 2010 to March 2024.
The findings reveal that, in the long run, monetary policy exerts a positive and significant impact on the returns of small industries, whereas this effect is absent in large industries. In the short run, with the significance of the error correction term confirming the adjustment toward long-term equilibrium, the dynamics between the independent and dependent variables become balanced over time. Furthermore, the analysis indicates that monetary policy has no significant effect on small industries in the short term but demonstrates a positive and significant impact in the long term. In contrast, for large industries, monetary policy has no discernible effect in the long run but exerts a positive and significant influence in the short term.
These results confirm both the main and sub-hypotheses of the study, which posit that the effects of monetary policy vary between small and large industries and differ across time horizons. Consequently, investors are advised to consider firm size, as reflected in market value, when constructing their portfolios. Specifically, they should align their investment strategies with their time horizons—favoring small industries for long-term investments and large industries for short-term opportunities.
Volume 1, Issue 1 (5-2011)
Abstract
Measuring government is among the major challenges faced by public policy makers in any country. The origin of measuring the government performance is the managerial paradigm of political system. Public policies are reflections of government management. For measuring policy outcomes, a measurement system must be designed. The public value model can be used for measuring policy outcomes. In this paper, a model for is proposed measuring public policy performance based public value model.
Volume 1, Issue 1 (4-2021)
Abstract
PPrior to approving the Islamic Penal Code Act 2013, the concept of repentance was accepted to some extent in the context of provisions related to Hudud (fixed religious penalties). In the latest efforts to revise the Islamic Penal Code, the lawmakers dedicated some articles to repentance which stipulated specific rules on the framework and other detailed provisions on applying this concept. This initiative of the legislators can be challenged on the one hand through the criminological analysis of the subject, and on the other hand, in the context of its implementation within the framework of the Code of Criminal Procedure. Due to its ignorance of modern criminological theories, particularly on victimology, the deviation of attention from offender’s personality to the criminal act, and the impossibility of realization of all repentance conditions, it appears that approving legislative provisions on repentance in the Islamic Penal Code will result in a serious crisis. Therefore, in order to reach an effective criminal policy, it is necessary that all aspects of the concept be duly scrutinized. Taking into account the substantive and procedural limits surrounding this topic, the gap between the bases of repentance in the Islamic Penal Code with the recent developments in criminal policy and also the absence of practical approaches to materialize this concept, it seems that its implementation will face challenges, thereby making the criminal policy far away from being effective.
Volume 1, Issue 1 (4-2021)
Abstract
The act of a political offender which is manifested in depicting the ineffectiveness of a governing structure or policy with a reformation motive and without violence requires a distinct legislative strategy and differential trial over ordinary criminals.
In countries that have recognized the principle of freedom of expression, there has been no criminalization of political activities at all, but in countries where criminalization has done, penalizing in comparison to other cases especially with regard to security offenses, is balanced and distinctive.
In Iran, after nearly four decades after the promise of the constitution to define political offences in ordinary law and how to investigate it, finally in 2015, the Law of Political Offence was adopted. However, on the one hand, the legal ambiguity about the definition of political offences and the explanation of its cases violates the "transparency principle" and has provided the basis for interpretability of legal articles and dispersion in judgments. On the other hand, judges' stereotype in considering any protesting behavior or speech of citizens anti-security due to legislator's high sensitivity to banning any act or statement of protest or critique of the sovereignty and also preferring the presumption of guilt and malice instead of the presumption of Innocence and prima facie by judges has become a serious obstacle in the way of differential investigation to political charges. This research, in a descriptive-analytical way, explores the criminal policy of Iran with regard to political offence and its challenges using library resources.
Volume 1, Issue 2 (12-2019)
Abstract
Introduction: The main purpose of organizing space in each country is, firstly, providing an optimal service to the maximum of citizens and, secondly, managing the people who live in a country. Despite numerous attempts, geographical space of Iran is away from the spatial justice and the center-periphery pattern is the dominant pattern of its spatial relationships. The aim of this study was to investigate the foundations of spatial injustice in Iran. This paper with analytical–descriptive method and relying on the library resources tried to identify and classify the factors affecting the spatial injustice in Iran.
Conclusion: Spatial injustice in Iran comes from two main areas, including the natural, cultural, social, and economic conditions of any geographic location (the inherent characteristics of the regions), and the political economy of space, decisions of policy makers, and economic planners. The peripheral areas with 16 provinces and central areas with 14 provinces (including Alborz province) form the political space of Iran. Peripheral areas of the country include about 50% of area and 50.7% of the population, showing that 50% of development of the country should be concentrated in border areas so that regional balances are established in the spatial pattern of Iran. The focus of facilities and services in the center causes the remoteness of some provinces and their exclusion from these benefits.
Volume 1, Issue 2 (1-2025)
Abstract
Geopolitics is considered a tool for advancing foreign policy goals. Geopolitics is an effort to push the world towards a situation where political affairs and its perspectives are considered integrated and uniform. Therefore, foreign policy objectives should be evaluated in line with its geopolitical perspective, which will include material resources to ideological and semantic resources. In the meantime, Iran's interaction with the African continent and Ethiopia increased significantly in the 1960s-1970s, which was influenced by economic, political and strategic factors. This research was written with the aim of explaining and investigating the geopolitical factors influencing the foreign policy of the Islamic Republic of Iran in Ethiopia using descriptive-analytical method. The findings of the research showed that geographical, economic, cultural, political, security factors, the presence of regional and extra-regional powers are among the important factors that have pushed the foreign policy of the Islamic Republic of Iran towards Ethiopia. Because Ethiopia has long-standing historical and cultural ties with Iran, and from the economic point of view, due to its proximity to West Asia, it can be considered as Iran's gateway to Africa and to some extent free Iran from international isolation that it has not been able to so far. is to take advantage of this unique situation properly. As a result, it can be said that the Islamic Republic of Iran will be able to increase its influence in this country through the formulation of policies in the economic, cultural and political dimension
Volume 1, Issue 2 (1-2025)
Abstract
The United States of America has always tried to play a role in different regions of the world due to the international position it gained after the Second World War and especially after the collapse of the Soviet Union. Although the importance of those regions in American grand strategies has never been the same. The question that the upcoming article intends to examine and answer is what is the form, nature and type of America's interaction with the African continent and what principles and foundations does it follow. The hypothesis that is examined in response to this question using the analytical-historical method is that the United States is moving away from value-based foreign policy and a broad definition of the war against terrorism, towards foreign policy Based on security and strategic requirements, it has moved to countries located or close to the western and eastern coastal border of the African continent.
Volume 2, Issue 1 (3-2025)
Abstract
This article aims to analyze the capabilities of Africa for the Islamic Republic of Iran and to describe Iran's foreign policy approach toward the continent. Employing a qualitative descriptive-analytical methodology, the study seeks to evaluate how the Islamic Republic of Iran’s approach toward Africa can be understood. In response to this inquiry, the authors highlight Africa’s numerical strength in international organizations, its mineral resources, and its consumer markets. Despite challenges such as lack of mutual understanding, geographical distance, economic non-compatibility between Iran and African countries, the absence of direct and regular air and maritime connections, unilateral international sanctions against Iran, and the absence of a comprehensive strategy for developing cooperation, the authors contend that Africa remains a continent rich in opportunities for Iranian investment. The article is structured in three sections: the first reviews the history of Iran-Africa relations and the positive mutual perceptions held by Iranians and Africans; the second analyzes common interests and opportunities for mutual benefit; and the third explores the obstacles to and solutions for enhancing Iran-Africa relations. The conclusion emphasizes that, while Iran aims to play a role in transferring science and technology to Africa, adopting an approach focused on strengthening the value chain can help improve Iran’s economic diplomacy across the continent.
Volume 2, Issue 3 (12-2020)
Abstract
In the space of smart cities, many previous patterns of citizens' lives have undergone fundamental changes.
The purpose of this study is to explain the patterns of policy in national and local dimensions (city) in these cities and provide the best policy model in all dimensions for smart cities. In order to answer the question, what is the appropriate policy model for smart cities in national and local dimensions ? Using descriptive-analytical method, this research has identified policy models in smart cities based on cyberspace policy models in national (country governance) and local (city) dimensions. In the national dimension, three models (free, participatory and control) and in the local dimension, one model (web-based) have been identified and the advantages and disadvantages of each have been mentioned.
Also, considering that the smart city is based on the geographical space of current cities, a combined model in the national and urban dimension can be the best model for policy-making in and around these cities. The hybrid policy model describes the sum of the structural linkage processes between the physical space of the city and the intelligent space resulting from the use of new technologies, especially cyberspace. In this sense, the links and relations that are established between these two spaces at the national and local levels require political actors to adopt a mixed policy model
Volume 2, Issue 9 (12-1998)
Abstract
Nariman Tirgar Fagheri Mohammad Hossein Najafi Abarand Abadi The restriction of custodial sentences is the importance subject which suggested in the criminal policy of the most pencl system. In this article we dislussed the global efforts and criminal legislation policy of Iran for restriction of custeidal sentence. The main motives to notice of such policy are tbe unsuccesfully costoidal sentence in socialre reintegration of offenders goals of decreasing prison over crowching and preventional recidivism decreasing of expenditure that resulting enforcement of custoidal sentence. Also the efforts for restrictional custoidal sentence in global level has as effects on national legislation with the guiding rules. At this fundation we discussed regional international activities for restriction of custiodal sentence of finally the changes of Iranian criminal legislation policies in before ofter islamic revolution. Consequencely ofter considering the global efforts to criminal legistation policy of iran we needs to supply certain practical method. It also suggsted that to be supply certain practical method with vespect of accepted principal for sentences and with consideveing the international practical method to guiding rules in ordered to suitable used of adjustment to atieration to suspention policy of cuntiodal sentence.
Volume 3, Issue 2 (4-2012)
Abstract
Urban diplomacy is a new urban phenomenon and policy in a global urban management arena. It is also an advanced alternative policy instrument for extension of inter-cities social, cultural and political relations as well as corporations on human urban development. For these reasons, many of advanced urban regimes, especially in the western societies, attempt to apply this urban diplomacy in replace for nation-state politics as well as traditional international relations. Then, in this article, we describe both urban diplomacy theory and its relations with urban politics and urban management, as well as its urban policy experiences, which have been emerged in new urban management systems at global level of contemporary urban societies. Furthermore, according to the findings of this article, the main idea and procedure of urban diplomacy is that global mega-cities must solve their urban problems and confront with socio-cultural challenges by urban capacities, abilities and potentials, existing in urban participatory management diplomacy.
Volume 3, Issue 3 (12-2021)
Abstract
The world is faced with new threats which have taken complex nature day by day. One of these treats is environmental degradation which is a direct threat to human life and human being. For this reason, the EU and the EU member states have understood the importance of this threat from 1960 onwards and have tried planning of the space, appropriately. This article using descriptive-analytic method tries to investigate the EU experience in the domain of environmental policy making and it believes that this can be useful in optimal environmental policy making in Iran. The research findings show that the EU most important strategies and action plans (in the horizon of 2030) are as follows: biodiversity, chemicals and jungle strategies and circular economy and environmental action plans. Besides, the EU has had action plans to confront with energy, water and food crises which are in relation with environmental issues and threats
Volume 3, Issue 4 (12-2021)
Abstract
With the outbreak of the Islamic Revolution in 1979, Islamic ideological discourse as the most important element in the discursive field of the discourse of modernism was able to articulate with other sub-discourses and according to its capabilities, credibility and populism was able to bring the transcendence of their discourse to the foreground in comparison with the dominant discourse and especially in relation to rival discourses. This new discourse with the creation of a new ideal space emerged as a discourse of hegemony and created a dominant political construction in this period in the history of Iran. What further led to the hegemony of this Islamic ideological discourse over rival discourses, along with Ayatollah Khomeini's charisma, was the adoption of a strategy right under the guise of a policy of solidarity between different groups in the sense that Laclau and Mouffe envisioned. It signifies the creation of an organic alliance between groups, parties, organizations, and the masses with the aim of turning social affairs into political ones. This study deals with a fundamental approach and using an analytic-descriptive method i.e discourse analysis, investigates the dominance of Islamic ideological discourse over the political construction of space in the first decade of the revolution. The purpose of this study is to investigate the relationship between space, power and discourse in the Foucaultian sense and its effect on the political construction of space. The central signifier of this discourse is the Islamic ideology that emerged in opposition to and in the negation of the centrality of the previous discourse, Western modernism. Also, the space-place notion in which this discourse is manifested is the Islamic nation where the element of land is eliminated and extended to the realm of the world, instead.
Volume 4, Issue 2 (4-2012)
Abstract
The subject of this paper is the development of national economy, with the main question of “How can we explain the political barriers of the development of national economy in Iran (1989-2004)? In order to solving the problem, we refered to the theories of development by categorizing and critically evaluating. Then we formulated the theoretic apparatus, which is synthesis of Left-witch theory of developmental state, Rentier state theory and short-term society of Katouzian. By operational definition of the concepts of theoretic apparatus, for the purpose of data collection, we used documentary analysis. As for the method as judgment, narrative analysis was applied to analyze the so-called phenomenon as a historical case and to consider it as a research exemplar with the purpose of causal explanation of underdevelopment in Iran. The resareh findings showed that in the case of Rentier state and short-term policy making, development of national economy is weak.
Volume 4, Issue 2 (12-2022)
Abstract
The issue of management and planning for urban fringe in different countries always experience different approaches, attitudes that are generally in the form of protection or development of urban fringe and surroundings areas, because it depends on political, economic and institutional developments over time. For this reason, there is no uniform and formal definition of urban fringe among different countries. Over the past five decades, city of Tehran has adopted different policies in the plans and provided projects which were different in the preparation and implementation. In the present study, five decades of planning for the Urban Fringe of Tehran are investigated and analyzed, and these programs have been studied and analyzed from two dimensions of policy and quality. The paper is applied and is based on a non-intrusive interpretive approach. The information gathering tools are library studies and use of various sources and texts. The study's findings for policy analysis identified five categories (management, planning, organization, conservation, development) and for analyzing the quality of the seven categories (program presentation, effect of reality, popular participation, infrastructure capacity, land status, implementation and adaptability). The results of the analysis of the programs show that in the developed programs the main approach and policy is based on the protection of Urban Fringe, which in order to achieve it should improve the integrity (due to the way of implementation) and legitimacy (due to lack of public participation) of the programs.
Volume 4, Issue 3 (12-2014)
Abstract
In developing countries, innovation is less than expectation, so these countries require to consider a different development paradigm such as learning economy that focus on active learning and the “doing, using and interacting” innovation approach for introducing the required context for creating and diffusing informal interaction that may result to technical knowledge acquisition. In this paper, the effective factors on Iran’s transition to learning economy have been identified. Research approach is inductive and qualitative and themes and components have been identifies based on grounded theory. By considering the importance and role of organization in relation with determined themes and components, organizational implications for Iran’s transition to learning economy include learning organization, organizational unlearning, policy learning and organizational capacity, and absorptive capacity and organizational capability have been investigated.