Hasan Sobhani; aliasghar ghaeminia
Abstract
Money is one of the powerful institutions that humankind created and developed and nowadays it affects all of aspects of social human life. Money essentially is production of human socialization and we should think of it as a social reality that although has a special and independent role for each individual, ...
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Money is one of the powerful institutions that humankind created and developed and nowadays it affects all of aspects of social human life. Money essentially is production of human socialization and we should think of it as a social reality that although has a special and independent role for each individual, but it has overall acceptance in the society. Bitcoin is a decentralized electronic fiat currency implemented using cryptography and peer-to-peer technology. Because of increasing development of bitcoin and also other similar currencies, our monetary policy-makers should take proper position about it. In this study we make an analysis about value of bitcoin in context of Etebariat theory developed by Allameh Tabataba’i and argue that value of bitcoin is consistent with this context. Our study about monetary and banking schools like metalism, chartalism, money in circle and banking shows that because of peer-to-peer system of Bitcoin, although Bitcoin is inconsistent with all of the abovementioned theories, but it is consist with Etebariat theory because of no need to third party. So Bitcoin is a counter-example to classical theory of money and it verify Etebariat theory.
Farhad Dejpasand; Hossein Goudarzi
Volume 9, Issue 34 , October 2009, , Pages 15-41
Abstract
Applied study about developing countries indicates real devaluation of the currency has different effect on balance of payments. Devaluation of the currency can improve balance of payment if the exchange market was in the relative stability and monetary and fiscal policy was also specified and not expansionary. ...
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Applied study about developing countries indicates real devaluation of the currency has different effect on balance of payments. Devaluation of the currency can improve balance of payment if the exchange market was in the relative stability and monetary and fiscal policy was also specified and not expansionary. Exchange market stationary examines by Marshal Lerner condition. Marshal Lerner condition states that if absolute sum of demand and supply elasticity of exchange rate is greater than one exchange market is stable and increasing exchange rate or devaluation of the currency can improve the balance of payments. This study examines Marshal Lerner condition in Iran by Time series and panel data model. The result of this empirical examine suggests that the Marshal Lerner condition
does not satisfy by time series estimation of the model in long and short run. The result of panel data estimation of the model also suggests that Marshal Lerner condition does not hold in Iran.
Mahmood Daneshvar Kakhki; Siavash Dehghanian; Ali Firooz Zarea
Volume 9, Issue 32 , April 2009, , Pages 147-166
Abstract
Estimating liquidity demand function considered as an instrument of designing effective policies on money balance. Based on different lookouts, economists represent different models. By using Iran´s time series data of 1974-2001, this study have estimated long-run relationship of money demand; ...
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Estimating liquidity demand function considered as an instrument of designing effective policies on money balance. Based on different lookouts, economists represent different models. By using Iran´s time series data of 1974-2001, this study have estimated long-run relationship of money demand; moreover, this have tried to investigate effects of short-run shocks on money demand. Results depicted that income, oil incomes, exchange rate and interest rate influence on money demand in short-run; furthermore, there is a long-run relationship between these variables and money demand. Also, on condition that a shock comes to across to money demand, only twenty six percent of this shock will be adjusted.
Parviz Mohammadzadeh
Volume 8, Issue 28 , April 2008, , Pages 41-72
Abstract
Budget deficitis the result of financial polices in economics. Using of these polices has significant and important effect on economy. The most important question about increasing of government debt or budget deficit is whether it is able to change the real variable in economy or not. We can find answer ...
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Budget deficitis the result of financial polices in economics. Using of these polices has significant and important effect on economy. The most important question about increasing of government debt or budget deficit is whether it is able to change the real variable in economy or not. We can find answer to this question by analyzing the outcome of budget deficit in short-run and long- run. In order to answer the question, relationship between budget deficit and money demand has been surveyed in this paper. In this paper, we survey the effect of budget deficit on money demand. There are three main theories: 1) Keynesian theory 2) Neoclassical theory and 3) Ricardian equivalence theory. The result based on econometrics models by using Iran economy data indicated that there is a long-run dynamics relationship between budget deficit and money demand.
Ahmad Jafari Samimi; Zahra Elmi; Ali Sadeghzadeh Yazdi
Volume 7, Issue 25 , July 2007, , Pages 75-99
Abstract
In recent centuries, many surveys have been done about money demand function and the variables which affect it, in developed and developing countries. As far as knowing this function accurately, it helps economic planners to adopt suitable monetary and fiscal policies, in order to achieve economic ends. ...
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In recent centuries, many surveys have been done about money demand function and the variables which affect it, in developed and developing countries. As far as knowing this function accurately, it helps economic planners to adopt suitable monetary and fiscal policies, in order to achieve economic ends. Besides the known variables which estimate the money demand function, Gini coefficient variable can be used as income distribution variable in this function. In this article, the effect of Gini coefficient on money demand has been studied and evaluated. Also autoregressive distributed lag method (ARDL) and the annual data of 1999-2004 have been used. The results show that real money balance according to limited and wide money definition is cointegration with gross domestic product, rate of inflation and foreign exchange rate. And sign of Gini coefficient theoretically is not correct. To study short-run analysis of long-run equilibrium the error correction model was used, and the error correction term coefficient shows that, moving towards long-run equilibrium is slow in money market. The stability tests results show the stability of money demand function coefficients. In other words we can accept that money demand function is stable in Iran.
