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Mr Firas Sabah Alivi, Dr Sara Ghobadi, Dr Saad Makassees, Dr Hossein Sharifi Renani,
Volume 0, Issue 0 (Articles accepted for Publication 2024)
Abstract

Aim and Introduction:
Vulnerable employment, a segment of the informal economy, includes home-based businesses that emerge due to a lack of opportunities for formal employment. These businesses often operate without essential benefits such as medical insurance, social security, bonuses, and pensions, which exposes workers to economic instability. Consequently, many individuals engaged in vulnerable employment seek loans and financial assistance to expand their business activities and transition to the formal sector. Banks, as the primary providers of such loans, request collateral from borrowers – typically in the form of property documents – to ensure repayment and mitigate financial risk. Strengthening legal rights related to loan collateral enhances banks’ confidence in issuing loans, thereby increasing access to credit for vulnerable workers.
Due to the oil-dependent nature of OPEC economies and their reliance on oil revenues, many of these countries often lack robust production infrastructures capable of generating sufficient formal employment opportunities. This study aims to analyze the effect of strengthening loan-related legal rights on vulnerable employment in OPEC member countries, including Iran, Iraq, Algeria, Angola, Congo, Gabon, Kuwait, Saudi Arabia, the United Arab Emirates, Venezuela, Guinea, Libya, and Nigeria, during the period from 2013 to 2021.
Methodology:
Following the approach of Herkenhoff et al. (2021), this study employs a model in which the independent variables include the strength of legal rights related to loans, oil revenues, secondary school enrollment rates, and the urbanization ratio. Given the study’s objective of analyzing the threshold effects of legal loan rights on vulnerable employment, the Panel Smooth Transition Regression (PSTRmouseout="msoCommentHide('_com_1')" onmouseover="msoCommentShow('_anchor_1','_com_1')">[A1] ) method is used to estimate the model.
Results and Discussion:
The analysis identifies a 6.22% threshold in the legal rights index, distinguishing two distinct regimes. In the first regime, the strength of legal loan rights does not significantly impact vulnerable employment. However, in the second regime, a higher index value reduces vulnerable employment, suggesting that more substantial legal loan rights facilitate the transition of workers from the vulnerable to the formal sector. Additionally, oil revenues and secondary school enrollment rates exhibit a negative effect on vulnerable employment, while the urbanization ratio has a positive effect.
Conclusion:
The findings of this study indicate that strengthening legal loan rights has contributed to a reduction in vulnerable employment, which is a subset of informal employment. This shift has contributed to growth in formal sector employment.  Banking regulations and enhanced requirements for obtaining collateral have increased banks’ confidence in lending, as they are better able to mitigate the risk of non-repayment. However, this system primarily benefits individuals who can pledge valid collateral, such as real estate and housing documents. Given the high value of such collateralized assets, borrowers are more likely to invest their loans in business development, transitioning their employment from the informal to the formal sector. In addition to securing stable employment, they also gain access to social benefits such as insurance and social security. This financial stability enables them to make timely loan repayments, preventing defaults and preserving their financial credibility.
Based on these findings, it is recommended that governments and banking authorities in the investigated countries implement strict laws and regulations to guarantee loan security and identify factors contributing to bank insolvency. Such measures would help prevent financial resource mismanagement in the banking sector and reduce the probability of bank failures. Strengthening financial regulations and risk management strategies would facilitate lending, ultimately promoting employment growth in the formal sector and reducing the prevalence of vulnerable employment.
Furthermore, the study reveals that oil revenues negatively impact vulnerable employment, which may be attributed to increased government spending on productive investments and formal job creation. This suggests that redirecting oil revenues toward investment, production, and employment generation—rather than short-term expenditures—can facilitate the transition of workers from the informal to the formal sector. Thus, policymakers are encouraged to prioritize long-term economic strategies that allocate oil revenues to sectors that foster sustainable employment opportunities.
The findings also highlight the positive effect of education on labor force transition. Higher levels of education and training result in a more skilled workforce, increasing their acceptance and employability in formal job markets. Therefore, governments should allocate additional resources to public education, provide free schooling, and expand access to higher education for economically disadvantaged groups. Promoting scientific education and fostering a culture that values learning can further enhance workforce skills and economic mobility.
Finally, the study finds that urbanization has had a positive effect on vulnerable employment, indicating that increasing urbanization has not been accompanied by industrial advancements or skill development, thereby failing to support the expansion of the formal sector. Instead, urbanization in the studied countries has often been driven by unfavorable business environments, weak regulatory frameworks, and a lack of political transparency, contributing to the growth of the informal economy. To address these challenges, policymakers should focus on improving governance, strengthening legal and economic structures, and fostering a business-friendly environment that supports formal employment

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mouseout="msoCommentHide('_com_1')" onmouseover="msoCommentShow('_anchor_1','_com_1')" style="text-align: justify;"> [A1]The written abbreviation is for “the Panel Smooth Transition Regression”


Volume 6, Issue 12 (Fall & Winter 2020)
Abstract

Study and recognition and comparison of the divine names, plays an important role in understanding, translation and interpreting the Qur'an. In this research by using descriptive and analytical method, the eight divine names in the field of creation are examined. Based on Arabic poetry and prose, words of linguists and commentators, linguistic contexts, and succession relations, their exact meaning and their use in different verses should be revealed. "Sanee" means who create with precision, science and power. "Sanee" translated to "Maker". "Khaliq" means who create on the basis of size and creativity. The word "Khaliq" in Qur'an is associated with two names: "Rabb" (The Lord) and Razegh" (The Provider). "Khaliq" translated to "Creator"."Fatir" means who fission the inexistence and signifies God's power and greatness. "Fatir" translated to "Bringer". "Mobde", according to its antonyms [Moiid], means who began the creation. "Mobde" translated to "Producer". "Monshe" means the creator who exalt the creations. "Monshe" translated to "Establisher". "Badiee" implies that the Creator's innovation and his needless from former matter and form "Badiee" translated to "Originator". "Bare" means the Creator who himself and His creations are isolated from all flaws. "Bare" translated to "Shaper". "Zare" means the creator that his creations are vast, wide, and dispersed. "Zare" translated to "Multiplier". Without questioning it must consider the conceptual difference between these names in the translation, interpretation and cite of the verses.



Volume 7, Issue 1 (Winter 2025)
Abstract

Spatial inequalities and income and capital gaps between different areas of society are currently considered one of the most significant barriers to sustainable development. Disparities between disadvantaged regions (border or non-border) and developed regions, as well as urban-rural gaps, are the most important signs of spatial inequalities. This paper attempts to study the degree of integration or disparity between urban and rural areas in Iran over the past four decades using a secondary analysis method. Four variables will be analyzed: population distribution, dominant economic and production sectors, poverty levels and distribution, and income and expenditure gaps. Evaluation of the spatial planning system’s performance in the country reveals a sectoral and non-planning approach with an emphasis on centralization and urbanization, which has exacerbated inequalities and disparities between peripheral and central regions, as well as between urban and rural areas. The country has experienced rapid, unplanned, and sometimes uneven urbanization, to the detriment of the sustainability and population balance in small urban areas and rural ones, which has not necessarily been accompanied by balanced regional development. Large cities have attracted a labor force to their peripheries, leading to a life of poverty in marginal and rural areas. While absolute poverty has decreased, rural populations, especially in disadvantaged areas, continue to bear the brunt of poverty. Income and expenditure indicators have also favored urban dwellers. Overall, macro-level data in the country indicates the existence of spatial divisions. However, wherever urban-rural linkages have been established and strengthened, regional and urban-rural disparities have decreased.
 
Rahim Dalali Esfehani, Hooshang Shajari, Mohsen Renani, Sohrab Delangizan,
Volume 8, Issue 1 (4-2008)
Abstract

The locus paper in topic “Expectations and Neutrality of Money” (1972) is a seminal paper. This article was written in Over Lapping Generation (OLG) model with received from rational expectations and to draw up in stochastically mathematic. Results of this paper were reference to Phillips Curve as a solution of the equilibrium systems. From Lucas paper time to now, many of studies was proceed to Lucas model and results, But nor of them no attention to his results in non stochastic space, stochastic allocation of old people and growth existence in labor force. Central question of our study is test of results and behavior of Locus base model with these subjects. Method of our study is using of mathematical solutions and foundation analysis. The most important result of our study is this: The results of this study by criticism and expansion in Lucas model will acquire some of contributions in OLG models. This results show that some of Lucas results will impressible when we change its basic assumption, but we can’t use Lucas results in price equation for supported and analysis of classical school theorems.
Mohsen Renani, Ali Morad Sharifi, Rahman Khosh Akhlagh, ,
Volume 9, Issue 3 (10-2009)
Abstract

Large natural gas reserves are a great potential economic advantage for Iran's economy. As long as the consumption and production of the natural gas increase in the country, gas industry will play a vital role in meeting oil industry's needs. This paper aims to investigate optimal usage of the Iranian natural gas reserves among different applications and also opportunity cost of allocations by developing the gas industry over a long time horizon. Using welfare function, nonlinear dynamic model is applied to solve the problem of gas allocation among alternatives such as domestic consumption, gas injection, gas exports or gas salvaging using the data over the period 2006-2031. The constraints include gas production, requirements of gas injection, domestic growth, gas consumption and other effective variables and parameters related to the natural gas reserves allocation. Findings confirm that priorities and the values of optimal allocation gas depend on the constraints of natural gas production, energy policy, target of injection for preservation or increasing the pressure of oil reservoirs and gas imports. Furthermore, low discount rate gas injection has an absolute priority to gas exports. In the baseline scenario, if domestic gas consumption continuously growth at its average rate of last 11 years performance, it won't be possible to allocate gas injection according to the preservation pressure of oil reservoirs scenario and gas exports. The results of optimal gas salvage and its shadow price shows that the lack of gas production ability has a very high opportunity cost at the beginning years.

Volume 9, Issue 17 (Spring & Summer 2022)
Abstract

Sentence:  ﴿وَ لمَّا سُقِطَ فیِ أَیْدِیهِمhas been considered by Quranic commentators and Arab writers. There is a wide difference in the literary analysis of this sentence and its meaning. Most scholars have considered this interpretation as an allusion or metaphor of regret. And they have tried to make a connection between the apparent meaning of the words of this sentence and the meaning of regret. The result of this effort is fourteen different words in the literary-rhetorical analysis of this sentence. And some commentators think that sentence a means to face something sudden, distasteful and scary, and regret may follow such an encounter. The accuracy of verse 149 of Surah A'raf, the study of the sayings of the commentators, and the search for earlier and contemporary Arabic texts reinforce this view. The translators of the Holy Quran used different ways to translate this sentence. Most translators, following the commentators, have considered this sentence to mean regret. Some translators have translated it word for word: It fell into their hands / It was thrown into their hands. Some translators have translated this sentence: They found that they had believed in the wrong. The best option for translating this interpretation into English seems to be: "When the matter was dropped in their hands" (Translation of the Qur'an By T. B. Irving).

Somayeh Aghamohammadi Renani, Mohammad Vaez Barzani, Rahim Dallali Esfahani, Mohammadreza Ghasemi,
Volume 13, Issue 2 (summer 2013 2013)
Abstract

Banks as important financial institutions have drawn attention of economic researchers because their impacts on various economic sectors. Despite positive role which banks play, they cause economic instability due to providing services particularly intermediary ones, so that most of economic researchers consider banks as main cause of current financial crisis. With regard to role of banks in economic instability, this research pays attention to financial intermediary role of commercial banks as their main product on economic instability. In particular, this research tests the impact of commercial bank products on economic instability as the core hypothesis. The results show that commercial banks as financial intermediaries had negative impact on Iran’s Economic stability during 1981-2007.
Mansour Khalili Araghi, Elham Nobahar, Mahboobeh Kabiri Renani,
Volume 16, Issue 4 (winter 2016 2016)
Abstract

According to the Holy Islam, there are mutual relationships between citizens and the state in an Islamic society; which imply complement duties for both sides. The Sharia has defined different responsibilities for the citizens, which in accordance with the Islamic state will result in a better society. Among these responsibilities is the reaction of a Muslim when witnessing a crime in the society. By using the game theory approach we have studied the consequences of two Islamic orders, i.e. enjoining right and forbidding wrong. We have modeled the reactions of the people when seeing a crime in the society in the framework of a strategic game with VNM preferences. The results show that not paying enough attention to these two valuable orders would reduce the individual and social utility. In other words, if people follow the enjoining right and forbidding wrong, the economic and social costs of crime for the society will decrease and the social welfare will increase.
Amir Jabbari, Dr Mohsen Renani, Dr Majid Dashtban Farooji, Narges Akbari,
Volume 18, Issue 2 (summer 2018)
Abstract

In their economic analysis of democracy and its institutions, economists often use methods which are very similar to market analysis. When methods and techniques of economic analysis are used in studying democracy, one of the interesting results is that the performance of the political market is similar to that of economic market. The timelessness of money as private good is an important condition for the optimal resource allocation mechanism in the economic market. In this regard, this article uses the mechanism of the timelessness of money in the economic market in order to allocate advantages and benefits to citizens in the political market optimally. To do this, a monetary model similar to the political market sphere is designed using the concept of Anthony Downs’s (1957) rational voter hypothesis, and applying the idea of Paul Samuelson's (1958) monetary model within microeconomic theory of consumption. Using such model, the timelessness and storability of votes can investigated. The results show that the timelessness of money leads to a superior allocation, Pareto optimality and improvement in the optimal situation of voters.
Mrs. Azadeh Afshari, Sara Ghobadi, Dr Hossien Sharifi Renani,
Volume 23, Issue 1 (Spring 2023 2023)
Abstract

Aim and Introduction
During crises, the best way to reduce economic vulnerability is to increase the stability of banks. According to Basel Committee's emphasis, the survival rate of any economy is proportional to the stability rate of its banks, and the stability of banks is also proportional to their efficiency rate. But in the current economic conditions of the country, where extensive political and economic risks are threatening the state of financial and monetary systems, examining the situation and predicting future risks, and preparing in advance to face high-risk conditions is the best way to deal with the effects of these threats. Therefore, as the most important step in examining the conditions of monetary institutions, it is very important to identify the factors affecting the development of the monetary sector that can affect the stability of banks. By knowing these indicators, banks can quickly adapt to new conditions, in such a way that they understand and absorb internal and external risks efficiently in the shortest possible time.
Methodology
By examining the issue of stability of banks among the researchers registered in two scientific databases, “Web of Science and Scopus”, and transferring the keywords of 173 articles found in these two databases from 1991 to 2020 to Vosviewer software, the relationship between the keywords of these researches was checked with stability. According to the possibility or impossibility of collecting the statistics of these cases at the level of the country's banks, finally, 17 possible indicators affecting the stability of Iranian banks were identified. Then, their data were collected at the level of 30 Iranian public and private banks and credit institutions during 2002-2020. On the other hand, all the amounts involved in the indices were converted to the price of the base year of 2002 with the help of the inflation index calculator, available on the Central Bank website. Then, with the help of the econometric method of dynamic panel data, the relationship between these indicators and the stability values of the country's banks was examined and Sargan's post-estimation tests and AR(1) and AR(2) statistics were used to measure the validity and accuracy of the model. To estimate the model, firstly, by performing the unit root test of Im, Pesaran, and Shin, (specific to panel models in Stata software), the mean of each variable was evaluated. Since the degree of integration of all variables was not the same, with the help of the KAO cointegration test for panel data, the possibility of the existence of a relationship between independent and dependent variables was investigated. Then, with the help of the augmented Dickey-Fuller statistic, it was observed that hypothesis H0 was rejected and the association between the proposed independent variables and the dependent variable was stable. To determine stability-related variables, step-by-step invalid variables with a significance level greater than 0.05 were removed from the desired model and the new model was re-run until the final variables were determined.
Findings
The results showed that the first hypothesis was rejected, and efficiency was still an important factor in the stability of Iranian banks. Secondly, regarding the second hypothesis, the nature of banks, (whether they are public or private), was not considered an effective factor in their stability. Regarding the third hypothesis, 9 variables were involved with the stability of Iranian banks according to their coefficients. These variables include the ratio of Non-Performing Loan (NPL), the ratio of equity to assets, the ratio of fixed assets to total assets, previous period stability, the ratio of cash to total assets, total assets balance, the ratio of capital to liabilities, loan growth rate and the level of efficiency. Finally, the top efficient and stable Iranian banks were introduced in 2020 and the research findings were explained in the light of theoretical foundations.
Discussion and Conclusion
According to the effect of assets and their components on the stability of banks, it is suggested that each bank’s optimal amount of assets be defined. Also, the lending rate should be changed by the growth of inflation to maintain the reasonable profit margin of the banks. Due to the importance of investigating the simultaneous effect of profitability and efficiency on the stability of banks in crisis conditions, it is necessary to investigate these cases in future research.
 
Mrs. Nasim Miladi Lari, Dr. Hosein Sharifi Renani, Dr. Saeed Daeikarimzadeh,
Volume 23, Issue 3 (autumn 2023)
Abstract

Aims and Introduction
The household is an important economic institution, which forms a major part of people's attitudes and beliefs and plays a key role in raising children and the workforce. The vulnerability and ability of this institutional unit to deal with risks are of important impacts on economic performance. On the other hand, developing countries usually face a lack of capital due to low domestic savings and limited access to capital markets. The entry of foreign capital through the receipt of official development aid leads to access to foreign markets with modern technologies and the acquisition of management skills, thus contributing to economic growth. International trade also leads to the provision of capital and machinery, which are necessary for economic development. Thus, the purpose of this article is to analyze the effect of the household risk preparation, official development aid and the trade openness on Iran's economic growth during 1997-2020.
Methodology
In this article, firstly, following the World Development Report (2014) and using the variables of the sub-indices of access to financial resources, social support, human capital and the economic capacity of the government, the combined index of the household risk preparation is calculated by the method of Principal Components Analysis (PCA) in order to weight the selected variables. Then the following model is specified according to Foa (2014) and Zhao et al. (2021). The model is estimated using smooth transition regression (STR) method:  
GDPGt=σ'Xt+Ω'Xt. Tγ,c,st+ξt                                                             (1)
In equation (1), Xt
  is a vector of independent variables (Household risk preparation, official development aid, trade openness, labor force, physical capital and labor productivity), σ'=(σ0,σ1,…,σz)' 
  is the vector of the linear part's coefficients and Ω'=(Ω0,Ω1,…,Ωz)'
   is the vector of the nonlinear part's coefficients. c is the threshold level, γ is the transition speed between regimes, st
  is the transition variable, T is the  transition function. In the STR model, the transition between different regimes is done by the logistic function (LSTR) or the exponential function (ESTR). The linearity of the model should be tested and the appropriate transition variable should be selected.  
Results and Discussion
The results indicate that the household risk preparation index is the transition variable with one threshold level and two regimes (LSTR1), which by passing the threshold level of 0.789% leads to the transfer of the growth function from the first regime to the second. On the other hand, household risk preparation index, trade openness, capital, labor and labor productivity have positive effects on economic growth in both regimes, but their effects have  been intensified in the second regime. This is despite the fact that the variable of official development aid has a positive effect on economic growth in the first regime, but it has no significant effect in the second regime.
Conclusion
According to the results, it is recommended to pay attention to the most important factors affecting household risk preparation, such as the household's access to facilities and financial credits. Since many households in developing countries including Iran do not have accurate knowledge of financial concepts, types of loans and credits, and conditions for receiving loans and credits, it is recommended to increase the level of household awareness in using this type of financial services. The share of loans and credits to the households should be increased and the necessary measures should be taken to facilitate the receipt of loans. On the other hand, it is recommended to design policies in order to increase the minimum wage according to the competence of the workforce, provide specialized training before entering higher education levels, and hold training courses for parents in order to increase investment in the education and health of children. Also, the development of programs based on free and universal health, effective management of foreign debts by directing borrowing resources to highly productive sectors can be proposed to improve the household risk preparation.



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