The old idea of segmented macroeconomics of the financial sector competing with the real economy is replaced by a new model, which manifests strong interaction, integration and co-evolution by circular causation relations between the monetary sector and the real economy with the bridging function of finance and financial instruments. The Money, Finance, Spending and Real Economy (MFSRE) model e...

Treasury bonds provide money-like services, while other bonds do not. These money-like services, which include safety and liquidity, are valued more during financial crises, reducing the substitutability of actual Treasuries and synthetic Treasuries—other types of bonds that yield the same cash flows. Large equilibrium yield spreads between actual and synthetic Treasuries result. During the rec...

In financial markets such as Tehran Stock Exchange, P/E coefficient, which is one of the most well-known instruments for evaluating stock prices in financial markets, is considered necessary for shareholders, investors, analysts and corporate executives. P/E is used as an important indicator in investment decisions. In this research, harmony search metaheuristic algorithm is used to select opti...

The aim of this study was to compare, under controlled conditions, reproduction results of cultured and wild stock of the chub. Wild fish spawned only once a season whereas the cultured stock spawned at least two times. In the multiple-spawn stock, fewer fish spawned and the weight of produced oocytes was reduced compared to the single-spawn stock. Larvae obtained from the multi-spawn forms wer...

he notion of diffuse stock ownership is well entrenched among economists. It started with Adam Smith’s legendary warning in Wealth of Nations about the “negligence and profusion” that will result when those who manage enterprises are “rather of other people’s money than of their own.” A century and a half later, another lawyer, Adolf Berle, along with a journalist, Gardiner Means, returned to t...

This paper proposes a general equilibrium model that aims at quantifying the distributive effects of anticipated inflation in an incomplete market economy with heterogeneous agents. Based on empirical evidence, this paper assumes a fixed cost to participate in financial markets, which in equilibrium generates a theory of money. Money is a return dominated asset, but also a costless mean to smoo...

Islamic bank has to perform well in order to deliver better return in compensating depositor`s money. This paper is conducted to identify the relative significance assigned to macroeconomics variables for maximizing depositor’s opportunity. Furthermore, it becomes very necessary to have a prediction of future rate of return to get a clear picture in making deposit decision. This research uses s...

The paper reconstructs the origins of the quantity theory of money and its applications. Against the background of the history of money, it is shown that the theory was flexible enough to adapt to institutional change and thus succeeded in maintaining its relevance. To this day, it is useful as an analytical framework. Although, due to Goodhart's Law, it now has only limited potential to guide ...

Article history: Received 5 August 2012 Accepted 26 August 2012 Available online 7 September 2012 This paper investigates the effect of house money on the risk taking behavior of individual investors. When gains are more substantial, individuals tend to take greater risk. The house money effect seems to decline over time because the propensity for risk taking following gains is diminished with ...

We investigate the risk-return relation in international stock markets using realized variance constructed from MSCI (Morgan Stanley Capital International) daily stock price indices. In contrast with the capital asset pricing model, realized variance by itself provides negligible information about future excess stock market returns; however, we uncover a positive and significant risk-return tra...