درخت حوزه‌های تخصصی

Various hazards exist in the upstream oil and gas industry. Therefore, the contracting parties of any petroleum contract always try to reduce the inevitable economic burdens of occurring adverse events arising out of risks in the course of petroleum operation by applying legal approaches such as contractual risk allocation provisions, which can be realized by drafting efficient insurance and indemnity clauses as the subset of risk allocation provisions. Hence, this study addressed the main research question of “What are the necessary parameters for drafting the insurance and indemnity clauses in the main types of upstream petroleum contracts?” To achieve this end, the mentioned clauses stipulated in the main types of upstream petroleum contracts, have been examined; including concessions, production sharing, and service contracts of 15 different countries around the world besides the comparative analysis with the new model of Iranian Petroleum Contract (IPC). Eventually, the hypothesis of this study stating “There should be several parameters such as liability towards risks, limitation of liability, exclusions/exemptions, etc. for drafting the insurance and indemnity clauses in these contracts” verified. That is the result and the answer to the research question. Moreover, the comparative analysis of the extracted set of parameters needed to draft these clauses legally, with the related ones in IPC has been done. Therefore, it led to the detection of the existing contractual shortcomings. Thereafter, the necessary suggestions to resolve them are offered, which can enhance the effectiveness of the upstream petroleum contracts and avoids potential litigation in this regard.

Developing economic relations with the countries of the world is necessary for any country, and the nations of the world are always looking to build their business. The expansion of the phenomenon of economic globalization has led states to engage in countries' engagement in pursuing their interests in the form of regional cooperation and the formation of monetary :union:s. Therefore, according to the importance of this issue, the effect of the monetary :union: on bilateral trade is studied using a gravity pattern based on the panel data approach. Also, the factors affecting bilateral trade between selected countries of the world during the period of 1993-2015 are studied. The results of the research show that the effect of a common currency on bilateral trade is positive, which increases trade between countries. Also, the study of variables shows that GDP variables of states and business partners, common currency, race, and standard language have a positive and significant effect on bilateral trade between nations. Real exchange rate variables and trade openness do not affect, and the distance and GDP per capita variables have a negative and significant impact on the flow of trade between the drains. Hence, it is concluded that countries that are adjacent to each other or have common currency would strengthen the trade between themselves, by creating monetary :union:s.

The aim of this study was to investigate the asymmetric effects of exchange rate fluctuations on Stock index of Tehran Stock Exchange. For this purpose, we first calculated the exchange rate fluctuations using model General Autoregressive Conditional Heteroskedastic (GARCH), and then the effect of these fluctuations on the Stock index of Tehran Stock Exchange was estimated using the Generalized Method of Moments (GMM). The data were used daily during the period 2010-2017. Also, the effect of positive and negative fluctuations were separated and included as independent variables in the model. The results of fitting the model indicate that the effect of exchange rate and oil price fluctuations on the Stock index of Tehran Stock Exchange is direct. The results of the model estimation showed that the effect of the positive and negative fluctuations of the exchange rateon Stock Index of Tehran Stock Exchange is asymmetric, so that the effect of the exchange rate increase on the Stock index of stock exchange is far greater than the effect of its reduction. Oil price fluctuations have a direct relationship with the Stock index of Tehran stock exchange. JEL Classification: D82, C51,E32, G00.

Economic growth is the most common goal in any economy, and capital is one of the most important determinants of growth. In the last few decades, the use of securities in various countries' capital markets has expanded and has become an essential part of the economic system supplying the capital need for investors and other institutions. This study aims to analyze the effect of securities used to finance banks (securitization) on economic growth. For this purpose, the theoretical analysis method is used in the framework of a Dynamic Stochastic General Equilibrium (DSGE) model. The theoretical model used is based on Frank Ramsey's (1928) economic growth model. To transform this model into a suitable model for research, the shadow banking system and securitization have been added. The model is then simulated using the calibration method and using the real data of the US economy; then, the macroeconomic changes and fluctuations created by bank securities are explained and analyzed. According to the research findings, issuing securities by banks will lead to slower economic growth. Therefore, it is recommended to avoid the use of securitization in banking.