Shahid Beheshti UniversityInternational Journal of New Political Economy3060-62336220251001Management of Public Debt in Morocco: Balancing Economic Reform Imperatives and the Limits of Sovereign Decision-Making73810638510.48308/jep.2025.241351.1244ENMohamed El CharifBenkhayiProfessor of Public Law at Sidi Mohamed Ben Abdellah University – Fez, Kingdom of Morocco, MoroccoJournal Article20250901This research paper examines the management of public debt in Morocco, focusing on the balance between economic reform imperatives and the challenges to national sovereignty. The article explores the concept of sovereignty derived from social contract theory, whereby citizens delegate their authority to the government through the constitution to regulate resource allocation and resolve disputes. However, the influence of globalization and international financial institutions, such as the International Monetary Fund and the World Bank, has constrained this sovereignty by imposing fiscal reforms. In the international context, Morocco faces pressures from the European Union to amend its tax policies, exacerbating economic challenges and adversely affecting vulnerable populations. Domestically, the parliament exercises oversight over financial treaties, but its role remains limited compared to the executive branch, which manages debt through the Directorate of Treasury and External Finance, prioritizing financial market stability. Judicial oversight is undertaken by the Court of Accounts, which has noted unprecedented levels of public debt, highlighting transparency challenges. The paper recommends strengthening governance and fostering a national dialogue to delineate responsibilities and ensure the sustainability of public finances while cautioning against the risks of excessive borrowing amid global crises.https://jep.sbu.ac.ir/article_106385_503069f06f3b2f1b446b7ed89d3e0ea4.pdfShahid Beheshti UniversityInternational Journal of New Political Economy3060-62336220251001Estimating the Effect of Economic Growth on the Human Development Index in Iraq for the Period (1970-2022): A Quantile Regression Approach396510618910.48308/jep.2025.240363.1228ENKazem AbdulazizAl-QarghuliPhD student in Economics. Faculty of Economics and Management. University of Tabriz. Tabriz. IranRezaRanjpourAssociate Professor, Department of Economic Development and Planning, Faculty of Economics and Management. University of Tabriz,Tabriz, IranDavoudBehboudiAssociate Professor, Department of Economic Development and Planning, Faculty of Economics and Management, University of Tabriz, Tabriz. Iran.Mayeh ShabibHodhoudfull Professor, Department of Economics, University of Kufa, Najaf. IraqJournal Article20250610This study investigates how economic growth, along with other key variables, has influenced the Human Development Index (HDI) in Iraq over the period 1970–2022, employing a quantile regression approach. Given Iraq’s history of armed conflicts, political instability, and economic disruptions, understanding the determinants of human development has become increasingly vital, especially in the context of reconstruction efforts initiated in 2018. The quantile regression technique enables the assessment of differential effects of explanatory variables across various levels of the HDI distribution rather than relying solely on average effects. The analysis demonstrates that, for most quantiles, economic growth, public spending relative to GDP, exchange rate dynamics, and oil revenues have a positive and statistically significant impact on Iraq’s HDI. In contrast, urbanization and trade openness show a negative and statistically significant effect in several quantiles. These findings suggest that to enhance human development, the Iraqi government should adopt flexible exchange rate policies, increase productive public spending, and focus on expanding oil production and exports to raise income levels and improve social welfare.https://jep.sbu.ac.ir/article_106189_524509e8eea024745a8b6d470d1e6a71.pdfShahid Beheshti UniversityInternational Journal of New Political Economy3060-62336220251001The Impact of Financial Complexity on the Host’s FDI Inflow in Selected Asian Countries678910601910.48308/jep.2025.238516.1210ENFatemahPoorabdollahEconomics Deptartment., Yazd University, Yazd, IranSeyed-nezamuddinMakiyanEconomics Dept., Yazd University, Yazd, IranJournal Article20250221Foreign investment can be considered as a leverage to help countries in achieving higher growth and development. Foreign investment inflow into a country can be used as a key factor for development. In order to increase foreign investment, its determinants factors should be clarified and a right policy decision should be taken. This paper aims to examine the impact of financial complexity as an effective factor on the host’s FDI inflow in 15 Asian countries for 2010 to 2021. At first, we determined the amount of financial complexity for investigated countries. For this, we developed a novel method to calculate the financial complexity by McCabe's number. For explain the relationship between FDI factors and host country’s FDI inflow, we estimate a model and consider FDI as dependent variable and financial complexity, and also exchange rate, GDP growth, interest rate and trade openness as independent variables, to examine the relationship between them. Results indicate that FDI is positively sensitive to host country financial complexity, indicating the higher financial complexity lead to higher FDI inflow.https://jep.sbu.ac.ir/article_106019_ec7d219cb7a2fcfbe91703e5b91f74aa.pdfShahid Beheshti UniversityInternational Journal of New Political Economy3060-62336220251001The effect of money supply on investment efficiency9112110631410.48308/jep.2025.240657.1233ENAsraZandi Baghcheh MaryamMaster of Science in Accounting, Faculty of Humanities and Social Sciences, University of Kurdistan, Sanandaj, Iran.ZanyarSajjadiAssistant Professor, Department of accounting, Faculty of Humanities and Social Sciences, University of Kurdistan, Sanandaj, Iran.ZanaMozaffariAssistant Professor of Economics, University of Kurdistan, Sanandaj, IranJournal Article20250803In the modern economy, investment is the primary driver of economic development and value creation within firms. Improving investment efficiency by optimizing the selection of financial resources can lead to economic growth. From a conceptual standpoint, finding, funding, and carrying out projects with a positive net present value is known as investment efficiency. Monetary policies, as key tools of central banks, influence economic stability and the direction of financial flows. These policies, through variables such as interest rates, liquidity, and the money supply, affect investor behavior and corporate decisions. Based on this, the present study investigates the relationship between money supply and investment efficiency. The statistical sample for this study comprises 134 Tehran Stock Exchange-listed companies over 11 years, from March 21, 2013, to March 19, 2024. Data are estimated applying panel data to the generalized method of moments (GMM). The findings suggest that the money supply possesses a statistically significant and positive effect on investment efficiency. Furthermore, the findings suggest a negative and statistically significant impact of the money supply on insufficient investment, as well as a positive and statistically significant effect on excessive investment. These results suggest that an expansive monetary policy reduces the level of inadequate investment while increasing the level of overinvestment. This study emphasizes the impact of the money supply on various economic sectors. It makes sense for investors to diversify their investment portfolios and mitigate risks arising from sudden fluctuations in monetary policies.https://jep.sbu.ac.ir/article_106314_b655085c5502f49cd6df96d01a0d9f7d.pdfShahid Beheshti UniversityInternational Journal of New Political Economy3060-62336220251001Arbitrary Despotism and Taxation in Iran: Analysing an Iranalogist’s standpoint12314410625710.48308/jep.2025.106257ENHomaKatouzianSt Antony’s College; Member, the Faulty of Oriental Studies, University of Oxford, Oxford, UKJournal Article20250926Since time immemorial Iran has been ruled by a system of arbitrary despotism which, inevitably, has affected all aspects of state and society. A major example was the land tax which normally fleeced the peasants by extracting a heavy rent from them. Willem Floor’s is a substantive study of this system and its consequences for the society. He is a distinguished Iranologist .This article is an investigation in this Regardhttps://jep.sbu.ac.ir/article_106257_873cfdacfa17e0b6aba51ae52e88c223.pdfShahid Beheshti UniversityInternational Journal of New Political Economy3060-62336220251001Estimating the Marginal Industry Cost of Extracting Bitcoin within Its Network: Implications for Evaluating the Expected Profitability of Individual Farms14516710590910.48308/jep.2025.238878.1212ENRahmanKhoshakhlaghRetired Full Professor, Faculty of Economics and Administrative Sciences, University of Esfahan,Esfahan, IranMarzieh SadatSajadiPHD Student, Shahid Ashrafi Esfahani University, Esfahan, IranSaeedSamadiFaculty of Economics and Administrative Sciences, University of Esfahan,Esfahan, IranMohamadVaez BarzaniFaculty of Economics and Administrative Sciences, University of Esfahan,Esfahan, IranJournal Article20250222With the expansion and greater acceptance of the Bitcoin network, a more in-depth economic understanding of it becomes necessary. One of the needed dimensions being chosen as a goal in this research is the evaluation of Bitcoin mining industry costs. Due to the similarity of Bitcoin mining to exhaustible natural resources, paying attention to the main factors of mining and their associated costs at the industry level, which is far less uncertain and more inclusive rather than farm or one miner, is needed. With the information obtained about the cost of mining Bitcoin industry, the expected cost of the individual farm engaged in this activity will be presented. From 60 sample miners whose publication dates were from the beginning of 2019 onwards as representative blocks, the average hash rate and the average time to create each 2016 blocks in the period from the beginning of 2019 to the 20th of June 2024, were used to evaluate the cost of Bitcoin industry. The difference between the price and the marginal costs of miners (called economic rent of Bitcoin production) was also evaluated. This was in contrast to previous studies assuming price was equal to marginal cost of mining cost. The findings showed that a significant part of the costs in the Bitcoin industry was related to energy use, while capital services costs covered a smaller share of the industry's costs. One possible area of further research would be to investigate the role of social industry costs.https://jep.sbu.ac.ir/article_105909_8f6db24441fec0133ec175e61bb8eb12.pdfShahid Beheshti UniversityInternational Journal of New Political Economy3060-62336220251001Social Marketing for Consumption of Modernized Iranian Traditional Clothing with a Look at Asian Experiences16920210631210.48308/jep.2025.239026.1215ENBehrouzRoustakhizAssistant Prof. of Anthropology, Department of Sociology, Faculty of Social Sciences, Allameh Tabataba’i University, Tehran, IranSomayehKazemiPh.D in Research of Art, Department of Research of Art, Faculty of Arts, Alzahra University, Tehran, IranJournal Article20250304Like in some other Asian countries, the Iranians’ tendency to wear traditional clothing has decreased significantly. This paper aims to achieve an appropriate social marketing intervention mix to solve this problem, considering the successful Asian countries’ solutions. Therefore, this study has used documentary and library methods to investigate the main causes of the abovementioned problem in Iran and the countries’ solutions for the same problem. Then, the thematic analysis approach is used to analyze the countries’ actions, considering the mix of strategic social marketing interventions. Results show that the best solutions for updating traditional clothing in Asian countries are media-related solutions. Finally, we achieved a “communicative-interactive social marketing intervention mix.” This refers to a set of complementary marketing interventions that include the use of media tools, as well as non-media social relationships. The study’s main contributions were using strategic social marketing to analyze the consumption of updated traditional clothing and suggest a new model that can also be used to improve the strategies applied in Asia and other countries after cultural adaptation.https://jep.sbu.ac.ir/article_106312_0481b0234732e37d011b184032d423b5.pdfShahid Beheshti UniversityInternational Journal of New Political Economy3060-62336220251001A Multifactorial Analysis of Herding Behavior in the Stock Market: A Theory-Driven Survey in the Tehran Stock Exchange20324010631310.48308/jep.2025.240334.1227ENMohamadAhadzadehislamic azad university science and research branchVahidShabani HeydarabadiMaster's Degree in Business Administration, field of study: international commercial law, Shahid Beheshti University, Tehran, Iran.AliEshaghzadehPh.D. of Finance, Faculty of Management, imam Sadiq University, Tehran, Iran.RuhollahMoradiAssociate Professor, Department of Management and economics, Science and Research Branch, Islamic Azad University, Tehran, Iran.Journal Article20250628<span style="font-size: 11.0pt;">Herding behavior in the stock market disrupts market efficiency as investors imitate others instead of relying on independent analysis. This study examines the impact of Trust in Economic News (TEN), Social Media Influence (SMI), Market Volatility (MV), Behavioral Triggers (BT), and External Economic Factors (EEF) on herding behavior, particularly among Millennials and Gen-Z investors. A survey of 350 retail and institutional investors was conducted in 2025, and data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with Smart PLS 3.2.9. The results show that MV is the strongest driver of herding behavior (β = 0.470, p = 0.000), while SMI (β = 0.368, p = 0.000) and TEN (β = 0.287, p = 0.000) amplify the influence of economic news and social media. Additionally, BT (β = 0.393, p = 0.000) and EEF (β = 0.236, p = 0.000) significantly contribute to herding through emotional and systemic mechanisms. The novelty of this study lies in its comprehensive analysis of the combined influence of cognitive, social, and macroeconomic factors on herding behavior in the stock market, offering both theoretical and practical insights for understanding investor behavior. This research highlights the crucial role of psychological, social, and economic factors in shaping herding behavior.</span>https://jep.sbu.ac.ir/article_106313_ff3050f1e6879715c8f349914e3b95e3.pdfShahid Beheshti UniversityInternational Journal of New Political Economy3060-62336220251001Asymmetric Effects of Oil Rent Shocks on Iran’s Economic Growth: Evidence from a NARDL Approach24126910606110.48308/jep.2025.238339.1206ENMahboobehBozorgimaneshPh.D student, Department of Oil and Gas Economics, Marvdasht Branch, Islamic Azad University, Marvdasht, Iran.Seyed NematollahMosaviProfessor, Department of Agricultural Economics, Marvdasht Branch, Islamic Azad University, Marvdasht, Iran.MehrdadMoradiAssistant Professor, Department of Agricultural Economics, Yasuj Branch, Islamic Azad University, Yasuj, Iran.Journal Article20250111This research explores how positive and negative fluctuations in oil rent impact Iran’s economic performance asymmetrically over the period from 1990 to 2023, employing a Nonlinear Autoregressive Distributed Lag (NARDL) approach for analysis. Employing annual data on GDP per capita, capital stock, industrial employment, population growth, trade openness, and health expenditure, the analysis captures both long-run and short-run dynamics in this resource-dependent economy. The findings indicate a substantial long-term association between economic growth and its key drivers, where capital formation, employment in the industrial sector, and expenditures on healthcare demonstrate notable positive impacts on GDP per capita. Importantly, both increases and decreases in oil rent are found to have statistically significant and similarly sized positive long-term effects on per capita GDP, with estimated coefficients of 0.478 and 0.445 respectively. This highlights Iran's deep dependence on oil income and the dominance of a single sector within its economy. Contrastingly, in the short run, oil rent shocks of both signs exhibit negative impacts, reflecting structural inefficiencies and resource misallocations consistent with the Dutch disease phenomenon. Furthermore, the analysis shows that trade liberalization has a detrimental impact on GDP per capita in both the short and long run, with coefficients of -0.86 and -1.28 respectively, and this negative effect becomes stronger over time. The error correction term is negative and statistically significant, suggesting that the economy adjusts relatively quickly to restore long-term equilibrium after short-term disturbances. These results support the resource curse theory, implying that reliance on oil revenues undermines sustainable economic growth by distorting key sectors and economic incentives. The study recommends policy measures aimed at reducing oil dependency through institutional reforms, strengthening fiscal shock absorbers such as the National Development Fund, diversifying the tax base, and prioritizing public investments in productive sectors like agriculture and manufacturing. Implementing these strategies is essential for fostering a resilient and diversified economy capable of withstanding global oil price volatility.https://jep.sbu.ac.ir/article_106061_e95aa834397442b23118457482398dd0.pdfShahid Beheshti UniversityInternational Journal of New Political Economy3060-62336220251001Investigating the Impact of Business Complexities on the Risk-Taking of Iranian Banks27130310638410.48308/jep.2025.241360.1243ENZeinabAskariDepartment of Accounting, Qe. C., Islamic Azad University, Qeshm, Iran.Mohammad HosseinRanjbarDepartment of Accounting and Finance, BA. C., Islamic Azad University, Bandar Abbas, IranFaeghAhmadiDepartment of Accounting and Finance, Qe. C., Islamic Azad University, Qeshm, Iran.HosseinBadieiDepartment of Accounting and Finance, ST.C., Islamic Azad University, Tehran, Iran.Journal Article20250901This study investigates how multiple facets of corporate complexity influence risk exposure in the Iranian banking sector, using a panel data sample from 21 banks spanning the years 2009 through 2022. Complexity is assessed through two key metrics: non-core assets (nonbank assets) and revenue generated from non-interest activities. Findings from the static model suggest that a greater proportion of non-core assets correlates with lower levels of bank risk. In contrast, non-interest revenue exhibited no meaningful relationship with risk. Additional tests determined that the risk mitigation observed from non-core assets does not operate via increased non-interest income, leading to a rejection of the hypothesized mediating effect. Additionally, it was discovered that bank size, which was included as a moderator, had no discernible impact on this association. In contrast, a dynamic assessment using the System GMM approach produced conflicting results. The key discovery here is proof that bank risk has inherent persistence. Once dynamic variables were properly controlled, the impact of non-core assets on risk was statistically insignificant. This finding shows that the complexity-risk link is less direct than static techniques suggest, as long-run risk features tend to outweigh the effect of specific components. The study improves understanding of the complexity-risk nexus by presenting empirical data from a rising market and emphasizes the importance of using dynamic methodological frameworks in future research.https://jep.sbu.ac.ir/article_106384_33ed20f635f2279c304bf9001a026028.pdfShahid Beheshti UniversityInternational Journal of New Political Economy3060-62336220251001The Optimal Capital Gains Tax Rate under Rent-Seeking Behavior: An Optimal Control Approach with Evidence from Iran30534010644010.48308/jep.2025.239852.1224ENFarzadKhalili BaseriDepartment of Economics, Shiraz University, Fars, IranAli HusseinSamadiDepartment of Economics, Shiraz University, Fars, IranRohollahShahnaziDepartment of Economics, Shiraz University, Fars, IranJournal Article20250507One of the emerging tax bases worldwide is the capital gains tax, which has been proposed in Iran as a measure to curb speculative activities. Taxes and their rates can significantly influence individuals’ economic status, overall societal growth, and social welfare. Consequently, setting appropriate tax rates has long been a complex and debated issue globally. Various factors influence tax rates and the extent to which they achieve their intended objectives, one of the most important being rent seeking. This study investigates the optimal rate of capital gains tax under rent-seeking conditions in Iran. Since this tax is a relatively new concept in the Iranian economy and has not yet been implemented, no empirical data are available for direct analysis. Therefore, the Pontryagin maximum principle is applied in this research. First, a model of an economy characterized by imperfect competition and rent-seeking behavior is developed. The model is then solved theoretically and calibrated using parameters relevant to the Iranian economy. The results indicate that a higher share of capital involved in rent-seeking activities increases the optimal capital gains tax rate. Additionally, an increase in the inflation-adjusted net return on unproductive activities also leads to a higher optimal tax rate.<br /><br /><br />https://jep.sbu.ac.ir/article_106440_cc3ec95b62fd16da36b36c541a5c8a2f.pdf