The financial crisis that surfaced in 2007 has stressed the need to identify the ultimate sources of the incentives that were behind the preceding credit and housing bubbles. To lower the likelihood of future financial collapses, prudent economic policies as well as an adequate regulatory and supervisory framework for financial institutions are required. Monetary policy, in turn, should be dire...

Policy Design is defined to be a new area of inquiry that takes the methods of design into the world of social, economic and environmental policy. Policy exists at many levels and it is increasingly recognized that policies applied to one system may impact on policies applied to other systems. The European Commission suggest a ‘science of global systems’ to improve the way that science can help...

Since about 1990, many developing and transition countries have undertaken market-oriented reforms in their electric power sectors. Despite the widespread adoption of a standard policy model, reform processes and outcomes have often failed to meet expectations. Drawing on an extensive literature review and case studies in Asia, Africa, Latin America, and Eastern Europe, this paper describes com...

It is my pleasure, and indeed an honor, to be invited to join this panel. At the same time, however, I feel somewhat regretful to have to talk on financial crises in Japan and Southeast Asia, where until a few years ago we had taken pride in our record of financial development and stability as compared with the rest of the world. The common factors behind the recent financial instability in thi...

We study optimal macroprudential policy in a model in which unconventional shocks, in the form of news about future fundamentals and regime changes in world interest rates, interact with collateral constraints in driving the dynamics of financial crises. These shocks strengthen incentives to borrow in good times (i.e. when “good news” about future fundamentals coincide with a low-world-interest...

I develop a two market agent-based model to study how global portfolio managers affect global financial crises and stability. The Markowitz model is extended by incorporating several insights from behavioral finance. Simulation results of an agent-based version of the Markowitz model reveal that global financial crises do not occur when global managers are added to the model. However, when risk...

We study optimal macroprudential policy in a model in which unconventional shocks, in the form of news about future fundamentals and regime changes in world interest rates, interact with collateral constraints in driving the dynamics of financial crises. These shocks strengthen incentives to borrow in good times (i.e. when “good news” about future fundamentals coincide with a low-world-interest...

Background and Aim: The health system financing is the process of collecting, pooling and managing financial resources and purchasing healthcare services. Health financing plays an important role in achieving the health system goals and objectives specially universal health coverage. The aim of this study was to strategically analyze the Iranian health financing system and recommend strategies ...