Search results for: Financial regulation

Authors: Omer Farooq, Salman Ahmed Khan, Sadaf Khalid

Abstract:

Modern day stock markets have almost entirely became automated. Even though it means increased profits for the investors by algorithms acting upon the slightest price change in order of microseconds, it also has given birth to many ethical dilemmas in the sense that slightest mistake can cause people to lose all of their livelihoods. This paper reviews one such event that happened on May 06, 2010 in which $1 trillion dollars disappeared from the Dow Jones Industrial Average. We are going to discuss its various aspects and the ethical dilemmas that have arisen due to it.

Keywords: Flash Crash, Market Crash, Stock Market, Stock Market Crash.

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Authors: Siva Prasad Darla, C. D. Naiju, K. Annamalai, Y. Upendra Sravan

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In recent years, environment regulation forcing manufactures to consider recovery activity of end-of- life products and/or return products for refurbishing, recycling, remanufacturing/repair and disposal in supply chain management. In this paper, a mathematical model is formulated for single product production-inventory system considering remanufacturing/reuse of return products and rate of return products follows a demand like function, dependent on purchasing price and acceptance quality level. It is useful in decision making to determine whether to go for remanufacturing or disposal of returned products along with newly produced products to satisfy a stationary demand. In addition, a modified genetic algorithm approach is proposed, inspired by particle swarm optimization method. Numerical analysis of the case study is carried out to validate the model.

Keywords: Genetic Algorithm, Particle Swarm Optimization, Production, Remanufacturing.

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Authors: I. Kruashvili, I. Inashvili, K. Bziava, M. Lomishvili

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Seepage capillary anomalies in the active layer of soil, related to the soil water movement, often cause variation of soil hydrophysical properties and become one of the main objectives of the hydroecology. It is necessary to mention that all existing equations for computing the seepage flow particularly from soil channels, through dams, bulkheads, and foundations of hydraulic engineering structures are preferable based on the linear seepage law. Regarding the existing beliefs, anomalous seepage is based on postulates according to which the fluid in free volume is characterized by resistance against shear deformation and is presented in the form of initial gradient. According to the above-mentioned information, we have determined: Equation to calculate seepage coefficient when the velocity of transition flow is equal to seepage flow velocity; by means of power function, equations for the calculation of average and maximum velocities of seepage flow have been derived; taking into consideration the fluid continuity condition, average velocity for calculation of average velocity in capillary tube has been received.

Keywords: Seepage, soil, velocity, water.

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Authors: Elnura Assyltayeva, Zhanar Aldubasheva, Zhengisbek Tolen, Ziyakul Assyltayeva, Aliya Alimzhanova

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Mankind has entered into an extremely complex and controversial stage of its development: the world is simultaneously organized and chaoticized, globalized and localized, combined and split. Analysts point out that globalization as a process of strengthening economic, cultural, financial and other ties of states cause many problems. In the economic sphere, it creates the danger of growing gap between the states, in the sphere of politics it leads to the weakening of political power and influence of nation-states.

Keywords: Civic identity, globalization, identity crisis, culture identity

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Authors: T. Niracharapa

Abstract:

The research studied and examined the competitiveness of the animation industry in Thailand. Data were collected based on articles, related reports and websites, news, research, and interviews of key persons from both public and private sectors. The diamond model was used to analyze the study. The major factor driving the Thai animation industry forward includes a quality workforce, their creativity and strong associations. However, discontinuity in government support, infrastructure, marketing, IP creation and financial constraints were factors keeping the Thai animation industry less competitive in the global market.

Keywords: Animation, competitiveness, digital content, Thailand.

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Authors: Talal Alsulaiman, Khaldoun Khashanah

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In this paper, we provided a literature survey on the artificial stock problem (ASM). The paper began by exploring the complexity of the stock market and the needs for ASM. ASM aims to investigate the link between individual behaviors (micro level) and financial market dynamics (macro level). The variety of patterns at the macro level is a function of the AFM complexity. The financial market system is a complex system where the relationship between the micro and macro level cannot be captured analytically. Computational approaches, such as simulation, are expected to comprehend this connection. Agent-based simulation is a simulation technique commonly used to build AFMs. The paper proceeds by discussing the components of the ASM. We consider the roles of behavioral finance (BF) alongside the traditionally risk-averse assumption in the construction of agent’s attributes. Also, the influence of social networks in the developing of agents interactions is addressed. Network topologies such as a small world, distance-based, and scale-free networks may be utilized to outline economic collaborations. In addition, the primary methods for developing agents learning and adaptive abilities have been summarized. These incorporated approach such as Genetic Algorithm, Genetic Programming, Artificial neural network and Reinforcement Learning. In addition, the most common statistical properties (the stylized facts) of stock that are used for calibration and validation of ASM are discussed. Besides, we have reviewed the major related previous studies and categorize the utilized approaches as a part of these studies. Finally, research directions and potential research questions are argued. The research directions of ASM may focus on the macro level by analyzing the market dynamic or on the micro level by investigating the wealth distributions of the agents.

Keywords: Artificial stock markets, agent based simulation, bounded rationality, behavioral finance, artificial neural network, interaction, scale-free networks.

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Authors: Mohammed T. Simsim

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This paper discusses telecominication market developments in Saudi Arabia. Empirical research was carried in the holy city of Makkah to study the customer's preference for mobile cellular service and  
the factor influencing their subscription of the mobile 
phone service. Results indicate that the financial factor sicnificantly influence the customer's selection of the service provider.  


   

  
  



 


  


  




 
 
  



 
 


  
 


 
   

Keywords: Customer, Makkah, Mobile phone, Operator, Saudi Arabia

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Authors: Ling Zheng, Yaping Wei, Kang Cao, Songpo Shi, Jinxing Wang

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It-s difficult for China-s current land transfer institutions limited to county-wide to solve the contradiction between urban-rural development and construction land shortage. On the basis of analyzing China-s construction land transfer system, and evaluation toward Transfer of development rights (TDR) practices in Anhui and Chongqing, the passage proposes: (1) we should establish a multi-level land indicators trade market under the guidance of regional spatial objectives, and allow land transfer paid across cities and counties within a specific area following the regulation of both government and market; (2) it would be better to combine organically the policy ntentions of land plan, regional plan, urban plan and economic plan, and link them with land indicators transfer to promote a wider range of urban-rural balance and regional coordination.

Keywords: China's land institutions, transfer of development rights, urban-rural balance, regional coordination.

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Authors: Swathi Sampath, V. Kalaichelvi

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The assessment of the risk posed by a borrower to a lender is one of the common problems that financial institutions have to deal with. Consumers vying for a mortgage are generally compared to each other by the use of a number called the Credit Score, which is generated by applying a mathematical algorithm to information in the applicant’s credit report. The higher the credit score, the lower the risk posed by the candidate, and the better he is to be taken on by the lender. The objective of the present work is to use fuzzy logic and linguistic rules to create a model that generates Credit Scores.

Keywords: Credit scoring, fuzzy logic, mortgage, risk assessment.

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Authors: Jeng-Wen Lin, Simon Chien-Yuan Chen

Abstract:

Based on assumptions of neo-classical economics and rational choice / public choice theory, this paper investigates the regulation of industrial land use in Taiwan by homeowners associations (HOAs) as opposed to traditional government administration. The comparison, which applies the transaction cost theory and a polynomial regression analysis, manifested that HOAs are superior to conventional government administration in terms of transaction costs and overall efficiency. A case study that compares Taiwan-s commonhold industrial park, NangKang Software Park, to traditional government counterparts using limited data on the costs and returns was analyzed. This empirical study on the relative efficiency of governmental and private institutions justified the important theoretical proposition. Numerical results prove the efficiency of the established model.

Keywords: Homeowners Associations, Institutional Efficiency, Polynomial Regression, Transaction Cost.

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Authors: Jafar Ahmadi, Nafiseh Noormohammadi, Sedigheh Fabriki Ourang

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GRF, Growth regulating factor, genes encode a novel class of plant-specific transcription factors. The GRF proteins play a role in the regulation of cell numbers in young and growing tissues and may act as transcription activations in growth and development of plants. Identification of GRF genes and their expression are important in plants to performance of the growth and development of various organs. In this study, to better understanding the structural and functional differences of GRFs family, 45 GRF proteins sequences in A. thaliana, Z. mays, O. sativa, B. napus, B. rapa, H. vulgare and S. bicolor, have been collected and analyzed through bioinformatics data mining. As a result, in secondary structure of GRFs, the number of alpha helices was more than beta sheets and in all of them QLQ domains were completely in the biggest alpha helix. In all GRFs, QLQ and WRC domains were completely protected except in AtGRF9. These proteins have no trans-membrane domain and due to have nuclear localization signals act in nuclear and they are component of unstable proteins in the test tube.

Keywords: Domain, Gene Family, GRF, Motif.

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Authors: Ben Hamed M., Sbita L

Abstract:

This paper presents a new method for the implementation of a direct rotor flux control (DRFOC) of induction motor (IM) drives. It is based on the rotor flux components regulation. The d and q axis rotor flux components feed proportional integral (PI) controllers. The outputs of which are the target stator voltages (vdsref and vqsref). While, the synchronous speed is depicted at the output of rotor speed controller. In order to accomplish variable speed operation, conventional PI like controller is commonly used. These controllers provide limited good performances over a wide range of operations even under ideal field oriented conditions. An alternate approach is to use the so called fuzzy logic controller. The overall investigated system is implemented using dSpace system based on digital signal processor (DSP). Simulation and experimental results have been presented for a one kw IM drives to confirm the validity of the proposed algorithms.

Keywords: DRFOC, fuzzy logic, variable speed drives, control, IM and real time.

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Authors: Azhar Abdul Rahman

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This paper examines the readability of the chairman’s narratives, as determined by the Flesch score, of a Malaysian public listed company’s corporate reports from 1962 to 2009. It partially supports earlier studies which demonstrated that corporate reports were difficult to read, and had shown very negligible decrease in difficulty over time. Net profit to sales and readability was significantly positively correlated but number of financial statements was significantly negatively correlated with readability.

Keywords: Chairman’s narratives, corporate communications, readability, longitudinal.

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Authors: A. R. Abdul Syukor, A. W. Zularisam, Z. Ideris, M. S. Mohd Ismid, H. M. Nakmal, S. Sulaiman, A. H. Hasmanie, M. R. Siti Norsita, M. Nasrullah

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In this study, the effectiveness of an integrated aquatic plants in phytogreen zone was studied and statistical analysis for the promotional integrated phytogreen system approached was discussed. It was found that's the effectiveness of using aquatic plant such as Typha angustifolia sp., Lepironia articulata sp., Limnocharis flava sp., Monochoria vaginalis sp., Pistia stratiotes sp., and Eichhornia crassipes sp., in the conventional oxidation pond process in order to comply the standard A according to Malaysia Environmental Quality Act 1974 (Act 127); Environmental Quality (Sewage) Regulation 2009 for effluent discharge into inland water near the residential area was successfully shown. It was concluded that the integrated phtogreen system developed in this study has great potential for refurbishment wastewater in conventional oxidation pond.

Keywords: Phytoremediation, integrated phytogreen system, sewage treatment plant, oxidation pond, aquatic plants.

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Authors: He YuanYan

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In recent years, China has implemented the reform of land and space planning. As an important public policy, land and space planning plays a vital role in the construction and development of cities. Land and space planning throughout the country is in full swing, but there are still many disputes from all walks of life. The content, scope, and specific implementation process of land and space planning are also ambiguous, leading to the integration of multiple regulation problems such as unclear authority, unclear responsibilities, and poor planning results during the implementation of land and space planning. Therefore, it is necessary to sort out the development and evolution of domestic and foreign land space planning, clarify the problems and cruxes from the current situation of China's land space planning, and sort out the obstacles and countermeasures to the implementation of this policy, so as to deepen the understanding of the connotation of land space planning. It is of great practical significance for all planners to correctly understand and clarify the specific contents and methods of land space planning and to smoothly promote the implementation of land space planning at all levels.

Keywords: Territorial spatial planning, public policy, land space, overall planning.

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Authors: D. He, Y. Pang, G. Lodewijks

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Belt conveyors play an important role in continuous dry bulk material transport, especially at the mining industry. Speed control is expected to reduce the energy consumption of belt conveyors. Transient operation is the operation of increasing or decreasing conveyor speed for speed control. According to literature review, current research rarely takes the conveyor dynamics in transient operation into account. However, in belt conveyor speed control, the conveyor dynamic behaviors are significantly important since the poor dynamics might result in risks. In this paper, the potential risks in transient operation will be analyzed. An existing finite element model will be applied to build a conveyor model, and simulations will be carried out to analyze the conveyor dynamics. In order to realize the soft speed regulation, Harrison’s sinusoid acceleration profile will be applied, and Lodewijks estimator will be built to approximate the required acceleration time. A long inclined belt conveyor will be studied with two major simulations. The conveyor dynamics will be given.

Keywords: Belt conveyor, speed control, transient operation, dynamics

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Authors: Turgut Ayten, Tayfun Çay

Abstract:

In the current expropriation of Turkey, the state acquires necessary lands for its investment without permission of the owners and not searching for alternative solutions, so it is determined that neither processor nor processed is not happy. In this study, interactions of enterprises in Turkey are analysed in case the necessary land for public investments are acquired by expropriation purposed land consolidation. Legal basis, positive and negative sides, financial effects to enterprises of this method is evaluated according to Konya Kadınhanı, Kolukısa avenue which is on the Konya-Ankara High-Speed Train Route.

Keywords: Land consolidation, expropriation purposed land consolidation, sustainable rural development, cost.

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Authors: Sagar Jajoo

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Urban planning is the need of the hour in a rapidly developing county like India. In essence, urban planning enhances the quality of land at a reasonable cost. Naya (New) Raipur is the new planned capital of the Indian state of Chhattisgarh, and is one of India’s few planned cities. Over the next decade it will drastically change the landscape of the state of Chhattisgarh. This new planned development is quintessential in growing this backward region and providing for future infrastructure. Key questions that arise are: How are people living in the surrounding region of New Raipur affected by its development? Are the affected people satisfied with compensation and rehabilitation that has been provided by the New Raipur Development Authority? To answer these questions, field research study in the form of questionnaires, interviews and site visits was conducted. To summarize the findings, while a majority of the surveyed population was dissatisfied with the rehabilitation and compensation provided by the New Raipur Development Authority, they were very positive about the success of the new development. Most thought that the new city would help their careers, improve job opportunities, improve prospects for their future generations, and benefit society as a whole.

To improve rehabilitation schemes for the future, the reasons for the negative sentiment brewing amongst the villagers regarding the monetary compensation was investigated. Most villagers deemed the monetary compensation to be lacking as they had squandered their financial windfall already. With numerous interviews and site visits, it was discovered that the lump sum form of monetary compensation was to blame. With a huge sum of money received at once and a lack of financial education, many villagers squandered this newly gained money on unnecessary purchases such as alcohol and expensive vehicles without investing for the long run in farmland and education for their children. One recommendation proposed to the New Raipur Development Authority (NRDA) for future monetary compensation design in times of rehabilitating people was to provide payments in installments rather than lump sums and educate the people about investing the compensation money wisely. This would save them from wasting money they receive and the ensuing dissatisfaction of squandering that money.

Keywords: Compensation, Naya Raipur, Rehabilitation, Satisfaction Survey, Urban Planning.

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Authors: Ali Dehghani, Mojtaba Hakimzadeh, Amir Habibi, Navid Mehdizadeh Afroozi

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In this paper an isolated wind-diesel hybrid power system has been considered for reactive power control study having an induction generator for wind power conversion and synchronous alternator with automatic voltage regulator (AVR) for diesel unit is presented. The dynamic voltage stability evaluation is dependent on small signal analysis considering a Static VAR Compensator (SVC) and IEEE type -I excitation system. It's shown that the variable reactive power source like SVC is crucial to meet the varying demand of reactive power by induction generator and load and to acquire an excellent voltage regulation of the system with minimum fluctuations. Integral square error (ISE) criterion can be used to evaluate the optimum setting of gain parameters. Finally the dynamic responses of the power systems considered with optimum gain setting will also be presented.

Keywords: SVC, Small Signal Stability, Reactive Power, Control, Hybrid System.

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Authors: Aline Alves Bandeira, Maria Cecília de Paula Silva

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The existing legal gap regarding thes treatment and final disposal of industrial effluents in Brazil promotes legal uncertainty. The government has not structured itself to guarantee environmental protection. The current legal system and public policies must guarantee the protection of bodies of water and an effective treatment of industrial effluents. This is because economic progress, eco-efficiency and industrial ecology are inseparable. The lack of protection for the water bodies weakens environmental protection, with abuses by companies that do not give due treatment to their effluents, or fail to present the water balance of their factories. It is considered necessary to enact a specific law on industrial effluents related to a National Industrial Effluent Policy, because it is the location of the largest Integrated Industrial Complex in the Southern Hemisphere. The regulation of this subject cannot be limited by decrees of the local Executive Branch, allowing the inspection of the industrial activity or enterprise to be affected fundamentally by environmental self-control, or by private institutions.

Keywords: Effluent policy, environmental law, environmental management, industrial effluents.

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Authors: Elangeshwaran Pathmanathan, Rosdiazli Ibrahim, Vijanth Sagayan Asirvadam

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This paper aims to develop a NOx emission model of an acid gas incinerator using Nelder-Mead least squares support vector regression (LS-SVR). Malaysia DOE is actively imposing the Clean Air Regulation to mandate the installation of analytical instrumentation known as Continuous Emission Monitoring System (CEMS) to report emission level online to DOE . As a hardware based analyzer, CEMS is expensive, maintenance intensive and often unreliable. Therefore, software predictive technique is often preferred and considered as a feasible alternative to replace the CEMS for regulatory compliance. The LS-SVR model is built based on the emissions from an acid gas incinerator that operates in a LNG Complex. Simulated Annealing (SA) is first used to determine the initial hyperparameters which are then further optimized based on the performance of the model using Nelder-Mead simplex algorithm. The LS-SVR model is shown to outperform a benchmark model based on backpropagation neural networks (BPNN) in both training and testing data.

Keywords: artificial neural networks, industrial pollution, predictive algorithms, support vector machines

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Authors: Alan Vaško, Juraj Belan, Lenka Hurtalová, Eva Tillová

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The aim of this study is to evaluate the influence of raw material composition on the microstructure, mechanical and fatigue properties and micromechanisms of failure of nodular cast iron. In order to evaluate the influence of charge composition, the structural analysis, mechanical and fatigue tests and microfractographic analysis were carried out on specimens of ten melts with different charge compositions. The basic charge of individual melts was formed by different ratio of pig iron and steel scrap and by different additive for regulation of chemical composition (silicon carbide or ferrosilicon). The results show differences in mechanical and fatigue properties, which are connected with the microstructure. SiC additive positively influences microstructure. Consequently, mechanical and fatigue properties of nodular cast iron are improved, especially in the melts with higher ratio of steel scrap in the charge.

Keywords: Nodular cast iron, silicon carbide, microstructure, mechanical properties.

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Authors: Heng Ma

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Aiming at the problems existing in low-carbon technology of Chinese manufacturing industries, such as irrational energy structure, lack of technological innovation, financial constraints, this paper puts forward the suggestion that the leading role of the government is combined with the roles of enterprises and market. That is, through increasing the governmental funding the adjustment of the industrial structures and enhancement of the legal supervision are supported. Technological innovation is accelerated by the enterprises, and the carbon trading will be promoted so as to trigger the low-carbon revolution in Chinese manufacturing field.

Keywords: Low-carbon economy, traditional manufacturing industry, industrial structure, carbon emission reduction.

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Authors: E. Pop, M. Barbos

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Using mobile Internet access technologies and eservices, various economic agents can efficiently offer their products or services to a large number of clients. With the support of mobile communications networks, the clients can have access to e-services, anywhere and anytime. This is a base to establish a convergence of technological and financial interests of mobile operators, software developers, mobile terminals producers and e-content providers. In this paper, a client server system is presented, using 3G, EDGE, mobile terminals, for Stock Exchange e-services access.

Keywords: Mobile communications, e-services access, stockexchange.

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Authors: Dmitri Men, Byong-soon Chun, Soon-ok Myong

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The article deals with the problems of political and economic processes in Kazakhstan since independence in the context of globalization. It analyzes the geopolitical situation and selfpositioning processes in the world after the end of the "cold war". It examines the problems of internal economization of the Republic for 20 years of independence. The authors argue that the reforms proceeded in the economic sphere have brought ambiguous and tangible results. Despite the difficult economic and political conditions facing a world economical crisis the country has undergone fundamental and radical transformations in the whole socio-economic system

Keywords: Globalization, Kazakhstan, integration, economic processes, financial crisis, multi-vector.

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Authors: Simin Sadeghi-Saeb

Abstract:

Metacognitive strategies consistently play important roles in reading comprehension. The metacognitive strategies involve the active monitoring and consequent regulation and orchestration of the cognitive processes in relation to the cognitive objects or data on which they bear. In this paper, the effect of instruction in using metacognitive strategies on reading academic materials, type of metacognitive strategies were mostly used by college university students before and after the instruction and the level they use those strategies before and after the instruction were studied. For these aims, 50 female college students were chosen. Then, they were divided randomly into two groups, experimental and control groups. At first session, students in both groups took the standard TOFEL exam. After the pre-test had been administered, the instruction began. After treatment, a post-test was taken. It is useful to state that after pre-test and post-test the same questionnaire was handed to the students of experimental group. The results of this research show that the instruction of metacognitive strategies has positive effect on the students' scores in reading comprehension tests. Furthermore, it showed that before and after the instruction, the students' usage of metacognitive strategies changed. Also, it demonstrated that the instruction affected the students' level of metacognitive strategies' usage.

Keywords: EFL students, English reading comprehension, instruction, metacognitive strategies.

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Authors: Reza Sedaghati, Mojtaba Hakimzadeh, Mohammad Hasan Raouf, Mostafa Mirzadeh

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Nowadays the growth of distributed generation within the bulk power system is feasible by using the optimal control of the transmission lines power flow. Static Synchronous Compensators (STATCOM) is effective for improving voltage stability but it can only exchange reactive power with the power grid. The integration of Superconducting Magnetic Energy Storage (SMES) with a STATCOM can extend the traditional STATCOM capabilities to four-quadrant bulk power system power flow control and providing exchange both the active and reactive power related to the STATCOM with the ac network. This paper shows how the SMES system can be connected to the ac system via the DC bus of a STATCOM and also analyzes how the integration of STATCOM and SMES allows the bus voltage regulation and power oscillation damping (POD) to be achieved simultaneously. The dynamic performance of the integrated STATCOM-SMES is evaluated through simulation by using PSCAD/EMTDC software and the compensation effectiveness of this integrated compensator is shown.

Keywords: STATCOM-SMES compensator, Power Oscillation Damping (POD), stabilizing, signal, voltage.

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Authors: Theodosios Tsiakis, George Stephanides, George Pekos

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The growth of open networks created the interest to commercialise it. The establishment of an electronic business mechanism must be accompanied by a digital-electronic payment system to transfer the value of transactions. Financial organizations are requested to offer a secure e-payment synthesis with equivalent levels of trust and security served in conventional paper-based payment transactions. The paper addresses the challenge of the first trade problem in e-commerce, provides a brief literature review on electronic payment and attempts to explain the underlying concept and method of trust in relevance to electronic payment.

Keywords: Electronic payment, security, trust, electronic business mechanism.

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Authors: R. Govender, D. Naidoo, E. M. Buys

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The importance of ensuring safe meat handling and processing practices has been demonstrated in global reports on food safety scares and related illness and deaths. This necessitated stricter meat safety control strategies. Today, many countries have regulated towards preventative and systematic control over safe meat processing at abattoirs utilizing the Hazard Analysis Critical Control Point (HACCP) principles. HACCP systems have been reported as effective in managing food safety risks, if correctly implemented. South Africa has regulated the Hygiene Management System (HMS) based on HACCP principles applicable to abattoirs. Regulators utilise the Hygiene Assessment System (HAS) to audit compliance at abattoirs. These systems were benchmarked from the United Kingdom (UK). Little research has been done them since inception as of 2004. This paper presents a review of the two systems, its implementation and comparison with HACCP. Recommendations are made for future research to demonstrate the utility of the HMS and HAS in assuring safe meat to consumers.

Keywords: Abattoir, co-regulation, food safety, HACCP, meat hygiene.

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Authors: Amir Hossein Ghaffari Nejad, Forouhar Ferdowsi, Reza Mashhadi

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In the interest-free banking system of Iran, the savings of society are in the form of bank deposits, and banks using the Islamic contracts, allocate the resources to applicants for obtaining facilities and credit. In the meantime, the central bank, with the aim of introducing monetary policy, determines the maximum interest rate on bank deposits in terms of macroeconomic requirements. But in recent years, the country's economic constraints with the stagflation and the consequence of the institutional weaknesses of the financial market of Iran have resulted in massive disturbances in the balance sheet of the banking system, resulting in a period of mismatch maturity in the banks' assets and liabilities and the implementation of a Ponzi game. This issue caused determination of the interest rate in long-term bank deposit contracts to be associated with non-observance of the maximum rate set by the central bank. The result of this condition was in the allocation of new sources of equipment to meet past commitments towards the old depositors and, as a result, a significant part of the supply of equipment was leaked out of the facilitating cycle and credit crunch emerged. The purpose of this study is to identify the most important factors affecting the occurrence of non-confirmatory financial banking behavior using data from 19 public and private banks of Iran. For this purpose, the causes of this non-confirmatory behavior of banks have been investigated using the panel vector autoregression method (PVAR) for the period of 2007-2015. Granger's causality test results suggest that the return of parallel markets for bank deposits, non-performing loans and the high share of the ratio of facilities to banks' deposits are all a cause of the formation of non-confirmatory behavior. Also, according to the results of impulse response functions and variance decomposition, NPL and the ratio of facilities to deposits have the highest long-term effect and also have a high contribution to explaining the changes in banks' non-confirmatory behavior in determining the interest rate on deposits.

Keywords: Non-conformity behavior, Ponzi game, panel vector autoregression, nonperforming loans.

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