The Role of Management of Commercial Waqf Properties on their Corresponding Generated Revenues
Winter 2010, Volume 14 - Number 1 ISC (14 صفحه - از 19 تا 32)
کلید واژه های ماشینی : Role Management Commercial Waqf Properties ، The Role Management Commercial Waqf ، Commercial Waqf Properties Corresponding Generated ، Waqf Properties Corresponding Generated Revenues ، Waqf ، Iran ، Tehran ، Analysis Waqf Properties Tehran ، AO ، Auqaf Organization
This paper pursues two goals. At first, it uses an unrestricted error correction model (UECM) and the bounds testing approach proposed by Pesaran, Shin, and Smith (2001) to study the short- and long-run effects of bank credit on inflation in Iran, a country with some history of interest-free banking system. Secondly, we examine how institutional and cultural changes resulted from bank nationalization and the implementation of interest-free banking have affected price level movement in Iran. The approach we have used in this paper is capable of testing the existence of long run relations regardless of whether the underlying variables are stationary, integrated, or mutually cointegrated. The results indicate that there exists a long-run relationship between inflation and its main determinants, namely, bank credit, import price, real GNP, and black market exchange rate. However, bank credit has no short-run effect on price level movement in Iran. Furthermore, the paper shows that the nationalization of banks and the implementation of interest-free banking system in Iran have caused a structural change in the behavior of inflation.خلاصه ماشینی:
"Commercial stores with appointed custodians also generate higher total and average rental income than other types of structures. Table 3: Form of administration and type of ownership, 2003 Property right Total Number Mean Annual rent 1000 R/sq. Therefore, it is natural for the owner of a private or the custodian of an endowed property, if the tax rate would not differentiate between them, to avoid this tax by lowering the annual rent and asking instead for the equivalent present value of the reduced rent. The data concerning the rental income of the endowed commercial stores under the directorship of AO reveals the fact that it is much lower than the comparable private property that has not transferred the key money. The ownership value of these properties, that is, the present value of the rent set by the lease contract between the owner and the renter is estimated by the market dealers to be between of the key-money. The rental income of differently administered commercial properties, as presented in table 1, are higher than the ones run by AO, but are still considerably lower than their potential market value. In addition to the form of administration, a number of factors including (1) the prevailing property tax levy which is a function of property's value or rent, (2) recognition of the development right for the tenant of a commercial property, (3) provision of protection support for the tenant versus the owner, and (4) transaction costs have led altogether to lower the willingness to rent the property by the owner rather than transferring its use right to the tenant."
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