اقتصاد و سیاست گذاری مالی

اقتصاد و سیاست گذاری مالی

تحلیل نقش ابزارهای نوین انتقال ریسک در اقتصاد کلان و سیاست گذاری مالی: فرا ترکیب تطبیقی اوراق قرضه فاجعه و قرارداد بیمه اتکا

نوع مقاله : مقاله پژوهشی

نویسندگان
گروه مدیریت مالی، واحد رشت، دانشگاه آزاد اسلامی، رشت، ایران.
چکیده
ریسک، شامل اوراق بیمه‌ای موسوم به اوراق قرضه فاجعه و قرارداد سایدکار، در سیاستگذاری مالی پرداخته است. پژوهش حاضر با استفاده از رویکرد کیفی و سنتز نظام مند( فراترکیب)، با بررسی مطالعات مرتبط در بازه زمانی 2000 تا 2025 بر اساس الگوی هفت مرحله ی سندلوسکی و باروسو انجام شده است. از بین 134 مطالعه اولیه، 56 مورد واجد شرایط تحلیل نهایی انتخاب شدند. در گام نخست عوامل استخراجشده با شناسایی ۲۷ مورد موثر که می‌تواند زمینه‌ساز طراحی و انتشار این دو ابزار باشد در پنجدسته اصلی شامل عوامل قانونی و نظارتی، فنی و مدیریت ریسک، بازار و فناوری، مالی و سرمایهگذاری، و رفتاری و روانشناسی طبقهبندی شدند. سپس پیامدهای به کارگیری آن‌ها بر سیاست‌گذاری مالی و اقتصاد مورد تحلیل قرار گرفت. نتایج نشان میدهد که "ساختار بورسی"، "مدیریت ریسک" و "توانمندی بازار سرمایه" در این حوزه به ترتیببیشترین اهمیت را دارند که شناخت این عوامل نه تنها می تواند به سرمایه‌گذاران و تنظیم‌گران بازار در طراحی هدفمند این ابزار در ایران کمک کند، بلکه میتواند به تخصیصبهینه ریسک، افزایش تابآوری مالی دولت و نهادهای بازار سرمایه و ارتقاء کارایی سیاستهای مالی در اقتصاد کلان منجر شود. این سه عامل می‌توانند پیش شرط اساسی برای جذب سرمایه‌گذاران نهادی داخلی و بین‌المللی و تعمیق بازار سرمایه باشند که به‌نوبه خود، از متمرکز شدن ریسک سیستماتیک ناشی از شوک‌های اقلیمی در ترازنامه دولت یا بخش بیمه جلوگیری می‌کند.

چکیده تصویری

تحلیل نقش ابزارهای نوین انتقال ریسک در اقتصاد کلان و سیاست گذاری مالی: فرا ترکیب تطبیقی اوراق قرضه فاجعه و قرارداد بیمه اتکا
کلیدواژه‌ها
موضوعات

عنوان مقاله English

Analyzing the Role of New Risk Transfer Instruments in Macroeconomics and Financial Policymaking: A Comparative Meta-Combination of Catastrophe Bonds and Sidecar Contracts

نویسندگان English

Masoumeh Nouri
Ebrahim Chirani
Syyed Mozaffar Mir Barg Kar
Department of Financial Management, Ra.C., .Islamic Azad University, Rasht, Iran
چکیده English

This study analyzes the role of new risk transfer instruments, including Cat Bonds and Sidecar contracts, in financial policymaking. The present study uses a qualitative approach and systematic synthesis (metasynthesis) and reviews related studies in the period 2000 to 2025 based on the seven-stage model of Sandelowski and Barroso. Out of 119 initial studies, 56 were selected as eligible for the final analysis. The extracted factors were classified into five main categories, including legal and regulatory factors, technical and risk management, market and technology, finance and investment, and behavioral and psychological factors, by identifying 27 factors that can help formulate strategies to increase the financial resilience of the government and capital market institutions and improve the efficiency of macroeconomic policies. The results show that "stock exchange structure", "risk management" and "capital market capacity" are the most important from the economic and financial policymaking perspectives, respectively. Therefore, understanding these factors, with respect to their degree of impact, can not only help investors and market regulators in the targeted design of these bonds in Iran, but also lead to optimal risk allocation, increased financial resilience of the government and capital market institutions, and improved efficiency of fiscal policies in the macroeconomics. These three factors can be essential prerequisites for attracting domestic and international institutional investors and deepening the capital market, which in turn prevents the concentration of systematic risk from climate shocks in the government balance sheet or the insurance sector.

کلیدواژه‌ها English

Macroeconomics
Fiscal Policy
Risk Transfer
Catastrophe Bonds
Sidecar Contracts
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