Heshmatolah Asgari; Isaac Almasi
Volume 11, Issue 41 , July 2011, , Pages 201-224
Abstract
Fluctuations of the housing prices during the past 15 years in the country and
provincial level, has been remarkable. In this paper, factors affecting housing price
level (long term) and its fluctuations (short term) in the provinces during the period
1370-1385(1991-2006) has been studied. For this ...
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Fluctuations of the housing prices during the past 15 years in the country and
provincial level, has been remarkable. In this paper, factors affecting housing price
level (long term) and its fluctuations (short term) in the provinces during the period
1370-1385(1991-2006) has been studied. For this purpose we used method of
panel data. The analysis shows that in short-term, factors of the housing price
fluctuations are: stock market price index, the general price level in the previous
period, the price of land, construction costs, oil prices, the amount of private sector
investment, household spending and interest rate on loan. Also in the long term,
factors of the housing price fluctuations are: housing prices in the previous period,
the number of households, stock market price index, household spending, the gold
prices, land and housing prices and so on. Other results in this paper show that in
determining housing prices and its variations the land price, the general price level
of the previous priod, interest rate on loan and oil prices had the greatest effect,
respectively.
Hamid Amadeh; Ehsan Haghdoost; Arash Azami
Volume 9, Issue 35 , January 2010, , Pages 209-337
Abstract
Survey the economic aspects of diffusion green house gases and their environmental effects are very important, especially with respect to the increasing diffusion of these gases.
In this paper, we evaluated relationship between diffusion of carbon dioxide gas and gross domestic product (GDP) ...
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Survey the economic aspects of diffusion green house gases and their environmental effects are very important, especially with respect to the increasing diffusion of these gases.
In this paper, we evaluated relationship between diffusion of carbon dioxide gas and gross domestic product (GDP) per capita during period of 1353 to 1384(1972-2005), then formatted Environmental Kuznets Curve(EKC) for IRAN.
We used quadratic regression model that estimated by OLS. Results show that there is a defective form of EKC in Iran .with respect to the higher growth rate of spreading carbon dioxide to growth rate of GDP per capita, Iran economy is in the upward part of EKC. In the other words iran's economic and social status and conditions of economic growth did not let to decrease environmental pollutants through economic growth.
Mir Fize Fallah Shams; Hamid Mahdavi Rad
Volume 12, Issue 44 , April 2012, , Pages 213-234
Abstract
Nowadays, leasing industry is recognized as one of the strategic options in economic development. Leasing companies have a great profitability and are faced to the most risks. Credit risk, business risk, residual value risk and exchange risk are some of important risk in leasing companies. Among them, ...
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Nowadays, leasing industry is recognized as one of the strategic options in economic development. Leasing companies have a great profitability and are faced to the most risks. Credit risk, business risk, residual value risk and exchange risk are some of important risk in leasing companies. Among them, credit risk is the most important. Subsequently, making logic relationship between risk and return is the essential element to devote optimally resources and to guarantee profitability leasing companies.
In this paper, on the basis individual costumers data extracted from Leasing Iran Khodro Company database (since1381-1384) and using tow sample t-student test, and determinant coefficient, we found five variables as factors affect credit risk. They include, net monthly costumer income, loan time, loan amount, net monthly guarantor income and experience. In addition, we apply tow credit risk models (Logit & Probit) for leasing loans. The results of Wald, Log likelihood and Wilk΄S Lambda tests indicate that the efficiency in Logit model (%98.39) is more than Probit model (%97.44).
Masoud Nili; Amirreza Seyed Khosroshahi; Seyed Babak Ebrahimi
Volume 12, Issue 47 , January 2013, , Pages 217-244
Abstract
This paper seeks to address the question that whether and to what extent does Social Security retirement benefits cause early retirement. This question is studied under “Option Value” and “Peak Value” models, in which the individual's retirement decision is derived as a function ...
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This paper seeks to address the question that whether and to what extent does Social Security retirement benefits cause early retirement. This question is studied under “Option Value” and “Peak Value” models, in which the individual's retirement decision is derived as a function of future variations of present value of social security wealth. The results indicate that Social Security (in the form of retirement benefits) has a significant effect on retirement decisions and that the future path of these benefits is an important determinant of the probability of retirement among would-be retired men.
Mohammad Mowlaei; Madiheh Ashtiani
Volume 12, Issue 45 , July 2012, , Pages 227-242
Abstract
The amount of industrial employment is very important in economic studies and it is one of industrial development indexes. There are various factors that effect on demand of labour in industry sector. These factors interest the employers have more or less demand for workers. Thus, the study of these ...
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The amount of industrial employment is very important in economic studies and it is one of industrial development indexes. There are various factors that effect on demand of labour in industry sector. These factors interest the employers have more or less demand for workers. Thus, the study of these factors in form of labour demand function in industry sector is very important. In this article, the labour demand function in industry sector is estimated during 1358-87 and the important degrees of these factors are studied in both static and dynamic models. The results of research show the demand for labour has a negative relation with the wage of labours, but it has a positive relation with the value added, capital stock and the labour productivity. Thus, regarding the importance of the above factors in economic policies, increase in demand for labour is very necessary.
Khosrow Piraee; Mohammad Reza Shahsavar
Volume 9, Issue 34 , October 2009, , Pages 233-264
Abstract
Fars province, with the population almost equal to the 6.5 percent of the total country population and noticeable geographic-wide and remarkable facilities and suitable economic-social capabilities, always has been encounter to defects and shortages. Thus, understanding of poverty status in urban and ...
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Fars province, with the population almost equal to the 6.5 percent of the total country population and noticeable geographic-wide and remarkable facilities and suitable economic-social capabilities, always has been encounter to defects and shortages. Thus, understanding of poverty status in urban and rural areas of the Province can make a suitable predisposition for the short and long run policy makings in order to province development. With regarding to it, the poverty status in rural and urban regions is being considered during the years 1995-2007. For that purpose of presentations of poverty definitions and its kinds and reviews on literatures, absolute poverty line is determined on the basis of fifty percent of median household expenditures, and then the poverty indices like headquant ratio, poverty income gap ratio, severity of poverty, Sen index and Kakwani index are calculated for the urban and rural areas of the province.
The results of poverty indices show that the annual absolute poverty line in urban areas is more than rural areas and poverty indices trend in urban and rural areas show the decreasing poverty trend in these areas during the period of this study.
. .
Volume 2, Issue 4 , April 2002, , Pages 237-254
Seyed Babak Ebrahimi; Masoud Babakhani; Samira Motaghi; Armin Jabarzadeh
Volume 11, Issue 40 , April 2011, , Pages 241-271
Abstract
Economic agents are constantly making decisions to maximize their expected utilities while accepting some risks. The question is that, how the efficient portfolio of the assets in a specific level of risk is formed to maximize the individual’s utility?
...
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Economic agents are constantly making decisions to maximize their expected utilities while accepting some risks. The question is that, how the efficient portfolio of the assets in a specific level of risk is formed to maximize the individual’s utility?
To model the behavior of decision maker, economists and financial mathematicians consider both the variables which affect individual’s decision making behaviour, and the methods to include real world uncertainties. In the model presented in this paper the decision maker chooses between two types of assets: risky and risk-free. The returns on these two types are different and the utility of the decision maker is a function of his wealth (consisting of his initial wealth and the returns of his portfolio of the assets). The comparison between the results of financial modeling with decision-making theories under uncertainty within microeconomic literature reveals the impacts of three factors: degree of risk-aversion, relative return of assets and volatility of risky assets prices, on optimum portfolio allocation.
Behrooz Hadi Zonooz; Hamid Bakhtiari
Volume 10, Issue 37 , July 2010, , Pages 241-266
Abstract
This article has tried to calculate factors affecting the productivity of production in Carbon company of Iran. It has also tried to find out procedures for enhancing the productivity in this unit. The method used for this purpose is based on calculating the productivity of factors of production through ...
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This article has tried to calculate factors affecting the productivity of production in Carbon company of Iran. It has also tried to find out procedures for enhancing the productivity in this unit. The method used for this purpose is based on calculating the productivity of factors of production through parametric methods for the period of 1999-2009. in order to measure the actual productivity in this company the monthly production function data including explanatory variables such as: simple labor force, specialized labor force, as well as existing capital and energy, (to remove no stationary of data), estimation of date based on production function have been used. The results show that, despite fluctuations, the productivity of specialized and non-specialized labor as well as energy have increased at a speedy rate of growth. However, in spite of increasing the existing capital productivity the over all productivity was diminishing dramatically, due to over use of machinery capacities.
Ali Sayehmiri; Mehdi Taghavi; Korosh Sayehmiri
Volume 8, Issue 31 , January 2009, , Pages 241-256
Abstract
In this paper, we have studied the measurement and comparing productivity among corporate and private sectors in Ilam province. we have used some economic and statistic techniques for analyzing of data by making some indexes such as labor, material ,energy and capital productivity in physical and ...
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In this paper, we have studied the measurement and comparing productivity among corporate and private sectors in Ilam province. we have used some economic and statistic techniques for analyzing of data by making some indexes such as labor, material ,energy and capital productivity in physical and valuing terms of partial and total of output. These have calculated with SPSS software. Also we have calculated P-values and, F for indexes among sectors and companies. We expressed and analyzed from cross-section data to compute indexes.
The results show that there is a big difference between the productivity in economic sectors. It has been expectable consequence because economic sectors have different production functions also productivity among private and corporate has not been more different. So we can conclude that the corporate sector has been paid the same action as private sector, therefore government must pay attention to corporate sector much more than the past.
Mir Abdollah Hosseini; Lotfali Agheli Kohne Shahri
Volume 9, Issue 33 , July 2009, , Pages 247-266
Abstract
In this paper, the panel data econometric model has been used for estimating the price, income and Iran's import (from ECO and ECO imports from Iran) elasticities during the 1998-2002 period. The estimated elasticities of mutual Iran-ECO trade indicate that importing and exporting income elasticity, ...
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In this paper, the panel data econometric model has been used for estimating the price, income and Iran's import (from ECO and ECO imports from Iran) elasticities during the 1998-2002 period. The estimated elasticities of mutual Iran-ECO trade indicate that importing and exporting income elasticity, price and substitution elasticities of Iran's imports (from ECO) are 1.21, 0.74,-0.42 and 0.07 respectively, while importing and exporting income elasticities, price and import to GDP ratio elasticities of ECO imports(from Iran) are 0.84, 0.71, 0.6 and 0.45 respectively. Indeed, income elasticity of Iran's imports from ECO members is greater than income elasticity of Iran's exports to ECO, however price elasticity of Iran's exports to ECO is greater than of absolute value of price elasticity of Iran's imports from ECO countries.
Farkhonde Jabalameli; Ehsan Rasolinezhad
Volume 11, Issue 42 , October 2011, , Pages 249-276
Abstract
Homo economic units ranking is a significant and efficient issue in economic units!
scope. One of the most important of this scope is banking industry.
In this paper we try to use the combined Data envelopment analysis-Analytic hierarchy
process (DEA-AHP) to rank the chosen branches of Saderat bank ...
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Homo economic units ranking is a significant and efficient issue in economic units!
scope. One of the most important of this scope is banking industry.
In this paper we try to use the combined Data envelopment analysis-Analytic hierarchy
process (DEA-AHP) to rank the chosen branches of Saderat bank in Tehran. In this method
first we calculate a DEA model for pairwise branches and then we rank all these units
through an AHP model. One of the most important outcomes of this paper shows city
partitions are not effective on branch ranking. The other outcome of this ranking shows this
model is beneficial and efficient.
Azam Soleymani; Hashem Nikoomaram
Volume 8, Issue 29 , July 2008, , Pages 253-279
Abstract
The subject of this research is testing the validity of C.Zavgren in Iranian corporations and finally finding a model for estimating the probability of bankruptcy of this companies
For doing this we used years 1998 to 2005 companies. Real meaning of fail or bankruptcy is cease of operation, but unfortunately ...
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The subject of this research is testing the validity of C.Zavgren in Iranian corporations and finally finding a model for estimating the probability of bankruptcy of this companies
For doing this we used years 1998 to 2005 companies. Real meaning of fail or bankruptcy is cease of operation, but unfortunately because of governmental support the failed companies in Iran to follow their operations, we defined failed companies as per article 141 Business Act that express" the companies that the total accumulated loss (negative retained earning) is more than 50 percent of their capital share, is treated as bankrupted company", we used the same criteria for selecting bankrupted companies.
Finally we found 30 bankrupted companies. For selecting successful companies we used two methods of sampling. In first method, we selected
a miror for each failed company, in the way that for each failed company we found a successful one, in the same industry and year, we call this method of selection, sample1 hereinafter.
The second method for selecting successful companies, we selected most successful companies so that the gap and discriminate between two groups of companies. For doing so, we selected companies with higher retained earning to share capital ratios. We call this way of selection, sample2 hereinafter.
We used the Zavgren coefficients and calculated the probability of bankruptcy. This model for both method of our sampling predicted the probability of fail incorrectly. Actually the expected value of probability for both types of companies was more than .5
We tried to find a formula for prediction probability of bankruptcy using Logit analysis model.
Ahmad Yagoobnezhad
Volume 7, Issue 25 , July 2007, , Pages 253-277
Abstract
The study of the relationship between stock return and accounting earning is so critical for studying of the efficiency of capital market as well as for evaluating the usefulness of information on financial statements. Accounting earning is one of the most important items of the financial statements ...
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The study of the relationship between stock return and accounting earning is so critical for studying of the efficiency of capital market as well as for evaluating the usefulness of information on financial statements. Accounting earning is one of the most important items of the financial statements used by stakeholders as a basis for making decisions and predictions. By using six different models, this study attempted to investigate the relationship between the return and accounting earning. The results of this relationship, then, were compared with the cash flow model which studies the relationship between stock return and cash flow. Despite other studies, this study tried to evaluate the explanatory power of each of the proposed models in the long run. The researcher wanted to find an answer to the research question: "Which one of the variables of earning or cash flow is more powerful in explaining the long run return?" Moreover, the other important question was to discover: "Which model is more suitable for investigating the relationship between the variables mentioned in basic financial statements and stock return?" The results showed that in all models the correlation coefficient increased as the measurement interval was lengthened. However, there was not a significant difference among the correlation coefficients obtained from the different models. Accounting earning was the only variable which in all levels and in all models had a meaningful correlation with return. Furthermore, the results showed that there was a meaningful relation between the stock return and cash obtained from operational activities in a long interval. However, the explanatory power of earning models in the long run was more than the cash model.
Ali Salehabadi; Ahmad Ahmadpoor
Volume 10, Issue 39 , January 2011, , Pages 255-271
Seyyed Ebrahim Hosseyni Nasab; Majid Aghaei; Mohammad Rezaei Poor
Volume 10, Issue 36 , April 2010, , Pages 255-283
Abstract
One of the striking phenomena in recent years has been the speed of globalization. Iran has been preparing the ground for joining WTO with the purpose of boosting her non-oil exports and taking full advantage of international market opportunities. However, questions remain on which of the non-oil sectors ...
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One of the striking phenomena in recent years has been the speed of globalization. Iran has been preparing the ground for joining WTO with the purpose of boosting her non-oil exports and taking full advantage of international market opportunities. However, questions remain on which of the non-oil sectors Iranian economy can compete most effectively, once integrated into global markets. The answer to this question has a bearing on the investment and structural reforms that are needed before Iran enters the highly competitive global environment. The problem, therefore, is to study the comparative advantage of and support given to the various sectors in the Iranian economy. Since the hand made carpet industry is one of the sectors that promises a highly non-oil export potentialities, this paper concentrates on this industry and utilizes the Policy Analysis Matrix (PAM) to calculate indices of comparative advantage in the hand made carpet
industry (case study of Isfahan's hand made silk carpets). Results show that the index of the competitive ability of Isfahan's hand made silk carpets is 88% and its comparative advantage based on unit cost that would hold when Iran joins WTO is 79%. These indices indicate that Isfahan's hand made silk carpets scores high both in terms of competitive ability and comparative advantage.
Teimoour Mohammadi
Volume 9, Issue 32 , April 2009, , Pages 263-289
Abstract
In this article, the effects of not using DST (Daylight Saving Time), on electricity consumption in Tehran Electricity Region are examined and the corresponding monetary cost is evaluated. The study uses an econometric model based on Intervention ...
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In this article, the effects of not using DST (Daylight Saving Time), on electricity consumption in Tehran Electricity Region are examined and the corresponding monetary cost is evaluated. The study uses an econometric model based on Intervention Analysis. The data includes the hourly consumption of electricity during two months of the year (Farvardin and Ordibehesht 1384-1385, 21th March up to May 2006 and 21th March up to 21th May 2007).
Results indicate that the consumption increases during peak hours of the noon and night is significant, while the consumption decreases in some other hours is not significant. Both the load and its duration in the peak, have increased and energy use has experienced an increase of 227MWh. Energy use, in addition to its normal annual growth, has grown and created a huge social cost, not to mention the other social damages such as traffic fatalities, environmental costs and … .
Bagher Darvishi; Heshmatolah Asgari
Volume 6, Issue 23 , January 2007, , Pages 263-297
Abstract
In recent years, the rapid economic growth of newly industrialized countries has amazed every body, since during a short period of time, they had experienced extensive economic growth rate. Different economist explained and justified this phenomenon in different ways, the importance of this issue can ...
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In recent years, the rapid economic growth of newly industrialized countries has amazed every body, since during a short period of time, they had experienced extensive economic growth rate. Different economist explained and justified this phenomenon in different ways, the importance of this issue can be considered as a main stimulation which motivated us to investigate the comparative advantage of various economic sections of these countries and compare them with Iran in order to answer the following questions. 1. Do newly industrialized countries have worked based on comparative advantage? 2. does the comparative advantage in industrial section can be considered as a cause which brings the rapid growth in such countries? 3. How is Iran's situation in this matter? In order to answer to above mentioned questions, we have tried to compare the comparative advantage index in main industrial, agricultural and service section's, in these countries during 1984-2000. We have used pooling data in estimating the rate of economic growth. So these countries on comparative advantage of various sections, as a result we can say that, industry and creation of comparative advantage in this section is the most influential factors which cause such an increasing growth in newly industrialized countries. In Iran, we can say that it has not changed its advantage in the same way, but it has focused on agricultural section, which on the basis of research finding, it has a negative effect on economic growth.
Afife Vosoughi
Abstract
In recent years many indices have been developed to measure the vulnerability and resilience of economies to external shocks. The development of composite indicators to quantify these concepts has received particular attention in economic literature. This study aims to investigate the impact of economic ...
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In recent years many indices have been developed to measure the vulnerability and resilience of economies to external shocks. The development of composite indicators to quantify these concepts has received particular attention in economic literature. This study aims to investigate the impact of economic vulnerability and resilience on volatilities of Gross Domestic Products (GDP) per capita in 106 countries by using panel data during period 2000-2014. To conduct this study, economic vulnerability and resilience indices have been constructed using Briguglio method. We also use Hodrick-Prescott filter to estimate GDP per capita volatilities. The results of this research indicate that: first, economic vulnerability has a significant positive effect on volatilities of GDP per capita. Second; economic resilience has a significant negative impact on volatilities of GDP per capita. Third, Iran has low resilience and high vulnerability because of high export concentration, inappropriate macroeconomic conditions and weakness of good governance.
Farhad Tarahomi; Ali Asghar Esfandiary
Volume 10, Issue 38 , October 2010, , Pages 267-286
Mohammad Hosseyn Pourkazemi; Javad Rezaee
Volume 6, Issue 22 , October 2006, , Pages 281-301
Abstract
In economic literature, the maximum of output to a given amount of input, is efficiency and vise-versa. In general, there are two main parametric and non- parametric, approaches for measuring efficiency. In this paper, we have used method of non-parametric approach based on mathematical programming. ...
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In economic literature, the maximum of output to a given amount of input, is efficiency and vise-versa. In general, there are two main parametric and non- parametric, approaches for measuring efficiency. In this paper, we have used method of non-parametric approach based on mathematical programming. Data envelopment analysis (DEA), a non-parametric method is used in this study for evaluation of Iran's tourism industry and comparison with other countries of the region. The most important feature of the DEA is its applicability for the firms that have multiple intput and outputs. Using DEA, we study the efficiency of Iran's tourism industry and compare it with other countries of the region in 2003, assuming both constant and variable return to scale. The results of our study show that, subject to former assumption, efficiency in Bahrain, Turkey, Syria are maximum and the average efficiency is equal to %74, which means that the idle capacity is 26 percent in that year. On the other hand, with the later assumption, United Arab Emirates and Azerbaijan were added to the list too, and average efficiency is equal %83/3. So, it is suggested that for increasing the efficiency of unefficient countries, on the basis of our founding, these countries have to follow the Model of Turkey's Tourism Industry as an efficient Model.
Mohsen Renani; Iman Bastanifar
Volume 7, Issue 27 , January 2008, , Pages 285-331
Abstract
This paper has surveyed the social effects of public policies, with introducing the concept of the catallaxy, which has been introduced at first by the famous institutional economist, Fredrick August von Hayek.
For this, at first, we have introduced the economic concepts of the justice and have shown ...
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This paper has surveyed the social effects of public policies, with introducing the concept of the catallaxy, which has been introduced at first by the famous institutional economist, Fredrick August von Hayek.
For this, at first, we have introduced the economic concepts of the justice and have shown that for providing justice, economic effectiveness must be undertaken. Then, with the introducing of the catallaxy and its concept, structure, characteristics, parts, and mechanism, the reader will find the importance of catallaxy and its role on the economy. The reader also will find that the intervention on catallaxy will decrease the number of possible options for economic agencies and it means the lower efficiency of the economic policies. Then with applying the common analytical economic instruments, we have shown that decreasing of efficiency led to decrease the social justice. Along with introducing the characteristics of the city as one of the catallaxy examples, we have introduced an Autoregressive
Model of relation between catallaxy interventions and inequality in urban services for the ten urban districts of Isfahan city.
We estimated the model by using the panel data techniques for the period of 1996-2005. The results have shown that inequality in urban services in Isfahan is the results of the lagged structure of inequality in urban services, on one hand, the share of catallaxy confusing revenues of the Isfahan Municipality, on the other hand.
Mohammad Hossein Pourkazemi
Volume 7, Issue 26 , October 2007, , Pages 305-348
Abstract
Commercial banks basically offer their services in three fields: resource mobilization, financial resources allocation and their banking services. These services are offered by their branches all over the country. These branches are essential into different grades: Independent, Grades 1, 2, 3, 4, and ...
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Commercial banks basically offer their services in three fields: resource mobilization, financial resources allocation and their banking services. These services are offered by their branches all over the country. These branches are essential into different grades: Independent, Grades 1, 2, 3, 4, and 5.
The scope and responsibility of bank branches depend on their grades, so the bank management is interested in ranking their branch network. Any ranking should depend on three basic factors: method of grading, indexes uses for ranking, the weights for each of the indexes used
In the first place, we intend to survey different ranking techniques, reviewing three different methods: Taxonomy, Principal factors and a combination of the two. We have tried to define 24 different indexes in different fields where. The coefficients of these indexes are determined by two different methods. In this ranking the indices are not independent and have co-linearity. We have tried to incorporate this problem of co-linearity.
Later, Taking into account these factors and correcting for the co-linearity problem all the 2005 branches of Bank Tejarat have been ranked.
Ramin Khochiani; Younes Nademi
Abstract
The purpose of this paper is to revisit the relationship between inflation and output gap by using wavelet coherence approach. This approach attempts to combine the classical time series analysis with frequency domain analysis, and presents the advantages of assessing the co-movement of two series in ...
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The purpose of this paper is to revisit the relationship between inflation and output gap by using wavelet coherence approach. This approach attempts to combine the classical time series analysis with frequency domain analysis, and presents the advantages of assessing the co-movement of two series in the context of both time and frequency dimentions. Using continuous wavelet transform approach, the relationship between inflation and output gap, by considering GDP with oil sector and without oil sector, was studied by annual and quarterly data from 1959 to 2016 in Iran. The results showed that in the long run, the relashionship between inflation and output gap is positive. This result confirms existence of a Phillips curve with negative slope in the long run. However, the relationship between the two variables in the short term and also for the period before Islamic Revolution reflects a Phillips curve with positive slope. Friedman noted this type of curve for high inflation economies for a period of several years in 1977 in his Nobel Prize lecture. This result could have been very important in testing Phillips curve theory in Iranian economy.
Siab Mamipour; Elham Mogaddasi
Abstract
This paper aims to study the role of gold, stock and foreign currency as hedges against inflation in Iran based on monthly data over period 2000-2016 by using a novel approach with nonlinear autoregressive distributed lags (NARDL). To achieve this goal, the effect of positive and negative inflation shocks ...
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This paper aims to study the role of gold, stock and foreign currency as hedges against inflation in Iran based on monthly data over period 2000-2016 by using a novel approach with nonlinear autoregressive distributed lags (NARDL). To achieve this goal, the effect of positive and negative inflation shocks on price of these assets is estimated separately. The results show that all assets (foreign currency, gold and stock) are hedges against inflation in Iranian economy. As inflation rate increases, the prices of these assets also increase, but the magnitude and type of their hedge against inflation vary in different time horizons. The results show that the effects of both positive and negative inflation shocks on gold price are symmetric in the short-run, but in the long run, the effect of positive inflation shocks on gold price are more than negative shocks. The results of the inflationary coverage of foreign currency show that the effects of the positive and negative inflation shocks on it are asymmetric in the short-run and long-run; while these effects are symmetric for stocks in both short- and long-term. Furthermore, stocks is a proper hedge against inflation in the long run and not only it maintains purchasing power, but also it increases value of investors’ assets. Moreover, the inflationary coverage of foreign currency and gold are the same and less than rising inflation, but exchange rate is a hedge in the short-run and gold plays the role of hedge against inflation in the long-run.
