Zohreh Fallah Mohsenkhani; Farhad Mehran; Maryam Javadi
Volume 13, Issue 51 , January 2014, , Pages 1-17
Abstract
Creating stable employment is one of the important objectives of any government. so, overall planning needs indicators that reflect the changes of the labour force status and the population. Labor force survey with rotation sampling is one of the sources that can be used to obtain these indicators. The ...
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Creating stable employment is one of the important objectives of any government. so, overall planning needs indicators that reflect the changes of the labour force status and the population. Labor force survey with rotation sampling is one of the sources that can be used to obtain these indicators. The labor Force Survey (LFS) is done by Statistical Centre of Iran, using a rotating sample that is implemented quarterly since 2005. In this paper, the method of computing labor force flow for LFS data of Iran is described and the resulting estimates for male and female labor force are proposed. Finally, these estimates for a period of 6 years are analyzed.
Jamshid Pajuyan; Teymour Mohammadi; Javid Bahrami; Faramarz Atbaei
Volume 14, Issue 53 , July 2014, , Pages 1-35
Abstract
The present article discusses the impacts of selecting between different common auctions in electricity markets (system marginal price auction and pay as bid auction) on production efficiency, total efficiency and average expected price in an asymmetric information situation, where each player’s ...
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The present article discusses the impacts of selecting between different common auctions in electricity markets (system marginal price auction and pay as bid auction) on production efficiency, total efficiency and average expected price in an asymmetric information situation, where each player’s information about the marginal cost of the competitor is incomplete. A simple model is designed to conduct the comparative study of alternative auction mechanisms. The model is based on two profit maximizing players, with full information about their own marginal cost and incomplete information about their competitor. Assumptions which have been used to construct the model are based on Iran’s electricity market structure. The outcome indicates that although players bid functions in alternative auction mechanism differ from each other, the production efficiency, total efficiency and the average expected price are equivalent.
Mohammadgholi Yousefi; Elahe Mohammadi Elahe Mohammadi
Volume 13, Issue 50 , October 2013, , Pages 1-15
Abstract
Taking into account the importance of manufacturing sector as an engine of growth of the economy, efforts have been made by policymakers to establish import-substituting and export-promoting industries. In this paper we have followed Chenery Model as modified by Kavoussi to estimate the relative importance ...
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Taking into account the importance of manufacturing sector as an engine of growth of the economy, efforts have been made by policymakers to establish import-substituting and export-promoting industries. In this paper we have followed Chenery Model as modified by Kavoussi to estimate the relative importance of import-substituting and export-promoting industries and the role played by domestic demand in the growth of manufacturing industries during 1375-88 (1996-2009). Our results show that while export-promotion played positive role in the growth of manufacturing industries, its relative share, however, has been insignificant. Import-substitution had negative effect on the growth of manufacturing sector, indicating that domestic production has been substituted by imports, thereby meaning that de-industrialization has taken place in Iran during this period. However, our results indicate that the main source of industrial growth in Iran was the demand expansion.
Farshad momeni; Golrooz Ramezanzadeh Velis
Volume 14, Issue 54 , October 2014, , Pages 1-32
Abstract
The purpose of this paper is to open new horizons for decision-making and resource allocation system in Iran in order to meet the national development goals. To this end, we have relied on theoretical framework of institutionalism and the important finding of historical institutionalists that “History ...
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The purpose of this paper is to open new horizons for decision-making and resource allocation system in Iran in order to meet the national development goals. To this end, we have relied on theoretical framework of institutionalism and the important finding of historical institutionalists that “History of development is the economic history of institutional innovations that reduce transactions cost” to analize underlying factors of institutional changes and significant role of government and historical context in path of institutional innovations of reducing transaction cost and features of said innovations that result in development and reduction of transaction cost in developed societies. Also,by referring to the economic history of our country, we have tried to render and study important evidence of prominent achievements to reduce transactions cost. To achieve such purpose, we have presented two samples of said innovations in post-revolution Iran "clarification of costs and sources that are based on dollar unit " and "clarification of foreign trade rules" and we have compared the situation before and after these innovations. The result of this research indicates that in the context of the political economy of Iran, it is possible to increase the speed of realization of national development goals trough institutional innovations of increasing opportunity cost for rent seeking and drowing up manufacturers’s trust.
Mahdi Sadeghi Shahdani; Hamed Saheb-Honar; Ali Taheri Fard; Seyyed Reza Nakhli
Volume 13, Issue 49 , July 2013, , Pages 1-48
Abstract
The exchange rate is an important economic variable which affects other macroeconomic variables through different channels. This article estimates the effects of exchange rate shocks on macroeconomic variables of Iranian economy by applying Bayesian VAR method and using different prior functions like ...
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The exchange rate is an important economic variable which affects other macroeconomic variables through different channels. This article estimates the effects of exchange rate shocks on macroeconomic variables of Iranian economy by applying Bayesian VAR method and using different prior functions like Minnesota and SSVS. The endogenous variables of the model are market exchange rate, monetary base, GDP deflator and GDP. The only exogenous variable of the model is the oil revenue of Iran. According to the result of the model, the BVAR-SSVS method offers the most precise forecast and OLS method has the least forecast power. At last, using the impulse response function, the effects of one unit shock in exchange rate on other macroeconomic variables has been assessed. The most important finding of this article is that, based on our data for Iranian economy, currency devaluation causes GDP to decline.
Saeed Moshiri; Mohammad Nadali
Volume 13, Issue 48 , April 2013, , Pages 1-27
Abstract
The banking structure in Iran has undergone dramatic changes for the past three decades going from a mixed private-public banking system to a complete state-owned banking system. Although banking crisis such as bank panic and bank run has never been observed in Iran, the money market pressure index ...
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The banking structure in Iran has undergone dramatic changes for the past three decades going from a mixed private-public banking system to a complete state-owned banking system. Although banking crisis such as bank panic and bank run has never been observed in Iran, the money market pressure index shows that the banking system has experienced crisis in various times. In this paper, we use the banking crisis data derived by Moshiri and Nadali (2010) to estimate the determinants of the banking crisis in Iran, using a Logit model for the period 1971-2008. The estimation results show that inflation, short term interest rate, and the ratio of domestic credit to private sector to GDP are the main factors affecting banking crisis in Iran. Moreover, the results indicate that the relationship between inflation rate and the banking crisis is U shape. The exchange rate does not have a significant effect on the banking crisis as the Iranian banking system is not heavily involved in the international financial markets and is not strongly connected to the international banking system.
Amir Jafarzadeh; Abbas Shakeri; Farshad Momeni; Ghahraman Abdoli
Volume 14, Issue 55 , January 2015, , Pages 1-40
Abstract
The Followingfollowing paper explores cooperation among Caspian Sea countries for naturalgas exporting to Europe. What is puzzling here is whether environmental requirements, inNabucoo and Trans Caspian Sea gas projects, play an important role in the strategic decisionprocess among three gas-exporting ...
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The Followingfollowing paper explores cooperation among Caspian Sea countries for naturalgas exporting to Europe. What is puzzling here is whether environmental requirements, inNabucoo and Trans Caspian Sea gas projects, play an important role in the strategic decisionprocess among three gas-exporting countries in the region: Iran, Azerbayejan andTurkmenistan. using Maskin’s cooperation model, considering externality, , coalitionamong natural gas exporters and importers for the Projects has been exploredIn this paper we answer the question whether a coalition should be formed between the threecountries to export gas to Europe. We also calculate the bargaining power of these twocountries (or three countries?!).The results show that (or all?!) countries have profits to make the coalition for gas exportingamong the Nabucoo project. Given the environmental requirements, Trans Caspian is lessEconomical than Nabucco so Iran can play important and active role to form a coalition toexport gas to Europe in the Nabucco project.
Khaled Ahmadzadeh; Kazem Yavari; Abbas Assari Arani; Bahram Sahabi
Volume 12, Issue 47 , January 2013, , Pages 1-20
Abstract
In recent decades and especially in developing countries, the trade of services has faced an increasing trend. The export of services can improve trade balance, economic growth, employment as well as development of merchandise sector. This paper uses a descriptive and analytical approach and intends ...
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In recent decades and especially in developing countries, the trade of services has faced an increasing trend. The export of services can improve trade balance, economic growth, employment as well as development of merchandise sector. This paper uses a descriptive and analytical approach and intends to evaluate performance and factors affecting the total export of services and particularly the export of technical and engineering services in OIC selected countries by applying panel data method.
The results of estimating the performance indicators and comparative advantage of technical and engineering services export indicate that between years 1994 to 2010, Iran's position among these countries has improved. In our analysis, factors such as GDP per capita, real effective exchange rates, inflow of foreign investments, communication infrastructures and also being member of two trade blocs -ECO and D8- have significant and positive effect on the total export of services and also the export of engineering services. Thus, it is necessity for governmental institutions and private sector in Iran to plan and prepare to further develop the export of services.
Mohsen Ebrahimi; Hamid Reza Larti
Volume 12, Issue 46 , October 2012, , Pages 1-26
Abstract
In recent decades, the policies of financial and trade liberalization have been considered in most of the world countries, and there are different experiences in this regard. Therefore, this study will review the effects of financial and trade liberalization on the production volatility in Iranian economy ...
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In recent decades, the policies of financial and trade liberalization have been considered in most of the world countries, and there are different experiences in this regard. Therefore, this study will review the effects of financial and trade liberalization on the production volatility in Iranian economy (with and without oil sector) by using Autoregressive Distributed Lag (ARDL) model for the period of 1960 to 2007. The results show that in the model that includes oil sector, trade liberalization has positive and significant effect, but financial liberalization has negative and non-significant effect on production volatility. In the model without oil, financial and trade liberalization policies both have a positive and significant effect on production volatility. In addition, the long-term relationships between the variables are approved. The value of error correction coefficient is estimated to be -0.49, which shows the amount of adjustment toward equilibrium values in the long-run. The structural stability tests for the model's strength are acceptable for the period of study.
Abbasali Abounoori; Akram Mehrali
Volume 12, Issue 45 , July 2012, , Pages 1-26
Abstract
In this study, in order to analysis the effects of subsidy on residential water demand, the long- term residential water function for the city of Tehran is estimated. All data are in the form of quarterly time series for the period covering the Iranian years 1379 to 1387. Independent variables include ...
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In this study, in order to analysis the effects of subsidy on residential water demand, the long- term residential water function for the city of Tehran is estimated. All data are in the form of quarterly time series for the period covering the Iranian years 1379 to 1387. Independent variables include average water price, average household expenditure, consumer price index, total water price, subsidy, average rainfall and average temperature. The results denote that the decrease or elimination of water subsidy decreases the water demand in household section. Moreover, among all variables which affect water demand, subsidy has proportionately a greater effect on water consumption. Minimum households’ water consumption in Tehran is 170 liters per day and the greatest excess in residential water consumption takes place in summers and autumns.
Ebrahim Eltejaei; Khadijeh Riahi
Volume 12, Issue 44 , April 2012, , Pages 1-24
Abstract
This paper investigates some determinants of disinflation costs (sacrifice ratio) in some developing countries. The ratio is calculated by a SVAR model using annual data during 1985-2008 for 40 developing countries. The results show the ratio is decreasing in the status of high levels of initial inflation ...
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This paper investigates some determinants of disinflation costs (sacrifice ratio) in some developing countries. The ratio is calculated by a SVAR model using annual data during 1985-2008 for 40 developing countries. The results show the ratio is decreasing in the status of high levels of initial inflation and central bank independence. Also, the openness of economy and capital mobility has positive effects on the ratio.
soheila parvin
Volume 15, Issue 56 , April 2015, , Pages 1-42
Abstract
Kuznets's hypothesis has been questioned even in developed countries these days. The measurement of income distribution and middle-class in the world economy shows that polarization of income distribution could limit economic growth, and cause fundamental changes in global economy.Three stylized facts ...
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Kuznets's hypothesis has been questioned even in developed countries these days. The measurement of income distribution and middle-class in the world economy shows that polarization of income distribution could limit economic growth, and cause fundamental changes in global economy.Three stylized facts emerge from review of experimental studies on the effects of inequality on growth and development: Higher inequality is more likely to harm growth; (1) through interaction with incomplete and underdeveloped markets for capital and information; (2) by discouraging the evolution of the economic and political institutions associated with accountable government (which in turn enable a market environment conducive to investment and growth); and (3) by undermining the civic and social life that sustains effective collective decision-making. This paper reviews the relation between growth and middle class measure around the world economy and Iran. Also has pointed to the channels through which the middle class may matter for economic growth in Iran. Determinants of the size and the growth of the middle class are also examined, by using relative and absolute middle class measures. The findings show that a larger middle class influences growth through higher levels of human capital investment. A relative middle class measure has more meaningful effect. The larger the government, the higher level of urbanization, the more openness, the smaller services ratio, the greater industry value added ratio to agriculture value added, as structural indexes are all affected with middle class.
Mahmoud Mashhadi-Ahmad
Volume 15, Issue 57 , July 2015, , Pages 1-38
Abstract
In the arena of Economic thought, there has always been some intellectual confrontation between the two major economic schools, i.e. Institutionalism and Neoclassical economics. This challenge has taken place at different levels; ranging from the most fundamental levels which are principles of ontology ...
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In the arena of Economic thought, there has always been some intellectual confrontation between the two major economic schools, i.e. Institutionalism and Neoclassical economics. This challenge has taken place at different levels; ranging from the most fundamental levels which are principles of ontology and epistemology to higher levels of policy implications. This article is an attempt to address some of the aspects of this debate and the challenges created by it. Neoclassical advocates claim that institutionalism suffers from lack of theory. Indeed, they try to nullify institutionalism as non-scientific school. But, suddenly these questions arise that "what is science, and what can be considered as science at all?" "Is neoclassical economics science and institutional economics not?" These questions are among the issues which are addressed in this article. It will be shown in this article that institutionalism has an important core of economic theories that turns it to a powerful paradigm. But, in order to understand this, we have to go beyond what is considered theory in neoclassical school. Furthermore we will go through other claims that these two schools hold against each other and address some of them such as realism, scope and precision of theory, and solidarity of paradigm. We will show that in some of these areas such as perception of reality and realism, the difference between these two schools of thought is essential.
Ali Faridzad; Habib Morovvat
Volume 15, Issue 58 , October 2015, , Pages 1-36
Abstract
Resilience economy as a new subject is considered for Iranian economic policies since 2013. Applying mainstream economic theories for solving economic issues in Iran is the main concern of general policies on resilience economy. Accordingly, evaluation of vulnerability of economic sectors regarding to ...
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Resilience economy as a new subject is considered for Iranian economic policies since 2013. Applying mainstream economic theories for solving economic issues in Iran is the main concern of general policies on resilience economy. Accordingly, evaluation of vulnerability of economic sectors regarding to international sanctions can identify the vulnerable sectors with the purpose of planning and executing economic resilience policies. In this study, intermediate import decomposition is used for identifying import dependence of sectors and the method of mixed variable input-output model based on constrained supply approach is applied regarding the year 2011 input-output table which is aggregated for 9 sectors. Results show that first, regarding to the constraines of supply based on import dependence of each sector, the sectors of industry and mine sector, water, electricity and natural gas distribution services and construction are the most vulnerable sectors and second, the economic sectors which have more shares in Iran aggregate import aren’t more vulnerable necessarily.
Fatemeh Bazzazan; zahra seifi shahpar
Abstract
The aim of this paper is to evaluate the impact of financial flows on the real side of the economy. FSAM is one of the useful models used to assess those impacts. In this context, the main research question is how the extension of financial flows in the SAM framework, would affect production multipliers? ...
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The aim of this paper is to evaluate the impact of financial flows on the real side of the economy. FSAM is one of the useful models used to assess those impacts. In this context, the main research question is how the extension of financial flows in the SAM framework, would affect production multipliers? For this purpose, by using the Social Accounting Matrix for Iranian economy in year 1999, the resulting Financial Social Accounting Matrix is calculated at the national level, and the real SAM and FSAM multipliers are calculated and compared.
The results show that: 1) FSAM multipliers are greater than SAM multipliers for all accounts, that difference clearly describes the important role of the financial flows in the economy. 2) By increasing one extra unit in each one of the exogenous items, the financial intermediation sector generates the second maximum increase in the income for the factors of production and domestic institutions of the society after the agricultural sector which creates the largest increase in income in the economy. It is also creating the largest increase in the income of labors, that this can be one of the reasons of movement of the factors of production towards the financial intermediation and the growth of the financial sector in comparison to the real sector of the economy. 3) according to FSAM maltipliers results, it can be concluded that the financial system in Iran is a bank-oriented.
Ali Ghanbari; Majid Aghaei; Mahdieh Rezagholizadeh
Volume 11, Issue 40 , April 2011, , Pages 1-29
Abstract
Abstract Since the financial development can exert a significant effect on the distribution of income; in this paper we would investigate the relationship between the financial development and inequality in Iran. So, we estimate this relationship ...
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Abstract Since the financial development can exert a significant effect on the distribution of income; in this paper we would investigate the relationship between the financial development and inequality in Iran. So, we estimate this relationship by applying the Generalized Method of Moment (GMM) Techniques and testing the alternative existing theories in the period of 1350 - 1385. Based on our results in this essay a negative and linear relationship between financial development and inequality is approved in Iran. However, empirical results show that there is little evidence supporting the non-linear inverted U-shaped hypothesis in Iran.
Mohsen Mehrara; Elham Sehati
Volume 11, Issue 43 , January 2012, , Pages 1-21
Abstract
In this paper we empirically investigate the link between bank lending
behavior and macroeconomic uncertainty. This relationship is
examined using conditional variance model based on monthly data for
a panel of Iranian banks during the period 1383-1388. The results
indicate that the uncertainty based ...
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In this paper we empirically investigate the link between bank lending
behavior and macroeconomic uncertainty. This relationship is
examined using conditional variance model based on monthly data for
a panel of Iranian banks during the period 1383-1388. The results
indicate that the uncertainty based on CPI and PPI indicators,
implying uncertainty in macroeconomics, has a negative significant
effect on bank lending behavior. In other words, banks decrease their
lending ratios when macroeconomic uncertainty increases,
becomming more conservative. The increase of uncertainty leads to
credit risk of banks and the probability of losses due to unsafe loans
and decrease in credits volume and the loans to the private sector.
Ahmad Jafari Samimi; Kobra Amoli Diva
Volume 10, Issue 39 , January 2011, , Pages 1-37
Volume 3, Issue 10 , January 2004, , Pages 1-1
Somayeh Shahhoseini; Javid Bahrami
Abstract
Empirical evidence about recent financial crisis revealed the prominent role of financial sector in transmission of different shocks to the real sector of economy. Due to the importance of banking sector behavior during business cycles and for the purpose of explaining the credit channel of monetary ...
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Empirical evidence about recent financial crisis revealed the prominent role of financial sector in transmission of different shocks to the real sector of economy. Due to the importance of banking sector behavior during business cycles and for the purpose of explaining the credit channel of monetary transmission mechanism in the economic literature, analyzing the role of banking sector during business cycles in Iran can help us to better understand how the shocks can have impacts on the economy. In this paper, we evaluated macroeconomic fluctuations and monetary transmission channels in Iranian economy using a standard New Keynesian dynamic stochastic general equilibrium model that includes banking sector. The results of the study show that inclusion of banking sector in a DSGE model can improve evaluation of macroeconomic fluctuations. Also, the results of simulation show that variables related to banking sector have pro-cyclical movements in Iranian economy and these results provided enough room to explain the role of banks as financial accelerator and monetary transmission channels in Iranian economy.
Mahmoud Motevaseli; Zeynab Aeeni; Jila Torabi
Abstract
Today entrepreneurship has become one of the most important factors affecting economic development in many countries. However, it is very important to direct entrepreneurial actions toward productive activities. Baumol's theory of productive versus unproductive entrepreneurship highlights the role of ...
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Today entrepreneurship has become one of the most important factors affecting economic development in many countries. However, it is very important to direct entrepreneurial actions toward productive activities. Baumol's theory of productive versus unproductive entrepreneurship highlights the role of institutional environment in directing entrepreneurial actions toward either productive, unproductive, or even destructive outcomes. So, to establish institutions that support productive entrepreneurship, it is necessary to find the means which have an impact on institutional and regulatory environment. Although many studies have been conducted based on Baumol's theory so far, only a small number of researches proposed solutions for establishment of legal and regulatory institutions required for the development of productive entrepreneurship. Hence, this study is aimed at proposing a synthesized theory derived from Baumol's theory of entrepreneurship and the theory of collective action. Our synthesized theory can be utilized as a rule-making approach to address this challenge. This synthesized theory highlights the role of both the government’s and entrepreneurs’ collective action in formation of regulatory and legal institutions which in turn can influence productive entrepreneurship. The proposed theory suggests that the order which is created upon the collective action can play an effective role in emergence and expansion of productive economic development.
Ali Arabmazar Yazdi; Aliasghar Banouei; Negar Akbari
Abstract
In the mixed economic and natural resource domain, transactions on commodities, services and natural resources (water and land) are in either visible or invisible (hidden) layers. The prevailing monetary systems of macro and sectoral accounting take into account only market transactions and therefore ...
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In the mixed economic and natural resource domain, transactions on commodities, services and natural resources (water and land) are in either visible or invisible (hidden) layers. The prevailing monetary systems of macro and sectoral accounting take into account only market transactions and therefore neglect invisible transactions like intersectoral water consumption. Such a deficiency provides the ground for policymaking and water resource management to focus their attention on the aggregate data, e.g. agriculture consumes directly more than 90 percent of the total water resources. In this paper, on the basis of the extended Input – Output model, we use two approaches; namely: quantity and mixed quantity–value approaches. By using the aggregated quantity-value based Input – Output table and corresponding sectoral consumption of water (billion liters) for the year 1990, we found that sectoral water consumption multipliers and the intersectoral water consumption provide more suitable criteria for policy implications as well as for managing the consumption of water resources of the country. In addition, the agro-based industries have the largest water consumption multipliers. With respect to the hidden layer of intersectoral water consumption we found that agriculture sector supplies 92.5 percent of the total water resources while demanding 58 percent of these resources.
Morteza Khorsandi; Nastaran Alibabaie
Abstract
Since the unemployment and inflation are two target variables of economic policies and in many cases policy-makers have to sacrifice one for another, the question arises that what is the preferences of society between these two targets. The appropriate answer can be obtained when the effect of each variable ...
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Since the unemployment and inflation are two target variables of economic policies and in many cases policy-makers have to sacrifice one for another, the question arises that what is the preferences of society between these two targets. The appropriate answer can be obtained when the effect of each variable on welfare is estimated and compared with each other. Therefore, in this paper, the effect of unemployment and inflation on happiness as an index of welfare is estimated. This estimation is done with two panel data samples. The first sample consist of 146 countries that happiness index is calculated for them and the second sample only includes Iran and its neighbors. The results show that in both cases unemployment has more effect on reducing happiness. In the sample of Iran and its neighboring countries, the absolute value of unemployment coefficient is 2.4 times higher than that of inflation. Accordingly, it can be concluded that in construction of social loss functions and also misery indices the weight of unemployment must be greater than inflation and the proposed relative weight for Iran is 2.4.
Mahmoud Motavaseli; Ali Rostamiaan
Abstract
Subjectivity and its interactive relation to socio-institutional context have been recently brought to attention in new approaches of social and economic theories that seek to analyze human action. The shortcomings resulted from naïve versions of methodological individualism, which make explanation ...
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Subjectivity and its interactive relation to socio-institutional context have been recently brought to attention in new approaches of social and economic theories that seek to analyze human action. The shortcomings resulted from naïve versions of methodological individualism, which make explanation of social phenomena regardless of inter-personal interactions and relations, call for more interpretative approaches in explaining such phenomena. This article attempts to make a better understanding of the concept of intersubjectivity, through questioning subjectivism and its ontological dependency to social context. To this end, in addition to examining the implicit themes in epistemological contributions of some of the greatest minds of Austrian school of economics, we try to embed the creative entrepreneurial action in an interpretative-institutional framework, and to bring intersubjectivity, as an important explanatory position in analyzing such action, into the theoretical attention.
Ali Mazyaki
Abstract
In 2010, an extensive program of cutting subsidies was implemented in Iran; and at the same time, a cash subsidy was redistributed to vast majority of country population. One announced goal of this plan was to improve income distribution. In this study, we evaluate the effects of targeted ...
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In 2010, an extensive program of cutting subsidies was implemented in Iran; and at the same time, a cash subsidy was redistributed to vast majority of country population. One announced goal of this plan was to improve income distribution. In this study, we evaluate the effects of targeted subsidy program on income distribution. This is important because the program is to be continuing and studies such as this one may be useful for identifying possible issues to avoid future drawbacks. To achieve this, using the data of "Household Income and Expenditure Survey" by Statistical Center of Iran, we run an Oxaca-Blinder micro-simulation model during the years before and after the implementation of the first phase of this policy. In this model, mitigations are provided for sampling error, differences in regional price index and the coexistence of sanctions. Based on our results, while distribution of expenditures is sharply more equal after 2010, the simulated purchasing powers are not so; moreover, more equitable distribution of expenditures is mostly because of losing opportunities.
