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Volume 4, Issue 13 , July 2004, , Pages 89-125
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Volume 2, Issue 7 , January 2003, , Pages 95-124
Mohammad Reza Zare Chamazakhti; Zahra Karimi Moughari; Shahryar Zaroki
Abstract
According to principles 29, 31, and 43 of the Constitution of Iran, one of the goals of the Islamic Republic is to deal with poverty and economic and social inequality in the country, and for this purpose, two strategies have been followed in parallel after the revolution. One of these strategies ...
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According to principles 29, 31, and 43 of the Constitution of Iran, one of the goals of the Islamic Republic is to deal with poverty and economic and social inequality in the country, and for this purpose, two strategies have been followed in parallel after the revolution. One of these strategies was the extension and side assistance of the government to fight against poverty and deprivation. In this context, the government implemented policies and plans in the form of economic and social development plans. Therefore, according to this necessity, the aim of the current research is to investigate the impact of economic growth on poverty: comparative studies of the first and third development plans. The results of the estimation of the research model based on the autoregression method with distributed lag indicate that economic growth (from 1978 to 2021) has a positive and significant effect on poverty in the long term, while economic growth (the first and third development plans) and oil rents have a negative and significant effect on poverty, and social security expenses have no effect on poverty in the long term. Therefore, it can be said that economic growth alone is not enough to deal with poverty, but along with the dynamic growth process, improved infrastructure for society (including the poor) and institutional reforms should be implemented in parallel.
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Volume 3, Issue 8 , April 2003, , Pages 99-116
Mahdi Yazdani; Raana Shokouei Donighi
Abstract
Macroeconomic instability is an important obstacle to the real growth of the economy and its sustainability. In this article, two methods have been used to investigate the impact of transparency on macroeconomic stability in emerging economies using simultaneous equations with panel data for the ...
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Macroeconomic instability is an important obstacle to the real growth of the economy and its sustainability. In this article, two methods have been used to investigate the impact of transparency on macroeconomic stability in emerging economies using simultaneous equations with panel data for the period 1998-2014. In the first method, two equations for central bank transparency and stability have been considered and the mutual effect of these two variables has been investigated. In the second method, three equations for the variables of stability, including inflation, production gap and real exchange rate gap, and one equation to measure the effect of these variables on transparency are used simultaneously. The results of the study show that the transparency of the central bank is one of the factors affecting the stability of the macroeconomics. Also, the square of the central bank's transparency variable has a negative and significant relationship with macroeconomic stability. Meanwhile, the transparency of the central bank has an inverse relationship with inflation and the real exchange rate gap, and there is a two-way relationship between the transparency of the central bank and inflation. Finally, the effect of central bank transparency on production gap and vice versa is not significant.
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Volume 3, Issue 9 , July 2003, , Pages 113-129
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Volume 1, Issue 1 , July 2001, , Pages 35-46
Loghman Hatami-Shirkouhi; Amir Nazari-Shirkouhi; Homa Samadi; Mehran Nemati
Volume 12, Issue 46 , October 2012, , Pages 65-84
Abstract
Stock exchange is an organized and major institution in the stock market. Evaluating the performance of companies in stock exchange and selecting type of trade entity are important subjects for finance mangers and investors; because by a comprehensive assessment, investment risk could be decreased to ...
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Stock exchange is an organized and major institution in the stock market. Evaluating the performance of companies in stock exchange and selecting type of trade entity are important subjects for finance mangers and investors; because by a comprehensive assessment, investment risk could be decreased to an acceptable level. This paper aims to evaluate and rank joint stock companies by data envelopment analysis in the uncertain environment. 50 companies listed by stock exchange organization under title “50 more active companies of Tehran stock exchange-first quarter of 2010” are studied by 10 effective measures on performance evaluation. Results show that fuzzy data envelopment analysis method is an appropriate approach for modeling of fluctuations and uncertainties in different fiscal years’ data and assessment of performance of companies in uncertain states of measures.
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Volume 3, Issue 10 , January 2004, , Pages 67-88
Seyed Mohammadreza Seyed Nourani
Volume 14, Issue 52 , April 2014, , Pages 68-49
Abstract
Abstract In this paper we have examined housing bubble and speculation in urban areas of Iran. For this purpose, we have designed a suitable model to identify factors determining housing prices in Iran and then, we have used GMM method to estimate the model for quarterly data ...
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Abstract In this paper we have examined housing bubble and speculation in urban areas of Iran. For this purpose, we have designed a suitable model to identify factors determining housing prices in Iran and then, we have used GMM method to estimate the model for quarterly data in the period of 1996:2 to 2011:1. The results show that several variables including prices in previous periods, the rate of return in other markets (taking adjusted consumer price index as a proxy) , housing supply (for which, we have used the number of construction permits as proxy), population growth and housing costs has had statistically significant impact on house prices in Iran. Contrary to our expectations, the coefficient of national income (GDP) variable has not been statistically significant. Taking prices of previous year as Proxy of speculation demand, while taking return in other markets, housing supply, changes in population and housing costs as proxy for consumption demand, we found that the share of speculating demand for housing has been 6.8 times higher than demand for consumption during the period under study. When we extend our sample up to 2012 and defining house price bubble as deviation of short term price from its long term trends, the result shows that in the three last quarters of year 2012, price bubble in housing of Iran was 17/8, 26/3 and 56/6 percent respectively for these quarters, which we can interpret them as the impact of psychological expectations and short term fluctuations.
Mahmoud Danyali Deh Howz; Hossein Mansouri
Volume 12, Issue 47 , January 2013, , Pages 71-96
Abstract
This study tries to examine the efficiency of Tehran Stock Exchange and identify factors that can improve this efficiency. The methodology of this research, based on its nature and objectives, is descriptive-analytic. Based on the research objectives, the best way to collect the required data was questionnaire. ...
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This study tries to examine the efficiency of Tehran Stock Exchange and identify factors that can improve this efficiency. The methodology of this research, based on its nature and objectives, is descriptive-analytic. Based on the research objectives, the best way to collect the required data was questionnaire. Also, using independence tests (so run test) we examined weak form of efficiency in Tehran Stock Exchange. Our results do not confirm the weak form of efficiency of capital market in Tehran stock exchange. In order to identify the factors that can improve the efficiency of Tehran Stock Exchange, in addition to analyzing expert opinions, the method of factor analysis has been used. And to determine the degree of importance of different factors, we used Entropy technique. The results show that market information system is the most important one. In addition, some practical recommendations are suggested in this paper.
Nader Dashti; Kazem Yavari; hosein sadeghi soghdel
Volume 11, Issue 40 , April 2011, , Pages 71-95
Abstract
Abstract
Technological evolutions as one of basic resources of productivity growth plays a significant role in economic growth. Therefore, after world war ІІ, the determination of measure and bias of technological change has been subject of many ...
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Abstract
Technological evolutions as one of basic resources of productivity growth plays a significant role in economic growth. Therefore, after world war ІІ, the determination of measure and bias of technological change has been subject of many research efforts.
In this paper we have studied on the trend and bias of technological change in Iran’s industry by econometric approach from 1971 to 2008. We estimated a translog cost function in addition to equations system of cost share, using Seemingly Unrelated Regressions (SUR) approach. The results show that the rate of technological change has been -1.10 percent during the study years. It means that there is a decline in rate of cost of productive units over time. Furthermore, the results indicate that technological change has been biased towards the use of more energy and material, while labor and capital have been saved.
Mohammadali Feizpour; Mohammadreza Dehghanpour
Volume 11, Issue 41 , July 2011, , Pages 71-95
Abstract
The relationship between industrial structure and productivity, particularly when
the former influences the latter, is the traditional view that large firms in more
concentrated industries have the resources to make R&D investments, bring about
technical advances and ultimately raise industrial ...
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The relationship between industrial structure and productivity, particularly when
the former influences the latter, is the traditional view that large firms in more
concentrated industries have the resources to make R&D investments, bring about
technical advances and ultimately raise industrial productivity. On the other hand,
small firms in competitive industries may lack the resources to invest in innovation
and make productivity gains.
The purpose of this paper is to investigate the relationship between industrial
structure and labour productivity for manufacturing firms in Iran during the years of
the Second Development Plan. Concentration ratio, barriers to entry and minimum
efficient scale are considered as measures of industrial structure and labour
productivity wich is defined as the ratio of total output to total labour force. The data
for empirical analysis consist of 12000 manufacturing firms, aggregated at 23, 60
and 135 of 2, 3 and 4-digit industries respectively. The results suggest that industry
structure, measured by minimum efficient scale has a positive and significant effect
in the labour productivity. This finding suggests that Iranian manufacturing plants
are sub-optimal and it is possible to increase labour productivity by achieving
minimum efficient scale.
Seyyed Shamseddin Hosseini; amirreza souri; Hamed Mohamadi
Volume 12, Issue 44 , April 2012, , Pages 73-98
Abstract
The purpose of this paper is review the application of organizational models and new strategies in financing cooperatives in Iran. Therefore, the questionnaire was designed and comments from 31 experts were evaluated Cooperative efforts with results obtained by quantitative measurement of each component ...
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The purpose of this paper is review the application of organizational models and new strategies in financing cooperatives in Iran. Therefore, the questionnaire was designed and comments from 31 experts were evaluated Cooperative efforts with results obtained by quantitative measurement of each component of financial cooperatives field model using the best and most appropriate organizational methods financial cooperatives in the identification. The results showed that the traditional cooperative model organization in financial cooperatives and other not effective cooperative organizational models such as the relative investment, member - the investor, the new generation, cooperative, independent units with increasing investment, stocks - investing become a focus of investment company financial cooperatives in Iran are effective.
The strategy, according to financial experts, traditional methods of financing through banks and other financial institutions, equity members, underdeveloped stock allocation from reserves and borrowing lending institutions specialized in financing cooperatives are effective. Financing strategy support, financing methods through the capital base, securities capacity, mandatory participation in equity plans, store excess return, the release of award shares beyond profit, pension funds members, units of participation investment programs rotary or rotary and capital reserves loans rotary (rotary reserves) in financing cooperatives in Iran are effective and ultimately direct financial strategy, methods of financing capital equipment through cooperative units, direct investment, market exception, document commitment, equity investment / certificate ( Export Excellence shares), redemption of shares to be privileged, local bonds, stock plans employees, income derived from trade with non-members and percent of total stock in financial cooperatives are effective in Iran.
Omid Pour Heidari; Nasrin Yousef Zadeh
Volume 12, Issue 45 , July 2012, , Pages 75-98
Abstract
This paper applies the structure equation modeling approach to investigate the determinants of financial structure of Iranian companies listed in Tehran Stock Exchange. In addition, this study tries to unravel the financial structure determinants relative impact. The period of this research is start ...
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This paper applies the structure equation modeling approach to investigate the determinants of financial structure of Iranian companies listed in Tehran Stock Exchange. In addition, this study tries to unravel the financial structure determinants relative impact. The period of this research is start from 1379 to end of 1386. This study uses a MIMIC model of structure equation modeling to examine the financial structure determinants. We examine the effect of seven firm factors, which are growth, collateral value of assets, profitability, volatility, firm size, and industry classification on the latent financial structure. With the financial structure measured simultaneously by the ratios of short-term debt, and long-term debt to the market value of equity, our results show that collateral value is the most important in financial structure determinaion, followed in order by, firm size, profitability, growth, volatility, and Industry classification. Moreover, we find that short-term debt is the most important proxy for financial structure.
Reza Talebloo
Volume 11, Issue 43 , January 2012, , Pages 75-98
Abstract
Deposit insurance is a type of shelter for banks depositors. The main
purpose of this system is stabilization of financial market and
providing a situation that small and fragile bank and deposit
institutions can survive in credit market. Appropriate pricing of
deposit insurance rate is necessary ...
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Deposit insurance is a type of shelter for banks depositors. The main
purpose of this system is stabilization of financial market and
providing a situation that small and fragile bank and deposit
institutions can survive in credit market. Appropriate pricing of
deposit insurance rate is necessary for realization of this goal. In this
paper we use Merton option pricing model for estimating deposit
insurance rate of some Iranian private banks. For this purpose, first,
banks asset value and its variance that are unobserved, were estimated
with specification of maximum likelihood function. Then deposit
insurance price of each bank based on their risks were calculated. We
found banking deposit insurance premium and risk are growing. In
some years, estimated deposit insurance premium unusually was very
high. This fact can be due to two events: first ratio in this year was
high, which means debt to equity ratio was high. Secend, banks value
variance were high. Other finding of this study is that deposit
insurance premium of Iranian banks are different. This fact shows that
these banks have different risk levels so, with respect to differences in
deposit insurance premium of each bank, this paper recommends that
deposit insurance system in Iran should be based on their risk levels.
Reza Akbarian; Mohamad Karkon
Volume 13, Issue 48 , April 2013, , Pages 79-107
Abstract
Based on the debates on the impacts of globalization on government size, efficiency hypothesis and compensation hypothesis are two measure of globalization. The compensation hypothesis predicts that governments perform a risk-mitigating role against internationally generated risk and economic dislocations. ...
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Based on the debates on the impacts of globalization on government size, efficiency hypothesis and compensation hypothesis are two measure of globalization. The compensation hypothesis predicts that governments perform a risk-mitigating role against internationally generated risk and economic dislocations. Under efficiency hypothesis, governments compete to attract capital, and this competition will result in decreasing government presence in economy. In this paper we try to investigate the reason of government enlargement in Iran. We use trade openness (as globalization index), real income per capita, inflation, population, oil income and government size (based on government expenditure) and consumption expenditure in the form of percentage of GDP. An Autoregressive Distributed Lags (ARDL) model) is developed for this study based on Bounds Testing (Pesaran, et.al, 2001). The result of this model shows that in the long run trade openness has no effect on government size but there is a significant relation between them in short run. Furthermore, the relation between globalization and social welfare and security shows that these expenditures didn’t compensate the effect of shock resulted from trade openness. In this way, the oil income has created a great income reserves for government which make government enlarge more.
Esfandiar Jahangard; Afrouz Azadikhah Jahromi
Volume 13, Issue 51 , January 2014, , Pages 81-111
Abstract
In this paper we identify the production chains of Iranian economy by using average propagation length (APL) index. In our imprical investigation, we have applied the mentioned methodology to the 2000 input-output table of Iran. In order to obtain a clear overview of the production chains in Iran, the ...
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In this paper we identify the production chains of Iranian economy by using average propagation length (APL) index. In our imprical investigation, we have applied the mentioned methodology to the 2000 input-output table of Iran. In order to obtain a clear overview of the production chains in Iran, the table was aggregated to 6 sector level. At first we calculate the backward and forward linkages and APLs, and then we visualize the production chains for Iranian economy. As a second application we have considered the linkages, APLs and production chains at a more detailed level. For this purpose, we have used the 28-sector classification. The results for the backward and forward linkages of each sector indicate that industry and electricity, gas and water supply are known as key sectors. Also it was found that largest average forward APL value belongs to agriculture and mining, and smallest value belongs to services and construction. Likewise, the largest average backward APL value is observed for construction and agriculture, and smallest value oserverd for mining and services. It should also be noted that in both applications mining located at the beginning of the production chain o Iranian economy.
Teymour Mohammadi; Farzad i Eskandar; Davoud Karimi
Abstract
The purpose of this study is to investigate the effects of macroeconomic and bank-specific factors on non-performing loans for the period of 2005 to 2013. A dynamic panel data model is used in 18 banks and to assess non-performing loan, the ratio of non-performing loans to all granted loans has been ...
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The purpose of this study is to investigate the effects of macroeconomic and bank-specific factors on non-performing loans for the period of 2005 to 2013. A dynamic panel data model is used in 18 banks and to assess non-performing loan, the ratio of non-performing loans to all granted loans has been utilized. The results of Generalized Method of Moments (GMM) indicate that among all considered macroeconomic variables, economic growth has a negative effect, the gap between real interest rate in informal market and the real interest rate in formal market and also exchange volatility have positive effect on the ratio of NPLs to all granted loans. The results of bank-specific factors show that capital adequacy ratio, deposit to expenditure ratio, as an indication of economic efficiency, and share of each bank in total loans granted, as a proxy for banks' size, all have a significant negative influence on non-performing loans. The result confirms that “Bad Management hypothesis”, in which the increase of total expenditure efficiency leads to reduction in non-performing loans and “Market Strength and Stability hypothesis”, in which the banks with higher market power has less due date non-performing loans are both confirmed.
Mohammadbagher Asadi; hosein sadeghi soghdel; Bahram Sahabi; alireza naseri
Abstract
This paper examines the impacts of fuel price reform on the technology mix of power plants and other outputs of the Iran electricity market. In this regard, Iran electricity market has been simulated by using an agent-based model for a long-term period. Then, as a result of fuel price reform, ...
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This paper examines the impacts of fuel price reform on the technology mix of power plants and other outputs of the Iran electricity market. In this regard, Iran electricity market has been simulated by using an agent-based model for a long-term period. Then, as a result of fuel price reform, the changes in the outputs of the electricity market, including the average price, average efficiency, capacity and technology mix of generation has been studied and analyzed. The results show that, the current situation of technology mix of power plants is far from optimum conditions. Accordingly, the reform of fuel prices may change the returns and incentives of investment in different technologies so that, technology mix of power plants would face major changes, and by increasing share of more efficient power plants like combined cycle power plants, the average efficiency of electricity production increase from current 36% to more than 55%.
Mohammad Mowlaei; Abolghasem Golkhandan
Volume 14, Issue 53 , July 2014, , Pages 83-108
Abstract
The budget deficit policy is one of the fiscal policy instruments for eliminating the shortage of government revenues and achieving targeted economic growth in many countries. In recent years, for various economic problems in Iran, governments get some parts of the budget deficit from different sources. ...
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The budget deficit policy is one of the fiscal policy instruments for eliminating the shortage of government revenues and achieving targeted economic growth in many countries. In recent years, for various economic problems in Iran, governments get some parts of the budget deficit from different sources. Foreign borrowing is one of the sources of deficit financing and the ways of using it may have positive and negative effects on economic growth. In this paper the empirical relationship between budget deficit and economic growth of Iran in the period 1980-2011 is analyzed in long and short run applying Johansen and Juselius co-integration method and vector error correction model (VECM). Results suggest that the impact of external debt on economic growth is negative and significant in the long run and short run. Thus, the optimal foreign borrowing and the other sources of deficit financing should be used for increasing employment and the high efficiency projects and the ability to pay foreign and domestic debts are necessary for achieving the targeted growth.
Abbas Shakeri; Sirous Omidvar
Volume 10, Issue 39 , January 2011, , Pages 83-103
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Volume 1, Issue 2 , October 2001, , Pages 83-110
Hojjatollah Mirzayi; Ali Asghar Banou'i
Volume 15, Issue 58 , October 2015, , Pages 84-110
Abstract
The role and importance of knowledge in economic growth has been considered since the second half of the twentieth century. As of 1980s, knowledge entered the production function as an endogenous and determining variable. By the time that knowledge, innovation and new technologies became of value; broad ...
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The role and importance of knowledge in economic growth has been considered since the second half of the twentieth century. As of 1980s, knowledge entered the production function as an endogenous and determining variable. By the time that knowledge, innovation and new technologies became of value; broad studies were carried out in order to investigate the role and impact of these variables on economic growth, both at national and regional (regions within the national borders) levels. Economic researchers have tried to explain the disparities in economic growth of regions according to the differences in knowledge share and innovation. Through the production and publication of financial accounts of provinces in Iran since 1990, the pathway for such studies has been smoothed and the ground has been prepared for investigating the role and impact of knowledge and innovation on economic growth of different provinces and their diversity in economic growth. In the present article, the effects of knowledge variables (including specialized labor, R&D employees and value-added of high-tech sectors) have been surveyed alongside with two traditional variables of labor and capital on economic growth of Iran provinces during years 1990-2011 and the economic growth model has been estimated through this approach. The results of model estimation using stochastic effects method reveal that specialized labor growth rate has the highest effect on economic growth of provinces, by a coefficient equal to 2.05. The growth rates of capital per capita, and high-tech and intermediate-tech industries (per employee) have the coefficients of 0.89 and 0.19, respectively.
Amir Khadem Alizadeh
Volume 13, Issue 50 , October 2013, , Pages 87-121
Abstract
In some of the new economic growth models, we pay attention to the effects of financial development on economic growth. This research investigates the relationship between capital market and economic growth in macro level during 1991-2011. The research is organized as follows: the introduction comes ...
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In some of the new economic growth models, we pay attention to the effects of financial development on economic growth. This research investigates the relationship between capital market and economic growth in macro level during 1991-2011. The research is organized as follows: the introduction comes as the first section. In section II, we review the literature on the relationship between economic growth and capital market. The theoretical foundations of capital market and economic growth in macro level come in third section. Research methodology and introduction of main variables of the growth model, capital market indicators, statistical methods and econometric issues for our estimations come in the next part. In the fifth section, we introduce the model and explain the variables of proposed growth model. In the next section we test the hypothesis of our research. So we investigate the relation between capital market and economic growth in a macro model using principal component analysis (PCA) and generalized method of moments (GMM) analysis in several scenarios. The results of our research indicate that in a macro analytical approach we didn’t find a positive and significant relation between the financial development indicators and economic growth. The Policy recommendations of this research are developing the capital market through defining and presenting new financial instruments to absorb liquidity for efficient firms in Iranian capital market.
