Kambiz Hozhbar Kiani; Farhad Ghaffari
Volume 10, Issue 38 , October 2010, , Pages 87-116
Nasser Khiabani; Jamshid Pajuyan; Akbar Komeyjani
Volume 10, Issue 36 , April 2010, , Pages 87-113
Abstract
This paper is based on a cointegrated I(2) and I(1) variables models money, price, output, real effective exchange rate and interest rates in Iran over period 1990 quarter 1-2006 quarter 4. The empirical findings demonstrated long-run homogeneity between price and money was broken down and the hypothesis ...
Read More
This paper is based on a cointegrated I(2) and I(1) variables models money, price, output, real effective exchange rate and interest rates in Iran over period 1990 quarter 1-2006 quarter 4. The empirical findings demonstrated long-run homogeneity between price and money was broken down and the hypothesis of the stable money demand relationship was not confirmed in the period, instead of this we found a relation which determines inflation based on liquidity ratio and real effective exchange rate. Money supply growth significantly explains output growth in the period. In addition, the paper provides further insights about the effects of financial repression on output and determining the behavior of opportunity cost of money in Iran.
Mohammad Mehdi Barghi Oskuie; Hossein Sadeghi; Davod Behboodi
Volume 9, Issue 35 , January 2010, , Pages 89-111
Abstract
In this paper, by using the computable general equilibrium model, the effect of tariff cuts importing goods on the employment level and income distribution based on different scenarios of tariff cuts through GAMS software have been simulated. The results show that general tariff cuts raise the employment ...
Read More
In this paper, by using the computable general equilibrium model, the effect of tariff cuts importing goods on the employment level and income distribution based on different scenarios of tariff cuts through GAMS software have been simulated. The results show that general tariff cuts raise the employment level of unskilled labor workers and improve income distribution in rural households. Moreover, tariff cuts in foods, apparel and textile sector increase the employment level of unskilled labor workers and improve income distribution in rural households. In addition tariff cuts in agriculture sector reduce the employment level of unskilled labor workers and improve income distribution in urban households.
mohammad bagher beheshti; Parviz Mohammadzadeh; azra jamshidi
Abstract
The main objective of this study is to investigate the dynamics of income distribution and to find evidence of convergence or divergence in per capita income in Iranian provinces by using newly developed methods for Exploratory Space–Time Data Analysis (ESTDA). In order to achieve this goal, per ...
Read More
The main objective of this study is to investigate the dynamics of income distribution and to find evidence of convergence or divergence in per capita income in Iranian provinces by using newly developed methods for Exploratory Space–Time Data Analysis (ESTDA). In order to achieve this goal, per capita income data were collected for the period from 1997 to 2014. Then, using the markov chain and the spatial markov chain, the transition probability matrix is estimated at different time periods. The results show that in an 18-year period in Iranian economy, there was a very small possibility that poor provinces (in terms of per capita income) could increase their per capita income. Also, the values of asymptotic distribution show very weak tendency to divergence in per capita income of Iranian provinces during period 1997 to 2000. According to the high probability of 77% for staying at each level of per capita income, one can claim that there is no strong evidence of convergence or divergence in the distribution of per capita income between provinces of Iran. Also, the estimation results of the spatial transition probability matrix show that the moves between income classes for each province depends on the performance and status of neighboring provinces.
Ali Ghanbari; Seyed Hadi Makhzan Moosavi
Volume 11, Issue 42 , October 2011, , Pages 91-113
Abstract
The size of the underground economy (UE) is valuable information in the
formulation of macroeconomic and fiscal policy. According to the hidden nature of
underground economy, there will be a problem for studying and measuring it, therefore
methods of common measure have set about estimating these ...
Read More
The size of the underground economy (UE) is valuable information in the
formulation of macroeconomic and fiscal policy. According to the hidden nature of
underground economy, there will be a problem for studying and measuring it, therefore
methods of common measure have set about estimating these activities so that it will face
with exclusive assumptions. This study applies fuzzy set theory and fuzzy logic to construct
an annual time-series for the (unobservable) Iran UE over the period 19782006. Three
major factors affecting the size of the UE, the effective tax rate, unemployment rate and the
degree of government regulations, are used. The result of this study has been compared with
MMIC model. Although these two studies have different procedures, they have generally
defensive and almost similar results in underground economy. In the meanwhile the featured
phenomenon of fuzzy values show that it can present better patterns in underground
economy. The advantage of applying fuzzy logic is twofolds. First, it can avoid the complex
calculations in conventional econometric models. Second, fuzzy rules with linguistic terms
are easy for human to understand it.
Farshad Heybati; Musa Ahmadi
Volume 9, Issue 34 , October 2009, , Pages 91-112
Abstract
In recent decades, Islamic finance has been faced with a considerable growth trend. One of its main characteristics is that financier cannot charge any interest and will consider a mark-up or share in the profits instead of that. Several kinds of standard products have been developed in financing areas ...
Read More
In recent decades, Islamic finance has been faced with a considerable growth trend. One of its main characteristics is that financier cannot charge any interest and will consider a mark-up or share in the profits instead of that. Several kinds of standard products have been developed in financing areas toward trade and projects. Some of these products have been developed directly according to the Quran principles and some others are the result of financial engineering which have been created from the combination of diversified and accepted financial instruments for achieving the product which leads to the acceptable return against acceptable risk. Major part of the said growth of Islamic finance especially in 1970s was for the reason of the needs for oil export of Islamic countries. Now, although industries have been faced with several diversifications, the importance of project finance has not been decreased. At the same time, Islamic financiers have been dependent to the credit constraints of the banks. Current study will assess the project finance, will compare it with the traditional financing and finally will determine some of the techniques which is being used in Islamic countries.
Alimorad Sharifi; Mahdi Sadeghi Shahdani; Abedin Ghasemi
Volume 8, Issue 31 , January 2009, , Pages 91-119
Abstract
The allocation of subsidies payment has been mentioned in both articles 46 and 47 of the Third Socio-Economic, and Cultural Development Plan. The global oil price fluctuations and their direct impacts on the Iranian national budget allocations has resulted in energy subsidies payment to be one of the ...
Read More
The allocation of subsidies payment has been mentioned in both articles 46 and 47 of the Third Socio-Economic, and Cultural Development Plan. The global oil price fluctuations and their direct impacts on the Iranian national budget allocations has resulted in energy subsidies payment to be one of the most challenging issues in the Iran’s economy. The objective of this research is the assessment of inflationary impacts of energy subsidy removal by using an energy input-output price model. The findings indicate that the costs of production in the different economic sectors will rise following energy prices increase. The inflationary impacts in non-metallic mineral products, forestry, and petroleum products will be the highest while the electricity price increase has dominant role in price inflation. The significant changes will happen in the macroeconomic variables such as private consumption expenditures, government consumption expenditures, gross fixed capital formation, as well as exports.
Reza Taleblou; mohammad mahdi davoudi
Abstract
In this paper, an optimal investment portfolio including securities of four sectors: financial, chemical, pharmaceutical and automotive is estimated. Various types of Copula models are used to study the structure of asset co-dependency. Different types of GARCH models are used to explain volatility of ...
Read More
In this paper, an optimal investment portfolio including securities of four sectors: financial, chemical, pharmaceutical and automotive is estimated. Various types of Copula models are used to study the structure of asset co-dependency. Different types of GARCH models are used to explain volatility of asset returns, and Extreme Value theory is used to model the tails of the distribution. Also, expected shortfall model is used to calculate asset portfolio risk. The results of this research show that securities of chemical sector have the highest weight in optimal investment model. Also, in order to achieve higher returns (and of course, with higher risk tolerance), we can increase the weight of the pharmaceutical sector in the asset portfolio. The automotive sector does not have a significant weight in any of investment portfolios due to high level of fluctuations. The results of the Sharpe test also showed that two types of Copula models, Frank and Gumbel, were more effective in diversifying investment portfolios.
. .
Volume 4, Issue 12 , April 2004, , Pages 93-116
Yadollah Dadgar; Naser Elahi; Akbar n Keshavarzia
Abstract
In third millennium AD and after 9/11 attacks, financial crisis of 2007, the spread of terrorism, etc., financial and banking regulations have been much stricter around the world. In this era, due to political, economic and legal events, banking rules and regulations have been much faded in Iran. Supervision ...
Read More
In third millennium AD and after 9/11 attacks, financial crisis of 2007, the spread of terrorism, etc., financial and banking regulations have been much stricter around the world. In this era, due to political, economic and legal events, banking rules and regulations have been much faded in Iran. Supervision of financial and banking authorities has been also much lessened in Iran and observance of financial standards has been neglected. Creating interaction and cooperation between usury-free banking system of Iran and international banking system needs a focus on common and mutually-accepted points in the form of proposed standards based on rationalism and ethics. The main objective of present research is to introduce and specify the proposed standards and make comparison between them to render solutions for interaction and expansion of cooperation between Iranian banking system and conventional banking system around the world. The main indices of rationalism and ethics in usury-free banking that are in accordance with conventional banking system and the only difference is the observance of Sharia criteria on these indices include: rules and regulations (internal and international regulations and observance of financial and international indices), beneficiaries’ rights (shareholders, customers, staff and related institutions) and social responsibilities (environment, social welfare, growth, promotion and employment). Financial crisis of 2007 in developed countries including United States of America, members of OECD and EURO region created shocks in economic growth, GDP, interest rate, unemployment rate, ratio of capital to assets of the banking system and the rate of stock price growth and all these factors resulted in making financial and banking regulations stricter in international banking.
Ali Asghar Banou'i; zahra zabihi; parisa mohajeri; elham tabrizi
Volume 15, Issue 59 , January 2016, , Pages 95-124
Abstract
Errors which occur in the process of collecting and compiling databases and developing symmetric input-output tables are inevitable. The issue of stochastic data contained in the input-output tables has been one of the key issues discussed in input-output economic literature. Foreign researchers have ...
Read More
Errors which occur in the process of collecting and compiling databases and developing symmetric input-output tables are inevitable. The issue of stochastic data contained in the input-output tables has been one of the key issues discussed in input-output economic literature. Foreign researchers have demonstrated in theoretical studies that if the matrix of technical coefficients is stochastic, the Leontief production multipliers will be positively biased. Although the findings of applied studies (that include the complier's and practitioner's approach) confirm the above observation, but they also show that this bias is trivial and therefore can be ignored. In this study, the approaches of practitioner and complier to the analysis and estimation of the bias of stochastic input-output multipliers and the estimation of multiplier bias are explained. For this purpose, we use Monte Carlo simulation method from the Complier’sview to estimatethe bias of production multipliers and the effect of sample size on the bias. The findings of this study suggest that, first, the greater the sample size the less the amount of bias of multipliers and second, the greater the sample size, the higher percentage of elements in matrix of production multipliers demonstrate a positive bias. Third, in a sample with large size, all multipliers have significant positive biases that is in line with the findings and results of analytical studies, however this bias is very small.
Morteza Sameti; Marzieh Googerdchian; Ahmad Googerdchian
Volume 10, Issue 37 , July 2010, , Pages 95-113
Abstract
Some economists believe that Economies with the higher degree of economic freedom have a better performance than that of planned economies. This group has ranked countries by various indexes of economic freedom to show how to have access to the world resources. In the literature, there is an emphasize ...
Read More
Some economists believe that Economies with the higher degree of economic freedom have a better performance than that of planned economies. This group has ranked countries by various indexes of economic freedom to show how to have access to the world resources. In the literature, there is an emphasize on the relationship between economic freedom and transaction cost. This reveals the fact that economic freedom followed by free competition, property rights and voluntarily exchanges can decrease transaction cost in the markets, through the reduction in limits.
The goal of this paper is to construct a theoretical framework to discuss the effect of economic freedom on transaction cost. Then, it uses data OECD high income members over 1995-2004.
The empirical results indicate that the selected countries are not only affected by economic freedom by indexes transaction cost consist: (voice and accountability, government effectiveness, control of corruption, regulatory construction and corruption index) while the effect is U shape and convex, that is, an increase in economic freedom results in a decrease in transaction cost but in the process of economic increasing freedom transaction cost rises.
. .
Volume 2, Issue 5 , July 2002, , Pages 95-114
Abbas Shakeri; Fereydoun Salimi
Volume 6, Issue 20 , April 2006, , Pages 95-129
meysam amiry
Abstract
Most tax policies that are based on tax-payer decision-making are drawn upon classical economic models. Studies, however, indicate that decision-making models which lack psycho-social bases and are merely designed based on economic parameters, cannot fully explain developments and evolution of actions ...
Read More
Most tax policies that are based on tax-payer decision-making are drawn upon classical economic models. Studies, however, indicate that decision-making models which lack psycho-social bases and are merely designed based on economic parameters, cannot fully explain developments and evolution of actions by decision-makers. Therefore, a large body of literature has been formed about analysis of tax-paying decisions based on behavioral economics. In the present study, a brief overview of the theoretical bases of behavioral economics, as well as both theoretical and practical research conducted in this field, are going to be presented. Unfortunately, relevant studies have been indicative of increasingly widespread of tax evasion in our country despite various measures taken in this regard. Considering factors related to behavioral economics that are influencing tax evasion and using policy-making capacities stated in this approach may apparently help Iran reduce tax evasion and improve the effectiveness of its tax system.
Ali Esmaieel Zadeh Magharri
Volume 9, Issue 33 , July 2009, , Pages 97-123
Abstract
The aim of this paper is to investigate the relationship between investment, import and export on inflation in Iran’s economy. First, we talk about inflation theory and then give a short discussion about inflation effects on investment to make sure that our time series are stationary. We use ADF ...
Read More
The aim of this paper is to investigate the relationship between investment, import and export on inflation in Iran’s economy. First, we talk about inflation theory and then give a short discussion about inflation effects on investment to make sure that our time series are stationary. We use ADF method.
Then we estimate our models. We find out that the relationship between export and import and inflation is positive and the relation between investment and inflation is negative.
Hassan Sagheb; Bita Norouzi
Volume 9, Issue 32 , April 2009, , Pages 97-117
Abstract
This paper surveys the grounds of Iran-Turkey trade cooperation in terms of ex-post indicators such as complementary trade index and trade potential index(based on HS 6-digit cods) during 1999-2003.
The results show that Iran and Turkey enjoy complementary trade in the field of oil and non-oil ...
Read More
This paper surveys the grounds of Iran-Turkey trade cooperation in terms of ex-post indicators such as complementary trade index and trade potential index(based on HS 6-digit cods) during 1999-2003.
The results show that Iran and Turkey enjoy complementary trade in the field of oil and non-oil goods. This is particularly obvious in the field of mechanical and electronic machinery and equipment. The calculations indicate that Iran's import and export potentials in trade with turkey are $4.7 bn and $1.4 bn respectively. Despite the considerable potentials in bilateral export and import of non-oil goods, both countries' policies have failed to take advantage of existent trade capacities. Therefore, the adoption of trade cooperation expansion policies in the form of preferential trade arrangements could facilitate and enhance trade flows between two countries.
. .
Volume 4, Issue 14 , October 2004, , Pages 97-130
Shahriyar Nessabian
Volume 6, Issue 22 , October 2006, , Pages 97-122
Abstract
In this paper by using panel data and statistics of 1993-2004, and FDI statistics, labour demand function for three economic sectors (agriculture, industry and services) were estimated. The results show that the outcome of (F.D.I) during the study is not significant. But this effect on the skill labour ...
Read More
In this paper by using panel data and statistics of 1993-2004, and FDI statistics, labour demand function for three economic sectors (agriculture, industry and services) were estimated. The results show that the outcome of (F.D.I) during the study is not significant. But this effect on the skill labour in services sector is positive and in industrial sector is negative. The reason for this difference in industrial sector is using of old technology and in services sectors is high education. By presenting the FDI in industrial sector, employment will decrease and FDI for employment in agricultural sector is neutral.
Mohammad Azimzadeh Arani; Farshad Momeni
Abstract
Today, because of market failure in market–based economies, government regulation through regulatory bodies is vital. Rail transportation industry like other network industries has faced market failure because of its properties such as natural monopoly, nature of its multi-product activity, the ...
Read More
Today, because of market failure in market–based economies, government regulation through regulatory bodies is vital. Rail transportation industry like other network industries has faced market failure because of its properties such as natural monopoly, nature of its multi-product activity, the specific role of rail infrastructure and externalities. Thus, this industry needs to be monitored by the regulatory bodies. This article is prepared by analytical-descriptive method in two parts. In the first part, principles, nature and instruments of regulation are examined and their position in rail transportation industry, especially in Iran, is addressed in the second part. The results show that the regulatory instruments are divided into competition laws and sectoral regulation which are related to competitive and noncompetitive markets respectively and they have separate function to each other. In Rail transportation industry, the infrastructure sector due to its natural monopoly is noncompetitive and the operating sector is competitive. In Iran, although significant steps have been taken to separate competitive and noncompetitive sectors as a law of free access to the rail network was passed but The Railways of I.R.I Company as the regulator of this industry is faced with serious challenges such as lack of independence, lack of appropriate mechanism for accountability and overlapping functions with other governmental bodies.
. .
Volume 2, Issue 4 , April 2002, , Pages 99-114
Maryam Khalili Araghi
Volume 8, Issue 28 , April 2008, , Pages 99-118
Abstract
In this article, we propose a model that incorporates the preference of multiple decision makers in to a decision making process using multiple criteria and cardinal method in the capital budgeting context. In this model, all characteristics represent a significant improvement compared with traditional ...
Read More
In this article, we propose a model that incorporates the preference of multiple decision makers in to a decision making process using multiple criteria and cardinal method in the capital budgeting context. In this model, all characteristics represent a significant improvement compared with traditional capital budgeting techniques.
seyyed hasan ghavami; . .; teymour mohammadi; Mansour Ranjbar
Abstract
By considering the different importance of collateral variable in Islamic and in conventional banking, theoretical and experimental studies show that the necessary convergence in the credit relationship between bank and customer has not been achieved. In this article, in addition to the explaining feasibility ...
Read More
By considering the different importance of collateral variable in Islamic and in conventional banking, theoretical and experimental studies show that the necessary convergence in the credit relationship between bank and customer has not been achieved. In this article, in addition to the explaining feasibility of studying and accepting empirical role of collateral in commercial profit - loss sharing contracts, we have studied the dual role of collateral as screening and motivation tool in banking relations. We have also used credit data of Bank Refah Kargaran with application of Logit estimation to test our hypotheses regarding the role of collateral. Based on our results, the hypothesis that borrowers with lower risk have provided safer collateral, has been confirmed. This result shows the existence of adverse selection phenomenon. So, low-risk individuals tend to send signals of their quality and reveal their situation to banks. In addition, other economic and social variables of contract could use the potential of signaling and contribute to reduce the role of collateral. In the data under consideration, except for the variable of account history-interest rate, this hypothesis was rejected and other economic and social variables have failed to have the expected impact.
Mohammad Ghasemi; Mahdi Faghihi; Parisa Alizadeh
Abstract
Subject of this article is analysis of requirements to achieve a knowledge-based economy at the macro level, and in particular, legal frameworks necessary for realization of knowledge-based economy in Iran. For this purpose, a framework, that is close to the one developed by Australian Bureau of Statistics ...
Read More
Subject of this article is analysis of requirements to achieve a knowledge-based economy at the macro level, and in particular, legal frameworks necessary for realization of knowledge-based economy in Iran. For this purpose, a framework, that is close to the one developed by Australian Bureau of Statistics is used in which, knowledge-based economy consists of four main dimensions: context (institutional and economic structure), human capital, information and communication technology, and innovation and entrepreneurship. The results show that despite different laws and regulations in development programs and other permanent laws, current situation in Iran is far away from a coherent and comprehensive legal framework to move towards a knowledge-based economy. In the field of entrepreneurship and innovation, there are several legal weaknesses. Compared to the previous two pillars, human resources development and information and communication technology are more acceptable in current legal framework. Also, using the World Economic Forum's competitiveness framework, structural reform priorities to establish a knowledge-based economy in Iran are mentioned in this study.
Ayub Abozari; Mohammad Nabi Shahiki Tash; Reza Taleblo
Volume 14, Issue 54 , October 2014, , Pages 101-132
Abstract
Corporate income taxes are the major source of tax revenues. This tax affects the systematic risks that companies confront with. Based on the data about 283 companies over period 2004-2011, we use random effects panel data models to examine the relationship between companies' income, profit before tax ...
Read More
Corporate income taxes are the major source of tax revenues. This tax affects the systematic risks that companies confront with. Based on the data about 283 companies over period 2004-2011, we use random effects panel data models to examine the relationship between companies' income, profit before tax and the beginning retained earnings Results of this study indicate that there is no specific relationship between systematic risk and the amount of tax paid by the companies; Among all companies only 93 fail to show significant effects of systematic risk. Additionally, the sign of the coefficient for the systematic risk variable is not the same for all the companies. The findings also imply that there is a significant and positive relationship between the ratios of profit before tax to nominal capital and the beginning retained earnings with ratio of tax to nominal capital of the companies. Moreover, the magnitude of the coefficient on the ratio of profit before tax to nominal capital is larger than the beginning retained earnings to nominal capital.
