Money and Monetary Economics
ehsan zangane; gholamreza zamanian; Mohammad Nabi Shahiki Tash; ali cheshomi
Abstract
In Iran's economy, most of the financial resources needed by economic enterprises are provided through the granting of facilities by the banking network. Therefore, studying the factors affecting banking facilities to the private sector in Iran's economy is of particular importance. Therefore, in this ...
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In Iran's economy, most of the financial resources needed by economic enterprises are provided through the granting of facilities by the banking network. Therefore, studying the factors affecting banking facilities to the private sector in Iran's economy is of particular importance. Therefore, in this article, the factors affecting the facilities granted by banks are investigated with the quarterly data of the Iranian economy in the period 1379 to 1399 with the nonlinear Markov switching approach. The non-linear approach was used because bank facilities show different effects of economic factors during periods of credit and commercial boom and bust. The results of the research show that the economic growth rate, the interest rate of facilities and the growth rate of bank deposits have a positive relationship with the growth of real facilities and the interest rate of bank deposits has a negative effect on it, but the degree of influence of each of the economic factors on the growth rate of real facilities It is different in every cycle. Also, the inflation rate, the growth rate of non-current claims, and the growth rate of the currency have an ambiguous effect on the growth of real facilities and have left a different effect in each regime. This asymmetric impact of macroeconomic factors during different cyclical periods is important in policy making and should be taken into consideration when making monetary policy.
Financial Economics
Mahdieh Akbari Roshan; shapor mohammadi; jafar ebadi
Abstract
The expected value of stock’s company can change differently to the new inside and outside information which dependents to the nature of the company. The main purpose of this paper is to test the effect of new different information on bid-ask spread. Accordingly, with event study in the selected ...
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The expected value of stock’s company can change differently to the new inside and outside information which dependents to the nature of the company. The main purpose of this paper is to test the effect of new different information on bid-ask spread. Accordingly, with event study in the selected sample we identify release days and specify dummy variable and then according to a panel data model analysis the effect of information on bid-ask spread. Other Variables inclue stock return, transation volume, market return and percentage of changes in dollar’s price, oil’s price and medium price of precious Metals.Results of experience model shows that while the new inside information has positive effect on the liquidity, change in the outside information leads to bigger bid-ask spread and low in stock’s liquidity. So outside policy has negative effect through informational risk and stability of outside variable is important for the market’s performance.
Public Sector Economics
reza zamani; masoud majidi
Abstract
Debt management, as one of the important aspects of fiscal policy in countries around the world, is constantly considered by policymakers. As public debt can have a positive impact on economic growth and can pose a threat to the financial and debt crisis, it must be managed properly and through appropriate ...
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Debt management, as one of the important aspects of fiscal policy in countries around the world, is constantly considered by policymakers. As public debt can have a positive impact on economic growth and can pose a threat to the financial and debt crisis, it must be managed properly and through appropriate rules. In this study, while examining the methods of debt sensitivity and stability analysis, Iran's experience in debt management in the first to sixth development programs after the Islamic Revolution (1979) has been studied and and with attention to Iran's debt conditions on the eve of the seventh development plan, appropriate policy for debt management and control is proposed.We find that Iran, in the Seventh Development Plan, can amend and extend the debt-based rule in paragraph "t" of Article 8 of the Sixth Development Plan, which is presented in this article. It is also necessary for the government to submit a table of indicators related to government debt (share of short-term debt, changes in short-term debt, net government debt) to the Parliamentas it has been added as a new note to this article.
The Economy of Iran
ali asghar banouei; afsane sherkat; Fatemeh Bazzazan; Somayeh Shahhosseini; Azin KianiRad
Abstract
In this article three types of tables followed by a modified table of 2016 of central bank for understanding the changes from the first generation of statistical base to the second generation data base requirements of the new international trade theory are introduced. The third type of table plays a ...
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In this article three types of tables followed by a modified table of 2016 of central bank for understanding the changes from the first generation of statistical base to the second generation data base requirements of the new international trade theory are introduced. The third type of table plays a key role and is considered as starting point for such changes. Considering the absence of such a table in Iran, this article raises three issues, followed by three main questions: First, if official compilers do not attempt to compile such a table soon, what solution can be proposed? Second, as compared to the modified tables, which one of the two types of tables has more stastistical errors? Third, in measuring value-added content in gross exports which one of the two tables is preferred? The latest SUT and intermediate import use table of 2016 that are provided by central bank are used to investigate three questions. The overall findings reveal that: The estimate of the third type of table can circumvent Iran. As compared to the second table, the third table has relatively less statistical errors. Finally, as compared to second table, the third table has edge over in measuring value added content in gross exports.
Money and Monetary Economics
abbas shakeri; Elnaz Bagherpur Oskouie
Abstract
ترجمه بیش از حد طولانی است و ذخیره نمیشودThe present study provides a new understanding of the causal relationship between land/housing prices and liquidity and economic growth by using the continuous wavelet transform approach and analysis in the time-frequency domain. ...
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ترجمه بیش از حد طولانی است و ذخیره نمیشودThe present study provides a new understanding of the causal relationship between land/housing prices and liquidity and economic growth by using the continuous wavelet transform approach and analysis in the time-frequency domain. According to the results of the research: 1) In the short term (12-month cycle), the relationship between housing and land prices with liquidity is two-way and direct, and in lower frequencies (long-term), a direct causal relationship from liquidity to the growth of housing and land prices can be seen. Is. 2) In examining the dynamics of the causal relationship between housing/land prices and economic growth, the obtained results show that in the long term, the causal relationship from housing and land prices to economic growth can be seen. 3) In the medium and long term, the relationship between It is stable, strong and in phase with the ratio of liquidity to the GDP and the ratio of the housing price index to the price index, in such a way that when the ratio of liquidity to the GDP increases and more liquidity goes to the land and housing sector is injected,
The Economy of Iran
Bahram Mohseni Maleki; Hamid Khazaei
Abstract
Oil prices and it’s uncertainties are considered as a factor affecting the economy and financial markets of countries and also introduce as one of the factors affecting the holding of companies' cash. Considering that the chemical products industry has an important role in the economic development ...
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Oil prices and it’s uncertainties are considered as a factor affecting the economy and financial markets of countries and also introduce as one of the factors affecting the holding of companies' cash. Considering that the chemical products industry has an important role in the economic development and is also affected by other markets such as the oil market, the purpose of this study is investigation the effect of Brent oil price uncertainty on the cash holding of the chemical products group in the Tehran Stock Exchange during the period of 1389-1398. The research modeling is based on dynamic panel models and the calculation of oil price uncertainty has done by Garch method and the relationships between variables have estimated using the Generalized method of moments (GMM) technique in two step.The results of the study indicate that there is a positive and significant relationship between oil price uncertainty and cash holdings during the period under review. In addition, the effect of control variables such as financial leverage, cash flow, size, capital expenditures, liquidity, stock return and return of asset are positive, and the effect of total debt, value added of industry and interest rates on the cash are negative.
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