Leila Sadat Zafaranchi; Teymour Mohammadi; Hasan Ta’ee; mahnoosh abdollah milani
Abstract
Nowadays explaining the behavior of household members is not considered as a neglected black box, and interactions between household members, can influence household consumption, employment and thus its welfare. Applying unitary model, the goal of this research is to estimate and study labor supply functions ...
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Nowadays explaining the behavior of household members is not considered as a neglected black box, and interactions between household members, can influence household consumption, employment and thus its welfare. Applying unitary model, the goal of this research is to estimate and study labor supply functions of dual-earner couples who have non-labor income, using Iranian rural-urban families' cost-expenditure data in year 2013. Supposing wage variable is endogenous, the estimation procedure is based on generalized method of moments. Our findings show that in the pattern of married women's labor supply, inverse of Mill's ratio is negative and statistically significant. So, computing this variable by Heckman's Two Step Model results in consistency of results. The elasticity of own wage labor supply of both couples is positive and statistically significant. From this point of view, the couple's labor supply curve, in studied sample, has standard shape. Studying cross wage elasticity, shows that couples' leisure time are complementary. In line with theoretical base, a rise in non-labor income has negative and statistically significant effect on couples' labor supply hours.
Mehdi Yazdani; Hamed Pirpour
Abstract
In general, development of infrastructures and implementation of economic projects require financing. However, the exchange rate fluctuations lead to increasing costs of financing through conversion, transaction, economic, credit and liquidity risks. Hence, in this study, the effect of the exchange rate ...
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In general, development of infrastructures and implementation of economic projects require financing. However, the exchange rate fluctuations lead to increasing costs of financing through conversion, transaction, economic, credit and liquidity risks. Hence, in this study, the effect of the exchange rate volatilities has been investigated on financing practices of companies listed in Tehran Stock Exchange using autoregressive distributed lags method during monthly period 2006-2015 and then, the effect of this variable has been determined on foreign direct investment (FDI) inflow in economic sectors of Iran using panel data method during 1994-2015. According to the results, the value of assets, stock price index, economic freedom index, inflation rate and exchange rate volatilities are identified as determinants of firms’ financing. Also, the pattern of FDI is a function of sectoral value-added growth, capital productivity index, inflation rate, economic freedom index and the exchange rate volatilities where the coefficients are significant and consistent with theoretical expectations. Furthermore, increasing exchange rate fluctuations can decrease domestic and foreign financing because exchange rate fluctuations lead to different risks.
Naser Khiabani; mahbubeh delfan
Abstract
This study investigates how fiscal policy shocks affect macroeconomic activities in an oil exporting economy using a real business cycle model (RBC). We make distinction between public sector of economy from private sector and evaluate the effect of public crowded- (in or out) effect on private sector. ...
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This study investigates how fiscal policy shocks affect macroeconomic activities in an oil exporting economy using a real business cycle model (RBC). We make distinction between public sector of economy from private sector and evaluate the effect of public crowded- (in or out) effect on private sector. Our findings indicate that in Iran, a positive fiscal expansion- a positive consumption expenditure shock- does not have a positive, sizeable and permanent effect on the investment, employment and production of private sector. On the other hand, the results show that the shock has a negative effect on private sector consumption expenditure. This result is consistent with the Ricardian equivalence theorem, suggesting that a government cannot stimulate spending since people assume that whatever is gained now will be offset by higher taxes in the future.
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 ...
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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.
sirous omidvar
Abstract
In this paper an economic-philosophical explanation concerning the status of egoism and justice-seeking is presented in consumer theory, which can be considered formally as an axiomatic theory and in nature as a strong version of rational choice theory. By analyzing the structure of an axiomatic theory ...
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In this paper an economic-philosophical explanation concerning the status of egoism and justice-seeking is presented in consumer theory, which can be considered formally as an axiomatic theory and in nature as a strong version of rational choice theory. By analyzing the structure of an axiomatic theory in general and consumer theory in particular, and proposing the hypothesis that there exists an egoistic value base in this theory, and in order to confirm this hypothesis, an emphasis is given to the necessity of a theoretical framework for the definition of egoism and justice-seeking terms. The definitions of these two terms are then explained according to Rawlsian theory of justice in order to provide a background for presenting two basic questions as follows: Firstly, should human being as a consumer and more generally as a decision maker select either egoism or justice-seeking? Secondly, if so, how this selection is being made? In answering these questions, it is argued that by applying rational choice theory and Rawlsian theory of justice simultaneously, consumer ̓s preferences are reducible to two basic desires of egoism and justice-seeking. Lastly, it is concluded by comparison between Rawls’ and Hobbes’ views that philosophical anthropology as a fundamental component of this philosophical system is a determinant factor in selecting either egoism or justice-seeking in various areas including in consumer theory.
Hassan Dargahi; Mehdi Hadian
Abstract
Designing a New-Keynesian dynamic stochastic general equilibrium model, in this paper, we evaluate the impacts of monetary shocks originated from monetary base and monetary multiplier on fluctuations of macroeconomic variables in Iranian economy. Due to importance of financial sector in transmition of ...
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Designing a New-Keynesian dynamic stochastic general equilibrium model, in this paper, we evaluate the impacts of monetary shocks originated from monetary base and monetary multiplier on fluctuations of macroeconomic variables in Iranian economy. Due to importance of financial sector in transmition of economic policies effects, banking system and its current status such as fixed asset accumulation and NPLs has been added to the baseline model. Calibration of parameters of model according to quarterly data of Iranian economy during period 1990-2014 shows that the model fits the data quite satisfactorily. We find that a negative shock to reserve requirement results in slight output growth and inflation while a positive shock to banks’ borrowing from central bank results in output decline and higher inflation. In other words, for the same amount of liquidity growth, increasing of liquidity from a change in monetary multiplier, in contrast to change in monetary base, results in lower inflation and stimulating output. Therefore, it has been suggested that monetary authority should control the amount of borrowings made by banks and, instead, decreases their reserve requirement ratio as an incentive tool. This approach will encourage banks to adhere to their credit line limits and avoid overdrafts which result in higher level of stability in macroeconomic variables through monetary discipline.
Farshad Momeni; Shima Hajinoroozi
Abstract
In this paper by applying the Social Order Approach developed by North, Wallis and Weingast we indicate how natural states with limited access order and rent-oriented behaviors prevent achievement of privatization goals. This study applies descriptive-analytical approach to suggest that corruption in ...
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In this paper by applying the Social Order Approach developed by North, Wallis and Weingast we indicate how natural states with limited access order and rent-oriented behaviors prevent achievement of privatization goals. This study applies descriptive-analytical approach to suggest that corruption in natural states is one of main limitations to success of privatization program and then investigates the impacts of corruption on three of the most important goals of privatization: strengthening the role of productive private sector in economy, promoting productivity and improving the public sector's financial health. Natural states with rent-oriented behaviors prevent strengthening of productive private sector through disturbing business environment and distorting transfers of ownership. Also corruption makes it difficult to access the goal of promoting productivity, through distorting the motivations of productive investment and reducing the available financial resources of productive private sector to improve productivity. Transferring state firms to the private sector and releasing of resources, makes an opportunity for natural states able to benefit elites more than before. Therefore, where institutional structure is corrupted and rent-based, it is impossible to improve financial health of public sector. Investigating the experience of Iran as a country with a natural state and widespread corruption confirms the theoretical-analytical framework of the study and shows that none of the goals of privatization has been achieved. During the implementation of privatization, not only the role of private sector has not improved, but also the share of government sector has increased. Also, total factor productivity index has not changed significantly and budget deficit of government has increased along with the acceleration of transfers of ownership.
Abolfazl Pasbani; ali cheshomi; meisam pileforoush
Abstract
This article has surveyed effect of political institutions on performance of oil funds and seeks to make a meaningful contribution to the literature on the use of oil funds in resource-dependent countries, by proposing that what differences in political institutions, cause differences in performance ...
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This article has surveyed effect of political institutions on performance of oil funds and seeks to make a meaningful contribution to the literature on the use of oil funds in resource-dependent countries, by proposing that what differences in political institutions, cause differences in performance of oil funds in Iran, Norway and Saudi Arabia. In situations that institutional framework causes maximization of benefits with long-term decisions, the mechanism of oil funds are successful. And in situations that institutional framework causes maximization of benefits with short-term decisions, the mechanism of oil funds are not successful. Institutional framework in full democracies and paternalism authoritarian regimes lead to the long-term decisions, but institutional framework in flawed democracies leads to short-term decisions. It seems that in Iran, motivations implicit in institutional structure push politicians to take short-term decisions instead of long-term decisions, such that politicians are inclined to maximize their own interests and consider short-term period. That has been of the most important factor in failure of Iran's Foreign Currency Reserves Account or National Development Fund.
Mohsen Yazdinejad; Tohid Firouzan Sarnaghi; Ali Nassiri Aghdam
Abstract
One of the issues in complex organizations is management of personnel movements. On the one hand, personnel tend to change their positions from one sector of organization to another part or from one post to another post or move to another branch of the organization in a new city. On the other hand, administrators ...
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One of the issues in complex organizations is management of personnel movements. On the one hand, personnel tend to change their positions from one sector of organization to another part or from one post to another post or move to another branch of the organization in a new city. On the other hand, administrators reposition personnel inside an organization to avoid burnout and facilitate dynamic improvement of the organization. But internal movement inside an organization is faced with challenges, such that it should not cause any posts to be vacant and this requires access to a great deal of information about human resources of the organization and the need to processing them. In this study, we propose an algorithm using market design theory that permits managers to efficiently manage internal movement of human resources. This algorithm was developed by TTCC method and programmed in C# language. To demonstrate the accuracy of proposed algorithm, we applied it to a hypothetical organization with 2325 personnel, 155 branches and 400 internal movement requests. Simulation shows that proposed algorithm increases internal movement of human resources by 11% and help human resource management of organization to be more effective.
Somayeh Shokravi; Mohsen Khezri
Abstract
In this study, to determine the exact effect of financial development on economic growth, we use quarterly data for 1988 to 2013 and apply factor-augmented vector autoregressive (FAVAR) model in combination with time-varying parameters model (TVP) for the case of Iranian economy. Variables used ...
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In this study, to determine the exact effect of financial development on economic growth, we use quarterly data for 1988 to 2013 and apply factor-augmented vector autoregressive (FAVAR) model in combination with time-varying parameters model (TVP) for the case of Iranian economy. Variables used in this study include economic growth, ratio of government spending to GDP (as an index of government size), economic openness index (the ratio of exports and imports to GDP), inflation and financial development index (as an unobservable variable). Based on our results, the effect of financial development index on economic growth in the period under consideration is positive, an increase in government size leads to lower economic growth, in a way that the government size effect is more intense at times that oil revenues increase. In addition, the effect of inflation on economic growth is positive. Finally, the degree of trade openness on economic growth has a positive effect.
