Akbar Komijani; Ramin Mojab
Volume 11, Issue 41 , July 2011, Pages 13-30
Abstract
Uncertainty results from economic and noneconomic government policies. Thispaper tries to identify the benefits or the costs of these uncertainties by analyzingthe relationship between Inflation uncertainty and Investment in Iran in quarterlyperiod of 1368:1-1387:2 (1989:1-2008:2). The results ...
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Uncertainty results from economic and noneconomic government policies. Thispaper tries to identify the benefits or the costs of these uncertainties by analyzingthe relationship between Inflation uncertainty and Investment in Iran in quarterlyperiod of 1368:1-1387:2 (1989:1-2008:2). The results confirm a negativerelationship between inflation uncertainty and investment.
Mostafa Karimzadeh; Khadijeh Nasrollahi; Saeed Samadi; Rahim Dallai Esfahani
Volume 11, Issue 41 , July 2011, Pages 31-50
Abstract
The main idea of this study is examination of the Impact of Terms of Trade on
Investment by Johnsen-Juselius cointegration technique for Economy of Iran in
(1971-2006). For this aim, we specify investment function according the present
value criteria and neoclassic theory. Our model includes gross ...
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The main idea of this study is examination of the Impact of Terms of Trade on
Investment by Johnsen-Juselius cointegration technique for Economy of Iran in
(1971-2006). For this aim, we specify investment function according the present
value criteria and neoclassic theory. Our model includes gross domestic production,
price index, interest rate and terms of trade.
We use Johnsen-Juselius cointegration technique for estimation of this model.
The result of econometric estimation has indicated a long run relationship among
investment, gross domestic production, price index, interest rate and terms of trade.
Our result showed GDP, price index and terms of trade have direct effect and
interest rate has inverse effect on investment.
Naserali Yadolahzadeh Tabari
Volume 11, Issue 41 , July 2011, Pages 51-70
Abstract
Inflation targeting as an monetary policy framework, requiring some
prerequisites to warrant its prosperity. This research tends to investigate the
applicability of inflation targeting to Iranian economy. Our findings on the existence
of potential monetary policy instruments in order to control the ...
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Inflation targeting as an monetary policy framework, requiring some
prerequisites to warrant its prosperity. This research tends to investigate the
applicability of inflation targeting to Iranian economy. Our findings on the existence
of potential monetary policy instruments in order to control the inflation indicate that
exchange rate can be used in short term, but the over-emphasis and over
dependency on it, is not suggested in inflation targeting.
Deposit rates are officially determined not based on economic conditions, and
had negligible effect on economic variables, so using the deposit's rates as an
instrument to control the inflation is impossible. The effects of money supply on the
price level in the short- term is low, in the mid-term is moderate, and its maximum
effect revealing in the long- term; thus the money supply cannot be used as a very
effective instrument of monetary policy, for the proper time horizon in inflation
targeting framework is approximately two years.
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.
Somayeh Khanjari; Masud Homayounifar
Volume 11, Issue 41 , July 2011, Pages 97-110
Abstract
In this research ,the impacts of nominal shocks (money supply) on real wage in
the industrial sector of Iran has been investigated for period 1981-2008. The model
that we have used in this study is Vector Autoregressive Model.According to the
results of Johansen test, a long run (cointegrated) ...
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In this research ,the impacts of nominal shocks (money supply) on real wage in
the industrial sector of Iran has been investigated for period 1981-2008. The model
that we have used in this study is Vector Autoregressive Model.According to the
results of Johansen test, a long run (cointegrated) relationship between variables in
the industrial sector of Iran is confirmed. After estimation of the model and
calculation of Impulse Response Function and analyzing dynamics in the model, we
will be able to evaluate the response of real wage of industrial sector and the GDP
to the shock of monetary policy variables. On the basis of the results,response of
real wages is negative and GDP is positive, real and the wages of industrial sector
are sticky.
Javad Rezaee; Mohammad Nadali; Javad Alizadeh
Volume 11, Issue 41 , July 2011, Pages 111-135
Abstract
This study examines the relationship between productivity growth and
commerce sector growth during the period of 1981-2007 and examines empirically
the causal link between productivity growth and commerce sector growth in Iran
using unit root and co- integration techniques ...
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This study examines the relationship between productivity growth and
commerce sector growth during the period of 1981-2007 and examines empirically
the causal link between productivity growth and commerce sector growth in Iran
using unit root and co- integration techniques within a bi-variate vector auto–
regressive (bVAR) and Vector Error Correction (VEC) framework.
The results reveal a positive relationship between Productivity growth and
commerce sector growth for Iran with the direction of causation running from
productivity to commerce sector growth.
Jamshid Pajuyan; Vida Vaezi
Volume 11, Issue 41 , July 2011, Pages 137-158
Abstract
This paper studies the reciprocal effects of the two important socioeconomic
issues, i.e. inequality of income- health through definition of two indices of health
in 30 provinces of the country during 1982-2006. Evaluation of the model in the
framework of the said analytical and consolidated ...
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This paper studies the reciprocal effects of the two important socioeconomic
issues, i.e. inequality of income- health through definition of two indices of health
in 30 provinces of the country during 1982-2006. Evaluation of the model in the
framework of the said analytical and consolidated data is stable in Pool System and
fixed effects method. Although health depends on both factors of average income
and income inequality, but based on the investigations, the society health is more
influenced by income inequality. Therefore, we can see more health in the society
with lower income inequality. The inter-provincial studies performed in various
income groups shows that the income inequality is more effective on health of
society in the provinces with high and low income.
The general conclusions gained from social variables indicate that health
situation has positive correlation with education or training; health care and
number of insured and also health has strong negative correlation with income
inequality and finally weak positive correlation with income average.
Alimohammad Ahmadi; Jalal Dehnavi; Amin Haghnejad
Volume 11, Issue 41 , July 2011, Pages 159-180
Abstract
This paper analyzes the Granger causality between economic growth and
Foreign Direct Investment (FDI) inflows in the three income groups of 112
developing countries over the period of 1980 to 2006. For this purpose, panel data
techniques, including panel unit root, panel cointegration, and panel vector ...
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This paper analyzes the Granger causality between economic growth and
Foreign Direct Investment (FDI) inflows in the three income groups of 112
developing countries over the period of 1980 to 2006. For this purpose, panel data
techniques, including panel unit root, panel cointegration, and panel vector error
correction model, have been applied. The research findings indicate that; firstly,
there is a positive and statistically significant relationship between economic growth
and FDI inflow in each of three groups. Secondly, these findings, also, provide
strong evidence from gtanger causality between these two variables in all income
groups.
Ali Saeedi; Zahra Miadi
Volume 11, Issue 41 , July 2011, Pages 181-200
Abstract
This study has investigated the major barriers of Foreign Investment in Iran from
the investor's viewpoints.
In this study, we followed all of the foreign investors that recoursed to the
investment organization in a period of three months. 150 questionnaires (including
Doing Business Index) were ...
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This study has investigated the major barriers of Foreign Investment in Iran from
the investor's viewpoints.
In this study, we followed all of the foreign investors that recoursed to the
investment organization in a period of three months. 150 questionnaires (including
Doing Business Index) were sent via Email, fax and face to face interview, but only
35 questionnaires were returned. Data analysis has been done by use of inferential
statistics and SPSS software. We found that: There is significant relationship
between index of starting a business, dealing with licenses, employing workers,
registering property, protecting Investors, paying taxes, trading across borders,
enforcing contracts, closing a business and Foreign Investment. but there is no
meaningful relationship, between index of bank getting credit and Foreign
Investment.
Heshmatolah Asgari; Isaac Almasi
Volume 11, Issue 41 , July 2011, Pages 201-224
Abstract
Fluctuations of the housing prices during the past 15 years in the country and
provincial level, has been remarkable. In this paper, factors affecting housing price
level (long term) and its fluctuations (short term) in the provinces during the period
1370-1385(1991-2006) has been studied. For this ...
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Fluctuations of the housing prices during the past 15 years in the country and
provincial level, has been remarkable. In this paper, factors affecting housing price
level (long term) and its fluctuations (short term) in the provinces during the period
1370-1385(1991-2006) has been studied. For this purpose we used method of
panel data. The analysis shows that in short-term, factors of the housing price
fluctuations are: stock market price index, the general price level in the previous
period, the price of land, construction costs, oil prices, the amount of private sector
investment, household spending and interest rate on loan. Also in the long term,
factors of the housing price fluctuations are: housing prices in the previous period,
the number of households, stock market price index, household spending, the gold
prices, land and housing prices and so on. Other results in this paper show that in
determining housing prices and its variations the land price, the general price level
of the previous priod, interest rate on loan and oil prices had the greatest effect,
respectively.
reza tehani; Shapur Mohammadi; Arash Mohamadalizadeh
Volume 11, Issue 41 , July 2011, Pages 225-244
Abstract
This paper presents a new perspective on the Fisher hypothesis, which states a positiverelationship between nominal stock returns and inflation. The new approach is based on a waveletmultiscaling method that decomposes a given time series on a scale-by-scale basis. The time series of inflation and stock ...
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This paper presents a new perspective on the Fisher hypothesis, which states a positiverelationship between nominal stock returns and inflation. The new approach is based on a waveletmultiscaling method that decomposes a given time series on a scale-by-scale basis. The time series of inflation and stock return are decomposed into three wavelet details and one wavelet smooth. Empirical results show that there is a positive relationship between stock returns and inflation at 2month period and at 8-month period, while a negative relationship is shown 4-month period. Also,no significant relationship was revealed in one month time horizon. This indicates that the nominal return results are supportive of the Fisher hypothesis for risky Assets in d2 and s3 of the wavelet domain, while the stock returns do not play a role as an inflation hedge at one month and four month timescales.
MirFeiz Fallah Shams; Mahdi Rashno
Volume 11, Issue 41 , July 2011, Pages 245-266
Abstract
The main objective of this paper is to study the accuracy of the relative valuation
models, P/E and P/B. We chose 75 companies which are listed in Tehran Stock
Exchange from 2001 until 2006. The accuracy of relative valuation models in
prediction of initial public offering price depends on selection ...
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The main objective of this paper is to study the accuracy of the relative valuation
models, P/E and P/B. We chose 75 companies which are listed in Tehran Stock
Exchange from 2001 until 2006. The accuracy of relative valuation models in
prediction of initial public offering price depends on selection of comparable firms. In
this paper, comparable firms were selected on the basis of industry type, return on
equity (ROE), and total assets. In case of comparable firm selection, our findings
prove that companies with the same ROE is more accurate than those in the same
industry. The accuracy prediction in the companies with same total assets is in the
last place in prediction accuracy. In general conclusion, the P/B ratio is more
accurate than the P/B ratio.
