The Investigating the Role of Institutional Quality on Development of Medical Tourism Industry in Iran: Gravitational Search Algorithm and Firefly Algorithm
Nina
Mirani
Ph.D. Candidate in Economics, University of Tabriz
author
Ahmad
Assadzadeh
Associate Professor of Economics, University of Tabriz
author
text
article
2019
per
On one hand, countries dependent on oil revenue have reached the conclusion that oil cannot be a reliable source of income and the oil dependent economy has become a major challenge for oil-exporting countries. On the other hand, in recent years tourism has become one of the most dynamic sectors of global economy and income from different capacities of the tourism industry is sought to replace the income from oil sales. Medical tourism is one of the important areas of the tourism industry. In this study, the effect of institutional indicators on medical tourism in Iran have been investigated using an optimization approach. The results of the study indicate that, Improvement in institutional quality index, gross fixed capital investment in public and private hospitals, gross fixed capital in tourism services, as well as an increase in the number of service providers to medical tourists, including general practitioners and specialists, and an decrease in real effective exchange rates in Iran has led to an increase in the attraction of medical tourists to the country.
Quarterly Journal of Applied Theories of Economics
University of Tabriz
2423-6586
5
v.
4
no.
2019
1
30
https://ecoj.tabrizu.ac.ir/article_8223_d4aabda730a75ec5aecdce416bd74574.pdf
Portfolio Optimization Using Three-Objective Particle Swarm Optimization
Asaad
Alahrezaee
Ph.D. Candidate in Economics, Razi University
author
Ali
Falahati
Associate Professor of Economics, Razi University
author
Kiomars
Sohaili
Associate Professor of Economics, Razi University
author
text
article
2019
per
In optimizing the portfolio, the main issue is the optimal selection of assets that can be bought with a certain amount of money. Although risk minimizing and revenue maximizing on investment seems simple, but in practice several approaches have been proposed for an optimal portfolio. In 1950, Harry Marquitz introduced his model in which proposed the optimization of the asset basket as a quadratic programing model with the aim of minimizing the variance of the asset set, provided that the expected return equals a constant value. In this research, the problem of three-objective optimization (i.e., maximizing stock returns, minimizing its risk and the third objective function, namely minimizing the number of assets) has been studied. Accordingly, investors, with admission a small amount of risk and a similar amount of return, will choose a basket of less assets. For this purpose, at first, genetic algorithms and multi- Particle Swarm Optimization algorithm were used to estimate the two-objective model of minimum variance and maximum return for better algorithm identification. Then, with regard to the better performance of the algorithm, this algorithm was used to estimate the three-objective model for maximizing stock returns, minimizing risk, and minimizing the number of assets.
Quarterly Journal of Applied Theories of Economics
University of Tabriz
2423-6586
5
v.
4
no.
2019
31
52
https://ecoj.tabrizu.ac.ir/article_8079_ea07a01c908401a7196c5034333ae957.pdf
The Behavior of Monetary Policy during the Business Cycle in the Iran Using DSGE Model
Alireza
Erfani
Associate Professor of Economics, Semnan University
author
Neda
Kasaipour
Ph.D. Student in Economics, Semnan University
author
text
article
2019
per
The countercyclical monetary policy is a policy that economists recommend to decrease the economic fluctuations. The purpose of this study is to answer the question of how the monetary policy behavior in Iran's economy was and how it should be. To find the right answers, by using a Markov-Switching model, shown that behavior of monetary policy in the Iran during 1991 to 2015 was mainly procyclical. Then, a dynamic stochastic general equilibrium model, according to the structure of the economy, is considered. Then, optimal monetary policy has been calculated in terms of fiscal domination and institutional quality over a business cycle and calibrated using equilibrium parameters. The results show that the optimal monetary policy over the business cycle, monetary policy is counter-cyclical. The optimal monetary policy coefficient during the business cycle decreases with decreasing institutional quality and increased fiscal domination. Also, if the policymaker's goal is only to stabilize inflation, the optimal monetary policy is acyclic. In addition, when a completely independent monetary policy is assumed, the optimal policy coefficient takes the highest value compared to other assumed conditions.
Quarterly Journal of Applied Theories of Economics
University of Tabriz
2423-6586
5
v.
4
no.
2019
53
80
https://ecoj.tabrizu.ac.ir/article_8401_e86ad242fe2baf30f31d51894d444557.pdf
Investigating the Effects of Institutional-Structural Quality on Iran's Non-oil Exports: Time-Varying Models
Zahed
Moradi
Ph.D. Candidate in Economics, Faculty of Management and Economics, Science and Research Branch, Islamic Azad University, Tehran, Iran
author
Abbas
Memarnejad
Assistant Professor of Economics, Faculty of Management and Economics, Science and Research Branch, Islamic Azad University, Tehran, Iran
author
Seyed Shamseddin
Hosseini
Assistant Professor of Economics, Faculty of Economics, Allameh Tabataba'i University, Tehran, Iran
author
Kambiz
Hojabr Kiani
Professor of Economics, Faculty of Management and Economics, Science and Research Branch, Islamic Azad University, Tehran, Iran
author
text
article
2019
per
Considering the importance of non-oil exports in state development plans, the present paper examined the nonlinear effects of real exchange rate, the value added of the industry and mining sector, non-oil export, and the institutional-structural quality on Iran non-oil exports. The results from the factor-augmented vector autoregressive (FAVAR) and time-varying parameters (TVP) methods on seasonal data of 1997-2015 timespan showed the symmetrical, positive effects of the institutional-structural quality and the state non-oil exports on the increase in the non-oil exports, rising in the course of time. In addition, the final effect of the real exchange rate on the state non-oil exports depends on the depression and prosperity conditions in the economy and can be asymmetrically positive or negative. Finally, the value added growth in the state industry and mining sector had a positive effect on the non-oil exports in the entire timespan studied; the only difference was that these symmetrical effects were stronger during periods of economic prosperity.
Quarterly Journal of Applied Theories of Economics
University of Tabriz
2423-6586
5
v.
4
no.
2019
81
106
https://ecoj.tabrizu.ac.ir/article_8172_ee0a991f66556a162d473f59640e19c2.pdf
Estimating the Value of Statistical Life in Road Safety Improvement: The Case Study of Tabriz
Amineh
Naderi
Ph.D. Candidate in Economics, Razi University, Kermanshah, Iran
author
Shahram
Fatahi
Associate Professor of Economics, Razi University, Kermanshah, Iran
author
Somaye
Azami
Associate Professor of Economics, Razi University, Kermanshah, Iran
author
Mina
Golestani
Assistant professor of Pharmacoeconomics and Pharmaceutical Administration, Road Traffic Injury Research Center, Tabriz University of Medical Sciences
author
text
article
2019
per
With respect to the rapid development of the road transport industry, improving safety and valuing accidents have become an essential issue in public policy. Over the past few decades, studies based on the estimation of valuing statistical life have played a unique role in the cost-benefit estimations of investment in the transport sector. In this regard, this study has been conducted using the stated choice method and the mixed logit model to examine the willingness to pay and the value of statistical life among the Tabriz drivers. The research data were collected through a questionnaire from 300 people who travel daily in the city for various reasons. The statistical value of life and injury for Tabriz city was 18663384 and 135005 Tomans respectively. According to the results, investing in road safety improvement projects is necessary to reduce casualties and injuries.
Quarterly Journal of Applied Theories of Economics
University of Tabriz
2423-6586
5
v.
4
no.
2019
107
142
https://ecoj.tabrizu.ac.ir/article_8389_51e45b5188566055c8a913b9ee778526.pdf
An Appraisal of Downside and Upside Risk Spillovers of Exchange Rates, Crude Oil and Gold Prices on Tehran Stock Exchange
Mohammad Mehdi
Barghi Osguei
Associated Professor of Economics, University of Tabriz
author
Reza
Saghafi Kelvanag
Ph.D. in Economics, University of Tabriz
author
text
article
2019
per
In this Paper, we examined the upside and downside Risk spillovers between exchanges rates, crude oil, gold, and stock prices in Iranian financial markets. Due to special characteristics of financial data, we used copula methods to assess correlation between returns of the markets and using VaR and CoVaR approaches we examined the risk spillovers between markets. Our data spans from 2006-07-19 to 2017-03-21. Results show that the correlations between the exchange rates and the stock prices, as well as the oil prices and the exchange rates were symmetric but the correlations between the gold prices and the stock prices as well as the crude oil prices and stock market were asymmetric and strong in the upper tails. CoVaR analysis shows that risk spillover effects between the stock and gold prices are stronger than the other variables. The relationship between exchange rates and oil prices against stock prices are considered to be mostly between returns but there are some risk spillovers too. In most cases upper risk spillovers are stronger than lower ones.
Quarterly Journal of Applied Theories of Economics
University of Tabriz
2423-6586
5
v.
4
no.
2019
143
172
https://ecoj.tabrizu.ac.ir/article_8476_26e3ff45ed6c98be94fedb8ddcea68ba.pdf
Estimating the Rebound Effect of Electricity Consumption in Iran: Threshold Level Approach
Musa
Khoshkalam Khosroshahi
Assistant Professor of Economics, Alzahra University
author
Rohollah
Mahdavi
Ph.D. in Economics, Allameh Tabataba'i University
author
text
article
2019
per
The literature on energy economics suggests a rebound effect of improving energy efficiency. Given the fact that existing rebound effect causes the electricity saving (due to the improvement of the efficiency of consumer electric appliances in the residential sector) be less than expected, the present paper based on the time series data of 1357-1395, uses linear and threshold models to estimate the direct rebound effect of residential electricity consumption in different scenarios. The results of linear model show that the direct rebound effect of residential electricity consumption in Iran during the period 1357-1395 is on average 81%. The results of the other model (threshold model), taking into account the two variables of Gross domestic product (GDP) per capita and cooling degree days (CDD) as threshold variables, show that decrease in GDP per capita and increase in cooling degree days will increase the direct rebound effect of residential electricity consumption.
Quarterly Journal of Applied Theories of Economics
University of Tabriz
2423-6586
5
v.
4
no.
2019
173
196
https://ecoj.tabrizu.ac.ir/article_8102_bc13ff874774b18872e6503280608cc5.pdf
The Relationship of Public Spending With Terrorism and Crime in the Countries of the MENA Region:
P-VAR Approach
Mahnaz
Saeedikiya
Ph.D. Candidate in Economics, University of Sistan and Baluchestan
author
Nazar
Dahmardeh
Professor of Economics, University of Sistan and Baluchestan
author
Gholamreza
Keshavarz Hadad
Associate Professor of Economics, University of Sistan and Baluchestan
author
Marzieh
Esfandiari
Assistant Professor of Economics, University of Sistan and Baluchestan
author
text
article
2019
per
According to statistics and evidence from the World Terrorist Database on the Terrorism Situation in the World and in the Mine Region, since 2004, the incidence of terrorist acts in the world and in this region has risen sharply. Governments try to increase the level of social security in the country by increasing their public expenditures, thereby reducing the crime and the terrorist acts. The purpose of this study was to investigate the dynamic relationship between public expenditures with crime and terrorism in MENA countries from 2003 to 2016 using the P-VAR approach. The results of the estimated model show that the existence of crime and terrorism has a positive dynamic effect on the general expenditures of the MENA countries. Also, the results of the analysis of variance decomposition indicate that the response to public expenditures varies by level of criminal activity and terrorism, so that criminal activity against terrorist activities has a greater contribution to the variance in these costs. In order to examine the dynamics of the model variables, IRF indicate that the shock caused by public expenditures has had a decreasing effect on crime, but the effects of this shock on terrorist attacks are meaningless, and this issue of inappropriate public spending In order to reduce the number of terrorist attacks in the countries of the MENA countries.
Quarterly Journal of Applied Theories of Economics
University of Tabriz
2423-6586
5
v.
4
no.
2019
197
220
https://ecoj.tabrizu.ac.ir/article_8120_9eaddf56e1e5e54c780486b2f24f01fc.pdf
Estimation of Household Educational Expenditure Model Using Censored Data
Mahdi
Keramatfar
Ph.D. Candidate in Economics, Tarbiat Modares University
author
Bahram
Sahabi
Associate Professor of Economics, Tarbiat Modares University
author
Abbas
Asari
Associate Professor of Economics, Tarbiat Modares University
author
Ezzat allah
Abbasian
Associate Professor of Economics, University of Tehran
author
text
article
2019
per
In recent decades, due to the growing importance of the role of human capital in economic models, the importance of the issue of education has risen in economics literatures. This paper aims to investigate the determinants of educational costs in micro level (household) in Iran. The determinants affecting educational costs are categorized at four levels: household characteristics, child characteristics, head characteristics and mother characteristics. The effect of these categories is estimated thorough a censored Tobit model for Iran household survey in 2016. This model has been chosen so that zero cost in some cases can be reported. The result shows that urban residency and having girl Childs (versus boy) are context factors that increase expenditure on education. Moreover, as men have traditionally been the head of families in Iran and their income has been higher than women’s, the gender of the head of the household is another important factor influencing the educational costs of the family. Finally, the analysis of the characteristics of the mother and of the head of the family shows that transition of the financial capital to children takes place mainly thorough the head of the family (stronger effect of the head’s income compared with the mother’s income) while the transition of the human capital to children takes place mainly thorough the mother of the family (stronger effect of mother’s education compared with the head’s education).
Quarterly Journal of Applied Theories of Economics
University of Tabriz
2423-6586
5
v.
4
no.
2019
221
246
https://ecoj.tabrizu.ac.ir/article_8222_d2968ecf2b6925ef7b02f200a43e821e.pdf
Capital Bank, liquidity Risk and Credit in Iran's Banks
Amir Ali
Farhang
Assistant Professor of Economics, Payame Noor University
author
Abolghasem
Asna Ashari
Associate Professor of Economics, Payame Noor University
author
Asghar
Abolhasani Hastiani
Associate Professor of Economics, Payame Noor University
author
Mohammad Reza
Ranjbar Fallah
Assistant Professor of Economics, Payame Noor University
author
Jahangir
Biabani
Associate Professor of Economics, Payame Noor University
author
text
article
2019
per
The present study investigates the effect of capital on liquidity and credit risks in the banking industry of Iran using a GMM system. Eviews9 and stata12 software have been used to carry out this research. The research findings show that there is a significant and significant correlation between bank capital and risk in the banking industry of Iran, so that by increasing the capital of a bank by as much as one percent, the liquidity risk on the basis of various indexes can decrease from 0/1% to 0/4% Find out. In the case of credit risk, the increase in bank capital leads to a reduction in credit risk from 5/7 to 6/8 percent. Based on the findings of this research and tests, the ethical hazard theory in the banking industry is confirmed. And the charter theory regarding the banking system of Iran is not approved. In this study, the size of the bank shows a direct and significant relationship with liquidity risk, so that a unit of increase in the bank's size index has increased the risk of liquidity from 0/003 to 0/008. There is also a meaningful relationship between the variables of economics and the risk of liquidity and credit. The results of the research also suggest that risk management in banks depends not only on internal banking factors, but also on macroeconomic factors.
Quarterly Journal of Applied Theories of Economics
University of Tabriz
2423-6586
5
v.
4
no.
2019
247
270
https://ecoj.tabrizu.ac.ir/article_8098_f2522c9e4d4a0333dcb8f8421bf8f9b2.pdf