ORIGINAL_ARTICLE
The Impact of Oil Shocks on Foreign Trade in Iran: The Role of Inflation Targeting Policy
In this paper, we evaluate the effect of inflation targeting policy in absorption and reduce the negative impacts of oil shocks on foreign trade. In this regard, in order to evaluate the impact of this policy on the economy of Iran, we used a modified New Keynesian dynamic stochastic general equilibrium framework for a small open economy. We estimate the model using Bayesian approach over the period 1989-2014. The results of the simulation model variables indicate that inflation targeting policy in relation to the failure to adopt this policy, has been reduced the severity and duration of negative effects of oil revenues shock. This policy has been quite successful in controlling inflation and the severity of the decline in exports and increase in imports is reduced in case of shock. Also, in the inflation targeting regime, the decline in non-oil production and total production after the shock has been less severe.
https://ecoj.tabrizu.ac.ir/article_6095_adf0d136842d3d95e46ba9da8ed9fd8c.pdf
2017-04-21
1
28
Inflation targeting
Foreign Trade
Oil shock
DSGE model
Mehdi
Behrad-Amin
m.behradamin@gmail.com
1
Phd Candidate in Economics, University of Sistan and Baluchestan
AUTHOR
Gholamreza
Zamanian
zamanian@eco.usb.ac.ir
2
Associate Professor of Economics, University of Sistan and Baluchestan
LEAD_AUTHOR
Marziyeh
Esfandiyari
m.esfandiari@eco.usb.ac.ir
3
Assistant Professor of Economics, University of Sistan and Baluchestan
AUTHOR
بهرامی، جاوید و قریشی، نیره سادات (1390). تحلیل سیاست پولی در اقتصاد ایران با استفاده از یک مدل تعادل عمومی پویای تصادفی. فصلنامه مدلسازی اقتصادی، 5 (13)، 22-1.
1
خیابانی، ناصر و امیری، میثم (1393). جایگاه سیاستهای پولی و مالی ایران با تأکید بر بخش نفت با استفاده از مدلهای DSGE. پژوهشنامه اقتصادی، 14(54)، 173-133.
2
درگاهی، حسن و آتشک، احمد (1381). هدفگذاری تورم در اقتصاد ایران، پیششرطها و تبیین ابزارهای سیاستی. مجله تحقیقات اقتصادی، 60، 147-119.
3
ربیع همدانی، هستی، و پدرام، مهدی (1393). اثر ثروت و فشار هزینه ناشی از شوک قیمت نفت در اقتصاد ایران: یک رویکرد نوکینزی. فصلنامه پژوهشها و سیاستهای اقتصادی، ۲۲(۷۰)، 246-223.
4
کمیجانی، اکبر و توکلیان، حسین (1391). سیاستگذاری پولی تحت سلطة مالی و تورم هدف ضمنی در قالب یک مدل تعادل عمومی پویای تصادفی برای اقتصاد ایران. تحقیقات مدلسازی اقتصادی، 8(2). 117 ـ 87.
5
منظور، داود، تقیپور، انوشیروان (1394). تنظیم یک مدل تعادل عمومی پویای تصادفی (DSGE) برای اقتصاد باز کوچک صادرکننده نفت: مورد مطالعه ایران. فصلنامه پژوهشها و سیاستهای اقتصادی، 75، 44-7.
6
وبسایت بانک مرکزی ایران، آمار و دادهها (www.cbi.ir)
7
Allegret, J. P. and Benkhodja, M. T. (2015). External shocks and monetary policy in an oil exporting economy (Algeria). Journal of Policy Modeling, 37(4), 652-667.
8
Dargahi, H., & Atashak, A. (2002). Inflation targeting in Iran economy: Preconditions and explanations of policy tools. Journal of Economic Research (Tahghighat-e-Eghtesadi), 37(1), 119-147. (in Persian)
9
Bahrami, J. & Ghoreyshi, N. (2011). Analyzing the monetary policy in Iran economy by using a dynamic stochastic general equilibrium model. Journal of Economical Modeling, 5(13), 1-22. (in Persian)
10
Calvo, G. A. (1983). Staggered prices in a Utility-Maximizing framework. Journal of Monetary Economics, Sept 12(3), 383–398.
11
Dixit, A. K., & Stiglitz, J. E. (1977). Monopolistic competition and optimum product diversity. American Economic Review, 67(3), 297–308.
12
Gelain P. & Kulikov D. (2009). An estimated dynamic stochastic general equilibrium model for Estonia. Working Papers of Eesti Pank, No. 5.
13
International Monetary Fund (2005). World economic outlook. Washington, D.C
14
Khiabani, N. & Amiri, H. (2014). The position of monetary and fiscal policies with emphasizing on oil sector with DSGE models (the case of Iran). Journal of Economics Research, 14(54), 133-173. (in Persian)
15
Komijani A. & Tavakolian, H. (2012). Monetary policy under fiscal dominance and implicit inflation target in Iran: A DSGE approach. Journal of Economic Modeling Research, 2(8), 87-117. (in Persian)
16
Manzoor, D. & Taghipour A. (2016). A dynamic stochastic general equilibrium model for an oil exporting and small open economy: the case of Iran. Journal of Economic Research and Policies, 23(75), 7-44. (in Persian)
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Mishkin, F. S (1999). International experiences with different monetary policy regimes. Journal of Monetary Economics, 43(3), 579-605.
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Mishkin, F. S. (1998). Internation experiences with different monetary policy regimes. Institute for International Economic Studies, August.
19
Mishkin, F. S. and Posen, A. (1997). Inflation targeting: Lessons from four countries. Federal Reserve Bank of NewYork, Economic Policy Review, No. 3, 9-110.
20
Rabi-Hamedani, H. & Pedram, M. (2014). Wealth effect and cost push effect of oil Price shock in Iranian economy: A New-Keynesian approach. Journal of Economic Research and Policies, 22(70), 223-246. (in Persian)
21
Svensson, L. E. (1995). Optimal inflation targets, conservative central banks & linear inflation targets. NBER working paper, No. 5251.
22
Woodford, M. (2004). Inflation targeting and optimal monetary policy. Federal Reserve Bank of St, Louis Review, 86(4), 15-41.
23
Central Bank of Iran (www.cbi.ir)
24
ORIGINAL_ARTICLE
Inflation Targeting and Nominal GDP Targeting in Monetary Rules for Iran Economy
At present, conducting monetary policies to achieve the central bank's goals is an important problem among policymakers. However most of central banks have used inflation targeting regime, there is a challenging discussion that it should be replaced with nominal GDP targeting. This paper simulates two alternative monetary policy rules, Taylor rule and money growth rate rule, in new Keynesian stochastic dynamic general equilibrium models for Iran economy (1988–2014). Further, it compares the monetary policy regimes: inflation targeting and nominal GDP targeting for each rule. However, neither of these rules has been applied to Iran monetary policy yet, the parameters of the rules are determined in which the moments of simulations approximately equal to the moments of real economy. Analyzing the moments of simulated parameters and comparing them with the real world’s data demonstrate that the presented models are properly matched with both theoretical principles and Iran economy. The results show that interest rate is proper than the money growth rate for affecting the economic real sector variables. Also, in case of applying Taylor rule for monetary policy, NGDP targeting creates more stability on these variables and Inflation targeting creates more stability on inflation.
https://ecoj.tabrizu.ac.ir/article_6102_c93adc597798d76b21cc976149c57421.pdf
2017-04-21
29
58
Dynamic Stochastic General Equilibrium
Taylor rule
Inflation targeting
Nominal GDP targeting
Neda
Bayat
nedabbayat@gmail.com
1
Ph.D. Candidate in Economics, Allameh Tabatabai University
AUTHOR
Javid
Bahrami
javid_bahrami@yahoo.com
2
Assistant Professor of Economics, Allameh Tabatabai University
LEAD_AUTHOR
Teymour
Mohammadi
atmahmedi@gmail.com
3
Associate Professor of Economics, Allameh Tabatabai University
AUTHOR
تشکینی، احمد، و شفیعی، افسانه (1384). متغیرهای پولی و مالی آزمون خنثایی پول. فصلنامه پژوهشنامه بازرگانی، 35، 125-152.
1
شاهمرادی، اصغر، و صارم، مهدی (1392)، سیاست پولی و هدفگذاری تورم در ایران. فصلنامه تحقیقات اقتصادی، 2، 25-42.
2
قریشی، نیره (1390). تحلیل سیاست پولی در ایران با استفاده از یک مدل تعادل عمومی پویای تصادفی. پایاننامه دکتری، دانشگاه علامه طباطبائی.
3
کمیجانی، اکبر، و توکلیان، حسین (1391). سیاستگذاری پولی تحت سلطه مالی و تورم هدف ضمنی در قالب یک مدل تعادل عمومی پویای تصادفی برای اقتصادایران. فصلنامه تحقیقات مدلسازی اقتصادی، 8، 87-117.
4
کمیجانی، اکبر، سبحانیان، محمد هادی، و بیات، سعید (1391). اثرات نامتقارن رشد درآمدهای نفتی بر تورم در ایران با استفاده از روش VECM. فصلنامه پژوهشنامه اقتصادی (رویکرد اسلامی-ایرانی)، 45، 201-226.
5
مجاب، رامین، و برکچیان، مهدی (۱۳۹۰). تاثیر شوک های درآمد نفت بر تولید حقیقی بدون نفت. فصلنامه پژوهشهای پولی- بانکی، ۹، 45- 86.
6
متوسلی، محمود، ابراهیمی، ایلناز، شاهمرادی اصغر، و کمیجانی، اکبر (1389). طراحی یک مدل تعادل عمومی پویای تصادفی نیوکینزی برای اقتصاد ایران به عنوان یک کشور صادرکننده نفت، فصلنامه پژوهشهای اقتصادی، 10(4)، 87-116.
7
موسوی، میرحسین، و مستعانی، زهرا (1391). هدفگذاری تورم:کاربردی از نظریه کنترل بهینه. فصلنامه مدلسازی اقتصادی، 3(19)، 41-58.
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همتی، مریم (1390). ابزارهای سیاست پولی مبتنی بر نرخ بهره در مقایسه با ابزارهای سیاست پولی غیر ربوی. فصلنامه تازههای اقتصاد (گزارش سخنرانی دکتر جلالی نائینی). پژوهشکده پولی و بانکی، 132، 70-75.
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یدالهزاده طبری، ناصرعلی، و برادران شرکاء، حمیدرضا (1390). اثر هدفگذاری تورم بر عملکرد اقتصاد کلان: تورم و رشد تولید. فصلنامه تحقیقات اقتصادی، 95، 272-243.
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Atkeson, A., Chari, V. V., & Kehoe, P. J. (2007). On the optimal choice of a monetary policy instrument (No. w13398). National Bureau of Economic Research.
11
Bhandari, P., & Frankel, J. (2014). The best of monetary rules and discretion: a case for Nominal GDP targeting in India. Harvard Kennedy School, May
12
Bernanke, B. S., & Mishkin, F. S. (1997). Inflation targeting: a new framework for monetary policy? (No. w5893). National Bureau of Economic Research.
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Combes, J. L., Debrun, M. X., Minea, A., & Tapsoba, R. (2014). Inflation targeting and fiscal rules: do interactions and sequencing matter? (14-89). International Monetary Fund.
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Dib, A. (2002). Nominal rigidities and monetary policy in Canada since 1981. Bank of Canada.
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Ebeke, C., & Fouejieu, A. (2015). Inflation targeting and exchange rate regimes in emerging markets. International Monetary Fund, WP/15/228.
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6.Friedman, B. M. (1976). Targets, instruments, and indicators of monetary policy. Journal of Monetary Economics, 1(4), 443-473
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Garín, J., Lester, R., & Sims, E. (2016). On the desirability of nominal GDP targeting. Journal of Economic Dynamics and Control, 69, 21-44.
18
Ghoreyshi, N. (2011). Analysis of monetary policy in Iranian economy using a dynamic stochastic general equilibrium model. PhD thesis, Allameh Tabataba'i (In Persian).
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Hassan, S., & Loewald, C. (2013). Nominal GDP targeting and the monetary policy framework (No. 392).
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Hemmati, M. (2011). Interest rate-based monetary policy instruments compared to non-criticized usury instruments. Tazehaye Eghtesad, Bank and Monetary Research Institute, 132, 70-75 (In Persian).
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Ireland, P. N. (2001). Money's role in the monetary business cycle (No. w8115). National Bureau of Economic Research.
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Kydland, F. E., & Prescott, E. C. (1977). Rules rather than discretion: The inconsistency of optimal plans. Journal of political economy, 85(3), 473-491.
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King, R. G., Plosser, C. I., & Rebelo, S. T. (2002). Production, growth and business cycles: Technical appendix. Computational Economics, 20(1-2), 87-116.
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Komijani, A. & Tavakolian, H. (2012). Monetary policy under fiscal dominance and implicit inflation target in Iran: A DSGE approach. Journal of Economic Modeling Research. 2(8), 87-117 (In Persian).
25
Komijani, A. Sobhanian, M. & Bayat, S. (2012). Asymmetric Effects of Oil Income Growth on Inflation in Iran: VECM Approach, Journal of Economics Research (Iranian-Islamic approache). 45, 201-226 (In Persian).
26
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27
Mishkin, F. S. (2004). Can inflation targeting work in emerging market countries? (No. w10646). National Bureau of Economic Research.
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Mishkin, F. S. (2000). Inflation targeting in emerging market countries (No. w7618). National Bureau of Economic Research.
29
Mojab, R. & Barakchian, M. (2011). The Effects of Oil Revenues Shocks on Real Non-oil Output. Journal of Monetary and Banking Research, 9, 45-86 (In Persian).
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41
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43
ORIGINAL_ARTICLE
The Impact of Exchange Rate Changes on Asset Returns in the Framework of a Consumption Based Capital Asset Pricing Model
Along with increasing trade between countries, the changes in exchange rate is considered as one of the most important risk factors in the financial markets. Therefore, the aim of this study was to investigate the relationship between changes in exchange rates and asset returns in the theoretical and experimental framework of consumption based capital asset pricing model (CCAPM). For this purpose, we develop a basic CCAPM model by entry imported consumer goods in the recursive utility function of Epstein and Zin. The sample consisted of eight portfolios monthly data during the period 2003 to 2015. In the first stage, we used Euler equations and the generalized moments method (GMM) of Hansen and Singleton to estimate the parameters of the model, Estimating of the parameters of Euler equations indicate that economic agents are risk-averse and patient, the elasticity of substitution between domestic consumer goods and imported consumer goods is low and the inter-temporal elasticity of substitution is high. In the second stage, using by linear Euler equations as the asset pricing model and two-pass regression method of Fama and MacBeth, we investigated the impact of exchange risk premium, inflation, market returns and domestic consumption growth on the return premium. The results show that the exchange risk premium, inflation and market returns has a positive impact on return premium, This means that economic agents to accept more risk of these variables, apply to the more reward premium will be return on assets.
https://ecoj.tabrizu.ac.ir/article_6105_12f0a3e542417a248497eac79bfab049.pdf
2017-04-21
59
86
Recursive utility
Risk aversion
Elasticity of substitution
CCAPM model
GMM method
Jaber
Bahrami
bahrami_economic@yahoo.com
1
Ph.D. Candidate in Economics, University of Sistan and Balochestan
AUTHOR
Mosayeb
Pahlavani
pahlavani@eco.usb.ac.ir
2
Associate Professor of Economics, University of Sistan and Balochestan
LEAD_AUTHOR
Reza
Roshan
re_roshan@yahoo.com
3
Assistant Professor of Economics, University of Persian Gulf
AUTHOR
Saeed
Rasekhi
sa.rasekhi@gmail.com
4
Professor of Economics, University of Mazandaran
AUTHOR
شکی، سمیه، و توفیقی، حمید (1391). تأثیر نوسانات نرخ ارز بر بازدهی بازار سهام ایران. دومین همایش ملی راهکارهای توسعه اقتصادی با محوریت برنامه ریزی منطقهای، سنندج، دانشگاه آزاد اسلامی واحد سنندج.
1
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2
محمدزاده، اعظم، شهیکیتاش، محمدنبی، و روشن، رضا (1394). مقایسه مدلهای قیمتگذاری داراییهای سرمایهای مبتنی بر مصرف (CCAPM) و مبتنی بر مخارج مصرفی بخش مسکن (HCCAPM) در توضیح بازده سهام در ایران. فصلنامه نظریههای کاربردی اقتصاد. 2(3)، 72-49.
3
روشن، رضا، پهلوانی، مصیب، و شهیکیتاش، محمدنبی (1392). بررسی اهمیت مصرف نسبی و ریسکگریزی در الگوی مصرفی خانوارهای ایرانی با استفاده از روش گشتاورهای تعمیم یافته. فصلنامه مطالعات اقتصادی کاربردی ایران، 2(8)، 31-13.
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38
ORIGINAL_ARTICLE
Comparative Analysis of Fiscal Terms of Iran Petroleum Contract (IPC) and Production Sharing Contract (PSC): Case Study of South Azadegan Field
This paper simulates and compares the fiscal terms of Iran Petroleum Contract (IPC) and Production Sharing Contract (PSC) for first time. The Scenario approach has been used, in which timing and the volume of investment and production profile are assumed as given and the effects of fiscal parameters of the contract on the key variables such as Internal Rate of Return (IRR) and take of the contractor are computed. This paper uses the technical and economic information of the South Azadegan field (phase II) as a case study for financial simulation. One of the significant results is the possibility of reaching the same economic and fiscal results regardless of the contract type. Another important result of this article is that the IPC fiscal regime is less flexible and progressive than PSC and is less attractive specifically in more capital intensive fields. The reason of this issue is some restriction in IPC such as amortization of the capital costs and having longer payback period and the lack of direct relation between IOC’s fee and the field revenue.
https://ecoj.tabrizu.ac.ir/article_6108_49bead79bd205ee37dbf71d8198e93bc.pdf
2017-04-21
87
118
Fiscal regime
Fiscal simulation
South Azadegan field
Iran Petroleum Contract (IPC)
Production Sharing Contract (PSC)
Hamed
Sahebhonar
ha.sahebhonar@stu.um.ac.ir
1
PhD Candidate in Economics, Ferdowsi University of Mashhad
AUTHOR
Mohammad Reza
Lotfalipour
lotfalipour@um.ac.ir
2
Professor of Economics, Ferdowsi University of Mashhad
LEAD_AUTHOR
Mahmood
Hooshmand
m-hoshmand@um.ac.ir
3
Professor of Economics, Ferdowsi University of Mashhad
AUTHOR
Mahdi
Feizi
feizi@um.ac.ir
4
Assistant Professor of Economics, Ferdowsi University of Mashhad
AUTHOR
Amundsen, E. S., Andersen, C., & Sannarnes, J. G. (1992). Rent taxes on Norwegian hydropower generation. The Energy Journal, Jan 1, 97-116.
1
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3
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32
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33
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36
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37
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38
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39
ORIGINAL_ARTICLE
A Test for Natural Monopoly in Iranian Electricity Distribution Industry: A Panel Random Coefficients Model Analysis
In economics, natural monopoly is described as a situation in which, for structural reasons, only one firm finds it profitable to produce in the market. This Concept is more important and more practical in Industries that faced price and non-price regulation such as water, gas and electricity distribution and telecommunication. In this study natural monopoly structure in Iranian electricity distribution was investigated. To this, a Translog cost function was employed. Relative capital price, relative other input price and customer electricity sales were assumed as input price vector and output, respectively. In order to estimate the second order approximation of Translog cost function, the random coefficient model in panel data and the data of 2004 till 2014 were used. The results showed the existence of natural monopoly in some companies in contrast to other.
https://ecoj.tabrizu.ac.ir/article_6118_d0397b93b51d899879188263ac3568a0.pdf
2017-04-21
119
148
Natural monopoly
Economies of scale. Iranian electricity distribution companies
Translog cost function
Random coefficient model in panel data
Sayed Mohamad
Mirhashemi Dehnavi
mohamadmirhashemi.88@gmail.com
1
Ph.D. Candidate in Economics, Shiraz University,
AUTHOR
Ahmad
Sadraei Javaheri
asjavaher@gmail.com
2
Associate Professor of Economics, Shiraz University
LEAD_AUTHOR
Hossein
Marzban
dr.marzban@gmail.com
3
Associate Professor of Economics, Shiraz University
AUTHOR
Sayed Morteza
Mirdehghan
mirdehghan@shirazu.ac.ir
4
Associate Professor of Mathematics, Shiraz University
AUTHOR
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4
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6
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7
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8
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12
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19
Hjalmarsson, L., & Veiderpass, A. (1992). Efficiency and ownership in Swedish electricity retail distribution. Journal of Productivity Analysis, 3(1-2), 7-23.
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27
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28
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29
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30
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32
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55
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56
ORIGINAL_ARTICLE
Investigating Effects of Banking and Stock Market Activities on Tax Revenues in Iran
Even though, the revenue from the sales of crude oil has accounted for much of the state's revenues, tax revenues, on the other hand contributes to a large and growing share of the government budget. Based on the literature, the financial system has an important influence on economic growth and hence the study of the empirical relationship between financial system and tax revenues is vital and will help policy makers in achieving the objectives of economic growth and reducing the country’s dependence on oil revenues. The purpose of this research is to study the effect of banking and stock market activities on the tax revenues in Iran. In this regard, an Auto Regressive Distributed Lag Model was used applying seasonal data for 2000-2013 period. The results of the model estimation revealed different effects of banking and stock market activities on the tax revenues.The results indicated that banking and stock market activities had a significant and positive effect on tax revenues.
https://ecoj.tabrizu.ac.ir/article_6124_695f71f8eab59b97830c54078032181b.pdf
2017-04-21
149
172
Banking activities
Stock exchange
Tax revenues
ARDL
Ahmad
Assadzadeh
assadzadeh@tabrizu.ac.ir
1
Associate Professor of Economics, University of Tabriz
LEAD_AUTHOR
Yasaman
Fouman Ajirlou
yasaman.fouman@yahoo.com
2
M.A Student in Economics, University of Tabriz
AUTHOR
بانک مرکزی جمهوری اسلامی ایران، نماگرهای مختلف و سایت بانک اطلاعات سری زمانی بانک مرکزی.
1
تشکینی، احمد (1384). اقتصاد سنجی کاربردی به کمک Microfit ( چاپ اول). تهران: مؤسسه فرهنگی هنری دیباگران تهران.
2
سازمان بورس اوراق بهادار، مدیریت پژوهش توسعه و مطالعات اسلامی.
3
حسینی، سیدمهدی، شرفی، یکتا و صیامی عراقی، ابراهیم (1390). بررسی رابطه توسعه مالی و رشد اقتصادی در ایران با معرفی متغیرهای جدید. فصلنامه پژوهشها و سیاستهای اقتصادی، 19(60)، 34-19.
4
دادگر، یدالله و نظری، روح الله (1388). ارزیابی شاخص های مالی در ایران.اولین کنفرانس بین المللی توسعه نظام تامین مالی در ایران.
5
عیسوی، محمود (1389). ساخت مالی متوازن ساختی مناسب برای نظام مالی کشور. معرفت اقتصادی، 1(1) ، 82-49.
6
فخر حسینی، سید فخرالدین و شهابی، علی (1386). بررسی اثر توسعه بازار بورس بر رشد اقتصادی در ایران. پژوهشنامه علوم انسانی و اجتماعی «علوم اقتصادی»، 7(24)، 96-81.
7
نظیفی، فاطمه (1383). توسعه مالی ورشد اقتصادی درایران.پژوهشنامهاقتصادی، 4(3)، 130-97.
8
نوفرستی، محمد (1389). ریشه واحد و همجمعی در اقتصاد سنجی (چاپ سوم). تهران: انتشارات مؤسسه خدمات فرهنگی رسا.
9
Arestis, P., Demetriades, P., & Luintel, K. (2001). Financial development and economic growth: The role of stock markets. Journal of Money, Credit and Banking, 33(1), 16–41.
10
Bojan, Ilievski. (2012). Tax revenue and financial development: Theory and evidence. Graduate School Southern Illinois University Carbondale, April, No 6.
11
Central Bank of the Islamic Republic of Iran, National statistics (In Persian(.
12
Cooray, Arusha. (2010). Do stock markets lead to economic growth. Journal of Policy Modeling, 32, 448-460.
13
Dadgar, Y., & Nazari, R. (2009). Assessment of financial indicators in Iran. The First International Conference on Development Financing System in Iran (In Persian).
14
Emran, M., Shahe, & Stiglitz, A., Joseph. (2005). On selective indirect tax reform in developing and countries. Journal of Public Economics, 89, 599-623.
15
Fakhr Hosseini, S. F., & Shahab, A. (2007). The effect of stock market development on economic growth in Iran. Journal of Economic Science, 7(24), 81-96 (In Persian).
16
Gordon, Roger, & Li, Wei. (2009). Tax structures in developing countries: Many puzzles and a possible explanation. Journal of Public Economics, 93, 855-866.
17
Hossini S M, Ashrafi Y, & Siami Araghi E. (2012). The review of relationship between financial development and economic growth with introducing new variables. Journal of Economic Research and Policies, 19(60), 19-34 (In Persian).
18
10. Ioana, M., Petrescu. (2007). Financial Sector quality and tax revenue: Panel evidence. University of Maryland.
19
Irfan, L., Sulaiman, D. & Adnan, H. (2009). Effects of financial structure and financial development on economic growth: A case study of Pakistan.European Journal of Social Sciences, 11(3). 419-427.
20
Issawi, M. (2010). Balanced financial structure suitable for the country's financial system. Marefat e Eghtesadi, 1(1), 49-82 (In Persian).
21
Levine, R., & Carkovic, M. (2002). Finance and growth, New evidence and policy analyses for Chile. Central Bank of Chile, 157. 343-376.
22
Luintel, Kul, B., Khan, M., Arestis, P. & Theodoridis, K. (2008). Financial structure and economic growth, Journal of Development Economics, 86(1), 181-200.
23
Nazifi, F. (2004). Financial development and economic growth in Iran, Economic Journal, 4(3), 97-130 (In Persian).
24
Noferesti, M. (2010). Unit root and cointegration in econometrics (Third Edition). Tehran: Press Rasa Institute of Cultural Services (In Persian).
25
Petrescu, I., M. (2011). Financial Sector guality and tax revenue: Panel evidence. Statistical Study, Baltimore, Maryland: University of Maryland.
26
Piggott, John, & Whalley, John. (2001). VAT base broadening, self supply, and the informal sector. American Economic Review, 91(4), 1084-1094.
27
Roshaiza, Taha., Sisiram, R.N., Colombage, Svetlana, M., & Loganathan, N. (2013). Does financial system activity affect tax revenue in Malaysia? Bounds testing and causality approach. Journal of Asian Economics, 24, 147–157.
28
Stiglitz, Joseph. (2002), New perspectives on public finance: recent achievements and future challenges. Journal of Public Economics, 86: 341-360.
29
Stock Exchange of Development Research and Islamic Studies (In Persian).
30
Tanzi., Vito, & Zee., Howell. (2000). Tax policy for emerging markets: Developing countries. National Tax Journal, 53, 299-322.
31
Tashkini, A. (2005). Applied econometrics with microfit (First Edition). Tehran, Dibagaran Art Institute of Tehran (In Persian).
32
Ujunwa, A., Salami, O.P., Nwakoby, I., & Halidu, U.A. (2012). Financial structure and economic growth in Nigeria: Theory and evidence. International Journal of Economics and Finance. 4(4), 227.
33
ORIGINAL_ARTICLE
Learning Intensity and Its Effects on Performance of Iranian Manufacturing Industries
In this paper lerning intensity refers to cost-saving of labor force and productivity growth that associate with experience. This process measured by using learning curve. Moreover, this article sought to examine the effects of learning rate in Iran’s manufacturing industries performance. To meet this ends the data of 130, 4-digit industries over the periods of 1996-2013 were used to identify learning effects and the extent of cost advantage of labor force owing to increased experience. The results indicated that the learning curve in all sub-sectors of industry had a negative slope as expected. Also, there was different learning rate in sub-sectors of industry, so that differences of learning rate coefficient led to increased productivity and reduced the cost of production. Of course in the majority of industries this coefficient was less than the average intensity of learning in industrial sector. In addition, similar to other variables, the effect of learning intensity on profitability was positive and significant in Iranian industries. Also, further investigation showed that in industries with high added value, due to the use of superior technology, learning rate was higher than the average intensity of learning in Iran’s industries.
https://ecoj.tabrizu.ac.ir/article_6132_c981e7bc588be2157ad634519c9ab045.pdf
2017-04-21
173
196
Learning intensity
Profitability rate
Productivity of labor force
Panel Data
Samaneh
Norani Azad
noraniazad@pnu.ac.ir
1
Assistent Professor of Economics, Payame Noor University
LEAD_AUTHOR
Farhad
Khodadad Kashi
khodadad@pnu.ac.ir
2
Professor of Economics, Payame Noor University
AUTHOR
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ORIGINAL_ARTICLE
Spatial Analysis of Factors Affecting Iran's Exports of the Food and Beverage Industry
Nowadays, exports of food and beverages industries play an important role in providing the foreign-exchange gains for countries. Empirical studies related to exports show that the amount of firm`s exports not only depends on the size of the firm, human capital and labor productivity, but also it may be affected by the exports of neighboring provinces. So, the purpose of this paper is to examine the factors that affect the exports of food products and beverage industry using firm-level data of Iranian industrial firms and spatial Durbin Tobit model at 2007.The results of Spatial Durbin Model show that variables such as firm size, labor productivity and human capital have positive and significant effect on firm's exports. Also, significance of spatial lag coefficient of dependent variable (ρ) confirms the existence of spatial effects for studied provinces. The results of evaluating direct and indirect effects show those direct and indirect effects of human capital, labor productivity and firm size for each province and nearby provinces are positive and significant. These results indicate the existence of interstate spillovers.
https://ecoj.tabrizu.ac.ir/article_6170_e7f875bd5fd52f65256fb114811b59a0.pdf
2017-04-21
197
217
Exports
Spatial Durbin model
Tobit model
Firm Characteristics
Akram
Akbari
akramakbari98@yahoo.com
1
Ph.D. Candidate in Economics, University of Tabriz
AUTHOR
Mohsen
Pourebadollahan Covich
mohsen_p51@hotmail.com
2
Associate Professor of Economics, University of Tabriz
AUTHOR
Parviz
Mohamadzadeh
pmohamadzadeh@yahoo.com
3
Associate Professor of Economics, University of Tabriz
LEAD_AUTHOR
Setareا
Rezaei
rezaei_setareh@yahoo.com
4
Ph.D. Candidate in Economics, Islamic Azad University of Tabriz
AUTHOR
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