University of Tabriz Applied Theories of Economics 2423-6586 2 1 2015 06 21 Credit Risk Modeling of Refah Bank's Corporate Customers Credit Risk Modeling of Refah Bank's Corporate Customers 1 24 3801 FA Ghahraman Abdoli Associate Professor of Economics, University of Tehran Alireza Fard Hariri Journal Article 2015 09 01 <span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-bidi-language: AR-SA; mso-ascii-theme-font: major-bidi; mso-fareast-font-family: 'Times New Roman'; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-US;">The main aim of this research is to identify effective factors and to find a model in order to estimate credit risk of Refah Bank's corporate customers. In order to do so, qualitative and fiscal information of a random 300-person sample of costumers who received credit facilities from Refah bank in 2012and 2013 were collected and effective factors on credit risk of corporate customers of this bank were estimated by using Logit regression model. Initially, 17 explanatory variables containing qualitative and fiscal variables were considered as effective factors on credit risk of customers and then from among those variables, 5variables that had meaningful effect on credit risk of corporate customers were chosen by using Likelihood Ratio test and final model was estimated by them. The result of the research indicates inverse effect of average account balance, ratio of sales returns, current ratio and direct effect of the number of bounced checks and ratio of deferred amount to current assets on credit risk of customers. <span style="font-family: 'Times New Roman','serif'; font-size: 12pt; mso-bidi-language: AR-SA; mso-ascii-theme-font: major-bidi; mso-fareast-font-family: 'Times New Roman'; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-US;">The main aim of this research is to identify effective factors and to find a model in order to estimate credit risk of Refah Bank's corporate customers. In order to do so, qualitative and fiscal information of a random 300-person sample of costumers who received credit facilities from Refah bank in 2012and 2013 were collected and effective factors on credit risk of corporate customers of this bank were estimated by using Logit regression model. Initially, 17 explanatory variables containing qualitative and fiscal variables were considered as effective factors on credit risk of customers and then from among those variables, 5variables that had meaningful effect on credit risk of corporate customers were chosen by using Likelihood Ratio test and final model was estimated by them. The result of the research indicates inverse effect of average account balance, ratio of sales returns, current ratio and direct effect of the number of bounced checks and ratio of deferred amount to current assets on credit risk of customers.

https://ecoj.tabrizu.ac.ir/article_3801_c4d1f08b164f8636e249c2673d0b4c3f.pdf

University of Tabriz Applied Theories of Economics 2423-6586 2 1 2015 06 21 The Impacts of Brain Drain on Production and Foreign Trade of Iran Using a General Equilibrium Model The Impacts of Brain Drain on Production and Foreign Trade of Iran Using a General Equilibrium Model 25 44 3802 FA Hamidreza Horry Assistant Professor in Economics, Shahid Bahonar University of Kerman Seyed Abdolmajid Jalaee Associated Professor in Economics, Shahid Bahonar University of Kerman Nasim Hamzenejad MA in Economics Journal Article 2015 09 01 Along with the tendency of countries to globalization, the competition arena changes from regional to the global level. In this process those countries are successful that have higher competition ability in international trade. One of the factors affecting the strength of competition in the field of international nations is human resources specialist. This is while during last decades, Iran has experienced high rates of immigration to developed countries. This study investigated the effects of brain drain (brain drain define as skilled labor migration) on Iran’s production and foreign trade for different economic sectors using general equilibrium model (GTAP). The results showed that brain drain would have negative effects on production and foreign trade of country. The brain drain phenomenon, with an exception of oil and gas sectors, has negatively influenced the rate of imports and exports and net trade balance in other economic sectors (agriculture, industry and services), the main reason of which is the determining role of specialized labor force in the quality of products and the degree of competitiveness. The reason that brain drain has no impact on oil and gas sectors, is because these sectors apply production inputs of other sectors (Being a leading oil and gas sector). Along with the tendency of countries to globalization, the competition arena changes from regional to the global level. In this process those countries are successful that have higher competition ability in international trade. One of the factors affecting the strength of competition in the field of international nations is human resources specialist. This is while during last decades, Iran has experienced high rates of immigration to developed countries. This study investigated the effects of brain drain (brain drain define as skilled labor migration) on Iran’s production and foreign trade for different economic sectors using general equilibrium model (GTAP). The results showed that brain drain would have negative effects on production and foreign trade of country. The brain drain phenomenon, with an exception of oil and gas sectors, has negatively influenced the rate of imports and exports and net trade balance in other economic sectors (agriculture, industry and services), the main reason of which is the determining role of specialized labor force in the quality of products and the degree of competitiveness. The reason that brain drain has no impact on oil and gas sectors, is because these sectors apply production inputs of other sectors (Being a leading oil and gas sector).

https://ecoj.tabrizu.ac.ir/article_3802_ae3a4607efa213d4aa7fd3599cc3c7c8.pdf

University of Tabriz Applied Theories of Economics 2423-6586 2 1 2015 06 21 Application of the Implicitly Directly Additive Demand System (AIDADS) in Estimation of Subsistence Level in the Rural and Urban Households of Iran Application of the Implicitly Directly Additive Demand System (AIDADS) in Estimation of Subsistence Level in the Rural and Urban Households of Iran 45 62 3803 FA Mohammad Ali Motafakker Azad Professor of Economics, University of Tabriz Parviz Mohammadzadeh Associate Professor of Economics, University of Tabriz Seyyed Kamal Sadeghi Associate Professor of Economics, University of Tabriz Samad Hekmati Farid Assistant Professor of Economics, University of Urmia Journal Article 2015 09 01 The Subsistence Level and Engel elasticity are most important factors in poverty alleviation programs. In this study we use An Implicitly, Directly Additive Demand System (AIDADS) for measuring subsistence level and Engel elasticity of main groups of commodities in Iran. To that end, we use household level data from the Statistics Center of Iran during the period of 1998-2009. The results show that Engel elasticity for "food, drink and tobacco group", "cloth and shoe group", "residential, water, electricity and fuel group" in urban households and "food, drink and tobacco group", "cloth and shoe group", in rural households are necessity commodities. The Subsistence Level and Engel elasticity are most important factors in poverty alleviation programs. In this study we use An Implicitly, Directly Additive Demand System (AIDADS) for measuring subsistence level and Engel elasticity of main groups of commodities in Iran. To that end, we use household level data from the Statistics Center of Iran during the period of 1998-2009. The results show that Engel elasticity for "food, drink and tobacco group", "cloth and shoe group", "residential, water, electricity and fuel group" in urban households and "food, drink and tobacco group", "cloth and shoe group", in rural households are necessity commodities.

https://ecoj.tabrizu.ac.ir/article_3803_944bc2408a5330901064557980042fb5.pdf

University of Tabriz Applied Theories of Economics 2423-6586 2 1 2015 06 21 The Effect of Intellectual Property Rights on Income Inequality in Selected Developed and Developing Countries The Effect of Intellectual Property Rights on Income Inequality in Selected Developed and Developing Countries 63 82 3804 FA Abolfazl Shahabadi Associate Professor in Economics, Bu-Ali Sina University of Hamedan Sara Sarigol Ph.D. Student in Economics, Bu-Ali Sina University of Hamedan Journal Article 2015 09 01 <span style="mso-ascii-theme-font: major-bidi; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-bidi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">Income inequality in the current era is known as one of the most destructive phenomena.Therefore, evaluation of income inequality and the emergence of roots are essential. Income inequality affected important factors which is undoubtedly one of the most important is intellectual property right (IPR). intellectual property rights May have two different effects on income inequality: on the one hand, with the supporting innovation to create employments productive and entrepreneurship, increase productivity and generate wealth through science and technology can reduce the income inequality and the other hand, due to increased prices of goods and services, and technologies resulting from the monopoly worsen income inequality. So, the present study with using econometric conventional technique (panel data approach); to evaluate the effect of IRP on income inequality in selected developed and developing countries during the period 1990-2011. The results indicate that, the effect of IPR on Gini coefficient in developing countries is positive and significant while, this effect is negative and significant in developed countries. Also, GDP per capita and economic openness have negative and significant effects on Gini coefficient in both groups of countries. Square of GDP per capita is negative in both groups of countries and for developed countries, this variable is not significant.In addition, the effect of the human capital variable on Gini coefficient is negative in both group of countries but it is not significant for developing countries. <span style="mso-ascii-theme-font: major-bidi; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-bidi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">Income inequality in the current era is known as one of the most destructive phenomena.Therefore, evaluation of income inequality and the emergence of roots are essential. Income inequality affected important factors which is undoubtedly one of the most important is intellectual property right (IPR). intellectual property rights May have two different effects on income inequality: on the one hand, with the supporting innovation to create employments productive and entrepreneurship, increase productivity and generate wealth through science and technology can reduce the income inequality and the other hand, due to increased prices of goods and services, and technologies resulting from the monopoly worsen income inequality. So, the present study with using econometric conventional technique (panel data approach); to evaluate the effect of IRP on income inequality in selected developed and developing countries during the period 1990-2011. The results indicate that, the effect of IPR on Gini coefficient in developing countries is positive and significant while, this effect is negative and significant in developed countries. Also, GDP per capita and economic openness have negative and significant effects on Gini coefficient in both groups of countries. Square of GDP per capita is negative in both groups of countries and for developed countries, this variable is not significant.In addition, the effect of the human capital variable on Gini coefficient is negative in both group of countries but it is not significant for developing countries.

https://ecoj.tabrizu.ac.ir/article_3804_309a8f0488422f4647f71cc6c388e536.pdf

University of Tabriz Applied Theories of Economics 2423-6586 2 1 2015 06 21 A Study of Unilateral and Multilateral Sanctions Effectiveness on Iran's Non-Oil Foreign Trade Products A Study of Unilateral and Multilateral Sanctions Effectiveness on Iran's Non-Oil Foreign Trade Products 83 98 3805 FA Alireza Kazerooni Professor of Economics, University of Tabriz Adel Ghorbani Ph.D. Student in Economics Reza Saghafi Kalvanagh Ph.D. Student in Economics, University of Tabriz Journal Article 2015 09 01 In this study, the impact of economic sanctions on Iranian trade flow with the 73 main trading partners has been estimated over the period 2001 to 2012 by using a modified gravity model as well as two stages GMM dynamic panel data technique. To investigate the impact of economic sanctions on Iran's foreign trade, the sanctions effect has been examined on Iranian trade with all trading partners. The results have shown that US unilateral sanctions on Iran's foreign trade has no significant effect. But multilateral sanctions have had a significant negative effect on Iran's foreign trade. Impact of sanctions on Iran's trade with third party countries is examined in a separate model. In this section, the ability of a country to escape and evade sanctions (a sanction busting hypothesis) has been tested. The results of estimations indicate that the unilateral sanctions do not have a significant effect on the volume of Iranian trade with third countries. In other words, Iran has been able to limit and control the United States unilateral sanctions by Trade expansion with third countries. But multilateral sanctions have had a significant negative impact on the Iran's trade with these countries. This result confirms the hypothesis Unilateral sanction-busting for the Iran's economy. In this study, the impact of economic sanctions on Iranian trade flow with the 73 main trading partners has been estimated over the period 2001 to 2012 by using a modified gravity model as well as two stages GMM dynamic panel data technique. To investigate the impact of economic sanctions on Iran's foreign trade, the sanctions effect has been examined on Iranian trade with all trading partners. The results have shown that US unilateral sanctions on Iran's foreign trade has no significant effect. But multilateral sanctions have had a significant negative effect on Iran's foreign trade. Impact of sanctions on Iran's trade with third party countries is examined in a separate model. In this section, the ability of a country to escape and evade sanctions (a sanction busting hypothesis) has been tested. The results of estimations indicate that the unilateral sanctions do not have a significant effect on the volume of Iranian trade with third countries. In other words, Iran has been able to limit and control the United States unilateral sanctions by Trade expansion with third countries. But multilateral sanctions have had a significant negative impact on the Iran's trade with these countries. This result confirms the hypothesis Unilateral sanction-busting for the Iran's economy.

https://ecoj.tabrizu.ac.ir/article_3805_b87d85f043e2b3e32c83985b3ec2926d.pdf

University of Tabriz Applied Theories of Economics 2423-6586 2 1 2015 06 21 Assessment of the Environmental Performance in Energy Intensive Industries of Iran by Using Directional Distance Function Approach Assessment of the Environmental Performance in Energy Intensive Industries of Iran by Using Directional Distance Function Approach 99 120 3806 FA Mohammadnabi Shahiki Tash Associate Professor of Economics, Sistan and Balouchestan University Mostafa Khajeh Hasani MSc in Agricultural Economics, Sistan and Balouchestan University Saeid Jafari M.A. in Economics, Shahid Bahonar University of Kerman Journal Article 2015 09 01 <span style="mso-ascii-theme-font: major-bidi; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-bidi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">In the recent years, environmental pollution, specially, air pollution, has become one of the main concerns of the international community and those are affected health of living organisms and natural ecosystems. In the recent past, environmental pollution has imposed significant human and financial costs on society. One of the most pollutant sectors is the industrial sector and between the polluting industries, the high energy consumer industries have imposed a significant part of environmental pollution. Hence, assessment of environmental performance in these industries is important. This paper using a directional distance function approach and (SBM) approach has evaluated the environmental performance and technical efficiency in the other non-metallic mineral products and production of basic metals industry, respectively. The results indicate that the other non-metallic mineral products industry Although technically more efficient, but have a lower environmental performance and Production industrial facilities, industrial Production cement, lime and plaster and asphalt manufacturing industry had the lowest environmental performance. <span style="mso-ascii-theme-font: major-bidi; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-bidi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">In the recent years, environmental pollution, specially, air pollution, has become one of the main concerns of the international community and those are affected health of living organisms and natural ecosystems. In the recent past, environmental pollution has imposed significant human and financial costs on society. One of the most pollutant sectors is the industrial sector and between the polluting industries, the high energy consumer industries have imposed a significant part of environmental pollution. Hence, assessment of environmental performance in these industries is important. This paper using a directional distance function approach and (SBM) approach has evaluated the environmental performance and technical efficiency in the other non-metallic mineral products and production of basic metals industry, respectively. The results indicate that the other non-metallic mineral products industry Although technically more efficient, but have a lower environmental performance and Production industrial facilities, industrial Production cement, lime and plaster and asphalt manufacturing industry had the lowest environmental performance.

https://ecoj.tabrizu.ac.ir/article_3806_28f4457a70551c0ce4fc640066c99519.pdf

University of Tabriz Applied Theories of Economics 2423-6586 2 1 2015 06 21 Evaluating the Geographical Position of Firm and its Impact on the Export Decision of Iranian Industrial Firms Evaluating the Geographical Position of Firm and its Impact on the Export Decision of Iranian Industrial Firms 121 142 3807 FA Mohsen Porebadollahan Covich Associated Professor of Economics, University of Tabriz Mojtaba Hemmati M.A. of Management, University of Tabriz Journal Article 2015 09 01 <span style="mso-ascii-theme-font: major-bidi; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-bidi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">Geographical position of firm could have a significant effect on the export success of the firm, because of the economies of agglomeration. This study provides a model for export decision of Iranian industrial firms with emphasis on geographical position of firms. In this model, export decision of a firm is affected not only by firm characteristics but also by the geographical position of firm. To that end, using the firm level data of Iranian industrial firms at 2007, first the geographic-industrial concentration is calculated as an indicator of geographical position, and then the export decision of these firms is regressed on geographic-industrial concentration besides firm characteristic variables like labor productivity, firm size and human capital intensity. Empirical results show that export decision of the firm is not only affected by the firm characteristic variables, but also the location of firm (i.e. geographical position of firm) has also a significant effect on firm's export decision. That is, that exporting firms in a region that are involved in the same industry, reduce costs for other firms to enter foreign markets. <span style="mso-ascii-theme-font: major-bidi; mso-hansi-theme-font: major-bidi; mso-bidi-theme-font: major-bidi; mso-bidi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">Geographical position of firm could have a significant effect on the export success of the firm, because of the economies of agglomeration. This study provides a model for export decision of Iranian industrial firms with emphasis on geographical position of firms. In this model, export decision of a firm is affected not only by firm characteristics but also by the geographical position of firm. To that end, using the firm level data of Iranian industrial firms at 2007, first the geographic-industrial concentration is calculated as an indicator of geographical position, and then the export decision of these firms is regressed on geographic-industrial concentration besides firm characteristic variables like labor productivity, firm size and human capital intensity. Empirical results show that export decision of the firm is not only affected by the firm characteristic variables, but also the location of firm (i.e. geographical position of firm) has also a significant effect on firm's export decision. That is, that exporting firms in a region that are involved in the same industry, reduce costs for other firms to enter foreign markets.

https://ecoj.tabrizu.ac.ir/article_3807_d752410fc6fea216ceb9250703e4ae19.pdf

University of Tabriz Applied Theories of Economics 2423-6586 2 1 2015 06 21 Public Expenditure Impact on Private Investment in Iran: Crowding out or Crowding in Public Expenditure Impact on Private Investment in Iran: Crowding out or Crowding in 143 162 3808 FA Uosef Mehnatfar Assistant Professor of Economics, University of Mazandaran Journal Article 2015 09 01 <span style="mso-ascii-font-family: 'Times New Roman'; mso-ascii-theme-font: major-bidi; mso-hansi-font-family: 'Times New Roman'; mso-hansi-theme-font: major-bidi; mso-bidi-font-family: 'Times New Roman'; mso-bidi-theme-font: major-bidi;">Economic theorists have different approaches on the function of governmental investment over economic activities of private section, so that according to the stand point of Keynesian, governmental investment intrigues private investment. On the contrary, classists argue that governmental investment causes private sectors to be driven out from economic activities. Ricardian<span style="mso-ascii-font-family: 'Times New Roman'; mso-ascii-theme-font: major-bidi; mso-hansi-font-family: 'Times New Roman'; mso-hansi-theme-font: major-bidi; mso-bidi-font-family: 'Times New Roman'; mso-bidi-theme-font: major-bidi;">economics is also believed the neutral and non- effective role of governmental investment on instigation of private activities. The present paper is carried out according to the annual data of the Central Bank through the years 1959-2012, using annual data via Johansen co integration test. The results have indicated that governmental investment has positive and meaningful significance based on Johansen common cumulative approach which has been normalized by private investment. It also presented that increasing in governmental investment would certainly lead to the increasing of private investment which represents a supplementary relation. The stated condition is in accordance with Keynesian’s theory. Government expenditure has also have negative as well as meaningful effect and the production of civil gross according to the expectation of a theorem has a positive symptom. The results have shown that inflation has insignificant impact on private investment which is not significant. <span style="mso-ascii-font-family: 'Times New Roman'; mso-ascii-theme-font: major-bidi; mso-hansi-font-family: 'Times New Roman'; mso-hansi-theme-font: major-bidi; mso-bidi-font-family: 'Times New Roman'; mso-bidi-theme-font: major-bidi;">Economic theorists have different approaches on the function of governmental investment over economic activities of private section, so that according to the stand point of Keynesian, governmental investment intrigues private investment. On the contrary, classists argue that governmental investment causes private sectors to be driven out from economic activities. Ricardian<span style="mso-ascii-font-family: 'Times New Roman'; mso-ascii-theme-font: major-bidi; mso-hansi-font-family: 'Times New Roman'; mso-hansi-theme-font: major-bidi; mso-bidi-font-family: 'Times New Roman'; mso-bidi-theme-font: major-bidi;">economics is also believed the neutral and non- effective role of governmental investment on instigation of private activities. The present paper is carried out according to the annual data of the Central Bank through the years 1959-2012, using annual data via Johansen co integration test. The results have indicated that governmental investment has positive and meaningful significance based on Johansen common cumulative approach which has been normalized by private investment. It also presented that increasing in governmental investment would certainly lead to the increasing of private investment which represents a supplementary relation. The stated condition is in accordance with Keynesian’s theory. Government expenditure has also have negative as well as meaningful effect and the production of civil gross according to the expectation of a theorem has a positive symptom. The results have shown that inflation has insignificant impact on private investment which is not significant.

https://ecoj.tabrizu.ac.ir/article_3808_84f25a9a34e998aa4f9ad8f9b73be793.pdf