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Open Access Article
1 - Evaluation of the impact of informal institutions on the creation of opportunistic entrepreneurship using the GMM method
Mahdie Maveddaty Taghi Torabi Mahmood Mahmoodzade Abass MemarnejadGiven the role of entrepreneurship in the economic development, many studies have been conducted on this field in recent years. The role of institutional environment in the implementation of entrepreneurial activities is an important issue in the field of entrepreneursh MoreGiven the role of entrepreneurship in the economic development, many studies have been conducted on this field in recent years. The role of institutional environment in the implementation of entrepreneurial activities is an important issue in the field of entrepreneurship. A great number of previous studies have investigated roles of formal institutional factors in the entrepreneurship phenomenon. Therefore, due to the importance of an informal institutional environment, the present research investigated roles of informal institutions in implementing entrepreneurial activities and the creation of opportunistic entrepreneurship by an institutional approach according to North's point of view and also studied informal institutional factors affecting opportunistic entrepreneurship activities in two categories namely social norms and individual self-confidence through data of Global Entrepreneurship Monitor (GEM) using the generalized method of moment (GMM) for sixty countries in two developed and developing groups during 2009-2017. Research results indicated that the creation of opportunistic entrepreneurial activities significantly depends on the qualitative status of informal institutions. Therefore, these informal institutional factors should be considered alongside formal institutional factors in the entrepreneurial research and also designed programs for developing opportunistic entrepreneurship at the national level. Manuscript profile -
Open Access Article
2 - تاثیر توسعه مالی و دولت الکترونیک بر مصرف برق شواهدی ازکشورهای گروه 20
فرهاد دژپسند علیرضا خزائی مجتبی اسلامیان مانا حجتی -
Open Access Article
3 - بررسی تأثیر توسعه صنعت گردشگری و مصرف انرژی های تجدیدپذیر بر کیفیت زندگی در کشورهای اتحادیه اروپا با بهره گیری از گشتاورهای تعمیم یافته سیستمی (SGMM)
سیدمحمدقائم ذبیحی محمد حسین مهدوی عادلی محمدرضا مهدوی عادلی نساء کمالیان -
Open Access Article
4 - آزمون تجربی فرضیه کائو و روبین: مقایسه تطبیقی کشورهای منتخب درحال‌توسعه و توسعه‌یافته
محمد علیزاده ابوالقاسم گل‌خندان -
Open Access Article
5 - Estimating the Crowding-Out Effect of Defense Expenditures on Public Health Expenditures in Countries with Different Income Groups
Sahebe Mohammadian Mansour abolghasem golkhandanIntroduction: An increase in the share of defense expenditures from the total public expenditures may have a negative effect on the share of public health expenditures from the total public expenditures due to the concept of opportunity cost and through the crowding-out MoreIntroduction: An increase in the share of defense expenditures from the total public expenditures may have a negative effect on the share of public health expenditures from the total public expenditures due to the concept of opportunity cost and through the crowding-out effect. The intensity of this effect can change according to the income level. Based on this, the main purpose of this study is to estimate the crowding-out effect of defense expenditures on public health expenditures in countries with different income groups.Methods: The present descriptive-analytical and applied study using the panel data of 90 countries of the world (including Iran) during the period of 2000-2018, to estimate the crowding-out effect of defense expenditures on public health expenditures by separating the studied countries into three income groups including low and below average income, above average income countries and high income countries, and also to examine the cross-sectional effect of defense expenditures and per capita income on public health expenditures in all sample countries. The data used were also collected from the World Health Organization database, World Development Indicators belonging to the World Bank and SIPRI. Also, the models were estimated in the form of dynamic panel data using stationery and panel cointegration analyzes and Generalized Method of Moment (GMM) in Eviews10.0 software.Results: The results show that the crowding-out effect of defense expenditures on public health expenditures in terms of elasticity and for countries with low and below average income, countries with above average income and countries with high income are equivalent to -0.654, -0.453 and -0.316 respectively. The cross-sectional effect of defense expenditures and per capita income on public health expenditures of all the studied countries is also positive and equal to 0.112.Conclusion: The (negative) crowding-out effect of defense expenditures on public health expenditures is confirmed for all countries with different income groups; But with the increase in per capita income, this crowding-out effect decreases exponentially. Based on this, it is necessary to adopt the necessary policies to ensure security without spending high defense expenditures, especially in countries with low per capita income, in order to prevent the reduction of public health expenses. Manuscript profile -
Open Access Article
6 - رابطه سرمایه انسانی بهداشت و رشد اقتصادی در کشورهای اوپک (OPEC)
شهرام فتاحی کیومرث سهیلی سهیلا رشادت پرستو کریمی -
Open Access Article
7 - The Impact of Human Capital and Business Environment on the Economic Growth of Iran's Provinces
fazel qorbani ahmad sarlak Golamali HajiThe purpose of this study is to investigate the impact of human capital and business environment on the economic growth of thirty provinces of Iran by Generalized Method of Moments using panel data during 2010-2016. The results showed that human capital and business env MoreThe purpose of this study is to investigate the impact of human capital and business environment on the economic growth of thirty provinces of Iran by Generalized Method of Moments using panel data during 2010-2016. The results showed that human capital and business environment had a positive and significant effect on the economic growth of the provinces of the country, but human capital had more effect on the economic growth of the provinces than other variables. Based on the results, it is suggested that economic planners and policymakers strengthen the quality level of human capital and business competition environment. Manuscript profile -
Open Access Article
8 - Investigating the Interactive Effects of Monetary and Macroprudential Policies on the Stability of the Banking System: Evidence from Iranian Economy
Leila Pashazadeh Hossein Asgharpur Sakineh Sojoodi Zahra Karimi TakanlouThe main objective of this study is to investigate the interactive effects of monetary and macroprudential policies on the stability of Iranian banking system. For this purpose, the effects of monetary and macroprudential policies and interactive of these two policies h MoreThe main objective of this study is to investigate the interactive effects of monetary and macroprudential policies on the stability of Iranian banking system. For this purpose, the effects of monetary and macroprudential policies and interactive of these two policies have been evaluated using the annual time series data of 24 private and government banks of Iran during the period of 2007-2019 and using generalized moments method (GMM).The results show that the monetary policies have significantly caused the instability of the banking system, and the macroprudential policies have significantly increased the stability of the banks. Also, empirical findings of the research show that, the interaction of monetary policies and macroprudential has a positive and significant effect on the stability of banks. This result indicates that the implementation of macro reserve policies in Iran has caused the effects of monetary policies to be modified on the instability of banks. Hence, it is necessary for the economic policy makers to consider these interactions when designing monetary and macro prudential policy interventions. In fact, economic policymakers are advised to use macroprudential policies to strengthen the stability of the banking system when implementing expansionary monetary policies. Manuscript profile -
Open Access Article
9 - The Effects of Corruption on Financial Inclusion (A System Generalized Method of Moments approach)
Farzad Rahimzadeh Siamak Shokouhifard Hatef Hazeri NiriThe purpose of this article is to investigate the effect of corruption on financial inclusion in Iran and selected member countries of the Organization of Islamic Cooperation during the period 2005- 2020. For this purpose, three variables have been used to measure finan MoreThe purpose of this article is to investigate the effect of corruption on financial inclusion in Iran and selected member countries of the Organization of Islamic Cooperation during the period 2005- 2020. For this purpose, three variables have been used to measure financial inclusion and three separate models were estimated. The results of model estimation using the System Generalized Method of Moments (SGMM) showed that at a significant level of 5%, lagged financial inclusion, the level of per capita GDP and education have a positive and significant effect on financial inclusion. Also, the impact of corruption on financial inclusion is negative and significant. At a significance level of 5%, the expansion of Internet users and mobile subscribers has a positive and significant effect on financial inclusion. The high share of women in the total population has a significant and negative effect on financial inclusion. Based on the results, it is suggested that policymakers reduce the level of corruption and increase financial inclusion by reducing wide monopolies, eliminating the rent, improving the quality of regulations and creating widespread transparency. Manuscript profile -
Open Access Article
10 - The Financial Inclusion and Unemployment in Urban and Rural Areas of Iran
Reza MaaboudiThe paper aims to investigate the financial inclusion effect on the unemployment rate in urban and rural areas of Iran. Panel generalized method of moments and provincial data from 2015 to 2020 used to analyze the relationships between variables. Findings show that fina MoreThe paper aims to investigate the financial inclusion effect on the unemployment rate in urban and rural areas of Iran. Panel generalized method of moments and provincial data from 2015 to 2020 used to analyze the relationships between variables. Findings show that financial inclusion leaves a negative and significant effect on the unemployment rate in urban and rural areas of Iran. On the one hand, financial inclusion increases entrepreneurs’ and economic firms’ access to financial credits by reducing transaction costs and by increasing information transparency, which in turn leads to an increase in production capacity and a decrease in the unemployment rate; On the other hand, increasing the access of low-income people to borrowing leads to an increase in investment in human capital and, as a result, a decrease in the unemployment rate. Also, economic growth and human capital have a negative significant effect, and the real wage has a significant positive effect on the unemployment rate in urban and rural areas of Iran. According to the research results, in order to use the benefits of financial inclusion to reduce unemployment in the country, it is necessary to adopt effective policies in the field of training and increasing the financial literacy of individuals in deprived areas to participate in the financial sector, increasing investment to promote innovative financial technologies, expanding banking hardware and improving the infrastructure of the payment system. Manuscript profile -
Open Access Article
11 - Separation and Computation of Relative Risk Aversion and Elasticity of Inter Temporal Substitution: Recursive Preferences and Dynamic Programming Approach
reza roshanAbstract The aim of this paper is separation and calculation of the relative risk aversion and elasticity of inter temporal substitution (EIS) by combining the recursive preferences and budget constraint of the consumer. For this mean,at the first, asset portfolio was MoreAbstract The aim of this paper is separation and calculation of the relative risk aversion and elasticity of inter temporal substitution (EIS) by combining the recursive preferences and budget constraint of the consumer. For this mean,at the first, asset portfolio was constituted for Iranian households and by using of the GMM approach and utility function, Euler equations investigated for during the 1357-1393. The results of different models indicate that there is no reciprocal relation between of two parameters and Iranian households tend to stabilize and smooth consumption at different states and times. Based on the results, development of financial markets will be on the agenda of planners, so that small-scale households’ capital can be led through such markets to rebuild the country's infrastructure. Manuscript profile -
Open Access Article
12 - The Effect of Competitiveness Index on mobilization of financial resources in Selected Bourses
mahdi Jafari Abolfazl Shahabadi Vahid omidi,The efficiency and performance of the stock market in mobilization of financial resources because of the impact on the amount and quality of investment has great importance in the economy. Although competitiveness is a set of institutions, policies and factors that can MoreThe efficiency and performance of the stock market in mobilization of financial resources because of the impact on the amount and quality of investment has great importance in the economy. Although competitiveness is a set of institutions, policies and factors that can create a high return on production factors, including capital by maintaining and deepening in business, industry and the country. Therefore, competitiveness is one of the determinants of the returns of stock companies and, consequently, the mobilization of financial resources in the stock market. For this purpose, the present study examines the effects of competitive components on mobilization of financial resources in members of World Federation of Exchanges with using panel data and Generalized Method of Moments(GMM) data from 2007 to 2019.The results of the research show that innovation-driven factors (INV), efficiency-driven factors (EFF) and basically-based factors (BAS) have a positive and significant effect on investment flow of the stock market financial resources. Also, liquidity of the stock market and real interest rate have a positive and significant effect on investment flow of the stock market financial resources. Manuscript profile -
Open Access Article
13 - The Effect of Financial Development on Energy Consumption by Using the Generalized Method of Moment
مرتضی خورسندی تیمور محمدی محمد مهدی خزایی عارف بهروزAbstract In this study, the effect of financial development has examined on energy consumption by using the Generalized Method of Moment (GMM) in two groups of developing countries during 1993-2011 period. The first group includes 14 oil-producing developing countries MoreAbstract In this study, the effect of financial development has examined on energy consumption by using the Generalized Method of Moment (GMM) in two groups of developing countries during 1993-2011 period. The first group includes 14 oil-producing developing countries and the second group includes 19 non-oil-producing developing countries. For each group of countries, two separate models were estimated, the first model by using banking sector variable, and the second model estimated by using capital market variable. The results showed that, GDP per capita in the non-oil-producing countries compared with oil-producing countries has a greater positive effect on per capita consumption of energy. The oil-producing price variable compared with the Non-Oil-Producing developing countries has a greater negative effect on per capita consumption of energy. The ratio of domestic credit variable to private sector (% of GDP) in non-oil-producing developing countries 0.02% and in oil-producing developing countries is 0.009 percent .Comparison of the effects of domestic bank credit variable to the private sector ( as a percentage of GDP) on per capita consumption of energy in the two groups of countries reflects the higher efficiency of the banking sector in the non-oil-producing countries .On the other hand, variable rate of turnover of shares traded in the non-oil-producing developing countries is -0.003 percent and in oil-producing developing countries is -0.009 percent .Statistical analysis of the variable of capital market of shares traded in both developing oil-producing and non-oil-producing developing countries also shows that the effect of capital market development in energy consumption in oil-producing developing countries is more negative and smaller than the non-oil-producing developing countries Manuscript profile -
Open Access Article
14 - The Influence of Financial Development on Income Distribution in Some Selected Countries
منیره دیزجی محدثه آهنگری گرگری Abstract Since the development of institutions, agencies and financial markets of each country can have significant effects on income distribution of that country. The aim of this study is to examine the relation between the financial development and inequality More Abstract Since the development of institutions, agencies and financial markets of each country can have significant effects on income distribution of that country. The aim of this study is to examine the relation between the financial development and inequality in developed and developing countries by using generalized least square method(GLS) and generalized method of moments(GMM) and related theories, studied by entering variables like unemployment rate, the average years of schooling indices of human development, government size and per capita during the period 2000 to 2013. Thus, according to the ranking report of the United Nations Human Development(UNDP) in 2014, 35 countries with very high human development index and 32 countries with high and medium human development index have been selected as developed and developing countries, respectively, which these regions have had full data. The estimation results have been obtained using Stata14 and Eviews9. Empirical results obtained for developed countries, showed that the square of financial development is part of the descending inverted U curve. For developing countries, the estimation result of GLS approved the inverted U curve for the variables financial development and per capita income, while the GMM results income with income inequality, respectively. Finally, according to the above discussion, it can be concluded that for the developed and developing countries, the increase of financial institutions will reduce the income inequality. Manuscript profile -
Open Access Article
15 - The mechanism of effect of economic factors on the volume of bank deposits in Iran's banking system (The test of money endogeneity versus money externality)
Mohammad Reza FaleNasiri Ramin Khochiani Hamid Esaish Seyed Hossein Sajjadi FarAbstractThe purpose of the present study is to investigate the mechanism of the effect of economic factors on the volume of bank deposits in the banking system of Iran. For this purpose, firstly, the test of endogeneity versus exogenity of money was tested by examining MoreAbstractThe purpose of the present study is to investigate the mechanism of the effect of economic factors on the volume of bank deposits in the banking system of Iran. For this purpose, firstly, the test of endogeneity versus exogenity of money was tested by examining the two views of conformists and structuralists, and then the effect of economic factors on the volume of bank deposits in the banking system of Iran with the threshold approach (STAR) and based on the quarterly data of 1379- 1397 was estimated. The results of the system generalized torques model show the confirmation of the conformist and structuralist views for Iran's economy, but the degree of money endogeneity in Iran is not complete, so the role of the central bank is important both through the monetary base and the increasing coefficient on the money supply. Also, the estimation of the results of the model (STAR) shows; The variables of exchange rate fluctuations and inflation rate, global financial crises have a negative effect and the variables of oil price, liquidity, bank deposit interest rate and bank facilities have a positive effect on the total volume of bank deposits. According to the results; One of the challenges that exists in the banking network of Iran is the government management of banks, therefore, monetary policies are a source of financing and a source of rent, so it is suggested to increase the liquidity of banks and direct it to the real sector of the economy, laws to reduce interference Government in private and public banks, to improve the competitive and banking atmosphere of the country. Manuscript profile -
Open Access Article
16 - Analysis af Quantity and the Way Privatization Affects Economic Growth – Case of Members of G - Eight Countries, 1998-2010
S. Arianmehr A. Yahyaabadi A. Hortamani M. ShafaghatTransfer to the private sector and government policies, economic activities, limiting the activities of the government and the public sector in recent decades has been unprecedented in world currency and today, more or less, in all countries, whether developed or develo MoreTransfer to the private sector and government policies, economic activities, limiting the activities of the government and the public sector in recent decades has been unprecedented in world currency and today, more or less, in all countries, whether developed or developing, has been implemented on a wide scale. This policy, which is known as the privatization policy, has always been an important and significant impact on the operations, business performance, efficiency, institutional, and economic variables. Had the reverse. The study will attempt to examine one of the most important macroeconomic effects of privatization, with other macroeconomic variables, even on economic growth in member countries G-eight to be paid for the period 2010-1998 and the hypothesis tested that the privatization could lead to a positive impact on economic growth during the study period or not. This study uses panel data and dynamic panel generalized moments method (GMM) carries the main hypothesis of this study indicate that and shows that privatization has a positive and significant impact on economic growth in member countries G - Eight is for the period that mentioned. Manuscript profile
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