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Open Access Article
1 - The impact of financial development on human capital in Iran
Bahram Sahabi Mohammad Hasani Amir MirzaeiThis paper investigates the impact of financial development and economic growth on humancapital in Iran for the period of 1357-1387. This paper uses the vector error correction modeland Johansen cointegration test for explaining the relationship between these variables. MoreThis paper investigates the impact of financial development and economic growth on humancapital in Iran for the period of 1357-1387. This paper uses the vector error correction modeland Johansen cointegration test for explaining the relationship between these variables. We alsouse three measures for financial development such as: the liquid liabilities as percentage ofGDP, the domestic credit to private sector as percentage of GDP, and the amount of capital asshare of GDP proxied by stock market development.The results suggest evidence of positive relationship between economic growth and humancapital. In financial development indices, we found that the liquid liabilities index and StockMarket Development index have a positive relationship with human capital. But we found noevidence between the domestic credit to private sector and human capital Manuscript profile -
Open Access Article
2 - Investigation of relation between the currency rates of volatility on open position of Tejarat bank
H. EbrahimiThis research, Investigate the relation between the currency rates ofvolatility on open position Tejarat bank and its effects of the impulsesfrom the exchange rate volatility and other variables on open position. Inorder to do this , we have utilized open position items MoreThis research, Investigate the relation between the currency rates ofvolatility on open position Tejarat bank and its effects of the impulsesfrom the exchange rate volatility and other variables on open position. Inorder to do this , we have utilized open position items, reference rates ofCentral bank , Stock price index , Money supply and Balance ofcountry’s monthly payments over a six-year period from 1381 to1386.Foreign exchange position as it’s name signifies , shows the state ofbeing long or short in position. In other words, the differential of theassets and the liabilities of the bank in one foreign exchange is calledforeign exchange position.For this purpose, the new econometric procedures have been used.Vector Auto Regressive model has been used for variables which are inthe augmented level (Japan’s Yen and Swiss Frank) and Vector ErrorCorrection Model has been used for variables which became augmentedby a differential.(based on Dollar , Euro , Pound , and sum of foreigncurrencies).In the meantime , as per the standard pattern of SchwarzBayesian ,Akaike , and Hannan Quinn , Quantity 2 has been selected asthe optimum degree for VAR.Surveys in this research show that the reaction of open position offoreign currency against the impulse from the currency rate varianceinfluence the value of the foreign currency assets and the liabilities of thebank , and make the bank confront with the considerable risk in the valueof the foreign currency assets and liabilities. Manuscript profile -
Open Access Article
3 - The effect of underlying asset shocks on the Gold exchange traded funds’ pricing deviation
mahdi shaerattar Akbar Mirzapour babajanGold exchange traded fund is one of the new financial instrumentss that underlying asset is gold and traded in the capital markets. This article examines the pricing deviation of the four gold funds on the Iran Mercantile Exchange from their underlying asset index. The MoreGold exchange traded fund is one of the new financial instrumentss that underlying asset is gold and traded in the capital markets. This article examines the pricing deviation of the four gold funds on the Iran Mercantile Exchange from their underlying asset index. The main purpose of this study is investigate the effect of underlying asset shocks on the Gold exchange traded funds’ pricing deviation. In order to achieve this purpose, employed daily data of Emami Coin, Gold ETFs in Iran (Tala, Ayar, Zar, Gohar), Vector Error Correction Model (VECM) and Impulse Response Function (IRF). Results: The results shown that pricing deviation is stationarity and predictable. Therefore can be considered an implicit transaction cost an Gold ETF. The reason for the predictability of the pricing deviation stems from its stationarity and the specific price discovery processes for this asset class. Utilization of Impulse Response Function shown that the shock effect of the underlying asset was the same and do not persist for more than six trading days, Which indicates the relative pricing efficiency of these funds Manuscript profile -
Open Access Article
4 - بررسی اثرگذاری تسهیلات بانک‌ها و مؤسسات اعتباری غیربانکی به تفکیک عقود اسلامی بر ادوار تجاری در اقتصاد ایران
ولی لطفی مهدی مرادی حسین میرزائی -
Open Access Article
5 - بررسی رابطه علیت بین رشد اقتصادی، تورم و توسعه بازار سهام در ایران
راضیه گردشی الهام غلامی -
Open Access Article
6 - Uncertainty in The exports of Non-Oil products and The Private Investment in Iran
لیلا احمدیThe purpose of this research is to study the impact of the level of Uncertainty in the exports of Non-Oil products on the investment of private sector in Iran during 1959-2007. To measure the degree of uncertainty in non-oil production, a Generalized Auto Regressive Co MoreThe purpose of this research is to study the impact of the level of Uncertainty in the exports of Non-Oil products on the investment of private sector in Iran during 1959-2007. To measure the degree of uncertainty in non-oil production, a Generalized Auto Regressive Conditional Heteroscedaticity Model (GARCH (1, 2)) is used. The explanatory variables of this model are: the rate of inflation, Gross domestic product and imports. In this model, optimal lag and long-term relations are identified and the vector error correction model (VECM) is estimated. The results of our study indicate that both the uncertainty in the non-oil exports and the rate of inflation have a negative effects on the private domestic investment in long run, while GDP and imports are positively related to investment. Manuscript profile -
Open Access Article
7 - The Effect of Exchange Rate on the Iran’s Pharmaceutical Industry Balance: Vector error Correction Approach
sara Masoomzadeh mehdi ShirafkanIntroduction: The effect of exchange rate fluctuations on the balance of payments is very important in economic literature. Pharmaceutical is one of the sub-sections of the balance of payments. Methods: By using vector error correction model, this paper seeks to identif MoreIntroduction: The effect of exchange rate fluctuations on the balance of payments is very important in economic literature. Pharmaceutical is one of the sub-sections of the balance of payments. Methods: By using vector error correction model, this paper seeks to identify the effect of exchange rate changes on the balance of payments by evaluation the existence of J-Curve in Pharmaceutical industry over the period of 1991 to 2012. Results:The results show the existence of J curve in Iran'sPharmaceutical industrybalance of payments. It means that exchange rate appreciation has reduced Pharmaceutical industrybalance of payments in the first period but after a period it has increased Pharmaceutical industry revenues and improved its balance of payments. According to the analysis of variances of export and import functions the pharmaceuticalindustryhas highly been affected bychanges in exchange rate. 0.19 And 0.016 Changes in these functions have been caused by exchange rate changesand the balance of payments is more sensitive to changes inforeign income.The rate of effectiveness of the income variation is 0.25. Conclusion:The increase in the exchange rate has improved the pharmaceutical industry trade balance of the country in the last periods of shocks. Also, changes in gross domestic product have had the greatest impact on the fluctuation of Iran's pharmaceutical trade balance. Manuscript profile -
Open Access Article
8 - The Effect of Information and Communication Technology and Foreign Direct Investment on Green Productivity in Iran
Behnaz Mashayekhi Kambiz Hojhabr kiani Farzaneh Khalili Farid AsgariBackground and Purpose: Effective protection of the environment and optimal use of natural resources is one of the most important pillars of sustainable development. Green productivity is a strategy to increase environmental productivity and performance in order to soci MoreBackground and Purpose: Effective protection of the environment and optimal use of natural resources is one of the most important pillars of sustainable development. Green productivity is a strategy to increase environmental productivity and performance in order to social and economic development. The Information and Communication Technology (ICT) revolution has severely affected all countries in terms of economic, social, political, cultural aspects as well as security, employment, health, the environment, and many other macro variables; so that, the technology has become the main driving force of the world's economy and sustainable development in today's world. According to the importance and the impact of Foreign Direct Investment and Information and Communication Technology on green productivity, this paper uses the Johansen-Joselius coherent test of the relationship between Foreign Direct Investment and Information and Communication Technology and the Green Productivity Index in Iran. Materials and Methods: The effect of Information and Communication Technology and Foreign Direct Investment on green productivity has been investigated in Iran using the Johansen-Joselius coherent test during the period of 1980-2013. Findings: According to the research findings, the Information and Communication Technology and Foreign Direct Investment have a positive and significant and a negative and significant effect of on the Green Productivity Index in Iran, respectively. Also, the vector error correction model shows that the adjustment process is slowing towards the equilibrium. Discussion and Conclusion: According to the obtained results, and considering the negative and significant effect of Foreign Direct Investment on green productivity, which could be as a result of increased pollution, it is suggested that is possible to provide a ground to improve green productivity by adopting policies to reduce the destructive effects of Foreign Direct Investment, including the replacement of green energy. It is also recommended that environmental regulations and standards be imposed upon the entry of Foreign Direct Investment which could be done with less environmental pollution. The effect of Information and Communication Technology index on Green Productivity Index is positive and significant in Iran. Therefore, it can be surely said that the use of Information and Communication Technology, as a solution for green productivity institutionalization is essential for implementing the continuous and effective process of green productivity improvement. It is also suggested to determine criteria, for the development and implementation of the green productivity concept, that fully cover the qualitative patterns of economic growth and development. Manuscript profile -
Open Access Article
9 - Investing in the oil and gas industry using estimates of crude oil and natural gas consumption in Iran by VECM model
vahid rajabian reza taleblo hamidreza arbabAbstractThe main objective of this research is to estimate the demand model for crude oil and natural gas in the country during the period from 1988 to 2015 and also to predict crude oil and natural gas demand functions in Iran during the sixth development plan with the MoreAbstractThe main objective of this research is to estimate the demand model for crude oil and natural gas in the country during the period from 1988 to 2015 and also to predict crude oil and natural gas demand functions in Iran during the sixth development plan with the aim of studying the effect of important variables affecting their consumption in the country. VAR - VECM model is used to investigate the relationship and the effects of variables and the short-run and long-run relationship between variables, and finally, extracted model has been used to predict crude oil and natural gas demand in the country at 1400 horizon. The results indicate that: (1) income elasticity is low and the sensitivity of oil consumption to changes in income (here, per capita income) is small. (2) There are no long-term causal relationship between intrinsic independent variables and exogenous independent variables, such as oil price and natural gas prices, towards natural gas consumption and per capita income. (3) In the short term, there is no causal relationship from natural gas consumption, natural gas prices, oil prices, and per capita income towards crude oil consumption. (4) Variance decomposition for oil consumption variable indicates that in the long run, natural gas consumption has a significant contribution to explaining changes in crude oil consumption. Manuscript profile -
Open Access Article
10 - The effects of crude oil prices in the world market on regional prices of gas, Vector Error Correction approach
Ali Aghili Moghaddam Ebrahim Abbassi Shahriar Nessabian Marjan DamankeshidehThe purpose of this paper is to investigate the long-term and short-term relationships between the behavior of gas and oil prices in regional markets and their impact on each other using the VECM correction method during the period 2000-2019. For this purpose, due to th MoreThe purpose of this paper is to investigate the long-term and short-term relationships between the behavior of gas and oil prices in regional markets and their impact on each other using the VECM correction method during the period 2000-2019. For this purpose, due to the wide range of variables in each region, proxy technique has been used to analyze the markets of gas and oil regions. The findings show that among the regional prices of the gas and oil market in Asia and Europe (unlike the US market), due to the relationship of aggregation, the influence of oil market fluctuations is very high. Due to the importance of the role of financial markets in facilitating oil and gas transactions, it is suggested that the major supply of oil and gas through the energy exchange be considered. Manuscript profile -
Open Access Article
11 - Relationship between Public and Private Investment in Iran (Analyzing the Crowding-Out or Crowding-In Effects)
Esmaeel SafarzadehThe main objective of this paper is to analyze empirically the effects of public investment on private investment, evaluating the existence of crowding-out/-in effects, in Iran for the 1970-2019 periods. I evaluate the macroeconomic effects of public and private investm MoreThe main objective of this paper is to analyze empirically the effects of public investment on private investment, evaluating the existence of crowding-out/-in effects, in Iran for the 1970-2019 periods. I evaluate the macroeconomic effects of public and private investment through VECM analysis. From impulse response functions, we are able to assess the extent of crowding-in or crowding-out of both components of investment. I also compute the associated macroeconomic rates of return of public and private investment for Iran Economy. The results point to the existence of positive effects of public and private investment on output. On the other hand, results show the crowding-in effects of public investment on private investment. Based on these results, it is suggested that the government provide the conditions for private investment by creating infrastructure, helping to finance investment projects and creating a secure economic environment. I also compute the associated macroeconomic rates of return of public and private investment for Iran Economy. The results point to the existence of positive effects of public and private investment on output. On the other hand, results show the crowding-in effects of public investment on private investment. Manuscript profile -
Open Access Article
12 - انتقال قیمت، رفتار آستانهای و تعدیل نامتقارن در بازار مرغ ایران
م. کاوسی کلاشمی پ. خلیق خیاوی خلیق خیاویبخش مرغ ایران تغییرات ساختاری معنی ­دار بسیاری را طی سال­های اخیر شاهد بوده است. چنین تغییراتی ممکن است پویایی­های قیمت و انتقال شوک­ها در کانال­های بازاریابی را به خصوص در بازارهای خرده­ فروشی تحت تأثیر قرار دهد. این پژوهش انتقال قیمت، رفتار آست Moreبخش مرغ ایران تغییرات ساختاری معنی ­دار بسیاری را طی سال­های اخیر شاهد بوده است. چنین تغییراتی ممکن است پویایی­های قیمت و انتقال شوک­ها در کانال­های بازاریابی را به خصوص در بازارهای خرده­ فروشی تحت تأثیر قرار دهد. این پژوهش انتقال قیمت، رفتار آستانه­ای و تعدیل نامتقارن قیمت در بخش مرغ استان­های اردبیل (AR)، آذربایجان شرقی (EA) و آذربایجان غربی (WA) با استفاده از داده­های هفتگی قیمت طی سال­های 1998 تا 2012 مورد بررسی قرار داده است. تحلیل ما از یک الگوی همگرایی آستانه­ای بهره برده که امکان تعدیل نامتقارن نسبت به شوک­های مثبت و منفی قیمت را فراهم می­آورد. نرم­افزار R به منظور تجزیه و تحلیل داده­ها مورد استفاده قرار گرفته است. یافته­های اصلی بیانگر وجود عدم تقارن در انتقال قیمت برای تمام بازارها است. براساس کمینه­سازی شاخص مجموع مربعات خطا (SSR) آستانه‌های برآوردی برای بازارهای EA-AR، WA-AR و EA-WA به ترتیب برابر با (217/1، 38/0)، (211/0، 61/1)، (95/1، 38/0) می­باشد. در تلاشی دیگر آستانه­ها با استفاده از روش­شناسی TVECM برآورد شد و نتایج مشابه­ای حاصل شد. Manuscript profile -
Open Access Article
13 - بررسی تاثیر عوامل اقتصادی و غیر اقتصادی بر تقاضای انرژی در بخش کشاورزی ایران
مریم ضیاآبادی محمدرضا زارع مهرجردیبه دنبال رشد جمعیت، افزایش انتشار گازهای گلخانه‌ای و محدودیت منابع انرژی، تقاضای انرژی و عوامل موثر بر آن به موضوع مهمی تبدیل شده است. بررسی مصرف انرژی در بخش کشاورزی ایران نشان می‌دهد که طی سالهای گذشته به منظور افزایش تولید، اشتغال و امنیت غذایی، مصرف انواع حامل‌های Moreبه دنبال رشد جمعیت، افزایش انتشار گازهای گلخانه‌ای و محدودیت منابع انرژی، تقاضای انرژی و عوامل موثر بر آن به موضوع مهمی تبدیل شده است. بررسی مصرف انرژی در بخش کشاورزی ایران نشان می‌دهد که طی سالهای گذشته به منظور افزایش تولید، اشتغال و امنیت غذایی، مصرف انواع حامل‌های انرژی در این بخش افزایش یافته است. با توجه به اهمیت منابع انرژی و حفاظت محیط زیست، هدف این مطالعه بررسی تاثیر عوامل اقتصادی و غیر اقتصادی بر تقاضای انرژی دربخش کشاورزی ایران طی دوره 1396-1349 با استفاده از روش مارکوف سوئیچینگ- تصحیح خطای برداری میباشد. نتایج مطالعه حاکی از آن است که متغیر تولید بخش کشاورزی در هر دو رژیم مارکوف، دارای تاثیر مثبت و معنادار بر تقاضای انرژی در این بخش بوده است. متغیر تنوع فعالیت‌های کشاورزی تاثیر مثبت و معنادار بر مصرف انرژی در بخش کشاورزی داشته است. همچنین تاثیر متغیرهای سرمایه انسانی و آزادسازی تجارت بخش کشاورزی، بر مصرف انرژی در این بخش نیز مثبت و معنادار بوده است. بنابراین پیشنهاد می‌شود برای کاهش آلودگی محیط زیست و همچنین جلوگیری از کاهش تولید بخش کشاورزی، سیاست‌های مناسب برای مدیریت و بهینه‌سازی مصرف انرژی در این بخش اتخاذ شود. Manuscript profile -
Open Access Article
14 - عوامل مؤثر بر بیثباتی درآمدهای صادراتی پسته و تأثیر آن بر صادرات کشاورزی
محمدرضا زارع مهرجردی آسیه عزیزی زهرا کرونیصادرات بخش کشاورزی سهم قابل توجهی از صادرات غیرنفتی را به خود اختصاص داده و از جایگاه ارزآوری مهمی برخوردار است. در بین محصولات کشاورزی، پسته از محصولات عمده‌ی صادراتی میباشد که سهم چشم‌گیری از تولید، سطح زیرکشت، مقدار و ارزش صادرات را به خود اختصاص داده است. در این مط Moreصادرات بخش کشاورزی سهم قابل توجهی از صادرات غیرنفتی را به خود اختصاص داده و از جایگاه ارزآوری مهمی برخوردار است. در بین محصولات کشاورزی، پسته از محصولات عمده‌ی صادراتی میباشد که سهم چشم‌گیری از تولید، سطح زیرکشت، مقدار و ارزش صادرات را به خود اختصاص داده است. در این مطالعه ابتدا، با استفاده از شاخص "میانگین قدرمطلق تفاوت بین درآمدهای صادراتی از روند آن" بیثباتی درآمدهای صادراتی در کل دوره زمانی 1389- 1352 محاسبه شد. از این جهت، شاخص بیثباتی درآمدهای صادراتی پسته طی چهار دوره‌ی تقسیم شده، نشان می‌دهد که دوره جنگ، از بیثباتی بیشتری برخوردار بوده ولی در کل دوره مطالعاتی، بی­ثباتی اندک بوده است. در گام دوم، به بررسی عوامل مؤثر بر بیثباتی درآمدهای صادراتی پسته و تأثیر آن بر صادرات کشاورزی، طی دوره‌ی زمانی مورد مطالعه پرداخته شده است. بدین منظور، از شاخص بیثباتی لاو (1985) و الگوی تصحیح خطای برداری (VECM) استفاده گردیده است. نتایج حاصل از برآورد مدل بیثباتی درآمدهای صادراتی پسته نشان می‌دهد که شاخص تمرکز رابطه عکس و شاخص بیثباتی تولید و شکاف نرخ ارز رابطه مستقیم با بیثباتی درآمدهای صادراتی پسته دارد. همچنین نتایج حاصل از برآورد تابع صادرات کشاورزی حاکی از آن است که بیثباتی درآمد صادراتی پسته تأثیر منفی و معنی‌دار بر صادرات بخش کشاورزی داشته است. Manuscript profile -
Open Access Article
15 - Investigating The Determinants of Exchange Rate and Forecasting the Future Trend Using Econometrics and Machine Learning
Alireza Orangian Behzad Bolourian Elaheh OrangianThe main purpose of this paper is to investigate the factors affecting exchange rate and to forecast the future trend using econometrics and machine learning methods. The seasonal moving average of IR Rial to US Dollar rate from spring 1392 to spring 1401 is the proxy o MoreThe main purpose of this paper is to investigate the factors affecting exchange rate and to forecast the future trend using econometrics and machine learning methods. The seasonal moving average of IR Rial to US Dollar rate from spring 1392 to spring 1401 is the proxy of exchange rate as the dependent variable and balance of trade, debt to GDP, GDP, inflation rate, liquidity volume, OPEC oil price and unemployment rate are considered as the independent variables. For determining the factors influencing the exchange rate, Sobol' Sensitivity Analysis, a machine learning method, is used and VECM is harnessed for regressing and forecasting. Variance decomposition and impulse response function are also utilized as instruments of VAR for measuring the future shocks effects of independent variables on exchange rate and the periods in which these shocks will be neutralized. The results show that liquidity volume, oil price, unemployment rate and inflation rate are the most significant determinants, respectively and the future shocks of liquidity volume, inflation rate, oil price and unemployment rate have the longest period of impacts on the exchange rates, respectively. The study outcomes also show an affinity between econometric and machine learning results in this case. The predicted amounts of exchange rate until winter 1402 are also included in the results. Manuscript profile -
Open Access Article
16 - Effect of Public Investment on Private Investment
zahra momeni mohammad khezriAbstract Investment is an important component accessory to production in the economy of every country. Hence, investment is one of the fundamental necessity for improving economically in every country. Because in developing country governmental investment is generally MoreAbstract Investment is an important component accessory to production in the economy of every country. Hence, investment is one of the fundamental necessity for improving economically in every country. Because in developing country governmental investment is generally numerate as political implement, there is a belief between diplomats and economists of these countries that governmental investment is an effective stimulant for the investment of private sector and as a result it is a powerful implement for growth political and economic consistence, but it should be considered that governmental investment reduces from private sector’s resources for investment, moreover ,it also leads to decreasing of private sector’s investment in case that it is used for production of goods that compete with private sector’s production. In the other word crowding in happens. This article has been done in order to survey the relation between governmental investment and private investment and the VECM method in econometrics has been used. Manuscript profile -
Open Access Article
17 - The Testing of Supply Side and Demand Side at Improving of Financial Markets
Erfan Memarian Mohammadreza Mahjoub Soudeh HasanpourIn this survey as a case study, the mutual effects of Tehran - Stock Exchange - Price Index (TEDPIX) and Iran's economic growth have been investigated. To do this, the data about the above variables during 1999-2010 has been collected through quarterly data and by econo MoreIn this survey as a case study, the mutual effects of Tehran - Stock Exchange - Price Index (TEDPIX) and Iran's economic growth have been investigated. To do this, the data about the above variables during 1999-2010 has been collected through quarterly data and by econometric method evaluation, especially Johansson's cointegration test and vector error correction model, the mutual relationship between the variables has been dealt with. The results of Johansson's cointegration test showed that there is a long term balance relation in the above variables. Also the results of the vector error correction method showed that there is a unidirectional relationship between the above variable from economic growth to Tehran - Stock Exchange - Price Index (TEDPIX).and consequently demand side approach was approved in improving fainancial markets. Manuscript profile -
Open Access Article
18 - Evaluating the effects of fiscal policy (changes in the Tax Income) on the employment in Iran
Mahdieh RezagholizadehDue to the impact of Government’s fiscal policy on macroeconomic variables, awareness of short-run and long-run impacts of these policies need to be applied in order to anticipate their consequences and appropriate policies. We will investigate the effects of fisc MoreDue to the impact of Government’s fiscal policy on macroeconomic variables, awareness of short-run and long-run impacts of these policies need to be applied in order to anticipate their consequences and appropriate policies. We will investigate the effects of fiscal policy (changes in the Tax Income) on the employment in Iran by using Vector Auto Regressive, Impulse Response Function and Variance Decomposition and also the short-run and long-run relationships between variables will be evaluated. For this purpose, the time series data for the years 1350 to 1391 were used to estimate the model. According to the long- run equations and coefficients that are significant, we can say that there is a long-run equilibrium relationship between increasing in taxes and employment and during the period of study, rising taxes had a negative impact on employment. Manuscript profile -
Open Access Article
19 - بررسی رابطه بین گردشگری، رشد اقتصادی و توسعه مالی در ایران (1395-1368)
شهین نرگسی روح اله بابکی مهناز عفتی -
Open Access Article
20 - An Investigation of Monetary PoliciesEffects on Properties Pricing In Iran
مجید احمد لوAbstract This paper investigates monetary policies effects on property pricing for the case of Iran over the period 1369-1392. For this objective, we apply Co-integration technique and vector error correction model (VECM). We obtain Data set from Iran’s cen MoreAbstract This paper investigates monetary policies effects on property pricing for the case of Iran over the period 1369-1392. For this objective, we apply Co-integration technique and vector error correction model (VECM). We obtain Data set from Iran’s central bank time series database. The results of this study showed that there is a short-run and long run relationship from bank credit and a long-run relationship from liquidity and inflation to physical property prices. In addition, there is a short-run and long run relationship from inflation and a long-run relationship from liquidity and banks short-run profit rate to financial property prices. These results suggest that monetary effects on especially financial property prices appear with time lag. Manuscript profile -
Open Access Article
21 - Developing Asset Correlation Risk Model (ACR) with Asset- Liability Management (ALM) Approach with using of VECM model
Mahdi Hemmati Asiabaraki Mohammadhasan Gholizadeh Seyed Mozafar MirbargkarBanks, as levers in macroeconomic policies, by regulating and adjusting the bank's interest rates, enforce monetary policies and controls inflation and unemployment, which is one of the most important macroeconomic goals. One of these tools is asset-debt management. The MoreBanks, as levers in macroeconomic policies, by regulating and adjusting the bank's interest rates, enforce monetary policies and controls inflation and unemployment, which is one of the most important macroeconomic goals. One of these tools is asset-debt management. Therefore, the purpose of this research is to develop the Asset Correlation Risk Model (ACR) with the Asset- Liability Management approach (ALM). This research is descriptive in nature and in terms of its purpose. The statistical population of the research is the companies accepted in the Tehran Stock Exchange and the sample of the banks accepted in this collection, which can be extracted from the research data. The research period is from 1391 to 1396, with 20 banks selected as research samples. This research has a theoretical model and a vector error correction model was used to test the hypotheses. According to the t-statistic and the coefficient of estimation of the VECM model, it is determined that the effect of using the debt-asset management approach on the asset-liability correlation risk in a long-term equilibrium is decreasing. Manuscript profile -
Open Access Article
22 - The Effect of Goods market Efficiency on Economic Growth in Selected Asian Countries
Naghmeh honarvar homayoun ranjbar sara ghobadiImproving efficiency and productivity has an impact on the main economic, social and political phenomena of societies, such as reducing the level of inflation, increasing the level of public welfare, increasing the level of employment and increasing competitiveness. Eff MoreImproving efficiency and productivity has an impact on the main economic, social and political phenomena of societies, such as reducing the level of inflation, increasing the level of public welfare, increasing the level of employment and increasing competitiveness. Efficiency explains the degree of success of an economic unit or a country in the optimal use of inputs to produce output in comparison with other economic units and other countries, therefore, examining the effects of efficiency on macroeconomic variables is very important. Therefore, the aim of this study is to analyze the effects of the goods market efficiency pillar in the global competitiveness index on economic growth with an emphasis on the factors affecting this efficiency (technology, trade and investment) in Asian countries with a moderately high competitiveness index during the period of 2008-2018. For this purpose, the effects of goods market efficiency on the economic growth of these countries were investigated using the panel vector error correction model (PVECM). In general, the results indicate that the positive shock of this type of efficiency (improving the efficiency of the goods market) in the medium and long run leads to an increase in the economic growth rate and a decrease in the unemployment rate. Also, the results showed that the most effective variable on the efficiency of the goods market is investment, which has the greatest impact on the efficiency of the goods market in the long run. Manuscript profile -
Open Access Article
23 - The Estimation of the Recreational Value of Taq-Bostan Park in Kermanshah Using Individual Travel Cost Method
Saeed Samadi M. Al-Sadat Nahvi M. RajabiThe main objective of this study was to evaluate the effect of liquidity on national savings in the economy using econometric regression vector and vector error correction model in 1973 to 2007. The results of the model indicate that the effects of changes in short-term MoreThe main objective of this study was to evaluate the effect of liquidity on national savings in the economy using econometric regression vector and vector error correction model in 1973 to 2007. The results of the model indicate that the effects of changes in short-term and long-term liquidity on national saving rate is positive and significant, and with the passage of time these works are neutral.there are negative and statistically significant. Manuscript profile -
Open Access Article
24 - Effects of Monetary Policy on Gross Development Product and Inflation through House Price Index in Iran
H. Sharifi-Renani S. Ghobadi F. Amrollahi N. HonarvarThe purpose of this research was to analyze the effect of monetary policy on gross domestic product and inflation via house price index as a proxy for other assets in Iran in 1989-2008. For the analysis time series data and vector error correlation method were used. The MoreThe purpose of this research was to analyze the effect of monetary policy on gross domestic product and inflation via house price index as a proxy for other assets in Iran in 1989-2008. For the analysis time series data and vector error correlation method were used. The results showed that in the pattern 1 the positive monetary shocks in the short run increased the product and decreased the prices but, in the long run it decreased the product and increased the prices. The debt shocks of the banks to the central bank in the short run had little effect on the product and the prices. In the intermediate run these shocks had decreased the product and increased the prices. And in the long run it increased the product and decreased the prices. In pattern 2 positive shock of the legal deposits ratio leads to decrease in the production and increase in the inflation in the short, intermediate and the long run, through the banking lending. Results shoed also that money policy instruments (banks loan to the central bank and the rate of legal deposits) had a little effect on the granted facilities of the banks. Manuscript profile -
Open Access Article
25 - The study of the long run effects of international trade on economic success variables in Iran
fateme sabet naghmeh honarvar ali rezaeiEconomic growth and inflation control are among the goals pursued by any economy. In today's world, decision-making power and role-playing in global trading are countries that have a lot to say in the economy. If the policymakers' goal is to develop and encourage trade, MoreEconomic growth and inflation control are among the goals pursued by any economy. In today's world, decision-making power and role-playing in global trading are countries that have a lot to say in the economy. If the policymakers' goal is to develop and encourage trade, in order to achieve this goal, it must control the growth of the international presence and the inflation by strengthening the foundations of the country's production. This study examines the long run effects of international trade on Iran's economic success variables during the period 1350-1395 using Vector Error Correction Model (VECM). The results of Johansson's co-integration test showed that there is a long run equilibrium relationship between variables.. The results of the IRF indicated that the positive shock of exports in the short, medium and long run had a significant positive effect on economic growth and inflation. The positive shock of imports in the short run has a significant positive effect, and in the medium and long run, there is a significant negative effect on economic growth, and this shock has a significant negative effect on inflation in the short, medium and long run. Manuscript profile -
Open Access Article
26 - نقش ادوار سیاسی و تجاری بر تحولات بازار سرمایه در ایران
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