JOURNAL OF ECONOMIC MODELING RESEARCH
Year:2013 | Volume:3 | Issue:11|Papers Count:7

Since the liquidity shortage has some undesirable consequences for banks, the evaluation of different strategies of providing liquidity is very important. In normal market conditions, there are plenty of adjustment strategies available for banks which allow them to have higher liquid assets when they face higher payment obligations. This paper mainly focuses on three strategies of liquidity management in country's banking system in above conditions. The main aim of current paper is to test three strategies of liquidity management based on the recommendations of Basel Committee in the condition of increasing the payment obligations of the banking network, by applying Generalized Method of Moments (GMM) method. We used the data from 20 Iranian commercial banks for the period 2001-2009. Results show that there is a positive relationship between payment obligations and securities stock growth rates and also between payment obligations and repayments of loans growth rates. However there is a diverse relation between payment obligations and long-term loans growth rates.

The magnitude of economic growth depends on the growth and investment in key economic sectors. Thus, one important goal of policy makers and economic planners in any society is to identify key economic sectors. This paper aims at identifying these sectors in Iranian economy using stochastic input-output analysis. Stochastic analysis is used to investigate how the inherent imprecision affects the concomitant key sector analysis in case of utilizing aggregated data. The analysis is based on Iranian input-output table for the year 2001, using distance estimation and Monte Carlo simulation.Results of the non-stochastic approach indicate that among 25 economic sectors in aggregated input-output table, six sector-groups are the key sectors, while, in non-aggregated input-output table with 99 sectors, 13 sector-groups can be identified as key sectors. Finally the suggestion is that to identify key economic sectors the non-aggregated input-output table should be used.

The purpose of this paper is to introduce the “Natural Resources Perpetuity Rule” in the allocation of resources revenue. We also analyzed the potential impacts of implementing this rule on oil and gas revenues in Iran. To do so, we employed a Computable General Equilibrium Model which is calibrated based on 2010 Micro Consistent Matrix. We assumed an open economy with different sectors such as oil and gas, public services and other activities. Assuming exhaustibility, we measure the impact of different saving rates from Resources Revenue (SR) on welfare, size of public sector, activity levels and exports. We found that the more the SR, the more the welfare loss in first years, the higher the long-run welfare path, the more the non-oil export and the less the size of public sector.

This paper presents an AHP and FLP model for the allocation of energy subsidies to different economic sectors. To do so, we defined a group of socio-economic criteria that may affected by the allocation of energy subsidies. These criteria are: economic growth, energy intensity, labor intensity, inflation, social cost of air pollutions and distribution of energy subsidy among socio-economic levels. According to calculated weights, we determined the priority of the above mentioned criteria. Also, according to the optimum overall rank of economic sectors, the commercial sector has the highest rank followed by industrial, agricultural and household and transportation sectors. After determining the final coefficients of AHP approach, we determined the allocation of energy subsidies using linier programming approach. We also considerd the change in technology and consumption patterns of household and transportation sectors. Results show that the share of energy subsidies allocated to commercial and transportation sectors should increase to 30.4 and 28.6 percent respectively.

Foreign exchange (FX) markets play a significant role in the global financial market, so that it comprises 40% of total global e-commerce values. However, reports show a 90% loss of entire investment of traders in this market usually after six to 12 months after entrance.This paper analyzes losing values of the majority of traders theoretically and empirically. Furthermore, by ignoring spread of broker and existence of inflation, it is shown that the FX market is a repeating zero-sum game. So, by developing a theoretical model in a framework of the Probability Theory, we have shown that probability of a loss in the FX market is quite high. Results show that the loss of the majority of trade occurs undoubtedly. Using two major currency pair data: Euro-Yen (EURJPY) and Euro-Dollar (EURUSD) in a daily duration in 2009 and 2010, we show that probability of failure (loss) cannot be less than 90%. We also showed the fact that, the larger number of transactions, the higher percentage of traders' losses. The higher probability of loss also depends directly on the volatility of exchange rate and higher rates of spread and leverage.

Although fossil fuels consumption may causes to rapid economic growth, but due to related pollutants and its consequences, the world has suffered from climate changes. Moreover, fossil fuel resources such as petroleum, gas, coal and uranium are being exhausted rapidly in the last decades. Therefore, seeking an appropriate as well as low-cost alternative for the above-mentioned energy carriers is one of the most important research topics. Regarding this situation, the utilization of renewable energy sources especially solar and wind energies is very important.In this study, the social welfare is maximized and optimal trajectory of solar and wind energy substitution is derived by using an optimal control approach. The model is solved empirically by genetic algorithm using MATLAB software.The results show that assuming social discount rate of 5% and no reduction in solar and wind energy conversion cost during next years, transition from fossil energy to solar and wind energy must occur in 2089 while assuming a 50 % reduction in solar and wind energy conversion cost in every 10 years period, this transition must take place in 2032.

The concept of “Innovation” has changed considerably in recent years. According to new theories, the innovation emerges in a system of interrelated elements and determinants during which the idea changes to a commercialized output or process. The literature on the innovation has concentrated mainly on various aspects of innovation chain separately. In this paper we tried to investigate the general effects of the whole elements of the innovation chain simultaneously. These elements are: R&D expenditures, physical capital formation, human capital and patent filling (residence and non-residence). We utilized multivariable time-series methods including cointegration and vector error correction model (VECM) to assess the long-run effects of innovation elements on total factor productivity in Iran. Results show that excluding the human capital variable, other elements of innovation chain have positive effects on TFP, among them, residence and non-residence patent filling having the normalized long-run coefficients of 0.58 and 0.48 respectively, are the most important factors affecting TFP in Iran.