Journal of Economic Studies and Policies
Year:2014 | Volume:9 (19) | Issue:2 (99)|Papers Count:10

Due to international politics and Reluctance of foreign investors to direct investment in the Iranian markets, one of the various ways of absorbing foreign exchange resources is issuing the Participation securities based on foreign currency. But without analysis of its risks, its acceptance faces with uncertainty. Therefore, this paper using AHP and TOPSIS methods ranks the security risks in comparison to international bonds and seeks to prove this hypothesis that the Participation securities risks are less than international bonds.The results show that Participation securities risks are higher than international bonds. Political, inflation risks and shariah rules have most impact on investor decisions.

In this paper we have analyzed the asymmetric effects of monetary policy on aggregate activity by applying co-integration analysis and error correction model using Iran's annual data from 1971-2011.Three types of asymmetric effects have been considered in this paper:1) whether negative and positive monetary policy shocks have different effects on output; 2) whether big or small shocks have different effects; and 3) whether low-variance, negative shocks have asymmetric effects on output. The results about asymmetry of positive and negative monetary shocks indicate that the negative shocks have more real effects on economic growth rate than positive shocks. In addition, for all specifications, a large part of the effects of positive shocks will become neutral in next period. Results show that in different specification in regard to null hypotheses of low- variance in negative monetary shocks have large effects on output. One can say that due to price rigidity and Menu cost theory when we have negative monetary shocks, firms will not adjust their prices and under this condition the shocks have positive effects on output.

Economic crime theory was introduced in economics, by Gary Becker. By applying, ARDL and also ECM models we have analyzed the short run and long run relationships between misery index and crime in Iran for 1974-2010 period. According to findings of this research, the misery index does have positive and significant relationship with crime in Iran in period of study. Also, testing the stability of coefficients indicates the meaningful stability for coefficients in question. Consequently, in order to lower the crime in Iran, policy makers should try to reduce the misery index.

Reducing unemployment always has been one of the most important objectives of economic systems and governments and determining factors affecting on unemployment is of particular importance. One of these factors is innovations. Some believe that the impact of innovation on employment due to increased productivity by innovation will increase unemployment rate. Some have emphasized the positive role of innovation on employment. With regard to the effects, the innovation affects through compensating channels such as reducing the price of products, new investments, increase in income and introducing new productions. In this regard, the goals of this paper is to investigate the impact of innovation on employment in selected countries of OIC (Organization of the Islamic Countries) during the period 1990- 2009 with using unbalanced panel data method. Results showed significant and positive effect of innovation on employment level OIC countries. The results also show the effect of imports, information and communication infrastructure variables on employment are positive and significant. Also, the effect of investment and wage variables are non-significant on employment level.

During last few decades, Iran has experienced a massive flow of immigrants from two countries of Afghanistan and Iraq as a result these countries social, political and economic instability. For the time being, the majority of immigrants in Iran are Afghans. Difference in level of economic development between Iran and Afghanistan is the main contributing factor to this phenomenon, while the cultural and religious commonalities also should not be ignored. The majority of Afghan immigrants are typically unskilled and illegal workers. They expect lower wages than their Iranian counterparts and are ready to work in difficult conditions. Keeping in mind that a high percentage of Afghan immigrants are working in the construction sector, it is expected that most effects take place in this sector of the economy. In this paper we study the impacts of Afghan immigrants on the employment and average real wages of construction sector in Iran, through time series data analysis and estimating regression equations using Ordinary Least Square (OLS) method. Results indicate that during the period under study (1976-2006), Iranian workers have been replaced by Afghan workers, and their employment rate has declined in the construction sector. Declining average wage rate in construction sector due to existing Afghan workers in Iranian labor market is another important result of this study.

Numerous empirical studies have focused on aspects of capital structure; however, a new branch of capital structure, debt maturity structure has not been studied enough. Debt maturity structure means the mixture of short term and long term debts that the corporation chooses to achieve an appropriate capital structure. However, there is no study in Iran about debt maturity structure; hence the objective of this research is the investigation about the effect of macroeconomic variables including GDP growth rate, inflation and money supply, on debt maturity structure in companies listed in Tehran Stock Exchange. To examine research hypotheses, multi-variable regression analysis via pool data and financial information of 92 sample companies were utilized, during time period of 2001 to 2010. To test the hypotheses, Fisher F-test and t- student test were applied. The study findings represent the negative correlation between inflation rate and debt maturity structure on the whole sample used in the study. In addition, there is a negative relationship between the debt maturity structure and money supply. Furthermore, there exists a positive relationship between GDP and debt maturity structure. There are also various correlation results in different industries. Therefore, we propose in the periods in which inflation and money supply are high and their changes are long term, the firms should select short term debts on their debt maturity structure; since agency costs will be reduced.

In this paper, we analysis the dynamics of per capita income by using Carrion -i- Silvestre et al. (2005) stationary test over the period 1950-2008. We use the Madison historical data. The Results show that Iran economy experienced a golden period over 1955- 1976, and if this trend had been continued, Iran could be in high per capita income club countries. Because of economic policies after first oil shock, political- social changes in the1970s, the 1980-88 war with Iraq, economic sanctions and the oil price collapse in the year 1986, the GDP per Capita in Iran has fallen so much that if the Iranian economy were growing at an average rate of 4% a year (economic growth in the 2000s), there would be a gap of 19 years between GDP per capita in 2008 and its forecast for this year.

This paper investigates non linear effects of income on health expenditure (as out of pocket payment). The explanatory variables in health expenditure equation include urbanization, age, insurance, employment of household's head, the number of people employed, earned income and the number of persons aged fewer than 12 and over 60 years in the household. Database used was chosen from the household income & expenditure surveys in 1386. Database contains 31277 rural and urban households. Linear and non-linear econometric models based on logistic smooth transition regression (STR) are estimated. One of the most important findings is that health spending shows asymmetric behavior relative to household income or total expenditure (as a transition variable) so that the impact of explanatory variables on health expenditure in the high and low income regime is different. Also the results show that health expenditure is a necessary good for households, because the coefficient of the logarithm of income in the demand function is positive and much smaller than unity. In addition, out of pocket payments for health care services in high income groups are more than low income ones. Based on the results, with increased urbanization and for high aged people (beyond sixty years of old), health expenditure increase but if family members are covered by insurance, out of pocket payment for health expenses will reduce. So, it is important to develop the social security system and increase its efficiency to cover more health expenditure, especially for poorer households which lead to justice in health areas and increase in welfare of society.

Oil and natural gas are the most important energy resources and are of strategic importance in global, economic and political relations. Therefore, their transfer equipments and processes are very crucial and using pipe lines for this purpose is considered significant because it is the fastest and safest means. In this study, we attempted to estimate the technical efficiency of oil/gas pipes industry by using the stochastic frontier approach (SFA) method. We also used the Battese and Coelli time varying technical efficiency model. The tests result showed that the Cobb-Douglas production function can explain the pipe manufacturing industry better. Also, we calculated the extended significance ratio statistic to study the existence of any technical inefficiency in this industry; the results proved this. Nation the results also revealed that the average technical efficiency of this industry has increased from 53.57% in 1375 to 74.72% in 1389. One of the reasons for the increasing trend of technical efficiency of this industry is the increase of oil price, and hence, the increased investment in the country’s oil/gas industry (especially, in the South Pars field) and the increased need for pipes.

This paper is organized by using library studies and analytical method, which is explaining the approach that considers economic efficiency as base of law, and has attempted to explain deficiency of this approach. Also, by using pluralistic approach, we can show that bases of responsibility law, cannot be one-dimensional. It is necessary to consider topics such as ethics and justice as well as the base of responsibility in the subject of externalities, in order to reach a more sustainable and efficient social ordering.