Financial Economics
Year:2014 | Volume:8 | Issue:29|Papers Count:8

Today the long run and systematic attitude to environmental sustainability, is being the concern of policy makers and planers in world, regional, national and local level in developed countries. Although a lot of environmental challenges can be outlined, but water scarce and air pollution are the most important challenges. Urban development beside the life pattern changes and convert of automobile from one luxury goods to essential goods in families consumption basket, caused improvement of oil products and is the most important source of air pollution in major cities.Automobile industries protection, causes the environmental pollutions to a less important subject. These pollutants include SO2, NOx, CO, CO2 and HC that can an unfavorable effects on health. In developed countries, a lot of policies are used to reducing pollutants. One of the usual policy is focus on producing the high environmental efficiency automobiles.This research uses the information of 19 ordinary cars in domestic market in 2014 (Iranian calendar 1393 shamsi). Some models is designed and solved for computing the dimensional and total environmental efficiency of cars. The results with application of Data Envelopment Analysis (DEA) model show that MVM110, Pride and ROA have been the inefficient cars in production of CO2, HC and CO respectively. In evaluation of total environmental inefficiency, ROA is the most inefficient and Zantia is the most efficient car in case study.

Today, the ideas of economic growth and development of innovation in the manufacturing process is one of the more important determinants of development and economic growth of countries. Innovation may increase profits and market share firms provide higher economic growth will result. The concept of innovation in recent years has evolved considerably. Consequences of changes in the innovative concept of social capital as one of the main factors explaining the innovation. In fact, the theory of evolution based on innovation concluded that innovation is not simply a function of the form of tangible assets. But one of the main factors determining the realization of innovation an intangible asset called social capital. In this research, analyze ideas Fukuyama radius and panel data on the effects of social capital on innovation-driven public confidence in the medium-income countries have paid during the period 2007-1996. The results show that the estimated range of public trust as the main indicator of social capital Expresses confidence that unknown persons and other groups of family and friends is a positive and significant effect on the level of innovation.

During the last decades, Informal employment has experienced unequally in different regions of Iran. To explain a part of this expansion, using some immigration theories along with taking Multi Indicator-Multi Causes method, we aim to investigate the role of immigration and urbanization on informal employment in different regions of Iran. Furthermore, in informal employment modeling, some characteristic features of informal employees have been used, including the women workers’ population, over 60 -year-old population, rural areas’ population and low -educated population of a region proportional to those of other parts of the country. These features make a region more likely to have higher level of informal employment. With regard to the availability of provincial and national information and past censuses' data along with different statistical and research projects, the existing data between 1975 to 2005 have been used. The results of the model show that with the rise of immigration and urbanization to major and more developed cities, informal employment increases in these regions. The results also show that with a higher proportion of population with mentioned features in a province, there is a higher level of informal employment there.

In this paper we evaluate the relationship between spot and future gold coin prices, by using various econometric methods, which is covered by daily data from 11/25/2008 to 10/17/2012. Method which has been used to build the time series of future prices is weighted average of contract prices with different maturities. This method allows maintaining a continuity of data.The results show that there is a bilateral causal relationship between spot and future gold coin prices in short- run and long-run. Moreover, instantaneous causal relationship between these two markets is confirmed. Impulse- Response function, based on ECM and Bayesian – VAR approach, shows that each market shock affects other market. Results of this study are of interest for different groups of market participant: market makers, speculators and regulatory athority.

In this study, the effects of the crude oil price fluctuations have been examined on the Tehran's stock return index. The data used in this study are weekly time series from the first week of second month in 1380 to the fourth week of fourth month in 1390. For this purpose, firstly the price fluctuations of Iran's heavy crude oil have been modeled using EGARCH model. Then, the short term and long-term effects of Iran's heavy crude oil have been examined on the Tehran's stock return index using VECM model. The results of this study indicate that there is no significant and positive relationship between Iran's heavy crude oil and Tehran's stock return index in long terms and short-terms. On the other hand, based on the model results, there is a reverse long term relationship between the mentioned variables. As a matter of fact, according to the long-term relationship resulted from the VECM model, Tehran's stock return index decreases due to the increase of the Iran's heavy crude oil. Moreover, price elasticity of Tehran's stock return has been 9.54 % to the crude oil price fluctuations. Therefore, if the crude oil price fluctuations increase one percent, Tehran's stock return index will decrease 9.54% in long-term. As a conclusion, convergence between Tehran's stock return index and Iran's heavy crude oil has been confirmed and the obtained ECT (-1) coefficient illustrates if a short-term shock from the Iran's heavy crude oil gets into the Tehran's stock return index, 36% from the effect of this shock will decrease in return path to the long-term equilibrium in each period. Consequently, Tehran's stock return index will reach to the long-term equilibrium after approximately three periods.

 Analyzing time series is a usual way of forecasting various prices.Some of the Analyzing methods are Autoregressive Integrated Moving Average (ARIMA) and Autoregressive Integrated Fractionally Moving Average (ARFIMA). This paper used ARIMA for forecasting weekly gasoline prices. Also the behavior of ARIMA and ARFIMA models has been compared. So for fitting the models we used Stata12 and time series data of Persian Gulf F.O.B. from first of the year 2009 until 26th week of the year 2012. These data are extracted weekly from OPEC website. The results showed ARFIMA (6, .22, 6) has less error in comparison to ARIMA (1, 1, 0), so ARFIMA is better for forecasting the prices.

In the novel economic literature, the quality of institutions in economic development is taken into account. Distribution of FDI, as well as methods of attracting foreign direct investment and its impact on the economy, strongly influenced by the quality of economic and plitical conditions and Position of the host country. This paper considers the impact of institutional and structural factors on the attraction of foreign direct investment applying the generalized method of moments (GMM) dynamic panel, using data from 30 countries within the period 1998-2011 GMM dynamic panel data methods, is one of the most efficient methods for estimating the impact of institutional variables. Because, it solves the endogenous problem of institutional factors. The scale used for natural resource, is the share of fuel and mineral material's exports in total merchandise exports of fuels. The estimation results show that good governance has had a positive effect and the economic freedom has had a negative effect on foreign direct investment. Those Results also show that in natural resource exporting countries the natural resources have had a positive effect on foreign direct investment.

Attention to the exchange rate fluctuations as one of the basic issues of each country's macro-economic policies is necessary. Exchange rate represents the value for money of each country and shows the relationship between the domestic economies with the outside world. Proper adjustment of the exchange rate, considering exchange rate fluctuations and the factors affecting it, is discussed here. In recent decades the government's economic policy has focused on Non-oil exports. To get rid of the single-product economy, the development of non-oil exports to Iran is an undeniable necessity. In this study, by specifying an appropriate model, econometric methods are used until short-term and longterm effects of real exchange rate on Non-oil exports to Iran during the period 1358-1388 are examined. This model applied productivity as a non-price factors besides the price factor. The results show that in this interval, the effect of the real exchange rate, global income, GDP, trade and labor productivity (in the nonoil sector) on exports has positive and significant effects.