Financial Economics
Year:2010 | Volume:4 | Issue:11|Papers Count:8

Tourism is an activity where capital, infrastructure, knowledge and access to global marketing and distribution chains are critical. Foreign direct investment (FDI) is often considered one of the most effective engines for harnessing these elements. This study applies panel causality methods to investigate the relationship between FDI and tourism in Developing Countries during 1995-2007. For this purpose, the Hsiao's- Granger and Toda & Yamamoto (TY) causality tests used for investigating causality relationship between two variables.The model estimation reveal finds that there is unilateral causality from tourism to FDI. With respect to results of this study, the main implication policy is that the policy makers and economic planners should be adopting the suitable policies to improve tourism industry.

Nowadays air pollution as an important issue affects human health and economics phenomenon. In this study the relationship between economic growth and air pollution in selected provinces, has studied by use of Pollutant Standard Index. Results indicated that there is positive and significant relation between air pollution and economic growth in selected provinces. But Tehran and Khozestan and Khorasan Razavi provinces negatively affected. Results show that during the considered period, PSI as an indicator of environmental problem keeps on growing in time as long as the products in selected provinces keeps on growing. In other words, economic growth can't solve environmental problem during a time.

Information and Communication Technology is the one of the most important affected factors on new economics. This paper aims to survey the impact of Information and Communication Technology and e-commerce on economic growth. Surveyed countries consist of two groups; G8 industrial countries and some Middle East countries. Moreover these papers try to simulate the impact until 2025. Panel data and Dynamic System method is used to analyze data. The studied countries haven’t considerable difference on ICT expenditure than Iran such as Russia, Italy, Egypt, United Arab Emirates, and Saudi Arabia. The most important results are that, in spit of small gap of Iran’s ICT than other countries, large gap is known one-readiness between Iran and others. Despite of similar on infrastructures, Iran couldn’t use possibility and sources. So founded infrastructure is the needed condition but isn’t efficient condition to increase of electronic commerce. Another finding of this paper is positive affect of ICT and e-commerce variables on economic growth, that is, alternative hypothesis is accepted.

Nowadays there is a need for natural gas in almost every country. Considering the fact that Islamic Republic of Iran is the second owner of natural gas reserves in the world, export of this important factor would be one of the most inevitable subjects in our economy. Furthermore, the benefits of oil export can be replaced by the benefits of gas export. But the high level of domestic consumption is of the most restrictive factors in promoting gas export.The main purpose of this paper is to determine an optimum price for Iran's natural gas export taking into account the domestic versus international demand for the fuel. In this way we practice a mathematical approach with a linear planning model and considering the concept of opportunity cost in our analysis. In this way the optimum price would be reviled by adding the shadow price to the marginal cost. If we allocate our natural reserves to export, we should add the minimum benefits of domestic consumption to marginal cost of production of gas. Obviously it will result in minimum price of gas export which is estimated to be 48.8 cent per cubic meter.

One of the most important issues in modern times, is the phenomenon of lack of energy and natural resources. Natural gas is also one of the scarce resources, that need planning and forecasting for our country to be felt. It is necessary to balance supply and demand for gas natural, measures with the aim of observing the optimum consumption pattern done. In this study, a number of important indicators that are collected monthly used and per capita household income variable, was using by the software MATLAB from annual data to monthly. Dependent variable is per capita consumption of natural gas, and independent variables are the price of natural gas, the average temperature of the provincial capital and household income. 120 variables for each observation, from 1378 until 1387 is given general information and statistics from National Iranian Gas Company, Statistics Center of Iran, Meteorological Organization and the Central Bank of Iran has been obtained. More use of test reliability, proven assumption classical and pseudo-regression in econometrics and with using OLS and found to estimate the demand function in Natural Home's in Semnan Province. The results showed that in this province Natural Gas is low tension essential item for all income group people. As well as climate change and significant effect on Natural gas consumption.

Inflation or in other words the increase of public price’s level is one of the important and effective variable in each country’s economy that in different courses especially in high prices had imposed unfavorable and detrimental effects on countries’s economy. But the major and the most important detriment due to inflation is the distrust of scale of inflation’s rate in future. Except the economic factors such as inflation and production and ect., political factors can put economic factors in unreliable conditions. For example, political instability, war, people’s distrust in case of economic decisions and totally each decision or policy that causes distrust in economy atmosphere is effective in uncertainty inflation. In this article, we calculate the scale of uncertainty inflation during 1367-1386 with use of collection of “Fuzzy logic” and the two input variables, “inflation” and “gross domestic production” used with base year’s prices. Here the most important point is, inflation and uncertainty inflation are supplement of each other and the measuring and the specifying of their precise scale, the studying of their relationship and their effect on other variables can give suitable strategies to the effective factors in adopting their right decision.

One of the most crutial financial decesions is to select the proper mixture of short term and long term debts. This mixture may be affected by firm level factors as well as macro economics factors. Hence, the objective of this research is to investigate the effect of some macroeconomic variables on debt maturity structure in companies listed in Tehran Stock Exchange (TSE). In order to do this, three hypotheses have been prepared; in the first hypothesis, the effect of GDP on debt maturity structure, in the second hypothesis, the effect of inflation rate and in the third one, the effect of money supply on debt maturity structure have been analyzed. By regards of theoretical framework and research literature, we applied a regression model. The statistical population is comprised of manufacturing companies listed in TSE during the period of 2001 to 2008. We applied systematic filtering sampling to determine statistical sample and finally 92 companies were examined. The results from data analyzing through Panel Data, support the first and third hypotheses but do not support the second hypothesis. The research findings indicate that there is a positive significant relationship between GDP and debt maturity structure.There exists also a negative significant relationship between money supply and debt maturity structure. However, there is no significant relationship between inflation rate and debt maturity structure.

Fiscal policies have an effective and dynamic role in the process of Economic Development and so on this role depends on proper arrangement and combination of fiscal policy instruments. However in Iran, fiscal policies does not have enough efficiency due to significant role of oil revenues in the government budget and insufficient tax revenues alongside with inflexibility of government expenditures. This paper uses Granger causality and structural VAR frameworks to disentangle the dynamic and causal relationship between Iranian tax revenues and budget deficit. Granger causality test applied for variables both in nominal and real values. The results support the synchronization hypothesis in nominal term; that is budget deficit causes tax revenues and vice versa. But institutional separation hypothesis suits well in real term. In the next step by imposing long-run restrictions on VAR model four structural shocks are identified: oil income shock, real product shock, tax shock and government expenditure shock. Variance decomposition of variables shows government expenditures shock does not have an important role in explaining tax revenue changes. High degree of dependency of government budget on oil revenues, unimportant role of taxes in budget deficit changes and great effects of government expenditure in budget deficit fluctuations are main outcomes inferred from variance decomposition of budget deficit.The results of Impulse response functions shows that a positive impulse in oil income decreases economic growth budget deficit in the first but this negative effect converges to zero in the long term. Also government expenditure shock leads to a significant increase in budget deficit and so it can be inferred that controlling of government expenditure is the main approach to holding balance between government revenues and expenditures.