atefe alahverdi; Saeed Daei-Karimzadeh; sara ghobadi
Abstract
In recent years, the financial condition index (FCI) has been used in many countries as an important index to determine the state of macroeconomic policies. For this purpose, in the present study, the effects of financial condition index on macroeconomic variables were investigated by applying the time-varying ...
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In recent years, the financial condition index (FCI) has been used in many countries as an important index to determine the state of macroeconomic policies. For this purpose, in the present study, the effects of financial condition index on macroeconomic variables were investigated by applying the time-varying parameter factor-augmented vector autoregressive model (TVP-FAVAR) and using quarterly data during the period (1991-2019). The results indicate that the response type and response rate of macroeconomic variables were different due to the financial condition index shock over time, and this indicates the necessity of employing the parameter- variable approach. According to the obtained results, The unemployment rate and economic growth rate variables in the short and long term showed a negative and positive response to behavioral changes in the financial condition index variable, respectively. The effects of the financial conditions index shock on the inflation rate variable appear after one period; However, the response of this variable to the financial condition index shock in the short and long term has been different according to the conditions prevailing on the economy of the country. also, the financial conditions index shock in the short run has improved the Gini coefficient variable, but in the long run, especially in the late 2010s has rised the income gap. The response of the budget deficit variable to the financial condition index shock in the whole period under review was positive and the financial condition index shock has increased the government budget deficit.
Latif Hosseini; Akbar Mirzapour Babajan; Beitollah Akbari Moghaddam
Abstract
Although taxes have always been a major source of funding for governments and an effective tool for the government to achieve its goals, these important tools have led to disruptions in the economy and have led to widespread differences among economists. It has been about the role and size of government ...
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Although taxes have always been a major source of funding for governments and an effective tool for the government to achieve its goals, these important tools have led to disruptions in the economy and have led to widespread differences among economists. It has been about the role and size of government in the economy. The purpose of this paper was to investigate the Impact of tax revenues on macroeconomic variables. The model parameters are estimated using seasonal adjusted time series data for the period 2009-2010. To estimate the bizarre parameters of the model, the previous standard distribution, mean, and deviation of the parameters must first be determined. The parameters are calculated. The results of the model estimation showed that the revenues from VAT have a positive and significant effect on the economic growth of different provinces. Also, the amount of intermittent growth rate of GDP per capita in the provinces has a positive and significant effect on the economic growth rate of this year and also the variable of bank credit, investment rate, has a positive and significant effect on economic growth rate. Also, the variable of investment and government spending has a positive and significant effect, but the inflation rate has a significant and negative effect on economic growth. The results also showed that a short-term tax shock has a negative impact on economic growth and consumption, but in the long run, with an increase in tax revenues, GDP growth and, consequently, consumption and investment in the economy have increased.
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Ali Jafari; Jomadoordi Gorganli Davaji; Majid Ashrafi; Arash Naderian
Abstract
Comparability is a qualitative feature that adds to the usefulness of financial and economic information. Macroeconomic variables can affect the relationship between comparability and dividend payout. Therefore, this paper examines the moderating role of macroeconomic variables in the relationship between ...
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Comparability is a qualitative feature that adds to the usefulness of financial and economic information. Macroeconomic variables can affect the relationship between comparability and dividend payout. Therefore, this paper examines the moderating role of macroeconomic variables in the relationship between comparability criteria and dividend payout policy. The sample consists of 119 active companies listed in Tehran Stock Exchange for the period 2011 to 2017. To measure the comparability, three criteria of earnings comparability, operating cash flows comparability, and discretionary accruals comparability have been utilized. Multivariate linear regression model using Eviews9 software was used to test the research hypotheses. The results showed that the net income comparability had a significant negative effect on dividends payout. The effect of interest rate on the relationship between net income comparability and dividend payout has been positive and significant. Inflation had a positive and significant effect on the relationship between net income comparability and dividend payout. The official exchange rate had a significant negative impact on the relationship between net income comparability and dividend payout, and also it had a significant negative impact on the relationship between discretionary accruals comparability and dividend payout. The effect of the informal exchange rate on the relationship between net income comparability and dividend payout has been negative and significant.
Mohammad Hassan Fotros; Hossein Tavakolian; Reza Maaboudi
Volume 5, Issue 19 , June 2015, , Pages 94-73
Abstract
This paper studies impacts of monetary and fiscal shocks on macroeconomic variables in Iran. For this purpose, a dynamic stochastic general equilibrium approach is employed to sketch an appropriate model for Iranian economy. To calculate the required coefficients, data of the period 1961-2012 released ...
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This paper studies impacts of monetary and fiscal shocks on macroeconomic variables in Iran. For this purpose, a dynamic stochastic general equilibrium approach is employed to sketch an appropriate model for Iranian economy. To calculate the required coefficients, data of the period 1961-2012 released by the Central Bank of Iran are gathered. In order to take in consideration the Iranian economic characteristics, oil revenues, sticky prices, monetary policy, fiscal policy, and technology are considered in the model. Results indicate that technological shocks increase non oil production, private investment consumption, and GDP. So, technological shocks increase economic growth and reduce inflation. Increase in oil revenues promotes non-oil production, private consumption, government expenditure, and private investment. So, in short run, the impact of oil shock on economic growth is positive. But oil shock increases inflation via an increase in money base. Monetary shocks (increase in money base) increase internal consumption and money liquidity (the inflation) and somehow the GDP. But, monetary shocks have small effects on the non oil production. In sum, monetary shock has a small positive impact on economic growth. So, in short run, money neutrality hypothesis cannot be retained. Also, government expenditure shock increases government expenditures, private consumption, and decreases private investment. In sum, government expenditure shock has a positive effect on production, inflation and economic growth.
