Payame Noor UniversityEconomic Growth and Development Research2228-595431020130522The Effects of Resources Curse Phenomena on Financial
Development and Economic Growth: A Dynamic Panel ApproachThe Effects of Resources Curse Phenomena on Financial
Development and Economic Growth: A Dynamic Panel Approach269315FAZivarAsadiJavidBahramiRezaTaleblooJournal Article20130205This paper evaluates the role played by financial development in economic growth, and also, the effect of economic growth on financial development of thirty six oil vis-à-vis nonoil economies during 1982-2011. Based on a panel of 5- years averages, we apply System Generalized Method of Moments (SYS-GMM) to estimate the dynamic equations. <br /> The estimation results show that financial development plays a crucial role in the efficiency of investment, and thus, in performance of those economies. However the quality of financial institutions varies significantly between oil and nonoil countries. <br /> Another important result is that, despite of relatively high level of investment in oil economies, the quality of investment is really poor. This suggests that it is not the level of investment on its own but the quality of investment which is important. The high level of investment should be accompanied by a well developed financial system which channels financial resources away from less production projects. We also find that, the positive effect of per capita income on financial development is smaller in oil economies, and that, the real exchange rate is among the determinants of financial development in those economies. This paper evaluates the role played by financial development in economic growth, and also, the effect of economic growth on financial development of thirty six oil vis-à-vis nonoil economies during 1982-2011. Based on a panel of 5- years averages, we apply System Generalized Method of Moments (SYS-GMM) to estimate the dynamic equations. <br /> The estimation results show that financial development plays a crucial role in the efficiency of investment, and thus, in performance of those economies. However the quality of financial institutions varies significantly between oil and nonoil countries. <br /> Another important result is that, despite of relatively high level of investment in oil economies, the quality of investment is really poor. This suggests that it is not the level of investment on its own but the quality of investment which is important. The high level of investment should be accompanied by a well developed financial system which channels financial resources away from less production projects. We also find that, the positive effect of per capita income on financial development is smaller in oil economies, and that, the real exchange rate is among the determinants of financial development in those economies. https://egdr.journals.pnu.ac.ir/article_315_22151e144e7ca2b8207b8cf18e192880.pdfPayame Noor UniversityEconomic Growth and Development Research2228-595431020130522Identification of Economic Growth in Reducing Poverty, Use of Fixed Price Multiplier Approach Based on the SAM (Social Accounting Matrix)Identification of Economic Growth in Reducing Poverty, Use of Fixed Price Multiplier Approach Based on the SAM (Social Accounting Matrix)4027316FASoheylaParvinAli AsgharBanoueiSanazAbbasian NigjehJournal Article20121027The main purpose of this paper is presenting theoretical principles with respect to the place of economic sectors in decreasing poverty and analyzing direct and indirect effects of FGT (Foster-Greer-Thorbecke) poverty index separately for different economic activities against increase in production. In this study, using Fixed Price Multiplier coefficients approach in the scope of Social Accounting Matrix pattern, the impact of economic growth on poverty reduction is investigated. The results indicate that the reduction of poverty in 14 economic sectors has been affected by two factors: change in average income of the socio-economic groups and the elasticity of poverty index to change in the average income of the same groups. Also, the growth in agriculture, building, wholesale and retail sectors has the highest share in decreasing poverty. <br />ا � t ��7 �6 توجه قرار گرفت. این تجارب نشان میدهد که اگر ویژگیهای گروههای فقیر در الگوی رشد در نظر گرفته نشود، لزوماً با رشد اقتصاد ملی، فقر کاهش نخواهد یافت. <br /> <br />این مطالعه با بکارگیری ماتریس حسابداری اجتماعی، اثرگذاری رشد بخشهای اقتصادی را در کاهش فقر پیگیری کرده است. برای این منظور، ماتریس حسابداری اجتماعی سال 1385 به همراه اطلاعات سرشماری نفوس و مسکن و بودجه خانوار، تغییرات مستقیم و غیرمستقیم شاخص فقر را در اثر رشد بخشهای اقتصادی بررسی و تحلیل کرده است. نتایج حاکی از این است که تخفیف یا کاهش فقر در 14 بخش اقتصادی، از دو عامل؛ تغییر در میانگین درآمدهای گروههای اقتصادی و اجتماعی خانوارها و کشش شاخص فقر نسبت به تغییر در میانگین درآمد گروههای مزبور، تاثیر میپذیرد. بیشترین سهم در کاهش فقر خانوارها، به ترتیب مربوط به رشد بخشهای کشاورزی، ساختمان، عمدهفروشی و خردهفروشی میباشد. همچنین بخشهای واسطهگریهای مالی و آموزش سهم قابل توجهی را در کاهش شکاف درآمدی خانوارها نسبت به خط فقر به همراه داشتهاند. به این ترتیب رشد بخشهای مذکور، رشد فقرزدا تعریف میشود.The main purpose of this paper is presenting theoretical principles with respect to the place of economic sectors in decreasing poverty and analyzing direct and indirect effects of FGT (Foster-Greer-Thorbecke) poverty index separately for different economic activities against increase in production. In this study, using Fixed Price Multiplier coefficients approach in the scope of Social Accounting Matrix pattern, the impact of economic growth on poverty reduction is investigated. The results indicate that the reduction of poverty in 14 economic sectors has been affected by two factors: change in average income of the socio-economic groups and the elasticity of poverty index to change in the average income of the same groups. Also, the growth in agriculture, building, wholesale and retail sectors has the highest share in decreasing poverty. <br />ا � t ��7 �6 توجه قرار گرفت. این تجارب نشان میدهد که اگر ویژگیهای گروههای فقیر در الگوی رشد در نظر گرفته نشود، لزوماً با رشد اقتصاد ملی، فقر کاهش نخواهد یافت. <br /> <br />این مطالعه با بکارگیری ماتریس حسابداری اجتماعی، اثرگذاری رشد بخشهای اقتصادی را در کاهش فقر پیگیری کرده است. برای این منظور، ماتریس حسابداری اجتماعی سال 1385 به همراه اطلاعات سرشماری نفوس و مسکن و بودجه خانوار، تغییرات مستقیم و غیرمستقیم شاخص فقر را در اثر رشد بخشهای اقتصادی بررسی و تحلیل کرده است. نتایج حاکی از این است که تخفیف یا کاهش فقر در 14 بخش اقتصادی، از دو عامل؛ تغییر در میانگین درآمدهای گروههای اقتصادی و اجتماعی خانوارها و کشش شاخص فقر نسبت به تغییر در میانگین درآمد گروههای مزبور، تاثیر میپذیرد. بیشترین سهم در کاهش فقر خانوارها، به ترتیب مربوط به رشد بخشهای کشاورزی، ساختمان، عمدهفروشی و خردهفروشی میباشد. همچنین بخشهای واسطهگریهای مالی و آموزش سهم قابل توجهی را در کاهش شکاف درآمدی خانوارها نسبت به خط فقر به همراه داشتهاند. به این ترتیب رشد بخشهای مذکور، رشد فقرزدا تعریف میشود.https://egdr.journals.pnu.ac.ir/article_316_9fa62ce8d6bce44e2001552076e7b7fd.pdfPayame Noor UniversityEconomic Growth and Development Research2228-595431020130522Investigation and Forecasting of the Effects of Exchange Rate Increase on Economic Growth of Major Economic Sectors of Iran (1976-2014)Investigation and Forecasting of the Effects of Exchange Rate Increase on Economic Growth of Major Economic Sectors of Iran (1976-2014)5841317FAHadiGhaffariMehdiJalouliAliChangi AshtianiJournal Article20130117International sanctions against Iran have been lead to an increase in demand of foreign exchange and ultimately cause an increase in exchange rate. In this study, we aim to investigate and forecast the consequences of exchange rate increase on economic growth of major economic sectors of Iran during 1976-2014. For this purpose, we used a short scale macro-econometric model which has been estimated by the new co-integration approach. The results show that an increase in exchange rate will reduce the production of all economic sectors. Also, the growth rate of all economic sectors will be reduced to its minimum and then will increase. Also, we have come to the conclusion that the production of oil & gas sector will be reduced more than the other sectors.International sanctions against Iran have been lead to an increase in demand of foreign exchange and ultimately cause an increase in exchange rate. In this study, we aim to investigate and forecast the consequences of exchange rate increase on economic growth of major economic sectors of Iran during 1976-2014. For this purpose, we used a short scale macro-econometric model which has been estimated by the new co-integration approach. The results show that an increase in exchange rate will reduce the production of all economic sectors. Also, the growth rate of all economic sectors will be reduced to its minimum and then will increase. Also, we have come to the conclusion that the production of oil & gas sector will be reduced more than the other sectors.https://egdr.journals.pnu.ac.ir/article_317_b47a67ca2f93436dd7937176253eda97.pdfPayame Noor UniversityEconomic Growth and Development Research2228-595431020130522Test of Income Convergence in D-8 Countries
(Sigma Convergence, Theil Indices and Panel Data Unit Root Tests Approaches)Test of Income Convergence in D-8 Countries
(Sigma Convergence, Theil Indices and Panel Data Unit Root Tests Approaches)7259318FASaeedDaee KarimzadehKarimAzarbayjaniMohammadJavanmardiJournal Article20120819Income convergence or income similarity is defined as per capita income gap between two trading partner. less income gap shows income convergence and more income gap shows income divergence. Income convergence plays an important role in the expansion of trade relations, so that countries with more income adaption have the similar demand patterns and thus have economic reasoning in creating trade and the formation of trade blocks. <br />This study examined the existence of income convergence or divergence in D-8 countries during the period of 1965-2009. To this end, three methods ;sigma convergence, Theil indices and panel data unit root tests were used. The results of these approaches indicate that there are income divergence among the members of this group. Income convergence or income similarity is defined as per capita income gap between two trading partner. less income gap shows income convergence and more income gap shows income divergence. Income convergence plays an important role in the expansion of trade relations, so that countries with more income adaption have the similar demand patterns and thus have economic reasoning in creating trade and the formation of trade blocks. <br />This study examined the existence of income convergence or divergence in D-8 countries during the period of 1965-2009. To this end, three methods ;sigma convergence, Theil indices and panel data unit root tests were used. The results of these approaches indicate that there are income divergence among the members of this group. https://egdr.journals.pnu.ac.ir/article_318_83d9955143548b134b77c8696c901767.pdfPayame Noor UniversityEconomic Growth and Development Research2228-595431020130522Investigation of the Effects of Financial Development on Economic Growth in D8 Countries Group: a Bootstrap Panel Granger Causality AnalysisInvestigation of the Effects of Financial Development on Economic Growth in D8 Countries Group: a Bootstrap Panel Granger Causality Analysis9273321FAAbdolaliMonsefLeilaTorkiSeyed JaberAlaviJournal Article20121222There are different perspectives about the relationship between financial development and economic growth. The question has raised among economists is that whether the economic growth is affected by financial development or economic growth causes financial development? This study investigates the direction of causality between financial markets indicators and economic growth in the D8 countries group during 1990-2010. For this, the panel causality testing approach, the method developed by Kónya (2006) based on the seemingly unrelated regressions (SUR) and Wald tests with the country specific bootstrap critical values, is applied. The results indicate that the direction of causality between financial development and economic growth not only is different in countries also, it is different for the each indicator of financial development. Empirical results show that within the financial development indicators, The domestic credit provided by the banking sector in all of selected countries except Pakistan, has affected the economic growth. This indicates a higher degree of dependence of these countries upon the banking sector. Furthermore, within the money market indicators, the domestic credit to private sector indicator has the greatest influence from economic growth. There are different perspectives about the relationship between financial development and economic growth. The question has raised among economists is that whether the economic growth is affected by financial development or economic growth causes financial development? This study investigates the direction of causality between financial markets indicators and economic growth in the D8 countries group during 1990-2010. For this, the panel causality testing approach, the method developed by Kónya (2006) based on the seemingly unrelated regressions (SUR) and Wald tests with the country specific bootstrap critical values, is applied. The results indicate that the direction of causality between financial development and economic growth not only is different in countries also, it is different for the each indicator of financial development. Empirical results show that within the financial development indicators, The domestic credit provided by the banking sector in all of selected countries except Pakistan, has affected the economic growth. This indicates a higher degree of dependence of these countries upon the banking sector. Furthermore, within the money market indicators, the domestic credit to private sector indicator has the greatest influence from economic growth. https://egdr.journals.pnu.ac.ir/article_321_b9008c1d787497df67841aa408b5fa33.pdfPayame Noor UniversityEconomic Growth and Development Research2228-595431020130522Public and Private Health Expenditure and their Impacts on the Long-Term Economic Growth of Selected Countries:
Bayesian Model Averaging ApproachPublic and Private Health Expenditure and their Impacts on the Long-Term Economic Growth of Selected Countries:
Bayesian Model Averaging Approach10693322FAFathollahTariAssociate Professor of Economics, Allameh Tabataba'i University.MohammadShirijianM.A. in Economics, Tehran University.MohsenMehraraAssociate Professor of Economics, Tehran University.HosseinAmiriPh.D. Student in Economics, Allameh Tabataba'i UniversityJournal Article20121204Identifying the factors that contribute to sustained economic growth of countries is the main concerns of economic researchers. The present paper employs a Bayesian econometrics approach based on Bayesian Model Averaging (BMA) method to investigate the effect of public and private health expenditure on economic growth in developing economies. The empirical findings show that public health expenditure positively and private health expenditure negatively affect on the long-term economic growth of developing countries. Also, hospital beds do have a positive important role in explaining long-term economic growth.Identifying the factors that contribute to sustained economic growth of countries is the main concerns of economic researchers. The present paper employs a Bayesian econometrics approach based on Bayesian Model Averaging (BMA) method to investigate the effect of public and private health expenditure on economic growth in developing economies. The empirical findings show that public health expenditure positively and private health expenditure negatively affect on the long-term economic growth of developing countries. Also, hospital beds do have a positive important role in explaining long-term economic growth.https://egdr.journals.pnu.ac.ir/article_322_e793ff7c6d4ff4a8563a14db1b187715.pdfPayame Noor UniversityEconomic Growth and Development Research2228-595431020130522Comparative Analysis of Traditional & Modern Wage- Productivity Theories in Industrial Sector of Iran’s Economy Using Gewek Linear Feedback MethodComparative Analysis of Traditional & Modern Wage- Productivity Theories in Industrial Sector of Iran’s Economy Using Gewek Linear Feedback Method116107324FAGhasemAhmadiMahdiKhodaparast MashhadiMostafaSalimifarJournal Article20120120Considering statistical data during 1981-2007 in Iran’s economy shows some co-movements between per capita wage and productivity indices, but does not explain which one can explain productivity improvements. Whether productivity increase is the result of wage increase, or its increase have caused wage increase, or we can not explain their relationship in causal relationship. Since productivity increase is very important in developing economies, we reviewd related literature, and finally we used Gewek’s econometric model for comparing traditional and modern theories for industrial sector of Iran’s economy, to see which theory is more applicable. Results indicate both wage productivity theories are statistically significant in industrial sector of Iran’s economy, but modern wage-productivity theory is more applicable when compared with traditional one. Considering statistical data during 1981-2007 in Iran’s economy shows some co-movements between per capita wage and productivity indices, but does not explain which one can explain productivity improvements. Whether productivity increase is the result of wage increase, or its increase have caused wage increase, or we can not explain their relationship in causal relationship. Since productivity increase is very important in developing economies, we reviewd related literature, and finally we used Gewek’s econometric model for comparing traditional and modern theories for industrial sector of Iran’s economy, to see which theory is more applicable. Results indicate both wage productivity theories are statistically significant in industrial sector of Iran’s economy, but modern wage-productivity theory is more applicable when compared with traditional one. https://egdr.journals.pnu.ac.ir/article_324_7c7f248edce4659f3e02a0327a6282a6.pdf