OPEC
mohsen jafari; marziyeh esfandiari; mosayeb pahlavani
Abstract
The positive role of financial market development in reducing the effect of natural resources curse on the economic growth of countries is determined when the development of the financial sector in a country can allocate the income from natural resources to development and capital projects and in finally, ...
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The positive role of financial market development in reducing the effect of natural resources curse on the economic growth of countries is determined when the development of the financial sector in a country can allocate the income from natural resources to development and capital projects and in finally, lead to economic growth. Therefore, in this study, the effect of oil revenue governance on the economic growth of selected OPEC member countries was investigated, with an emphasis on the development of the banking sector, using the PVAR GMM method. For this purpose, the required data was gathered from the Global Financial Development Database (GFDD), World Development Indicators (WDI), International Monetary Fund (IMF), and the database of selected OPEC member countries (Iran, Iraq, Saudi Arabia, Kuwait, Venezuela, Nigeria, Algeria, UAE, and Libya) from 2003 to 2022, and STATA software was used to analyze the data. Results showed that the governance indicators of oil revenues and banking sector development indicators have a positive effect on economic growth. Also, oil revenues have had a significant positive effect on economic growth, but with the increase in growth of oil revenues, economic growth has decreased, indicating the existence of a curse of natural resources or Dutch disease in the countries under study. Finally, the indicators of banking sector development strengthen the positive effect of governance indicators of oil revenues on economic growth and thus reduce the negative effects of natural resources curse in mentioned countries.
Energy
Dhulfiqar Hameed Abed Hameed Abed; Yousef Mohammadzadeh; Ali Rezazadeh
Abstract
Energy is one of the most important economic and even political challenges facing societies today. Reducing energy intensity or increasing energy efficiency is therefore a priority for policymakers in major countries. Importantly, with the phenomenon of globalisation, developments in one country spill ...
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Energy is one of the most important economic and even political challenges facing societies today. Reducing energy intensity or increasing energy efficiency is therefore a priority for policymakers in major countries. Importantly, with the phenomenon of globalisation, developments in one country spill over to other countries, which has received more attention in recent studies in this category. Therefore, the present study examines the energy intensity spillover and the factors influencing it, with a focus on the financial development among 35 Asian during the years 2000-2021. This study has used the dynamic spatial panel approach (with two SAR and SDM approaches) for this purpose. The results of this study show that energy intensity is spatially dispersed among neighbouring countries. In addition, financial development has a negative effect on energy intensity, so that countries with higher financial development have been able to reduce their energy intensity. Countries with an open economy were also better able to reduce energy intensity. On the other hand, countries that enjoyed more natural resource rents had significantly higher energy intensities. Controlling corruption in countries can also have a significant impact on reducing energy intensity.
s
robabeh khilkordi; Nezamuddin makiyan; habib ansarisamani
Abstract
Currency volatility is very important because of its adverse effects on economic performance and especially economic stability. In this regard, the present study investigates the behavior of the most important macroeconomic variables on exchange rate fluctuations in Iran's economy based on seasonal data ...
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Currency volatility is very important because of its adverse effects on economic performance and especially economic stability. In this regard, the present study investigates the behavior of the most important macroeconomic variables on exchange rate fluctuations in Iran's economy based on seasonal data of 1376-1401 with the help of the Auto-explanatory Vector Model Augmented with Time-varying Parameters (TVP-FAVAR). The results of the study of shock-reaction functions of the variables indicate that many exchange rate fluctuations are influenced by the behavior of some of the most important fundamental variables of the economy, including the budget deficit, inflation rate, liquidity and economic policy uncertainty. The more accurate modeling of exchange rate fluctuations and following that, predicting the range of exchange rate fluctuations in future periods requires that the relevant policy makers, while closely monitoring the behavior of the fundamental variables of the economy, adopt stability-creating policies to prevent extensive and unpredictable changes in the behavior of such variables
ا
Mehdi Hoseinpour Naderi; Fateme Alijani
Abstract
The agriculture sector has still a significant share of Iranian economy. Therefore, job creation in agriculture sector is important. For this purpose, it is necessary to identify the determinants of agricultural growth. One of these factors is bank credit that According to some economic theories, it ...
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The agriculture sector has still a significant share of Iranian economy. Therefore, job creation in agriculture sector is important. For this purpose, it is necessary to identify the determinants of agricultural growth. One of these factors is bank credit that According to some economic theories, it increases employment. Some economists believe that the type of bank ownership (state or private) impact on this relationship. Some believe that the credits of state banks cause more jobs but the others disagree. Therefore, it is necessary for researches to answer these questions: What role does the type of ownership of banks play in the effectiveness of bank credits? In this regard, the study aims to examine the impact of bank credit on agricultural employment emphasized the role of bank ownership. For this purpose, the ARDL and Fuzzy-ARDL method is used. The used quarterly data cover winter 2009 to spring 2018. The findings of the research show that the overall effect of bank credits is positive, but the credits granted by state banks have a greater impact on the employment of the agricultural sector compared to the credits of private banks. This finding is in accordance with the opinion of the advocates of state interference in granting bank credit. In addition, investment has a positive effect and wage has a negative effect on employment.
Inflation
Faramarz Tahmasebi
Abstract
Inflation influences the assets’ price and return. In order to maintain the money value, investors are willing to invest in assets which maintain their purchasing power and bring them good returns, when they encounter inflationary conditions. Some assets have this function, including stocks, gold, ...
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Inflation influences the assets’ price and return. In order to maintain the money value, investors are willing to invest in assets which maintain their purchasing power and bring them good returns, when they encounter inflationary conditions. Some assets have this function, including stocks, gold, currency, housing, land, etc. This study aimed to review the effect of inflation on investment in a combination of physical and financial assets. The main research question is how the optimal investment portfolio of the people changes with the change of the inflationary conditions and the escalation of the inflation rate. For this purpose, the optimal combination of assets such as dollar, gold coins, stocks, corporate bonds, housing, bank deposits and land was extracted in different inflationary conditions during the period of 1991-2021 using Markowitz's mean-variance model. The results indicated that assets are moved in the people’s investment portfolio due to the change in the inflationary conditions. Where the inflation rate was lower than its 30-year average, the best investment combination for people were corporate bonds, housing, stocks and bank deposits, respectively. With the escalating inflationary conditions and the inflation rate higher than the 30-year average, the optimal investment portfolio includes corporate bonds, gold coins, stocks and land, respectively. Comparing the composition of assets in the first to fourth quartiles of inflation represented that the corporate bonds, housing, stocks and gold are the first priorities of people's investment.
s
Abbas memarzadeh
Abstract
In this study, by considering the asymmetric response of the aggregate and sector-level value-added to the positive and negative oil rent shocks, a new insight into the oil curse hypothesis is provided for the case of Iran. Using annual data from 1988 to 2022 and an NARDL model, the findings indicate ...
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In this study, by considering the asymmetric response of the aggregate and sector-level value-added to the positive and negative oil rent shocks, a new insight into the oil curse hypothesis is provided for the case of Iran. Using annual data from 1988 to 2022 and an NARDL model, the findings indicate the aggregate growth shows asymmetric reaction to positive and negative oil rent shocks just in the long run. Although this asymmetry is also confirmed for sector-level growth, the instinct of that varies significantly among them. Our analysis supports the oil curse hypothesis in Iran, and this curse channels via Dutch Disease mechanism in the manufacturing sector. So, even though diversification remains a key policy agenda to decrease the level of oil rent dependence, policymakers should consider the harmful impact of oil rent decrease on the growth of certain economic sectors. Therefore, the effectiveness of any diversification policy mainly depends on whether policy makers have a full understanding of the heterogeneous response of economic sectors to crude oil rent shocks.
Seyed Ehsan Hosseinidoust; Hamid Sepehrdoost; Farshid Moradi
Abstract
The aim of the present study is to investigate the effect of factors affecting capability poverty in the selected Muslim countries known as the D8 group relying on the Feasible Generalized Least Squares (FGLS) method during the period of 1997-2021. Results show the negative and significant effect of ...
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The aim of the present study is to investigate the effect of factors affecting capability poverty in the selected Muslim countries known as the D8 group relying on the Feasible Generalized Least Squares (FGLS) method during the period of 1997-2021. Results show the negative and significant effect of globalization on capability poverty in the D8 countries during the covered period, such that for each unit increase in the globalization index, capability poverty decreases by 1.8%, which indicates a relative improvement in the welfare of these countries. Likewise, the impact of economic growth on capability poverty is positive, so that a one percent increases in economic growth leads to an increase in capability poverty by 0.21 percent. Such finding can be due to not utilization of the benefits of growth to improve welfare infrastructure in the mentioned countries. In addition, the effect of control variables such as inflation and geographical distribution of the population has also been evaluated positively on capability poverty. Based on the findings of the current study, it is recommended to adopt inflation control programs and moving towards the promotion of globalization indicators in the economies of the D8 group.
