Iranian Economic Review最新文献_第5页

On the Interplay between Microfinance and Sustainable Development: Evidence from MENA Countries 小额信贷与可持续发展的相互作用:来自中东和北非国家的证据

Iranian Economic Review Pub Date : 2021-05-29 DOI: 10.22059/IER.2021.81586

Wajdi Moussa, Nidhal Mgadmi, A. Béjaoui, Tarek Sadraoui

引用次数: 0

The Asymmetric Influence of Exchange Rate and Inflation on Financial Development in Nigeria: Evidence from NARDL 汇率和通货膨胀对尼日利亚金融发展的非对称影响——来自NARDL的证据

Iranian Economic Review Pub Date : 2021-05-29 DOI: 10.22059/IER.2021.81590

Umar Muhammad Dabachi, Suraya Mahmood, Ali Umar Ahmad, A. Jakada, Ahmad Tijjani Abdullahi, Mohammed Atiku Abubakar, Kabiru Kamalu

{"title":"The Asymmetric Influence of Exchange Rate and Inflation on Financial Development in Nigeria: Evidence from NARDL","authors":"Umar Muhammad Dabachi, Suraya Mahmood, Ali Umar Ahmad, A. Jakada, Ahmad Tijjani Abdullahi, Mohammed Atiku Abubakar, Kabiru Kamalu","doi":"10.22059/IER.2021.81590","DOIUrl":"https://doi.org/10.22059/IER.2021.81590","url":null,"abstract":"This paper examined the asymmetric effects of exchange rate, and inflation on financial development growth using a model enhanced with oil prices asymmetry to apprise model specification. The research question that has been used implies, do the changes in their asymmetry significantly influence financial development? We employed nonlinear auto-regressive distributive lag (NARDL). In addition, we used the monthly data from 1980M01 to 2018M12. We found a long-term negative shock in exchange rate, both short run positive shock and negative shocks, respectively, declining the financial development. Additionally, the long run negative oil price shock and its long-term positive shocks stimulate and decline financial development, respectively. Regarding inflation, its positive and negative shocks in long run, respectively, reduce financial development. While in the short run the negative and positive shock in inflation increase and decline the financial development respectively. Accordingly, the results demonstrate a stable and sustainable inflation and exchange rate environment that would negatively cause financial development to stabilize the oil price and enhance the robust financial system. Therefore, successful policies that promote low inflation and exchange rates, overhaul of reliably improved financial institutions, capital accumulation, and efficient resources mobilization should be put in place for positive financial development to occur.","PeriodicalId":38289,"journal":{"name":"Iranian Economic Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44411365","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Application of Financial Social Accounting Matrix (FSAM) for Analyzing Real-Financial Linkages of Iranian Economy 金融社会会计矩阵(FSAM)在分析伊朗经济实体金融联系中的应用

Iranian Economic Review Pub Date : 2021-05-29 DOI: 10.22059/IER.2021.81591

P. Mohajeri, A. Banouei, Seyyed Mohammad Seyyed Hosseini

{"title":"Application of Financial Social Accounting Matrix (FSAM) for Analyzing Real-Financial Linkages of Iranian Economy","authors":"P. Mohajeri, A. Banouei, Seyyed Mohammad Seyyed Hosseini","doi":"10.22059/IER.2021.81591","DOIUrl":"https://doi.org/10.22059/IER.2021.81591","url":null,"abstract":"Prevailing views in Iran suggest that financial sector mobilizes more resource to services than to the commodity producing sectors. On account of double counting in intermediate inputs, the conventional multipliers derived from the Financial Social Accounting Matrix (FSAM) cannot solve this problem. As an alternative to conventional multipliers, FSAM GDP multipliers which indicate the growth performance of financial system of economy are proposed. Using a newly constructed 2016 FSAM for Iran, both conventional and GDP multipliers of Real Social Accounting Matrix (RSAM) and FSAM have been worked out. The overall findings are as follows: First- the average conventional and GDP multipliers in FSAM are larger than their corresponding figures in RSAM. Second- in RSAM, the average conventional multipliers of commodity producing sectors are larger than services whereas the GDP multipliers give the opposite pictures which support the prevailing opinions in Iran. Third- With respect to conventional and GDP multipliers at the sectoral level, the results show that in the case of conventional multipliers, 8 out of 10 top highest multipliers are commodity producing sectors whereas GDP multipliers give exactly the opposite trend which vindicates the resource mobilization of financial sector towards the service sectors.","PeriodicalId":38289,"journal":{"name":"Iranian Economic Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44273311","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Real Exchange Rate and Economic Growth: The Interacting Role of Financial Development in Nigeria 实际汇率与经济增长：尼日利亚金融发展的互动作用

Iranian Economic Review Pub Date : 2021-05-29 DOI: 10.22059/IER.2021.81587

I. Farouq, N. Sambo

{"title":"Real Exchange Rate and Economic Growth: The Interacting Role of Financial Development in Nigeria","authors":"I. Farouq, N. Sambo","doi":"10.22059/IER.2021.81587","DOIUrl":"https://doi.org/10.22059/IER.2021.81587","url":null,"abstract":"This article gives empirical evidence that the real exchange rate can significantly affect sustainable productivity growth, which confirms the hypothesis that the effect critically depends on the degree of the economy’s financial development. Following the relatively underdeveloped financial system in Nigeria, its exchange rate reduces the productivity growth of the economy. In this article, we consider the interacting effect of exchange rate fluctuation and the level of financial development instead of analyzing the exchange rate fluctuation in isolation. The empirical estimation is based on the Nigerian data set covering the years 1980-2019; through the application of threshold autoregressive non-linear co-integration and the non-linear ARDL estimation. We further deploy a test of causality using the frequency domain that enables us to differentiate a temporal as well as a permanent causality. The findings appear that financial development amplifies the positive effects of the real exchange rate on Nigeria’s economic growth. It also records that the uncertainty in foreign capital flows adversely affects Nigeria’s output growth. The paper recommends that the Nigerian policymakers should in their attempt to diversify and improve the future growth of the economy, promote adequate financial sector development since financial shocks are amplified with poorly implemented credit markets.","PeriodicalId":38289,"journal":{"name":"Iranian Economic Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49346869","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

External Debt and Exchange Rate Fluctuations in Iran: Markov Switching Approach 伊朗的外债和汇率波动：马尔可夫转换方法

Iranian Economic Review Pub Date : 2021-05-28 DOI: 10.22059/IER.2021.81547

A. Zareei, M. Karimzadeh, Zeinab Shabani Koshalshahi, Zahra Ranjbarian

{"title":"External Debt and Exchange Rate Fluctuations in Iran: Markov Switching Approach","authors":"A. Zareei, M. Karimzadeh, Zeinab Shabani Koshalshahi, Zahra Ranjbarian","doi":"10.22059/IER.2021.81547","DOIUrl":"https://doi.org/10.22059/IER.2021.81547","url":null,"abstract":"When net External assets change, the money supply of a country and also the central bank’s debt will change. Exchange rate is much more important in countries like Iran, because a great portion of government’s revenue comes from the External exchange of natural resources. So, exchange rate directly influences the government’s financial situation, revenues, and costs. As External debt is one of the main financing resources of budget deficit, thus how it will be spent can positively or negatively affect the exchange rate fluctuations. This research tried to study the effect of External debt on exchange rate by using monetary approach to exchange rate, and to that end used time series data for 1981–2017 period. In addition, due to the nonlinear relationship between the variables based on the LR and BDS test, nonlinear models were used to estimate. The results show that External debt and money supply have positive and significant effect on exchange rate. So, monetary policy can derivate the exchange rate from its long-run trend. In contrast, the difference between domestic and external production has a negative and significant effect on the exchange rate.","PeriodicalId":38289,"journal":{"name":"Iranian Economic Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41569213","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Do Foreign Direct Investment and Trade Openness Influence Poverty in Pakistan? Evidence from NARDL Approach 外国直接投资和贸易开放会影响巴基斯坦的贫困吗？NARDL方法的证据

Iranian Economic Review Pub Date : 2021-05-28 DOI: 10.22059/IER.2021.81556

M. Chishti, B. Hussain, Faisal Jehangir

{"title":"Do Foreign Direct Investment and Trade Openness Influence Poverty in Pakistan? Evidence from NARDL Approach","authors":"M. Chishti, B. Hussain, Faisal Jehangir","doi":"10.22059/IER.2021.81556","DOIUrl":"https://doi.org/10.22059/IER.2021.81556","url":null,"abstract":"Poverty is considered a complex and multifaceted phenomenon that can be subjected to various socio-economic factors. This study aims at assessing the potential asymmetric influence of foreign direct investment (FDI) and trade openness on poverty in Pakistan from 1972 to 2018 by employing the Non-linear Autoregressive-Distributed Lag (NARDL) approach. The asymmetric ARDL bound testing technique confirms the long-run association among the selected variables. Furthermore, we deploy three proxies (Gini index, headcount ratio, and household consumption expenditures) to measure poverty for more robust results. The findings demonstrate that positive shocks from foreign direct investment and trade openness work as effective measures by reducing the harmful effects of poverty. Conversely, the vicious circle of poverty becomes severe due to the negative shocks in foreign direct investment in the case of the Gini index and household expenditures consumption as a proxy of poverty and the negative shocks in trade openness in the case of household expenditures consumption as a proxy of poverty. Moreover, the findings also disclose that population growth and health expenditures help in ameliorating the deleterious repercussions of poverty. For policymakers having an interest in asymmetric nexus among foreign direct investment, trade openness, and poverty, this study suggests the apropos implications.","PeriodicalId":38289,"journal":{"name":"Iranian Economic Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42290353","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 6

Fiscal and Monetary Policy Interaction in Iran: A TVP-VARMA Model 伊朗财政和货币政策的相互作用:一个TVP-VARMA模型

Iranian Economic Review Pub Date : 2021-05-28 DOI: 10.22059/IER.2021.81550

H. Tavakolian, Javad Taherpoor

{"title":"Fiscal and Monetary Policy Interaction in Iran: A TVP-VARMA Model","authors":"H. Tavakolian, Javad Taherpoor","doi":"10.22059/IER.2021.81550","DOIUrl":"https://doi.org/10.22059/IER.2021.81550","url":null,"abstract":"The importance of monetary and fiscal policy coordination, in view of the financial crises of recent decades, has increased more and this has led countries to adopt coherent and coordinated policy combinations to deal with the adverse effects of crises on the economy. To examine the situation of coordination and interaction between monetary and fiscal policy in Iran we use a time-varying parameter VARMA model with stochastic volatility. Following Klime et al (2016) which is based on Sargent and Surico (2011), we drive law-frequency relationship between inflation and government fiscal stance which reflects a time-varying indicator of the interaction and coordination of monetary and fiscal policy, because if the monetary and fiscal policy is coordinated, the relationship between inflation and the government's financial situation will be low. The results show different monetary and fiscal policy interactions during different presidential era. The highest level of coordination between the two policymakers occurred in the final years of the second term of the presidency. However, in the third term of the presidency, the level of interaction between the two policymakers increased. Finally, in the last years of this period, the two policymakers have moved towards coordination, and this trend has continued in the next presidential period, and the least turmoil in this coordination has occurred in the last period.","PeriodicalId":38289,"journal":{"name":"Iranian Economic Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46097224","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Testing Piketty’s Hypothesis in Analyzing Factors Affecting Income Inequality in Iran: Stock-Flow Consistent (SFC) Approach 在分析影响伊朗收入不平等的因素中检验皮凯蒂的假设:库存-流量一致性(SFC)方法

Iranian Economic Review Pub Date : 2021-05-28 DOI: 10.22059/IER.2021.81549

Ali Sarkhosh-Sara, Khadije Nasrollahi, Kariem Azarbayejani, A. Jamalmanesh

{"title":"Testing Piketty’s Hypothesis in Analyzing Factors Affecting Income Inequality in Iran: Stock-Flow Consistent (SFC) Approach","authors":"Ali Sarkhosh-Sara, Khadije Nasrollahi, Kariem Azarbayejani, A. Jamalmanesh","doi":"10.22059/IER.2021.81549","DOIUrl":"https://doi.org/10.22059/IER.2021.81549","url":null,"abstract":"Reducing inequality and establishing social justice by balancing the distribution of income and wealth is one of the main concerns of economic policymakers which has been emphasized in the constitution in Iran. Explaining the relationship between inequality and its causes has been one of the most challenging areas of economic debate in the recent decades; despite extensive research in this area, there are still many ambiguous issues in this regard. In recent years, new hypotheses have been proposed by the French economist, Thomas Piketty on the main causes of the spread of inequality. In his analysis, he considers the gap between the rate of return on capital and the rate of economic growth (r-g) to be the main causes of inequality. However, despite providing logical explanations consistent with changes in inequality patterns, he has not conducted any empirical tests for its scientific-theoretical chain. Therefore, these question arise as to how empirically verifiable the Piketty hypothesis is and is it able to explain the increase in inequality of different countries? For this purpose, a Stock-Flow Consistent (SFC) model was used as a first model in the present study to investigate the relationship between inequality and growth in a macroeconomic framework of Iran. This model tests the conclusions and Piketty assumptions for the Iranian economy when changing key parameters. The results of this model showed that under certain circumstances with decreasing growth rate, income inequality increases. However, the analysis proved that there are no inevitable conditions under which a reduction in the growth rate will lead to a sharp increase in the level of inequality.","PeriodicalId":38289,"journal":{"name":"Iranian Economic Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43643755","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Factors that Influence Muslim Employee Behavior to Contribute to Money Waqf through Salary Cutting 影响穆斯林员工减薪导致金钱流失的因素

Iranian Economic Review Pub Date : 2021-05-28 DOI: 10.22059/IER.2021.81548

N. Huda, Perdana Wahyu Sentosa, N. Rini

{"title":"Factors that Influence Muslim Employee Behavior to Contribute to Money Waqf through Salary Cutting","authors":"N. Huda, Perdana Wahyu Sentosa, N. Rini","doi":"10.22059/IER.2021.81548","DOIUrl":"https://doi.org/10.22059/IER.2021.81548","url":null,"abstract":"The purpose of this article is to analyse the factors that can influence the behaviour of Muslim employees to contribute to the endowment of money through salary deductions. The research method used is quantitative. The sampling technique uses a purposive sampling technique. The number of respondents was 156. The results of this study showed that the product knowledge variable had no significant direct effect on the intention of contributing to the endowment of money through salary deductions. Islamic Religiosity is having a substantial impact on the plan to add to the donation of money through salary deductions due to the amount of t-test 2.2303> 1.96. Consumer Attitude has a significant effect on the intention to contribute to the endowment of money through salary deductions because the t-test value is 2.7174> 1.96. Trust significantly influences the aim to add to the donation of money through salary deductions because the t-test value is 3,2647> 1.96. The intention has a significant effect on the behaviour of contributing to waqf money through salary deductions because of the t-test value of 13.8070> 1.96. Based on the results of the study, in principle, respondents are willing to make waqf money through salary cuts. If this can realize, it undoubtedly encourages the acceptance of waqf money, which in the end, waqf will further contribute to community economic empowerment (maukuf alaih). Related to that, we need a role model first to make further policy steps.","PeriodicalId":38289,"journal":{"name":"Iranian Economic Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48865897","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

The Interdependence of Tehran Stock Exchange upon the Oil Price and USD Exchange rate return Using Quantile Regression and Time-Frequency Domain Analysis 基于分位数回归和时频域分析的德黑兰证券交易所对油价和美元汇率收益率的相互依存关系

Iranian Economic Review Pub Date : 2021-05-28 DOI: 10.22059/IER.2021.81546

M. S. Tash, G. Zamanian, Khadijeh Dinarzehi

{"title":"The Interdependence of Tehran Stock Exchange upon the Oil Price and USD Exchange rate return Using Quantile Regression and Time-Frequency Domain Analysis","authors":"M. S. Tash, G. Zamanian, Khadijeh Dinarzehi","doi":"10.22059/IER.2021.81546","DOIUrl":"https://doi.org/10.22059/IER.2021.81546","url":null,"abstract":"Compared to GARCH, ARDL, VAR, and similar methods that are commonly used for stock market analysis and portfolio pricing, the quantile regression has proven to be more advantageous. In this study, we combine the quantile regression with wavelet decomposition to analyze different investment horizons in Tehran Stock Exchange. The discrete wavelet decomposition is used to divide the indices time series into short-term (2–16 days), mid-term (16–128 days), and long-term (128–512 days) horizons. The investment horizons are then accurately studied in a bear, normal, and bull market. Since Iran is an oil-exporting country and its economy is highly impacted by fluctuations in the USD exchange rate return, it is of crucial importance to analyze the effects of oil price and free-market USD exchange rate return on the stock market for investment policy-making and portfolio management. The results demonstrate how the exchange rate return volatility and the OPEC basket price fluctuation affect the stock market. The results illustrate strong evidence on the assumption of a long-term strong positive correlation between TSE and the USD exchange rate return increase.","PeriodicalId":38289,"journal":{"name":"Iranian Economic Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46975917","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1