{"title":"Liquidity Constraints and Durable/Non-durable Consumption Relationship in Iran","authors":"Zahra Shahidi, A. Jalali-Naini, Majid Einian","doi":"10.29252/jpbud.24.3.3","DOIUrl":"https://doi.org/10.29252/jpbud.24.3.3","url":null,"abstract":"In a rational expectation utility optimization model, the consumption profile is smoothed over time and, under some simplifying assumptions, it equals a constant fraction of total lifetime income. For this result to hold, the consumer must be able to transfer income from one period to another. Otherwise, the consumer is under liquidity constraints. The liquidity constraint affects the allocation of durable and non-durable consumption. We focus on the relationship between the marginal utility of household durable good stock and the marginal utility of non-durable consumption. When capital markets are perfect, the marginal utility of these two variables always bears an equilibrium relationship. But if liquidity constraints are binding, the difference between the lagged value of these two variables can predict the current growth change in non-durable consumption. We estimate the long-run relationship between these two variables using an error correction model and a pseudo-panel data set based on Iranian Household Expenditure and Income Surveys (HEIS). In the error correction model, the faster the error of the long-run relationship corrects, the lower the liquidity constraint. This coefficient is estimated to be statistically significant and is in [-0.22, -0.30] range in different estimates, thus we can reject the permanent-income hypothesis and accept that capital markets are not perfect in Iran.","PeriodicalId":402093,"journal":{"name":"The Journal of Planning and Budgeting","volume":"8 6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122332610","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}
{"title":"Technical Efficiency in Iran’s Industry Sector: A Stochastic Frontier Analysis (SFA) Approach","authors":"M. Asgari","doi":"10.29252/jpbud.24.3.61","DOIUrl":"https://doi.org/10.29252/jpbud.24.3.61","url":null,"abstract":"Nowadays, the most important factor affecting production is efficiency, which recovers economic performance, adjusts prices, enhances competitiveness, and improves social welfare and growth sustainability by influencing the production level. This paper aims to estimate the technical efficiency of production in Iran's industrial sector by implementing Stochastic Frontier Analysis (SAF); To this end, the Translog Function is used to estimate the production and technical performance of the Iranian industry sector in terms of four-digit International Standard Industrial Classification (ISIC) codes for the period 2010-2018. Accordingly, the panel data technique is applied to estimate the technical efficiency and production function Frontier Production Functions, the estimator of maximum likelihood variables of using value-added variables, labor force, capital, and energy based on four-digit ISIC codes. The results show that the chemical, petroleum, and coal industries ranked first in efficiency; textile manufacturing, clothing industry, wood, and cork industry, manufacture of articles of straw and plaiting materials, and paper and paper products ranked second in efficiency; Coke production and refined petroleum products, chemicals and chemical products, and manufacturing other non-metallic mineral products ranked third in efficiency; and lastly, manufacturing basic metals and fabricated metal products, except machinery and equipment, ranked as fourth.","PeriodicalId":402093,"journal":{"name":"The Journal of Planning and Budgeting","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132035547","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}
{"title":"Natural Gas Pricing Based On Social Costs of Carbon: A Case Study of Kerman Province","authors":"Zeinolabedin Sadeghi, Abdolmajid Jalaei, Mahla Movahedi","doi":"10.29252/jpbud.24.3.87","DOIUrl":"https://doi.org/10.29252/jpbud.24.3.87","url":null,"abstract":"Due to the increasing demand for natural gas and its benefit of producing less carbon compared to other fossil fuels, pricing the natural gas based on the social expenses is becoming necessary more than ever. Accordingly, presenting models that enable us to find coordination between natural gas pricing and the final cost of carbon reduction is of high importance. This study aims to find the relationship between natural gas pricing, carbon rent, and the degree of pollution caused by natural gas. To this end, the final cost of CO2 reduction for two carriers of natural gas and gas oil in Kerman province has been calculated; Then the measures of social costs based on carbon expenses for natural gas and gas oil in 3 sections of the power plant, industry and houses is conducted. This study presents the evaluation of the final cost of carbon caused by natural gas and gas oil for the three mentioned sectors. The results indicate that the final costs of carbon caused by natural gas are always lower than the final costs of carbon caused by gas oil. This is the major reason as to why the social costs of natural gas are lower than of gas oil in the three sectors. Moreover, the results show that there is not a significant difference between the rates of the final cost of natural gas and the price of natural gas delivery to the end-users in 2013-2016. This is due to the little amount of pollution natural gas produces and the relatively low cost of its pollution. However, the rate of delivery cost to the power plant is 8 percent of social costs and 9 percent of the final costs of natural gas.","PeriodicalId":402093,"journal":{"name":"The Journal of Planning and Budgeting","volume":"278 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131583370","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}
{"title":"Modeling with Mixed Frequency Variables: A Review of Recently Extended Methods in Time Series Econometrics","authors":"N. Khiabani, F. Rajabi","doi":"10.29252/jpbud.24.2.3","DOIUrl":"https://doi.org/10.29252/jpbud.24.2.3","url":null,"abstract":"","PeriodicalId":402093,"journal":{"name":"The Journal of Planning and Budgeting","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127696383","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}
{"title":"Conceptual Model of Governance Based on John Rogers Commons' Intellectual System","authors":"A. Roshan, M. Motevaseli","doi":"10.29252/jpbud.24.2.143","DOIUrl":"https://doi.org/10.29252/jpbud.24.2.143","url":null,"abstract":"","PeriodicalId":402093,"journal":{"name":"The Journal of Planning and Budgeting","volume":"97 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116596221","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}
{"title":"Managing Foreign Exchange Revenues with the Aim of Simultaneous Preservation of Production Competitiveness and Inflation Control: A Review of China's Experience","authors":"Z. Kaviani, S. M. Barakchian","doi":"10.29252/JPBUD.24.2.113","DOIUrl":"https://doi.org/10.29252/JPBUD.24.2.113","url":null,"abstract":"China has experienced a substantial surplus in its balance of payments since 2000. Based on China's law, its central bank buys the balance of payments' surplus. This action, along with the closed capital accounts, can lead to an increase in the bank's foreign asset and consequently raise the monetary base and cause inflation. This paper shows that the Central Bank of China has been successful in keeping the inflation level low through sterilization of foreign assets in a transition period when a huge surplus in the balance of payments could lead to a severe increase in the monetary base. By issuing bonds and increasing the rate of banks' required reserves, the Central Bank of China has been able to manage the incoming foreign reserves and control the growth of liquidity and monetary base. As a matter of fact, this policy has been successful in restraining the rise in the value of home currency and inflation at the same time. Afterwards, during the smooth period of the monetary base growth (the 2010s), due to inflated monetary base at the end of the transition period, the balance of payments’ surplus does not lead to a sharp increase in the monetary base anymore; therefore, bond issuing policies and raising the rate of banks' required reserves are not utilized like before.","PeriodicalId":402093,"journal":{"name":"The Journal of Planning and Budgeting","volume":"149 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123074758","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}
{"title":"Evaluating Efficiency and Productivity Growth in Passenger Transportation Industry: Application of Stochastic Frontier Function","authors":"Samaneh Norani-Azad, Farhad khodadad-Kashi","doi":"10.29252/jpbud.24.2.31","DOIUrl":"https://doi.org/10.29252/jpbud.24.2.31","url":null,"abstract":"The main purpose of this study is to measure the productivity and efficiency of Iran’s airline industry. To meet this ends, the data of 12 companies in the airline industry were used over the period 2011-2018. Also, this article sought to measure total factor productivity, technological progress, scale efficiency, and changes in technical efficiency by using a stochastic frontier and parametric approaches. The results show that the highest total factor productivity and change efficiency occurred in 2014. Moreover, among the effective factors on productivity, the change efficiency and economies of scale have the greatest impact. Although some of the companies exhausted all the scale economies, some still have not done that yet. Therefore, by increasing product scale and air fleet capacity, economies of scale can be exploited further. In addition, the results imply that increasing the market share of each company leads to a reduction of inefficiency in this industry. Thus market share being aligned with technological progress, scale efficiency and change efficiency are the determining factors in enhancing total factor productivity and efficiency in this industry.","PeriodicalId":402093,"journal":{"name":"The Journal of Planning and Budgeting","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131602878","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}
Arezoo Nasirpour, Hossein Sharifi-Renani, Saeed Daei- Karimzadeh, M. Basirat
{"title":"An Analysis of the Effects of Monetary and Fiscal Policies on the Current Account Deficit in Selected Oil Exporting Countries: A P-VAR Approach","authors":"Arezoo Nasirpour, Hossein Sharifi-Renani, Saeed Daei- Karimzadeh, M. Basirat","doi":"10.29252/jpbud.24.2.81","DOIUrl":"https://doi.org/10.29252/jpbud.24.2.81","url":null,"abstract":"","PeriodicalId":402093,"journal":{"name":"The Journal of Planning and Budgeting","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115633744","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}
{"title":"The Impact of Nonrenewable Resource Abundance on Factor Shares","authors":"Ali Motavasseli, Najmeh Khani-Saryazdi","doi":"10.29252/jpbud.24.2.59","DOIUrl":"https://doi.org/10.29252/jpbud.24.2.59","url":null,"abstract":"","PeriodicalId":402093,"journal":{"name":"The Journal of Planning and Budgeting","volume":"5 22","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120844841","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}
{"title":"Investigating the Role of Game Theory in the Evolution of Competition and Industrial Policies in industrial Economics","authors":"S. Broumand","doi":"10.29252/jpbud.24.1.135","DOIUrl":"https://doi.org/10.29252/jpbud.24.1.135","url":null,"abstract":"This article investigates the relationship between competition policy, industrial policy, and the theoretical differences between them. The purpose of this study is to examine the contribution of game theory in the dual evolution of industrial economics since its emergence in the 1970s to the early 2020s. In the late 1970s, many game theory tools were incorporated into the industrial economic analysis; in the beginning, industrial economists made changes in game theory in order to adapt it to their own theories and then added this to their toolbox. In this regard, the present study is divided into three periods. The first period is the 1980s which is characterized by the existence of a unique competition policy without the presence of industrial policy. The second period, from the late 1980s to the late 1990s, is characterized by a combination of competition and industrial policy to meet and develop international competitions. The third period relates to 2000-2020, with the highlight of this period being the crisis of 2008 and 2009 and the restructuring of the declining industry to deal with economic and financial crisis. Since this period has not been over yet, a comprehensive description of emerging industrial and competition policy cannot be provided. However, some of the prominent trends can be anticipated, including the persistence, continuity, and implementation of industrial policy pertaining to the late 1970s. In this period, innovation-based policies will be strengthened and game-based industrial economy will continue to evolve.","PeriodicalId":402093,"journal":{"name":"The Journal of Planning and Budgeting","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134048821","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}