فهرست مطالب

Iranian Economic Review - Volume:19 Issue: 40, Winter 2015

Iranian Economic Review
Volume:19 Issue: 40, Winter 2015

  • تاریخ انتشار: 1394/06/30
  • تعداد عناوین: 8
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  • Mohammad Zarei, Amir Alambeigi, Parveneh Karimi, Behrouz Zarei Pages 123-137
    Many Middle-East countries, like Iran, have dynamic banking industries and have observed merger and acquisitions (M&A) waves. M&A waves are usually defined in the developed world context and some of their main drivers were identified as: market timing, environment's shocks, merger manias, government regulation and regulatory, and technological changes. It has been discussed that merger waves and their reasons are among the ten most important unsolved mysteries in the field of finance (Brealey and Myers, 1991, p. 923), and as a result of this, it was not possible to completely clarify the reasons behind emerging M&A waves, especially in developing countries; for this reason in these countries, there is a different story. In the past thirty years, the Iranian banking industry witnessed two waves of M&A. The later one commenced in 2011 and is still in progress. This study investigates the reasons behind emerging M&A waves in the industry by using the Exploratory Factor Analysis (EFA). The data for this study were collected from 113 bank managers. The results show that Iranian banking industry M&A wave is driven by three main forces/factors: macro, industrial, and corporate, which come from: I) Develop the business and acquire competitive advantage, II) Stakeholders’ pressures, III) Government pressure, IV) Lack of banking licenses, and V) Organize the money market by government.
    Keywords: Mergers, Acquisitions (M, A), banking industry, financial sector, Iranian Economy, government policy, regulation, middle, east
  • Seyed Kamal Sadeghi, Majid Feshari, Maryam Barzegar Marvasti*, Zhila Ghanbari Pages 139-147
    The investigation of exchange rate pass-through is an important issue in international finance. The relationship between exchange rate pass-through and exchange rate arrangements such as the dollarization regime has been examined in recent decades. For this purpose, the main objective of this study is to investigate the effect of exchange rate pass-through on the domestic inflation in selected Middle Eastern and North Africancountries with emphasis on the dollarization regime over the period from 1994 to 2012. The empirical model has been estimated by GMM approach for these countries. The main findings of this paper reveal that exchange rate appreciation (currency depreciation) has a positive and significant influence on the domestic inflation, and this effect is greater than in highly dollarized economies.
    Keywords: Dollarization, Exchange Rate Pass, Through, Generalized method of moments, Inflation
  • Hamid Sepehrdoust*, Saber Zamani Shabkhaneh Pages 149-163
    From the viewpoint of economic theories, total factor productivity (TFP) is the most important component that leads to economic growth and development. The main purpose of this study was to evaluate the impact of knowledge-based economy on total factor productivity in the member countries of the Middle East and North Africa (MENA) region. For this purpose, the panel data regression analysis has been designed to analyze the effect of knowledge-based economy components on total factor productivity in 14 member countries of MENA region for the period of 1995-2012. the results show that the growth of knowledge-based economy index such as education (coefficient= 0.51), information and communication technology ICT (coefficient= 0.31), innovation (coefficient= 0.62), and economic incentive and institutional regime (coefficient= 1.05) have positive and significant effects on total factor productivity of middle east and north africa (MENA) member countries for the time period of the study.
    Keywords: Total Factor Productivity, Knowledge, based Economy, MENA region, Panel data
  • Reza Najarzadeh, Amene Shahidi * Pages 165-176
    This study investigates the factors affecting the demand for new residential buildings in urban areas of Iran during 1976-2010. The demand function for new residential buildings in urban areas was estimated and then the existence of a long-run relationship among variables of this function was studied using the Bounds testing of the Autoregressive Distributed Lag Co-integration procedure. The test confirmed a long-run relationship among the variables, so the coefficients of the short-term and long-term demand for new residential buildings were estimated. The results show that the average income of urban households has the biggest impact on the long-term demand of new residential buildings and its sign is positive. In the short-term, the biggest impact on the demand for new residential buildings is the average cost of constructing a residential building, with a negative impact on the demand.
    Keywords: ARDL Co, integration techniques, Bounds Test, Demand for New Residential Buildings
  • Amir Khordehfrosh Dilmaghani, Amir Mansour Tehranchian* Pages 177-191
    This paper investigates the impact of monetary policies on the exchange rate of selected developing countries during the period 2001-2010. For this purpose, in addition to the theoretical explanation, dynamic panel data based on the generalized method of moments (GMM) have been used to estimate the model. Our findings indicate that the lag of exchange rate variable has a positive and significant effect on the exchange rate. This result reflects the dynamics of the exchange rate over time. Additionally, this paper indicates that the coefficient of liquidity as an indicator of monetary policy is positive and significant. Moreover, GDP, inflation, and exports of goods and services have negative, positive, and negative effects on the exchange rate, respectively, and all are statistically significant. Paying more attention to the exchange rate and the optimal control of liquidity in the economy is suggested as a policy recommendation in this research.
    Keywords: developing countries, exchange rate, generalized method of moments (GMM), monetary policies
  • Seyed Ehsan Khandoozi Pages 193-210
    Considering the normative nature of the theories of justice, a distinguished theory of justice could be formulated based on the fundamental teachings of Islam. Hence a new set of indexes are required to put this new concept to test. Through detailed study of the Islamic teachings, the research seeks to formulate a comprehensive theory on economic justice (based on various economic rights). In this theory, removing poverty and unjust inequality is one of the dimensions of justice, but by no means all of it. Then a composite indicator of economic justice was proposed based on this conceptual framework. The indicator was confirmed by 30 experts using the Delphi method with zero (0) as the worst (lowest) economic justice and one (1) as the best (highest) situation. Calculating this indicator for Iran’s economy during 2001-2010 showed a minor drop to 0.48 from 0.52. The most important factors in the deterioration of economic justice were the failure to comply with intergenerational justice, limited guarantee for property rights, and exploitation of common resources.
    Keywords: Economic Justice, Iranian Economy, Multidimensional Index, Poverty
  • Hamid Hooshmandi, Majid Sameti, Rozita Moayedfar Pages 211-231
    For several decades, the selection of a proper tax base has been among the most serious concerns for the economic policy makers. The computable general equilibrium models analysis provides a comprehensive framework for the investigation of the effects of the adopted policies on the economy of a country. In the present study, using a static computable general equilibrium, the effects of tax reform in Iran have been taken into account. The results of the static comparative analysis show that a reduction in the capital income tax and the wage tax leads to the enhancement of the economic growth and welfare of Iranian households. Besides, the policy of decreasing the consumption tax results in a decrease in the economic growth of the country. Simulation results of the comparative static analysis show that the wage tax has the greatest effect on the economy of the country. The second greatest effects are associated with the capital income tax and the consumption income tax, respectively.
    Keywords: economic growth, GAMS, static computable general equilibrium, taxation
  • Mohammad Mowlaei*, Abolghasem Golkhandan Pages 233-250

    Middle East is a strategic region because of its abundant oil reserves, hostile struggles among the countries, and threat of the radical groups. The countries of this region spend a large amount of their annual budgets on buying weapons and war armaments. The purpose of this paper is to study the impact of military expenditures on economic growth of oil and non-oil Middle East countries by a dynamic panel model during 1988-2012. The paper results show the negative impact of the military expenditures on economic growth of the Middle East countries which is more visible in oil countries than the non-oil ones.

    Keywords: Augmented Solow Model, Dynamic Panel Data Model, economic growth, Military Expenditure, Oil, Non, oil Countries