فصلنامه برنامه ریزی و بودجه
پیاپی 148 (بهار 1399)

One of the main issues in economy is the extent of labor and capital contributions in production of goods and services; since the contribution of production factors is a main step in economic planning and policy making that aim to reduce the class gap and income inequality. This study, following Piketty approach, investigates the labor and capital contributions for Iran`s economy during 1985-2014. In calculating the share of such factors, oil-based and non-oil-based GDP were taken into account. To achieve this objective, the effective factors on labor and capital contribution have been estimated using Auto-Regressive Distributed Lag (ARDL). The results indicate a direct relationship between minimum wage and labor productivity indices, and negative relationship of inflation rate, unemployment rate and profit margin of exchange rate with labor contribution in national income. Moreover, the results indicate a direct relationship between capital inventory and rate of return, and a negative correlation between inflation, capital price and gross domestic product with capital contribution in national income. The sign of oil-free model coefficients, except for the unemployment rate coefficient, are similar to those of the oil-based labor share model. Factors influencing the share of capital in national income are similar to those factors that affect the share of labor in income, despite the fact that the sign of the coefficients is different.

Achieving optimal economic growth is always one of the most important goals of any country, and due to the role of public debt in financing capital and economic growth, different views have been formed in this regard. One of the most recent views pertains to the non-linear relationship between public debt and economic growth. In this view, in the first regime, public debt has a positive and significant effect on economic growth, while in the second regime and after crossing the threshold level, it has a negative effect on economic growth. Accordingly, this study attempts to investigate the nonlinear effect of public debt on the economic growth rate for a selected group of countries; it also attempts to determine their respective threshold level. For this purpose, using the data for the period 1980-2017 and the Pool model, the existence of nonlinear effect of public debt on economic growth was investigated; In addition, using the threshold regression model (PTR), the debt threshold level of each country was determined. Findings confirmed an asymmetric U-reverse effect of public debt on economic growth. Correspondingly, it was found that the threshold level in the selected countries is lower on average compared with ‎developed countries.

In the economy of renewable resources, oil-importing countries seek to explore and develop backstop technologies to moderate their reliance on oil suppliers. On the other hand, oil-exporting countries should integrate the possibility of backstop technology inventions in their decisions regarding oil supply. Therefore oil-exporting countries and oil-importing-countries essentially have a relationship in the form of strategic interdependence. The present study considers a dynamic game between a buyer and a seller, where the seller determines the supply quantity and the buyer can decide to invest in a substitute which is a renewable source that is more favorable for both the buyer and the environment. The results show that in this closed-loop equilibrium, due to the heterogeneity between the fuel supplied by the seller and the alternative fuel developed by the buyer, the time of investing depends on the investment cost and the positive impact of substitute fuel on the environment. Nevertheless, the time of investing is more likely to occur before the resource exhaustion.

This study examines the effects of legal structure and deregulation on foreign direct investment (FDI). To do so, two categories of legal and economic variables have been examined. The data for the legal variables are extracted from the reports of Economic Freedom of the World, while the economic variables are collected from the database of the World Bank; also the panel covers the period 2000- 2014 for 89 countries. Economic variables in our empirical model include “net foreign direct investment per capita”, “GDP per capita”, “economic openness”, “trade balance per capita”, “growth rate of real GDP”, and “real exchange rate”; and the legal variables consist of "legal structure and respect to property rights", "domestic deregulation", and "freedom to trade internationally". Our results indicate a direct, increasing, and augmentative effect from "independent legal structure and respect for property rights" on the ratio of foreign direct investment to gross domestic product.

The transition from a structurally old-fashion and vertically integrated electric power industry to a new one in which production, distribution, and retail sale of electricity are treated separately, is usually accompanied by establishing an electricity market both at wholesale and retail sale levels. In pursuance of the success story in re-structuring the electric power industry worldwide, Iran also launched the electric power market in 1383 (AD 2004). One of the concerns of regulators in the electricity sector in every country is the extent and degree of competitiveness in the electric power market that safeguards the interest of electricity users. The present paper aims to evaluate the performance of the wholesale market for electricity within the framework of profit maximization modeling for power generating industries concerning deviation from perfect market conditions. The findings of this paper indicate that on average, power market performance in Iran deviates by 18 percent from the result expected in a competitive market.

The main purpose of this article is to test the relationship between market power, innovation, and stock return in Tehran security market. To meet this end, the data of 153 institutions in Tehran security market over the period of 1997-2018 were used through a panel smooth transition approach. The results indicate the existence of a nonlinear relationship among variables in innovation and stock returns equations. Also, in the innovation coefficient equation, with an increase in market power as a transition variable to the threshold level, the innovation coefficient was increasing and significant, and passing through this level it was decreasing and significant. In addition, in the stock return equation, this trend maintains increasing innovation before and after the threshold level. In general, the results of innovation intensity and stock returns equations show that in the firms active in Tehran Stock Exchange, there was an asymmetrical and U-inverse relationship between the market power, innovation, and stock return. Moreover, evidence of competition-aversion effects was confirmed in most stock exchange firms.