سارا معصوم زاده

Every economic and financial variable has a series of fundamental variables that have a significant impact on its price. In fact, researchers consider price deviations in financial assets as pricing bubbles. In this regard, the present research has investigated the price bubble in the exchange rate in Iran's economy by considering two important fundamental variables of the exchange rate, i.e. Inflation and liquidity growth. Therefore, the generalized Dickey-Fuller test based on the Markov rotation model and seasonal data of the Iranian economy has been used during the period of 1990-2021. For this purpose, first, the generalized Dickey-Fuller test was specified in the form of a Markov switching model for the exchange rate, and then, based on the Monte Carlo method, estimated coefficients and t-statistics were used to investigate the stationary or price bubble in the exchange rate. The results showed that there is a possibility of a price bubble in the regime of fluctuating exchange rates. Therefore, in order to ensure this issue, the fundamental variables of the exchange rate were specified in the form of a Markov switching model in order to determine whether the fluctuations and jumps observed in the exchange rate are due to a price bubble in the exchange rate or due to a natural reaction to changes in inflation and Liquidity growth.

One of the most important topics in the capital market is understanding the level of risk, which can affect the return on company stocks and play a significant role in decision-making. In this regard, the Capital Asset Pricing Model (CAPM) has been introduced and attracted the attention of researchers. These models are influenced by various internal company factors and macroeconomic variables. However, one variable that has a close relationship with financial markets is blockchain technology. Therefore, this study examines the impact of blockchain technology on overall risk volatility in 84 selected companies listed on the country's stock exchange from April 2011 to August 2021, using a system generalized method of moments (GMM) approach. The study results show that the spillover effects of market value, blockchain technology, economic growth, exchange rates, and oil prices on overall risk are positive, while the effects of return on assets, financial companies, research and development costs, and inflation rates on overall risk are negative.

Determining the factors affecting stock market turmoil and risk with the development of capital asset pricing models has been considered by researchers. One of the variables that is closely related to financial markets is blockchain technology. Blockchain is a new technology in the field of secure computers. This technology can transform the digital world and, using distributed distribution features for each online transaction, execute transactions in such a way that assets can be identified in the future without compromising the privacy, security of assets and parties involved. It is done in the transaction. the present study investigates the blockchain technology overflow on the fluctuations of fluctuations of 84 selected companies in the stock market of the country during April 2011 to August 2021 using system generalized method of moments. The Iranian stock market has not been immune from the spillovers of this crisis. The results of the study show that market share, rate of return on assets have a positive effect on the spillower of fluctuations and blockchain technology, research and development have negative effects on spillover. All variables are statistically significant at the level of one percent confidence. Determining the factors affecting stock market turmoil and risk with the development of capital asset pricing models has been considered by researchers. One of the variables that is closely related to financial markets is blockchain technology. Blockchain is a new technology in the field of secure computers. This technology can transform the digital world and, using distributed distribution features for each online transaction, execute transactions in such a way that assets can be identified in the future without compromising the privacy, security of assets and parties involved. It is done in the transaction. the present study investigates the blockchain technology overflow on the fluctuations of fluctuations of 84 selected companies in the stock market of the country during April 2011 to August 2021 using system generalized method of moments. The Iranian stock market has not been immune from the spillovers of this crisis. The results of the study show that market share, rate of return on assets have a positive effect on the spillower of fluctuations and blockchain technology, research and development have negative effects on spillover. All variables are statistically significant at the level of one percent confidence.

Determining the factors affecting the volatility and risk of the stock market by expanding the pricing models of capital assets has been the focus of researchers. One of the variables that has a close relationship with financial markets is block chain technology. Therefore, the present study investigated the effect of block chain technology on total and systematic risk volatility in 84 selected companies of the Iran`s stock market during April 2010 to August 2014 using Vector error correction model. The results of the study show that the systematic risk function in the first period has a positive reaction to the changes in blockchain technology, but after the second period, the impact of blockchain technology shocks on the systematic risk of companies has been positive with a constant slope. Also, since the first period, the total risk function has had a positive reaction to the changes in blockchain technology with an upward slope. Systematic risk and total risk functions have also reacted positively to the shocks of the companies' market share and the company's rate of return. The results of the variance analysis of the total risk and systematic risk functions show that in the systematic risk function, according to the asset return rate, blockchain technology and market share had the greatest effect on the changes in the risk function, and in the risk function, according to the market share, asset return rate and Block chain technology has had the greatest effect on the changes of the mentioned risk function.

In the light of the fact that our available resources are limited and in particular the energy has a significant and important role in economic growth and development, it is thus important to determine key factors impacting on energy demand. In this paper investigation is made on how the financial depth impacts on energy consumption through the economic growth channel, using the Generalized Method of Moments technique covering the period 1978-2020. The results show that financial depth does affect energy consumption through the channel of economic growth. The Findings also indicate that financial depth and gross domestic product had positive impact on energy consumption while the energy price had the negative impact on energy consumption. According to our research findings, one percent increase in GDP and energy prices brings about 1.42 and 0.10 percent change in energy consumption, respectively. Also, the indirect impact of financial development on energy consumption through economic growth channel is 0.0568%. Also, the results of this study help Policymakers adopt an effective planning for energy demand and promote private sector development in order to achieve economic growth envisaged in the plan.

The distribution of households’ income and expenditure is one of the economic indicators of differences between provinces. Infact one of the goals of development programs in each country is to eliminate divergences between the provinces and realizing a balanced growth and development across the country. Hence, raising the level of growth in regions with lower than average growth level is necessary for the realization of development goals. The purpose of this study is to examine the convergence of urban household expenditures in the provinces of Iran during the years 1379-1394. Fot this purpose, the conditional convergence model and spatial econometric method of generalized moments have been used. The results of the study indicate that conditional beta convergence exists for the urban households’ expenditure and the rate of convergence of the provinces is 0.07%. In conditional convergence, some other explanatory variables are also considered and according the results the effect of economic growth, inflation and human capital on the convergence of the urban households’ expenditure is negative, while the population has had a positive effect on it.

Since oil is not a sustainable source of income for oil-rich countries, economic planners have focused on non-oil sources of income. In this regard, the tourism industry is one of the most lucrative industries in the world.Tourism includes services that have a great impact on economic and social activities. Health tourism is one of the most important areas of the tourism industry. So, the aim of this study was to investigate the effect of health tourism shocks on economic growth in 2005-17 using the self-regression approach with distributive intervals.

In this applied analytical research, the required statistics and information in terms of logarithm were collected through documentary and library methods from 2005 to 2017.

The experimental findings of the present study showed that the short term increase in the number of health tourists had a positive effect on the countrychr('39')s economic growth. The decreased number of health tourists also led to a decrease in the countrychr('39')s economic growth. The effective exchange rates and the number of medical services providers to tourists had negative and positive effects on the countrychr('39')s economic growth, respectively. In the long run, increased number of health tourists had a positive effect on economic growth, while a decrease in the number of health tourists had a negative effect on economic growth. The exchange rate and the number of health service providers to tourists had negative and positive effects on economic growth.

Both in the short- and long-term, entry of health tourists has a positive effect on the countrychr('39')s economic growth. So, authorities are recommended to invest in this area to provide better services to health tourists on the economic planners and policymakerschr('39') agenda.

One of the most important and most influential topics in macroeconomics and international economics is the choice of foreign exchange regime. The type of foreign exchange regime affects a wide range of economic variables in each country. Foreign exchange revenues on oil exports increase the importance of foreign exchange regime and foreign exchange policies. Also, the exchange rate is an important factor in the rise and fall of commerce in the countries. This study aimed at investigating the foreign exchange regimes on the flow of commerce of sporting goods group in 1993-2013 in D8 countries using a panel data approach. Data sources were World Bank, the WTO, the IMF and international information center. Stata 12 software was used for data analysis. The results showed that trade, distance, population, colonization and having a common border had a positive effect and a joint business agreement, nominal exchange rate, consolidated variable of consumer price index, effective exchange rate and GDP had a negative effect on the flow of sporting goods group commerce. Trade and nominal exchange rate were not statistically significant and other variables were statistically significant at a confidence level of 10%.

Exports and imports are an important tool for developing countries to earn foreign exchange earnings. The purpose of this paper is to investigate the effect of economic sanctions on Iran's trade with major trading partners in the sports industry and countries, including China, Turkey, Finland, Saudi Arabia, Japan, France, Azerbaijan, Russia, Kazakhstan and Kyrgyzstan, and also check the status of the economy Iran is under post-sanctions. In order to assess the gravity model and panel data is used. Countries in the group of countries that have trade relations with Iran are grouped downwards and upwards. Data based on information from the 1999 to 2012 period, and the resources of the Central Customs Data Center is the Islamic Republic of Iran and the World Bank. The results show that GDP, dummy variables prior period and current weak sanctions and prior period of strong sanctions on Iran's trade balance has a positive effect on the course. Population variables, exchange rates, variable distance and dummy variables of strong sanctions the current period's has a negative effect on the share of trade with major trading partners in the sports industry. Although investigation of the share of trade`s share variation in goods sports Iran with its trading partners by using E- GARCH method shows that weak sanctions have a greater impact on the variation of the share of those changes is still asymmetric. In other words, Strong sanctions of the current period have a negative effect on the share of business partnerships, and weak sanctions have a greater impact on the prediction of trade volatility in the industry.

Today, the economy and sports industry are concerned as one of the most important economic sectors in all countries, especially developing countries.Sporting goods exports has always been one of the topics discussed economic decision-makers in the context of sports economy. Considering the importance of this sector of the economy sports, this study aimed to investigate convergence of exported goods group during 1992- 2012 sports industry in Iran. The research method for the price pair is econometric generalized method of moments by using the Beta and Sigma convergence method in order to investigate the convergence of the grouping. Grouping goods including clothing, shoes, balls and sports equipment. The results showed that there is beta convergence in the sport of exported goods, the rate of convergence in this factor 0.674 is statistically significant and indicates that the speed of convergence. Also, Sigma convergence test results approved the existence of convergence and reducing the deviations groups are through time. This factor is also statistically significant. Considering the results of the beta and sigma convergence can confirm the existence of convergence in exporting sporting goods group acknowledged Iran during the period studied.

Today, the economy and sports industry is concerned as one of the most important economic sectors in all countries, especially developing countries. Sporting goods imports has always been one of the topics discussed economic decision- makers in the context of sports economy. Considering the importance of this sector of the economy sports, this study aimed to investigate convergence of imported goodsgroupduring1992- 2012sports industry in Iran. The research method for the price pair is econometric panel data by using the Beta and Sigma convergence method in order to investigate the convergence of the grouping. Grouping goods including clothing, shoes, balls and sports equipment. The results showed that there is beta convergence in the sport of imported goods, and the rate of convergence in this factor 0.2602455 is statistically significant. Also, Sigma convergence test results approved the existence of convergence and reducing the deviations groups are through time. This factor is also statistically significant. Considering the results of the beta and sigma convergence can confirm the existence of convergence in importing sporting goods group acknowledged Iran during the period studied

Trade is an important tool for countries to earn foreign exchange. The aim of this study was to evaluate effect of economic sanctions on Iran's trade with trading partners in the sports industry and predicted Iran's economic during post-sanctions. For this purpose, the method of FM-OLS is used. Countries are grouped in two; China, Japan and France were selected for the first group and Russia, Kazakhstan and Kyrgyzstan for the second group. The data is based on information from the 1992 to 2012 period and data sources were the Customs of Iran and World Bank. Eviews8 software was used for data analysis. The results show that the effect of population and GDP has been negative and positive for all countries, effect of exchange rate except Russia and Kyrgyzstan were negative, effect of the current weak sanctions has been negative except Kazakhstan and Kyrgyzstan, strong sanctions in all countries had a positive effect of current period, effect of weak sanctions the previous period excluding China was negative in other countries and strong sanctions the previous period have had a negative effect in China, Kazakhstan and Kyrgyzstan. It is expected that upward trend of trade with trading partners is forecast to post-sanctions in sports industry's balance.

One of the most important and most influential topics in macroeconomics and international economics is the choice of exchange rate regime. The type of exchange rate regime affects a wide range of economic variables in each country. Currency revenues on oil exports increase the importance of exchange rate regime and foreign exchange policies. As well as the exchange rate is an important factor in the rise and fall of nation’s commerce. This study aimed to investigate the exchange rate regimes on flow of sporting goods commerce group during the period 2013-1993 in the Middle East whit using panel data. Data sources were World Bank, the WTO, and the IMF and international information center. Stata 12software was used for data analysis. The results showed that commerce, GDP, distance, population and having a joint business agreement has a positive effect and having a common language, colonial and consolidated variable consumer price index and effective exchange rate has a negative effect on the flow of sporting goods group commerce. The GDP, a joint business agreement, a common language and colonial were statistically significant but other variables were not significant.

The present study is done to consider convergence in income distribution in Iranian provinces from 1996 to 2014 using convergence methods of Nahar and Inder and checking convergence of each province compared to the country's average Gini coefficient. The results show that convergence or divergence for Gini coefficient vary from province to province and in more than half of provinces there is no Gini coefficient convergence towards the average. Among the provinces that converge to average, Bushehr has the highest rate of convergence and Golestan province also has the lowest rate of convergence to the average Gini coefficient. In order to achieve the convergence of income distribution among the provinces of the country, politicians are recommended to put in place price adjustment and efficient use of capital on the agenda for divergent provinces.

Tourism industry as one of the world`s highest earning industries can play an important role in economic growth. Tourism, including services that have a significant impact on economic and social activities. In this way, despite to be mentioned of the currency regime as one of the factors affecting tourism, a little researchs be done on the effect of exchange rate regimes on tourism flows. In this study, been paid the impact of exchange rate regimes on tourism flows motivated by recent developments on exchange rate regimes classification. In this study, gravity models and panel data techniques used to estimate the number of tourists arrival from all over the world to the Islamic selected countries; Bahrain, Iran, Irak, Egypt, Turkey, Saudi Arabia, United Emirates of Arabia, Kuwait, Qatar, Lebanon, Jordan, Syria, Oman and Yemen during 1993-2013. The results show that fixed exchange rate regime has demonstrated significant and positive impact on tourism and exchange rate stability is very important to attract international tourists. Although, trade, gross domestic production, distance, common language, colonial and population has positive effect and the real effective exchange rate, nominal exchange rate and trade agreement has negative effect on tourism flows. All coefficients the exception of colonial and having commercial agreements variables are statistically significant.

The tourism industry, as one of the most profitable industries in the world, can play an important role in the economic growth of countries. . It includes services that have a great impact on economic and social activities. In this regard, despite the common belief of foreign exchange regimes as one of the most important factors that affect the flow of tourism, there has been little research on the effect of foreign exchange regimes on tourism flow. Recent developments in the categorization of exchange rate regimes have been stimulated to study the effects of foreign exchange regimes on international tourism flow. This study utilizes the Systematic Generalized Systemic Method of Moments Technique (GMM-SYS) and panel data for estimating the number of tourists entering Middle Eastern countries (16 countries) over the period of 1999 to 2013. The results show that the fixed exchange rate has a positive and significant effect on the tourism trend and maintaining the stability of the exchange rate is highly important to attract international tourists. Also, trade, distance, population, having a common language, the establishment of a trade union between the member states and the colony have a positive effect on the flow of tourism. And the effective exchange rate variable, hijab coverage and compulsory coverage have a negative effect on the flow of tourism.

The effect of exchange rate fluctuations on the balance of payments is very important in economic literature. Pharmaceutical is one of the sub-sections of the balance of payments.
By using vector error correction model, this paper seeks to identify the effect of exchange rate changes on the balance of payments by evaluation the existence of J-Curve in Pharmaceutical industry over the period of 1991 to 2012.
The results show the existence of J curve in IransPharmaceutical industrybalance of payments. It means that exchange rate appreciation has reduced Pharmaceutical industrybalance of payments in the first period but after a period it has increased Pharmaceutical industry revenues and improved its balance of payments. According to the analysis of variances of export and import functions the pharmaceuticalindustryhas highly been affected bychanges in exchange rate. 0.19 And 0.016 Changes in these functions have been caused by exchange rate changesand the balance of payments is more sensitive to changes inforeign income.The rate of effectiveness of the income variation is 0.25.
The increase in the exchange rate has improved the pharmaceutical industry trade balance of the country in the last periods of shocks. Also, changes in gross domestic product have had the greatest impact on the fluctuation of Iran's pharmaceutical trade balance.

The aim of present study is to identify the convergence of productivity in the provinces of Iran from 2007 and 2010. In order to evaluate, the researcher used the absolute and conditional beta convergence. With respect to the importance of the neighborhood effect in the study, the spatial economy method is used. The result shows that the absolute beta convergence has been approved and this coefficient has the numerical value 0.12.Thiscoefficientisstatistically significant. The conditional convergence coefficient is equal to 0.24, and the coefficient is statistically significant at the 1% level. The control variables in the conditional convergence included industrial diversification, industrial evenness, access to interstate road infrastructure, human capital. Industrial diversification and level of education have negative effect, and industrial evenness positive and access to the road infrastructure have positive effect on productivity convergence. Based on the results of the study it can be suggested that policy- makers and economic planners take more attention to the evenness industry based on the potential of each region.

In economic literature, the effect of exchange rate fluctuations on the balance of payments is highly important. Tourism is one of the main sub-sections of the balance of payments. Using vector error correction model, this paper identifies the effect of exchange rate changes on the balance of payments by assessment the existence of J-Curve in tourism industry over the period of 1995 to 2013.The results confirm the existence of J curve in Iran's tourism balance of payments. It means that exchange rate appreciation has reduced tourism revenues in the first period but after six periods it has increased tourism revenues and improved its balance of payments. Also revenue of this industry is over than it`s expenditures. In other word, the shock on the exchange rate, has improved tourism balance of payments after a period of deterioration. Also, the results of the data analysis of export-import and balance of payments functions confirms that export function has highly been effected by changes in exchange rate. In other word 0.89 of export function change`s is explained by exchange rate`s changes. Import function has also highly been effected by changes in exchange rate. It means 0.249 of import function change`s is explained by exchange rate`s changes. Furthermore, tourism balance of payments is more sensitive to changes in Iran’s revenues. On the other hand 0.395 changes in balance of payment has explained by domestic revenue`s changes.

Due to the nature of the assets in Iran, markets such as exchange rate markets are options facing investors as asset portfolio, with different returns. Usually, investors are looking for higher returns. By accumulation of investors on markets with higher returns, it is expected that the long-run returns of such markets be decreased, which leads to the induction of difference between these markets’ returns with other markets. This can be named as returns convergence of different asset markets. This study aims to also examine the returns convergence of exchange rate markets in Iran over the period 1999:05- 2016:02, using Nahar and Inder method. This method examines the returns convergence of each of these markets to the average returns of them. Based on the results, the returns convergence of Pounds, Yen, Australian Dollar and the Crone has converged to the average returns. But the dollar America, Euro, Real, scrambled, Canadian dollar and Swiss franc`s returns has not converged to the average returns. All coefficients are statistically significant at a confidence level of one percent.

Due to the nature of the assets in Iran, markets such as exchange rate, gold, housing and stock are options facing investors as asset portfolio, although each of them has different returns. Usually, investors are looking for higher returns and focus of investors on markets with higher returns may reduce returns of this kind of markets in the long run. This can be named as returns convergence of different asset markets. This study aims to also examine the returns convergence of dollar, euro, coins, housing and stock markets in Iran over the period 2002:05-2016:02, using Nahar and Inder method and convergence Measurement of each market`s returns to the average returns of them. Based on the results, the returns convergence of housing market was not significantly meaningful. Also, there was no evidence of convergence in the returns of other studied markets.