جستجوی مقالات مرتبط با کلیدواژه "generalized method of moment" در نشریات گروه "اقتصاد"

The expansion of the financial sector has raised the concern of “brain drain” among industries. There are also concerns that too many financial activities may misallocate resources, both physical and human capital, from production sector to less productive ones. Financial development may make it easier for less efficient firms to stay in the market and prevent more efficient innovators from entering the market, which may harm innovation and growth. In this regard, the main purpose of this study is to investigate the role of financial development in the relationship between innovation and economic growth in developing countries.

In order to meet the research goal, a regression model is specified to describe economic growth as a function of the first-order lag of economic growth, innovation and the product of innovation and financial development. Moreover, economy openness (the ratio of exports plus imports to GDP) and the ratio of the net flow of foreign direct investment to GDP are included in the model as control variables. In this model, one of the regressors is the first-order lag of the dependent variable. The regression equation is estimated using the Generalized Method of Moment (GMM) and the data for the period of 2000-2019.In this study, the multidimensional index of financial development of the International Monetary Fund has been used as a relative ranking of countries on the depth, access, and efficiency of their financial institutions and financial markets. The Financial Institutions (FI) index is an aggregate of the Financial Institutions Depth (FID) index, which compiles the data on bank credits to the private sector in a percent of GDP, pension fund assets to GDP, mutual fund assets to GDP, and insurance premiums, life and non-life to GDP, Financial Institutions Access (FIA) index, which compiles the data on bank branches per 100,000 adults and ATMs per 1000,000 adults and Financial Institutions Efficiency (FIE) index, which compiles the data on banking sector net interest margin, lendind-deposits spread, non-interest income to total income, overhead costs to total assets, return on assets, and return on equity. Also, Financial Markets (FM) index is an aggregate of Financial Markets Depth (FMD) index, which compiles the data on stock market capitalization to Gdp, stocks traded to GDP, international debt securities of government to GDP, total debt securities of financial and nonfinancial corporations to GDP, Financial Markets Access (FMA) index, which compiles the data on a percent of market capitalization outside the top 10 largest companies, total number of issuers of debt (domestic and external, nonfinancial and financial corporations) per 100,000 adults, and Financial Markets Efficiency (FME) index, which compiles the data on stock market turnover ratio (stocks traded to capitalization). In addition, the number of the patents registered is considered as an index of innovation, and the real GDP per capita is considered as an index of economic growth.

The results of Generalized Method of Moment (GMM) show that the effect of innovation on economic growth is positive and statistically significant. Furthermore, the effect of the interaction between financial development and innovation on economic growth is negative and statistically significant, which suggests that the effect of innovation on economic growth is not independent of the level of financial development. According to the results, the threshold level of financial development is 0.76466. According to the results of descriptive statistics, the average financial development index for the selected developing countries is 0.378945, which is significantly lower than the threshold level. Therefore, if the level of financial development becomes lower than this threshold level, the higher the level of financial development, the smaller the positive effect of innovation on economic growth. In other words, when the level of financial development increases, the positive relationship between innovation and economic growth weakens.

Conclusions and policy implications:

 Based on the results, the financial development level increases the positive relationship between innovation and economic growth. Therefore, financial development weakens the positive growth effects of innovation. In other words, with a higher the level of financial development, a unit of increase in innovation leads to a smaller increase in economic growth. As empirical results indicate, trade openness and the ratio of foreign direct investment to GDP have a positive and significant effect on economic growth. It is suggested that, in parallel with the financial development, a serious solution should be provided regarding the optimal allocation of human and physical resources. The markets with low productivity should be identified, and their continuity of attendance should be prevented in order to provide the ground for the entry of new innovators and entrepreneurs. This is possible by making amendments in laws and regulations and increasing the quality of administrative systems.

For more than a decade now, Various efforts have been put in place by various governments of developing economies to promote economic growth. The impact of financial development and Trade liberalization on economic growth in the developing economies has been a subject of much debates and controversies. The contradictions in literature on the subject matter shows that these relationships is still an unsettled matter. The purpose of this paper is to empirically investigate the impact of financial development and trade liberalization on economic growth in upper middle income developing countries using annual time series data between 2000 and 2017. Furthermore, Due to multi-faceted and broad concept of financial development, We took a novel approach and created a Composite financial development index based on three dimensions: depth, access, and efficiency of financial institutions and markets.The results of this study, using two step system generalized method of moments (SYS-GMM), Show the positive and significant effects of financial development on economic growth. We also found that trade liberalization has a positive and significant impact on economic growth in countries studied in this paper, both in term of increasing trade volume and reducing tariff and non-tariff barriers. Finally, the results illustrate that the good performance of the financial system reinforces the effect of trade liberalization and vice versa. As to study finding, the implementation of trade openness enhancement policies as well as the policies that result in the deepening and increasing the efficiency of financial sector and thus developing this sector, can be the factor for economic growth.

The economy of Iran, since 1385s In addition to significiant decrease in output has experienced the high and two-digit inflation rates. For this reason, review of determinantes of inflation rate and output has a remarkable necessity. The factors like population growth, Eccessive technological advancement, private investment and initial level of per capita income and money growth are the variables affecting on the growth. Also, the idea of “inflationary money” has the relative consensus among economists, but identifying of the factors that determine the intensity of the effectiveness of the monetary policy on inflation rate and output makes it possible for monetary policymakers to planning for controlling inflation and increasing the output. Trade Openness is one of the factors that has a determinative role in review of difference the effectiveness of money growth on inflation rate and output in different countries. The aim of the present study is the test of Trade balance effect symmetry and the Incidence of the effects of monetary policy on economic growth and inflation. For this purpose, years 2000-2014, related to 34 selected countries with high middle-income and Generalized Method of Moments (GMM) have been used. The research showed that more trade openness leads to increase the impact of monetary policy on output and decease the impact of monetary policy on inflation.the more trade liberalization through omitting or decreasing of tarrifs and import quotas are the main suggestions of this study

The wide range of impact has transformed economic growth into one the most important key variables in macroeconomic theories. In this survey, according to the hypothesis and empirical results of Grilli & Feretti (1995), the effect of financial integration on the growth of selected developed and developing countries during (2000-2010) has been examined.For this aim, panel data based on generalized method of moments (GMM) is used to examine the model. This survey showed that the effect of financial integration (net foreign assets as a measure of financial integration) on economic growth in two groups of surveyed countries is not the same. Based on the results of this survey, the financial integration in the selected countries of the Organization for Economic Cooperation and Development (OECD) has a positive effect and in the selected countries of the Middle East and North Africa has a negative effect on economic growth. Therefore, it seems that the level of financial market development and the degree of homogeneity of these markets between countries play a decisive role in the impact of financial integration on economic growth.

About a quarter of different types of energy consumed annually are in the transportation sector in Iran. Gasoline and diesel are the most important source of energy consumed in this sector. This study uses the Generalized Method of Moments (GMM) to evaluate the main factors affecting the gasoline and diesel for the transportation sector in different provinces in Iran during 2006- 2014. The evaluated factors are per capita income, the price of gasoline and diesel, per capita changes in gas and diesel cars stocks, and provincial urban bus fleets. The results show that the per capita gasoline and diesel consumed relative to the price changes in the short runare low elastic. The short-run price elasticity of gasoline is 0.14, the short-run price elasticity of diesel is 0.13; while the elasticity of income for gasoline and diesel is about 0.3 in both main models. An increase in per capita stock of gasoline cars has a positive effect on per capita gasoline and diesel consumption, while the per capita increase in diesel cars stock capacity has a negative impact on the per capita consumption of gasoline and diesel. The results also indicate that the urban bus fleet has not had an impact on fuel consumption per head. Based on the results of this study, the goal of a change in fuel consumption should be on people's per capita income, leading to reduced consumption and behavioral change.

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.

Industrial clusters are the geographic concentration of mainly small and medium enterprises (producing, complementary and supporting companies) facing with common challenges and opportunities.One of the main functions of industrial clusters is to provide the conditions required for competitiveness and export promotion of clusters members and stakeholders. Cluster development program in Iran, has been started since one decade ago and needs to be investigated in terms of its effect on the export potential of clusters members. This paper has studied the effects of industrial clusters on export promotion of industrial firms using data gathered from manufacturing establishment (with more than 10 employees) in Iran.
Levin, Lin, Chu Test and Im, Pesaran, Shin Test was used to test the stationarity of variables. In order to test the existence of co-integration relationship between variables, Kao and Pedroni tests were applied. Generalized method of moment is used to estimate the dynamic panel regression. For this purpose, the dynamic and static functions of industrial export supply have been estimated considering industrial clusters as one of the independent variables included in the functions. The null hypothesis that the over-identifying restrictions are valid was tested by Sargan statistic. Arellano and Bond test was used to test the serial correlation. Required data was gathered from Iran manufacturing establishment (with more than 10 employees) during the period 2001-2012.
Discussion and theoretical and empirical background of industrial clusters studies strongly support the effective role of industrial cluster in competitiveness and export performance um enterprises. The findings of both estimated dynamic and static industrial export supply functions in this paper reveal that industrial cluster and firms agglomeration in form of cluster, has a positive and statistically significant effects on industrial firms export. According to the estimated dynamic industrial export supply function, the elasticity of export supply with respect to industrial clusters was estimated around 0.6 which means that one percent increase in the situation of industrial clusters can leads to 0.6 percent increase in industrial export. Based on the estimated static industrial export supply function, however, the elasticity of export supply with respect to industrial clusters was estimated around 0.02 which is statistically significant and shows that one percent increase in the situation of industrial clusters can leads to 0.02 percent increase in industrial export. These findings are compatible with the theoretical expectations regarding the relationship between clustering and export.
Industrial export is also positively influenced by industrial firm’s production and exchange rate and is negatively affected by manufacturing export price index. According to the estimated coefficients of variables included in the dynamic and static industrial export supply functions, exchange rate has the strongest positive effect- compared with other variables- on export of industrial clusters. In other words, one percent increase in the exchange rate can leads to 2.6 percent increase in industrial cluster export. This reveals that the elasticity of industrial cluster export with respect to exchange rate is greater than one. Provincial GDP is another variable which positively affects the level of industrial cluster exports so that one percent increase in gross domestic production leads to 0.7 percent increase in industrial cluster export located in different provinces in Iran. Export price index, however, has a negative and significant effect on industrial cluster export. This result is compatible with the theoretical expectations. The elasticity of industrial cluster export with respect to export price index is 0.3 which is less than one. It is inferred, therefore, that increasing in the price of export products of clusters did not reduce the export total revenue gained from industrial clusters.