جستجوی مقالات مرتبط با کلیدواژه « generalized method of moments (gmm) » در نشریات گروه « اقتصاد »

Considering the position of oil in the economy of countries with oil resources, oil price uncertainty is one of the important sources of risk and uncertainty that affects the investment decisions of companies. In addition, another important issue that should be considered in this regard is whether the companies' investment response to the positive and negative uncertainty is symmetric or asymmetric.  Considering that the chemical products industry has an important role in the economic development of the country and is also affected by the developments of other markets such as the oil market, in this study the asymmetric effects of Brent oil price uncertainty on the investment of chemical products group companies in the Tehran stock exchange has been investigated from 2010 to 2021. The research modeling is based on dynamic panel models and the calculation of oil price uncertainty has been done by the GARCH method. Relationships between variables have also been estimated using the Generalized Method of Moment (GMM). The results show that during the period under review, oil price uncertainty had a negative effect on corporate investment. On the other hand, the findings indicate that the positive and negative oil price uncertainty has an asymmetric effect on corporate investment.

The economic and social consequences of capital flight from developing and underdeveloped countries indicate the importance of this phenomenon. Capital flight causes economic and political uncertainty and can be an obstacle to poverty reduction, economic growth, and domestic and international investments. Also, capital outflow and public and social expenses will decrease, especially in the education, water, health, and sanitation sectors, and economic and social inequalities will become more visible. Also with capital outflow, public and social expenses will decrease, especially in the education, water, health, and sanitation sectors, and economic and social inequalities will become more visible. Knowing more about this phenomenon, such a study can help the literature on this topic in analyzing the determining factors of capital flight from developing countries. In this research, using the Erbe-World Bank method, the amount of capital flight was measured for a sample of 24 developing countries during the period 2000-2021. Then, to investigate and analyze the determinants of capital flight using the generalized method of moments (GMM), the effect of institutional and governance factors and economic factors on capital flight was investigated. The results of the research show that inflation, sanctions, and economic growth fluctuations have positive and significant effects, and the corruption control index and the economic freedom index have negative and significant effects on capital outflow. As a result inflation, sanctions, and economic growth volatility accelerate capital outflow, and improvement in institutional quality and governance reduces capital outflow from developing countries. Countries that are trying to prevent the outflow of capital should review their governance structures and take steps to eliminate internal corruption with greater institutional transparency.

Inequality of income and consumption of renewable and non-renewable energies is one of the important issues of many countries and has many economic, social and environmental dimensions. Also, income inequality is one of the most important obstacles to the development of different societies. In this research, using data from 1389 to 1398 and the method of generalized moments (GMM), in addition to income inequality, the effect of economic growth and urbanization on electricity consumption in the provinces of Iran has been investigated. The results show that a 1% increase in the Gini coefficient reduces electricity consumption by more than 5%. Also, a 1% increase in GDP increases electricity consumption by more than 1.5%. This is despite the fact that the square of gross domestic product has a negative and significant effect on electricity consumption, and an increase of one percent causes a decrease in electricity consumption by more than 0.03 percent.   Therefore, the existence of an inverted U-shaped relationship between gross domestic product and electricity consumption in Iran's provinces is confirmed. Finally, the results show a positive and significant effect of urbanization on electricity consumption, so that with a 1% increase, electricity consumption increases by more than 0.2%.

Introduction :

Municipalities, as institutions responsible for providing public services and developing cities, need strong and stable financial resources to finance and operate. Municipalities’ financing approaches are considered one of the basic factors in providing the income of municipalities and affecting their performance. Municipalities are financed in two ways, direct and indirect. Direct municipal financing approaches include public revenues such as taxes, tolls, municipal service fees, and other sources of income that are directly funded by citizens’ contributions and taxes. This approach is used as one of the main methods of financing municipalities, and the amount of income of municipalities depends on the needs and micropower of the population and the financial power of the citizens. Indirect financing approaches of municipalities also include non-public and non-governmental financial sources such as cooperation with the private sector, urban investments, investment in development projects, and investment in the stock exchange. This approach is used as a supplementary source for financing municipalities and can increase the municipality’s income and be developed according to the urban needs and capacities of the region. The impact of municipal financing approaches on the income of municipalities is very important. Using appropriate approaches to finance municipalities can lead to an increase in the income of municipalities and provide the possibility of providing better services and improving the living conditions of citizens. Moreover, choosing appropriate financial approaches and their optimal implementation can help increase investment, urban development and create economic growth in cities. Therefore, according to the importance of the subject, the purpose of the present research is to evaluate the financing methods in municipalities. By examining this issue, it is possible to help make better decisions about choosing appropriate financial approaches for municipalities and facilitate the improvement of their performance and income, since the financial resources of the municipality are the driving engine of the provision of municipal services, and the lack of sufficient resources or the lack of proper planning and forecasting to provide them, make the municipal activities difficult.

In line with the purpose of this article, using available information for three different samples, including a time series sample based on the financial statements of Tehran Municipality in the period 1387-1400 (as an internal sample) and panel samples based on data from the state of British Columbia with 15 municipalities and also, in Canada, with 12 municipalities for the period of 2010-2020 (foreign samples), the impact of financing approaches on the income of municipalities was investigated. According to the type of time series information and panel data used for the aforementioned samples, Ordinary Least Squares (OLS) and Generalized Method of Moments (GMM) have been used as estimation methods for the research model. It should be noted that for the above statistical approaches, reliability, co-accumulation, and Sargan pre-tests have been performed.

Based on the findings of the research, 10 types of financing methods were determined which include partnership financing, investment, bonds, contracts, income from tolls, income from the price of urban services, income from municipal funds and property, grants from the government and government organizations, and other sources. In order to create a statistical research model for the three investigated samples, these methods were defined in the form of five variables, and their effect on the municipal revenues was evaluated. Thus, in the research model, the impact of revenues from tolls, the price of services and revenues of municipal for-profit institutions, revenues from municipal funds and property, grants, grants and gifts, and assets, as well as revenues collected in the field of city protection, on the municipality’s income was investigated. According to the findings of the research, all the methods of providing income, except for the income collected in the protection zone of the cities, have a positive and significant effect on the income of Tehran municipality. Among the effective factors, the income from tolls has a greater effect and was introduced as a sustainable source of income for municipalities in all three stages of the research. According to the coefficient of the importance of the financing method based on collective investment with a positive effect on the income of the municipality of the state of British Columbia (1.468), this method was also identified as a new and sustainable method for municipalities; However, it has not been taken into account in the approaches of financing municipalities in Iran, because basically, there is no figure for it in the financial statements of the municipality.

The results of this research show that tolls, as one of the financing sources of municipalities, play a very important role in providing income and performance to, municipalities. Toll refers to financial amounts e collected from individuals and organizations for using services and public benefits. These duties can be considered taxes, urban development duties, transfer duties, and local taxes. The effect of tolls on municipal income is very important. Receiving tolls as a source of financing can enable municipalities to provide better public services to their citizens and benefit from the development and improvement of urban infrastructure and services. Moreover, the income from tolls can be used to cover the costs of municipalities for the implementation of construction projects and urban development. With the increase in population and urban needs, financing municipalities has become an important challenge. In this context, tolls are considered one of the main means of financing municipalities. However, the direct impact of tolls on the revenue of municipalities depends on the amount and type of tolls, the needs and micropower of the population, and the financial ability of citizens. On the other hand, the methods based on collective participation as one of the new and effective methods of financing municipalities have been widely noticed and used in recent years. These methods aim to collect financial resources through the participation and cooperation of citizens and organizations in urban activities, allowing municipalities to provide the best services to their citizens and advance development projects. Methods based on collective participation include different types of activities and mechanisms. These methods can include direct financial support from citizens and organizations, creating public-private partnerships, forming cooperative funds, creating online platforms for collecting and transferring financial funds, and creating financial systems based on energy consumption units. The effect of methods based on collective participation in financing municipalities is very important. The use of these methods can lead to an increase in the income of municipalities and provide the possibility of providing better services and improving the living conditions of citizens. Furthermore, choosing methods based on appropriate collective participation and their optimal implementation can help increase investment, urban development and create economic growth in cities. Meanwhile, in Iran, this approach and its encouragement and efforts to strengthen and develop it have not received enough attention. Although participation can be hidden in other methods such as collecting fees and providing services, it has a high potential for effective and significant benefits.

The economics of welfare and happiness is one of the most prominent and important domains in economic literature which, in recent years, has been greatly attended to by many economists. With the advent of the economics of happiness in economic literature, the necessity to investigate how political and economic factors influence happiness has proved to be more and more critical. The present study investigates the effects of natural resource rents and good governance on the happiness index of resource rich countries. The test for interaction effect of good governance and natural resource rents on the happiness level of the selected countries which rely on natural resource revenues, is the pivotal issue in this research which has not been discussed in previous studies.

The interaction effect of natural resource rents and good governance index on happiness in 66 countries having a natural resource rent of over 5 percent of gross domestic production from 2005 to 2018 has been estimated using panel data and the generalized method of moments (GMM). To ensure the appropriateness of using this method for estimating the empirical model, two tests are presented to investigate the validity and accuracy of instrumental variables. The first test is the Sargan test with a null hypothesis representing the uncorrelatedness between the instruments and the error term. The statistical value of the Sargan test in the three applied models in this research is greater than 0.05. As a result, the null hypothesis of no correlation between instruments and error terms cannot be rejected. The second test is the test of first-order autocorrelation AR(1) and second-order autocorrelation AR(2) in error terms in a way that the null hypothesis representing the absence of first-order autocorrelation must be rejected but the absence of second-order serial autocorrelation must not be rejected. The test results of the three models used in this study show that the applied instrumental variables are independent of the error term and enjoy sufficient validity for estimating the models.

According to the results of the estimation of the models, natural resource rents have a negative and statistically significant impact on happinness while good governance have a positive and significant impact on happiness. Additionally, the interaction effect of natural resource rents and good governance on happiness index is negative and significant. The negative impact of the interaction term between natural resource rents and good governance on happiness leads to the weakening of the positive effects of good governance on happiness.

Natural resource rich countries earn a lot by selling their resources. It is expected that having these great levels of revenue, resource rich countries experience economic development and growth and consequently high levels of happiness and welfare, but in practice, they suffer from low degrees of happiness and welfare. This is because the natural resources and the misuse of their revenues lead to a reduction in governance quality. On the other hand, the weakness of institutional indexes creates a negative effect on happiness and growth which makes the windfall of natural resource revenues to become a curse for resource dependent countries. The lack of structural-institutional frameworks in most of the countries studied, the increase of natural resources and the misuse of resource rents by different groups of rent seekers are followed by a great decline in equality, welfare and happiness. Inflation and unemployment have significant negative effects on the happiness index. An increase in inflation and unemployment and their consequent reduction in purchasing power leads to a decrease in happiness levels. The coefficient of the human development index is significant and positive and as a result, the improvement of the quality of the human development index, which leads to a rise in health, education, revenue and life standards, has a positive effect on happiness. Additionally, with regard to the negative effect of natural resource rents on happiness, some measures including natural resource management, implementing instruments like a Sovereign Wealth Fund, using the revenue of natural resources to invest in productive economic sectors and decreasing the share of resource revenue in the current government budget can decline rent-seeking activities and prevent their negative effects on happiness.

For a long time now, the economic effects of military spending have been one of the most controversial topics in the literature of defense and peace economics. The majority of empirical studies in this field show the negative or insignificant effect of military spending on economic growth in developing countries. But more recent empirical studies show that the existence of external factors such as threats, an abundance of natural resources, and high-quality institutions can indirectly increase economic growth in these countries through military spending and partially compensate for the direct negative effects of military spending on economic growth. In this regard, this article has tried to investigate the role of institutional quality and abundance of natural resources in the relationship between militarization and economic growth in developing countries during the period of 2000-2018 using the dynamic panel data approach. For this purpose, the Global Militarization Index (GMI) and the Generalized Method of Moments (GMM) have been used. The empirical results show that the effect of militarization on economic growth in developing countries is negative and significant. However, the interactive effect of institutional quality and militarization, as well as the interactive effect of abundant natural resources and militarization on economic growth in these countries is positive and significant. This means that militarization in developing countries can increase economic growth in the presence of good institutions and an abundance of natural resources. Also, by separating the studied countries into two categories of countries with relatively better and weaker institutions, it has been shown that militarization from the channel of abundant natural resources increases economic growth in countries with relatively better institutions, while militarization from the channel of abundant natural resources has a negative and significant effect on economic growth in countries with relatively weaker institutions.

The negative consequences of financial crises on the real sector of the economy of developing countries have led policymakers to pay special attention to monitoring and evaluating the financial stability of the banking sector. The role of banking sector in developing countries is very important because the financial sector provides financial services to the rest of the economy. Liberalization theory argues that liberalization of international trade and financial flows can promote financial stability and the development of banks. Trade liberalization reduces transaction costs while increasing the volume of trade, and financial liberalization leads to better allocation of financial resources by creating a competitive environment in the financial market and facilitating the mobilization of capital. Therefore, in this study, the effect of financial and trade liberalization on the banking stability of 25 selected developing countries in the period 2000 to 2019, using the GMM dynamic regression model has been investigated. The results show financial and trade liberalization have positive effects on the banking stability of selected developing countries. Simultaneous implementation of financial and trade liberalization has an unexpected negative effect on banking stability. Findings also show that per capita income increases banking stability and inflation decreases banking stability.

The main objective of this paper is to investigate the effect of oil revenues on the military expenditures in nine oil-rich countries of Middle East during the years 1995-2018. For this purpose, a general model of military expenditures designed for these countries and to estimate it the generalized method of moments (GMM) is used in the form of dynamic panel data. The results of the model estimation show that the oil revenues have a positive and significant effect on the military expenditures in the studied countries. So that with an increase of 1 percent in the share of oil revenues to GDP, the ratio of military spending to GDP (military time) increased in this country about 0.16 percent. On this basis, it can be said that the oil plays a significant role in providing military expenditure and security in the oil-rich countries of Middle East

The significance of human capital in improving economic growth and productivity is among the vital issues that have received considerable attention from economists. In specific, attaining economic growth has been an issue of interest for economists in recent decades, which requires certain mechanisms, including human capital index and globalization. Even though economic growth is driven by human capital, most resource-rich countries lack the necessary human capital since their natural capital out crowds’ human capital. Globalization assists a country in exploiting the benefits of openness, as it mitigates downside risks. Meanwhile, the increased capital flow that emerges from openness may enable producers to take advantage of a diversified portfolio and invest in riskier projects that yield rapid economic growth and expedite lending and borrowing. In addition, the degree of development of countries has been employed as a dummy variable, where zeros and ones indicate developing and developed countries, respectively.

This research aims to examine the mutual relationship between three variables, namely globalization, human capital accumulation, and economic growth, by theoretical analysis and modeling macroeconomic conditions. Moreover, an adaptive comparison between 23 selected developing countries and 33 developed countries over the 1995-2017 period was carried out based on the generalized method of moments using systemic panel data.

The results indicate that, with a 95% confidence interval, an increase in globalization, economic growth, and life expectancy leads to increased human capital. In contrast, an increase in the urbanization rate does not effectively improve the human capital index in the selected countries. Furthermore, increased human capital, economic growth, population growth rate, development of telecommunication infrastructures, and foreign direct investment affect globalization. Finally, human capital, globalization, labor, and investment affect the economic growth in the selected countries.

Based on the estimation results in selected countries, it can be concluded that increasing globalization leads to greater use of factors of production, higher efficiency at international levels, and improvement in economic growth through interaction with global markets and improvement in the technology employed in countries. Therefore, increasing the openness of the economy of a country increases productivity through the establishment of competition with other countries and the transfer of technology, which ultimately yields economic growth. Estimation and analysis of the multiplier coefficients of the dependent variables for the two mentioned groups of countries concluded that the changes in globalization and economic growth demonstrate a higher effect on human capital for the studied developed countries. Moreover, the multiplier coefficient effect of human capital on globalization in developed countries was more than that of developing countries. In other words, the changes in human capital demonstrate more significant effects on globalization in developed countries.On the other hand, for developing countries, the multiplier coefficient effect of economic growth on globalization was more than that of developed countries by twofold. This result indicates that, for developing countries studied in the mentioned period, a change in economic growth leads to a more significant increase and improvement in globalization. These results may be due to more vacant capacities and potentials in developing countries. In developed countries, the economy is often at full capacity and does not allow for a high growth multiplier. Indeed, the changes in globalization and human capital variables affect the economic growth of developed countries more notably compared with developing countries.

Married men are one of the main groups of labor market employed and therefore the study of their labor market behavior is one of the priorities of labor market policy. The present study attempts to identify the variables affecting the market working hours of married men with employed spouses, based on the literature of collective model (CM) of household labor supply. The research information is based on micro and cross-sectional data of Iran in 2018 and the statistical sample includes 724 married men living in urban and rural areas. Model was estimated using the generalized method of moments (GMM) and related tests. The results show that in the studied sample, the labor supply function of married men is standard (The substitution effect is larger than the income effect), but due to the negative sign of hourly squared wage, the positive relation of wage-hour is decreasing. Also, married men with higher levels of education than their wives spend more time leisure-living time.  In summary, working hours of married men with employed spouses in studied cases, decrease with age increasing. While living in urban areas, higher education and more children, increase married men working hours.

The purpose of this paper is to investigate the effect of financial and trade liberalization on stock market fluctuations in 25 selected developing countries between 2001-2019 using a multivariate mushroom model to calculate fluctuations and generalized torque method. Based on the findings of the multivariate mushroom approach, there is a positive and significant relationship between financial and trade liberalization and the stock market fluctuations in this group of countries. Investigating the effect of financial and trade liberalization on stock market volatility using the generalized dynamic torque panel regression model shows a positive relationship between financial and trade liberalization and inflation with stock market volatility and also shows an inverse relationship between per capita income and financial liberalization and trade with it. Based on the results, it is suggested that economic policymakers, when implementing financial and trade liberalization policies, should take it into account that this liberalization is both an opportunity and a threat to domestic capital markets. Accordingly, imposition of financial and trade liberalization measures are recommended simultaneously and in a regulatory context.

The purpose of this research is to study the effects of democracy and corruption on attracting foreign direct investment in West and East Asia. To do this, a dynamic panel model and generalized method of moments are employed over the period 2009-2018. The results of the estimates for the 13 countries of the West Asia Group indicate a positive and significant relationship between the democracy and foreign direct investment and the existence of a significant negative correlation between corruption and the consumer price index with the foreign direct investment. Also, in this group of countries, the effects of the degree of trade openness, democracy and real exchange rate on foreign direct investment were positive and significant and the effects of corruption and consumer price index were negative and significant. Besides, according to the results of this method for 15 East Asian countries, the corruption and consumer price index had negative and significant effects, and the democracy, corruption, trade openness, economic growth and real exchange rate had positive and significant impacts on foreign direct investment. Therefore, regarding the effect of democracy on attracting foreign direct investment, Jensenchr('39')s theory was approved in both groups of countries, but regarding the effect of corruption on FDI, in East Asia the theory of helping hand of corruption and in West Asia the theory of destructive hand or the corruption was confirmed. According to the results, the impact of these variables on foreign direct investment in the East Asian group was greater than the West Asian group.

One of the most important macroeconomic goals of countries is to create the necessary conditions to promote continuous and stable economic growth, which economic complexity can be considered as one of the most important sectors to achieve this goal. Productivity is one of the main variables affecting economic complexity; therefore, strengthening it can increase economic complexity. To enhance productivity, efficiency components can be examined, the most important of which are increasing the quality of training, in-service training, effective use of talents, providing financial resources for the production of diverse and less inclusive goods, access to financial services, the availability of the latest technologies, the absorption of technology by companies, foreign direct investment and technology transfer. Strengthening these components leads to the acquisition of superior knowledge and technology and promotes economic complexity. Therefore, this study with emphasizing on efficiency; examines the impact of the components of strengthening productivity on the economic complexity of selected countries at the efficiency-driven stage and on the verge of entering the innovation phase during the 2006-2016 to use of method the Generalized Method of Moments (GMM) will pay. The results show that exchange rate variable, strengthening productivity and its components, basic requirements and innovation has a positive impact on economic complexity.

In recent years, fossil energy consumption has increased because of economic growth and this has led to carbon dioxide emissions and environmental crises.  Governments struggle to solve this problem by appropriate policies such as green or environmental tax policies. This policy is based on costs and can control pollution and increase renewable energy consumption as a substitute for fossil energies.  The main aim of this paper is to analyze the effects of green taxes on renewable energy consumption and CO2 emission for D8 group countries by applying the GMM method to 2000-2017 data. 

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.

This paper investigates the effect of central bank transparency on output volatility in selected states of the Organization of Islamic Cooperation (based on the maximum data availability) during the period 2003-2014. Applying the Arellano-Bond GMM estimation and using the Dincer and Eichengreen transparency index, we examine the effect of central bank transparency on output volatility. The results indicate that an increase in the level of central bank transparency will decrease output volatility up to a certain point, after which additional information from central banks begins to exacerbate it. Therefore, moving with caution towards monetary policy transparency is recommended since the output volatility can be reduced considerably, implying significant benefits for output stability.