جستجوی مقالات مرتبط با کلیدواژه « institutional factors » در نشریات گروه « اقتصاد »

In this study, the nonlinear effects of institutional factors on financial development (banking credit and trading stock value) in 14 selected countries (with high human development index) during the period 2007-2018 using data panel econometrics technique With a nonlinear approach, the Auto Regressive Distributed Lag. The results indicate that the combined index of institutional factors had a negative effect on the value of trading stocks in the short and long term, but had a positive effect on the banking credit and in some cases was ineffective. Therefore, the indicators of institutional factors in these societies need to be improved and strengthened. In fact, first by improving and then by expanding the above institutional indicators, we can play a significant role in increasing financial development indicators.

The effect of financial development on the economy is so important that today it is believed that economic development cannot be achieved without an efficient and developed financial sector. In this research, to investigate the nonlinear intersectional effects of entrepreneurship and institutional factors on financial development (banking credit and value of trading shares) in 14 countries with high HDI during the time period of 2007-2020 using the panel data econometric technique It is addressed by nonlinear Nonlinear Auto Regressive Distributed Lag (NARDL) approach. The results of the estimations indicate that in the studied countries, the positive (negative) shocks of the intersectional effects of entrepreneurship and institutional factors have a positive (negative) effect on banking credit and value of trading shares. According to the results, first by improving and then by expanding the institutional and entrepreneurship indicators, it is possible to play a significant role in increasing the financial development indicators.

The trend of total factor productivity (TFP) and GDP growth per capita in most East Asian countries is upward and in most West Asian countries is downward or fluctuating. In this regard, this study seeks to investigate the reasons for the difference in TFP and consequently economic growth in East and West Asia. This study specifically analyzes the role of human capital, institutional factors, and relative backwardness in the productivity differences between East and West Asian countries for the period 2000-2019. The importance of this issue is that the main economic growth of countries occurs through the channel of total factor productivity and the study of factors affecting productivity can reveal the reasons for the growth of East Asian countries and the backwardness of West Asian countries. In this study, by forming two separate groups from East and West Asia, the model is estimated using the static GMM and the results for these two groups of countries are compared. The findings indicate that human capital, institutional factors, and distance to the technology frontier (DTF) are the most important reasons for the difference in productivity in East and West Asia. In most cases, human capital in East Asian countries has a positive effect on total factor productivity, while in West Asian countries it has no effect. The findings also show that institutional indicators in most cases in East Asian countries increase total factor productivity, while in West Asian countries do not have a significant effect on total factor productivity. A greater distance from the technology frontier (more relative backwardness) in West Asian countries than in East Asian countries leads to a further reduction in total factor productivity.

Attention to cultural and institutional foundations is one of the processes influencing economic growth and development. In many studies, the role of institutional and cultural factors in attracting foreign direct investment (FDI) and economic growth has been done separately. But, the present study is important because of the role of interaction between institutional and cultural factors in attracting foreign direct investment. So, the purpose of this study is to investigate the relationship between economic growth and foreign direct investment by considering the role of institutional and cultural variables in the group of developing countries.

This study is an applied research according to the type and purpose of the research. The statistical sample includes 16 developing countries during the 1991-2020. Criteria for selecting countries is Homogeneity of some indicators, including; Economic growth, governing indicator, the level of democracy and freedom of trade, the level of development, as well as the availability of the information. Therefore, developing countries including Algeria, Angola, Cameroon, India, Indonesia, Iran, Kuwait, Mexico, Nigeria, Pakistan, Qatar, Saudi Arabia, Tajikistan, Turkey, UAE and Venezuela were selected. In this study, while the effect of variables such as political and economic stability, rule of law and control of corruption and institutional, cultural and variables that can be individually effective in attracting foreign investment are examined also the interaction effects of foreign direct investment and institutional factors have been investigated. The generalized Method of Moment (GMM) approach has been used to investigate the model. This method is one of the appropriate econometric methods to solve or reduce the problem of endogenous variables and correlations between explanatory variables. In this study, two models of economic growth and foreign direct investment were analyzed. Factors affecting economic growth include capital, labor, foreign direct investment, energy consumption, exchange rate, human capital, governance index, degree of openness of the economy, cultural index, the interaction of cultural index and foreign direct investment as well as governance index And foreign direct investment. Factors affecting foreign direct investment also include human capital index, degree of economic openness, economic growth, exchange rate, governance index, cultural index, population, inflation rate and the interaction of cultural index and governance index.

According to the results, white test was used to investigate the heterogeneity of the coefficients. Based on the results of this test, the statistic F is equal to 1.69 with a probability level of 0.1452, which indicates the acceptance of the null hypothesis that there is no heterogeneity of variance. Also, based on the research results, cross-sectional independence of the data is accepted and Levin, Lin and Chou tests are used to examine the stationary of the variables. Based on the results of this test, all variables except the capital variable are stationary. The other variables remain stationary after one-time differentiation. In other words, the degree of accumulation is one and other variables are zero. According to the results of unit root test, in order to prevent false regression, Kao co-integration test has been performed in order to investigate the existence of long-term relationship between variables. Based on the results of which the existence of co-integration between variables is confirmed; therefore, it can be said that there is a long-run relationship between the dependent variable of each model and the independent variables. Finally, the results of estimation of the first model show that all research variables affect the economic growth at a significant level of 95%. Estimated coefficient for economic growth equal to 0.118, labor variable equal to 0.065, energy consumption equal to 0.030, human capital equal to 0.153, degree of economy openness equal to 0.084 and the cultural index equal to 0.147. The interaction of cultural index and FDI on economic growth is also positive and significant. The interaction between the governance index and FDI is 0.143. Based on the results, the Sargan test statistic indicates that the null hypothesis is not rejected and the defined instrumental variables are valid, therefore, the model does not need another instrumental variable. Also, the results of Arlano and Bond test to determine the order of autocorrelation show that the null hypothesis that there is no autocorrelation in the differentiated sentences in the second order of M2 has not been rejected. This finding is in line with Arlano and Bond(1991). They believe that in the GMM estimation, the perturbation sentences should have a first-order serial correlation of AR (1) and a second-order serial correlation of AR (2). In the second model, all research variables affect the rate of foreign direct investment attraction in developing countries. The estimated coefficient for all variables is positive and statistically significant. At the same time, the coefficient related to the exchange rate variable is equal to -0.065. Also, the estimated coefficient for the interaction variable of the index of institutional and cultural factors is equal to 0.238.

In developing countries, investors seem to be attracted to countries that are less linguistically and religiously diverse than in other countries, in other words, foreign direct investment is mainly regional, because the common religion and language and borders are important to foreign investors. On the other hand, foreign investors seem to be investing in countries with similar or better regulatory environments than their own, and preferring to invest in countries with less diverse communities than their own. Also, in justifying the obtained coefficient for the interaction of the index of institutional factors and foreign direct investment, it can be said that appropriate institutional factors attract more foreign direct investment and ultimately increase the economic growth of the studied countries. Also, the interaction coefficient of cultural index and foreign direct investment is equal to 0.013 at the level of 99%, i.e. the existence of countries with less cultural diversity and culture similar to their own country has attracted more foreign direct investment and are closely related to each other. The effect of these two causes the economic growth of the countries studied in this study.

The main purpose of this study is to investigate and identify the factors affecting the exchange cost of the stone sector. For this purpose, while examining the literature, the factors affecting the exchange cost of the stone sector in Iran were calculated and then, using the Delphi method, the impact of the calculated factors was investigated. The members of the Delphi panel included 11 activists and experts active in the private and public sectors who had sufficient expertise and experience in the field of stone. In the first stage, 13 items from the experimental literature were provided to the panel members within the framework of the designed questionnaire, and the analysis of the results of the questionnaires in this stage emphasizes removing one of the existing factors and adding 4 new factors to the questionnaire. In this study, Kendall coefficient criterion has been used as an indicator to examine the consensus in the questionnaires and based on this criterion, to achieve the result, three stages of questionnaire distribution and survey of panel members have been done. The research results emphasize the impact of institutional factors on the cost of exchanging stone in the country. Also, according to the elites of the rule of law and the implementation of contracts, barriers to entry of foreign investors and the size of the government are the most important factors affecting the cost of exchanging stone in the country, respectively.

The government budget deficit in Iran has increased over the years and has been become to a chronic problem. Now that persistent budget deficit has adverse effects such as economic and political instability, it is necessary to identify the reasons budget deficit. This paper examines the effective factors on the budget deficit in Iran using data extracted from the field study in 1398 and using the fuzzy dematel method. The results of research shows that firstly, the budget deficit is a multidimensional issue that various economic and institutional factors affect its formation and growth. Secondly, the fiscal, monetary and exchange rate policies performance, as well as some institutional factors such as inefficiency in the budgeting process and budget allocation stages and economic corruption are identified as the most important causes of budget deficit. Thirdly, among the different factors, economic corruption has the third rank in creating budget deficit. This factor is affected by the weakness in enforcement and rule of law, low quality of government and monitoring systems witch as a result grows rent seeking behavior in the budgeting and ultimately imposes useless spending and strengthen the likelihoode of budget deficit.                                                                                                                      .

The diversity of economic activities on the one hand and the increasing role of governments to expand public services, social security, economic and social obligations of the state in an effort to achieve economic growth and the equitable distribution of income on the other hand, has transformed the role of institutional components into an important and influential issue. Since institutional economists believe the weakness of the structure and function of institutions is one of the causes of underdevelopment, this study aimed to investigate the effect of the institutional variables of the governance quality index, economic freedom and facilities granted by banks to the private sector on the distribution of income from 2004-2015. Data modeling was performed based on the threshold regression method, which yields more consistent estimates compared with other estimation methods. Later, data stationary was examined using the Levine Lin Cho unit root test. The results show that during the research period, the variables of good governance, facilities given to the private sector and the Gini coefficient are stationary at level, and the variables of government size and economic freedom are stationary in the first differences. In order to estimate the model by using the threshold regression test, considering that in order to specify a nonlinear model, in the first step the linear model should be specified to create a basic model to test the hypothesis that the model is linear. The linear model of feasible generalized least squares (FGLS) has been estimated in the framework of diagnostic tests (correlation, heteroscedasticity, and normal distribution), F Limmer test, and Hausman test as panel data regressions with fixed effects. According to the results, the Ramsey test to model specification is not satisfactory, indicating the error of specifying the linear model, which reinforces the possibility that the nonlinear relation is closer to the actual model. The estimation of the threshold regression model has been calculated By using threshold levels, and threshold effect tests. The values of the threshold levels obtained for the government size variable are 7.85 and 8.16. The obtained threshold levels show that when government size reaches 7.85%, the income distribution function fails and the effect of model variables on income distribution varies. In the next step, the search for the second threshold shows that when the size of the government is 8.16 percent, the way in which the variables of economic freedom, private sector facilities and good governance affect the distribution of income changes again. Also, due to the fact that according to the threshold effect test, threshold values are significant, the effect of the coefficients obtained in the model is affected by the threshold values obtained. Analysis of the results obtained from the estimate of the threshold regression model shows that in the regime of the big government, the variables of the index of quality of governance and economic freedom have the most significant negative effect and the private sector facilities have a significant positive effect on income distribution. The findings of this study confirm the necessity of planning and orientation in the countries under study in order to improve indicators of government size, good governance and economic freedom, regulations, efficiency and effectiveness, and support for the private sector.

Classical economists saw growth as the result of the interaction of economic factors and their rational choice in a competitive environment. Although these economists played attention on the role of institutions in economic growth, but the explicit attention to the impact of institutions on economic performance should be attributed to the late nineteenth century and the publication of the book, The theory of the Leisure class, by Torsten-Vebln's. With the reappearance of endogenous growth models in the 1980s and the importance of human capital, serious attention paid to the role of institutions in economic growth theories. It seems that the reason for this long-term interruption in the entry of institutions into economic growth models has attributed to recognition and the way of influencing, because the impact of institutions usually is indirect on growth, and this effect carried out through various channels, including entrepreneurship. This research studied for the first time on the effects of rule of law and control of corruption (formal institutional factors) as well as fears of failure and conception of entrepreneurial ability (informal institutional factors) on entrepreneurship in the case of MENA countries during 2008-2015. Using panel data and three-stage least squares method (3SLS), we find that the rule of law and corruption control has a positive and significant effect and fear of failure has a negative and significant relationship with entrepreneurship. In addition, conception entrepreneurial ability has no positive and significant effect on entrepreneurship and ultimately entrepreneurship has had a positive effect on economic growth.
JEL classification: O11, O17, O43

To identify factors influencing the insurance industry, could set a foundation to increase its efficiency as well as effectiveness. In this respect, macroeconomic and Institutional factors are capable of having a very effective role. By identifying such factors and making the appropriate policies, it is expected that preliminaries to the industry’s growth and advancement are established. The influence and importance of Macroeconomic and Institutional factors on the structure of the I.R. of Iran Insurance Industry and some other selected nations for the 2002-2010 time interval is studied in this research. Reviewing the literature and taking the basic theories into the consideration, some indicators like the economic freedom, the governance indicator, natural logarithm of GDP per capita, and the economic growth present the basis of the studyto evaluate the institutions’ performance under the generalized least squares estimator in addition to the integrated panel data model. The results indicate that the natural logarithm of GDP per capita as a proxy for development of institutions negatively affects the concentration ratio of the insurance industry at a significant level. Moreover, economic freedom as another institution factor was proved to have a significantly negative effect on the concentration ratio of the insurance industry. Components of the governance index however, were not observed to have the same impact on the concentration with the study case. Both the regulatory quality, and the rule of law show a negative and statistically significant effect on the concentration ratio.While the level of accountability,voice,and corruption control provided positive effect on the concentration ratio, but the level of the political stability, and the level of government effectiveness did not present any significant impact on the concentration ratio.

Governance institutions are part of the investment climate of a country. Good governance institutions are viewed as reducing economic uncertainties and as promoting efficiency. This paper empirically shows that the quality of governance is an essential determinant of the private investment decisions in the developing countries by stressing the existence of different types of possible measures of governance. We use three different indicators to measure the quality of governance, Quality of Administration, Political Accountability and Political Stability. Indicators were proved to be significantly –although at different levels of significance and magnitudes of influence- contributing for private investment decisions. In particular the low level of political accountability has been an influential factor which has been holding back the region from reaching its private investment potential. Findings are robust to the introduction of other explanatory variables: structural reforms – in the form of trade openness and financial development- and human capital in particular.

The main object of this paper is to find out the impact of economic and institutional factors on export of services in considering the example of OIC countries. Panel data method as an econometrics approach is used for estimating models. Results show that variables such as GDP per capita، the real exchange rate، foreign direct investment، and information infrastructures have positive and significant effects on services export and inflation is a disincentive to it. Furthermore، the membership of these countries in regional blocks، ECO and D8، has a significantly positive effect on the total services export. The worse performance of institutional factors such as government effectiveness، political stability، rule of law، control of corruption and governance index in contrast have a significantly negative impact on services exports. Therefore، policy makers in public and private sectors should plan for development of services exports by consideration of the economic and institutional factors for selecting of their trade partners.

The number of factors affecting total factor productivity has been increasing far from those which considered in growth models. So، institutional factors have been attracting strong attention of researchers. This paper aims at investigating the effects of these institutional factors together with traditional factors on TFP growth during 1971-2007. For this purpose، we present a State-Space model. Using this approach، TFP has been regarded as a latent variable and in the state equation، we introduced some exogenous variables. Some endogenous variables which were mainly measures of institutional factors have been specified as proxies. Our result show that the introduced measures of institutions such as governance (political stability and accountability) institutions and degree of government intervention together with an older and known institutional factors، such as macroeconomic instability، have significant effects on TFP growth. In addition، the residuals from state-space model (either deterministic or stochastic) were different from the residuals of other models.

In this study, the impact of some institutional factors such as, macroeconomic conditions and country's political stability on the efficiency of Iranian's banking system during 1372-1387, is investigated. The Vector Auto Regression analyses are chosen for this purpose. We found that, in Iranian banking system, on average, banks are able to save 35-45 percent of their total cost if they were operating efficiently. Another important finding of the paper is that in Iranians context, there is a significant and negative relationship exists between inflation rate indexes as a proxy for macroeconomic stability condition and banking efficiency.