جستجوی مقالات مرتبط با کلیدواژه "panel co integration" در نشریات گروه "اقتصاد"

Over the past few decades, there has been a global trend towards the decentralization of governments to the efficient provision of public goods and services. Providing uniform and one-sided training under centralized system supervision may lead to lack of competition and inefficient use of public resources. In this regard, this study seeks to investigate the relationship between financial decentralization and the quality of education in the provinces of Iran. In order to obtain a long-term relationship, FMOLS, DOLS and PMG methods have been used for the period 2006 to 2018. The results showed that the effect of financial decentralization on the number of high school graduates is negative and significant. In other words, financial decentralization has had a negative effect on the number of high school graduates. Also, the effect of income decentralization on educational per capita is positive and significant. This means that increasing income decentralization has increased the per capita education of each student, which increases the quality of education in schools. But the decentralization relationship is cost negative and significant. In addition, the effect of financial decentralization on the teacher-student ratio is positive and significant. Therefore, income and cost decentralization will increase the teacher-student ratio and thus increase the quality of education.

  Iran has faced with high fluctuations in exchange rates in recent years and this volatility plays an important role in determining the return of exporter and importer industries in Iran. Thus, this study will estimate the relationship between exchange rate and return of exporter and importer industries in Tehran stock exchange. In addition, world oil price, excess market return, inflation rate and interest rate, which are the most important variables affecting the stock return, will be introduced as explanatory variables.
Theoretical framework
Exchange rate is a very important factor in a country’s economy and in the Stock market. An increase in the exchange rate leads to more expensive imports for domestic industries and increases their production costs. This has a negative effect on industries’ profit and their dividends and thus decreases their stock return. On the other hand, an increase in the exchange rate leads to more export and also improves the competition position of domestic producers and thus has a positive effect on the stock returns. The relationship between foreign currency and stock can also be investigated from another point of view; foreign currencies (especially the U.S. dollar) are an alternative asset for stock in countries. Hence, an increase in the exchange rate may increase the demand for foreign currency and shift some part of investor’s money from the stock market to the exchange market, leading to a decrease in the stock return.
We estimate the relationship between exchange rate, world oil price, excessive market return, inflation rate and interest rate, and return of exporter and importer industries in Tehran stock exchange for two groups of industries. We consider four major export industries (ie.e, metal ores mining; cement, lime and plaster; basic metal; and chemicals and by-products) and the four major import industries (i.e., motor vehicles and auto parts; pharmaceuticals; machinery and equipment; and non-metallic mineral products) in Iran, respectively. These industries are closely related to international markets and all of their transactions are conducted by international currency and thus any fluctuations in exchange rate will affect their stock return. Considering the importance of these two groups in Iran’s economy, we estimate the relationship between their stock returns and mentioned variables to analyze how these variables, particularly exchange rate, affect export and import industries in Iran. The long run and short run relationship between exchange rate and return of exporter and importer industries in Tehran stock exchange will be estimated using economic theory, and Panel Error Correction Model (PECM), panel cointegration and causality tests during 2005-2016. Long run and short run coefficients estimations have been done using Dynamic Ordinary Least Square (DOLS) and Pooled Mean Group (PMG) respectively. The results indicate that there is a long-run equilibrium relationship between exchange rate, excessive market return (premium), real crude oil price, inflation rate and interest rate with stock return. The relationship between exchange rate and stock return of exporter industries is positive and there is a bidirectional relationship between these variables. This relationship in importer group is negative

There is a difference between the relationship between ICT and economic growth. One hypothesis is that the development of information and communication technology (ICT) leads to increased economic growth, and the other hypothesis considers economic growth as an effective factor in the development of information and communication technology. In addition to these two hypotheses, a third hypothesis is also proposed, according to which ICT and economic growth has a two-way causality relationship The main objective of this study is to investigate the relationship between ICT development and economic growth in Iran's entire provinces.. This study uses panel error correction model and panel co integration and causality tests to investigate short run and long run relationship between ICT and Economic growth in Iran’s province in the time period of 2010- 2015. Long run and short run coefficients estimation have done by using Dynamic Ordinary Least Square, Fully Modified Ordinary Least Square and Pooled Mean Group respectively. The results of this study indicate that there is a the bidirectional causality between economic growth and ICT (all three components of ICT development) in the short term in the whole of Iran, but in the long run there is a one-way relationship from the development index Information and communication technology and its components contribute to economic growth.

From a financial perspective, decentralization is a transfer of resources and does expenses from the central government to local governments. Many economists and economic development, in particular, suggests the correct implementation of fiscal decentralization is one of the most important factors of economic growth in developing countries. In this context, the main objective of this study was to evaluate the impact of fiscal decentralization on economic growth in selected developing countries. To achieve the above objective is used three indexes of fiscal decentralization including revenue, expenses and vertical imbalance and Panel Co integration analysis and two-stage system generalized method of moment estimator (SGMM) (presented by Blundell and Bond (1998)). Results of this study show that the effect of fiscal decentralization of revenue and expenditure on economic growth is negative and significant. Also, the effect of vertical imbalance on economic growth is meaningless. The main reasons for these results can be found in the absence of clear and simple rules of decentralization, lack of expertise in the management and strengthen of control systems the subordinate governments in developing countries. Significant and symptom stable of control variables with diagnostic tests, show the econometric model is correctly specified.

Energy is the basic element of economic development process. It is driving wheel of the world’s global economy and the foundation of developed countries. It greatly contributes to human and economic growth and wellbeing of the society. Developed countries use huge amounts of energy for industries, services, housing and transportation. The linkage between energy consumption and economic growth has been a challengeable topic in economic studies after 1970s crisis. All studies about this relationship that initiated after Kraft and Kraft (1978) during three decade try to find this linkage but after more than three decades of empirical research, still unanswered. Nowadays reach to high level of economic growth is one of the most important purpose of all countries especially in developing countries. There is no doubt that energy is one of the most important factors in production process and reaches to high-level economic growth. Therefore, because of the importance of relationship between energy consumption- economic growth and variability of results in the literature on it particularly across sample periods, sample sizes, and model specification, this paper surveys it by new econometric methods in main sectors of Iran. This study uses panel error correction model and panel co- integration and causality tests to investigate short run and long run relationship between energy and value added growth in different sectors of Iran’s economy with regards to energy price in the time period of 1990-2010. Long run and short run coefficients estimation have done by using Dynamic Ordinary Least Square, Fully Modified Ordinary Least Square and Pooled Mean Group respectively. Results show that increasing (decreasing) of energy consumption in different sectors of Iran’s economy cause to increase (decrease) in value added growth, so we accept Feedback hypothesis in this study because of existence of bidirectional relationship between energy consumption and economic growth in sectors of Iran economy. Energy price impact on economic growth in short run is negative but in long run is positive. As a policy implication; in aggregate level, energy policy must improve access to energy and it including investment in renewable energy carriers and infrastructure to produce and exploit this type of energies. Improving access to energy through increasing the availability of energy resources for all groups and regions and reduce inequality in distribution of them, can provide accessing all segment of society to required energy, because distribution of energy resources across the country can provide increasing economic of scale. Considering the negative impact of energy price on value added growth of economic sector in short run, providing that necessary government support to maintain level of production in all sectors is essential. In summary, the results of this study show the bidirectional relationship between energy consumption and economic growth hence the government should take any energy policy cautiously so that the application of such policies will not have contractionary effects on economic growth. In this regard, the policies that cause to increase productivity and optimum use of energy consumption compared with Policies based on quantitative reductions in energy consumption will be of higher priority.

This paper studies the validity of Wagner law in selected OIC (Organization of Islamic Conference) member states by classifying them based on their income levels and degrees of corruption. For doing so، the Pesaran Cross-sectional Dependency (CD) test، cross-sectional augmented ADF (CADF) as well as Wasteland and Edgerton''s panel co integration tests have been employed. To estimate the coefficients، the continuous-updated and fully modified (CUP-FM) estimator has been used. The results confirm validity of Wagner law in all economies، having different income levels and corruption degrees.