Nava Ramezanian Bajgiran; Mostafa Salimifar; Ali Akbar Naji Meydani; Mohammad Salimifar
Abstract
According to endogenous growth theories, knowledge, innovation and technology are the most important factors affecting economic growth. There is also the view that economic growth can in turn expand the innovation and inventions by facilitating access to the financial resources for the entrepreneurs. ...
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According to endogenous growth theories, knowledge, innovation and technology are the most important factors affecting economic growth. There is also the view that economic growth can in turn expand the innovation and inventions by facilitating access to the financial resources for the entrepreneurs. In other words, there may be a circular flow between innovation and economic growth. Despite the importance of innovation in the economy, little has been done about this subject, especially in developing countries. Hence, this study was designed to investigate the causal relationship and correlation between innovation and economic growth in selected MENA countries during 1995 to 2011, using a vector error correction model and panel data econometrics. The findings suggest that there is a one-way causal relationship from innovation to economic growth in both the short and long run; however, there is no correlation between innovation and high-tech exports with economic growth. Also, foreign direct investment, gross capital formation and GDP growth rate of the previous periods, unlike the government expenditure variable, have significant positive relationship with economic growth
Ali Akbar Naji Meidani; Sayedeh Zahra Shakeri; Fatemeh kobra Bata
Abstract
Stock is an item of financial assets portfolio. So, understanding the factors influencing its value concerns investors. Price changes in the stock Exchange is not only due to internal factors such as dividends, net profit and cash flows of the companies, but also external factors such as macroeconomic ...
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Stock is an item of financial assets portfolio. So, understanding the factors influencing its value concerns investors. Price changes in the stock Exchange is not only due to internal factors such as dividends, net profit and cash flows of the companies, but also external factors such as macroeconomic variables. Automotive industry, in the world, is one of most strategic industries and in Iran has the highest share in GDP after oil industry.
This paper investigates the relationship between stock price of automotive companies in Tehran Stock Exchange and monetary macro variables such as exchange rate and consumer price index by using panel data from 2004 - 2010.
Our results show direct and significant relationship between stock prices of the companies with their dividends and real incomes and so with the exchange rate ,while there is a negative relationship between stock price and consumer price index.
Ali Akbar Naji Meidani; Mohammad Ali Falahi; Maryam Zabihi
Abstract
The purpose of this study is to examine the dynamic effects of some macroeconomic variables: money stock, gross domestic product, consumer price index and exchange rates on determining housing price index behavior in Iran using the error correction model. Using seasonal data, the model is estimated by ...
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The purpose of this study is to examine the dynamic effects of some macroeconomic variables: money stock, gross domestic product, consumer price index and exchange rates on determining housing price index behavior in Iran using the error correction model. Using seasonal data, the model is estimated by Johansen-Juselius cointegration approach during 1990-2007. The results reveal that all variables have a significant and positive relationship with housing price index. Forecast error variance decomposition shows that a large amount of house price changes can be explained by the variable itself until the fifth period, and with the increase of lag periods, share of gross domestic product, exchange rates, money and consumer price index would increase in explaining housing price index fluctuations. Furthermore, the response of housing price index to one standard deviation impulse in the aforementioned variables results in housing price index increase, and it returns to the permanent level after ten periods. The value of error correction coefficient is equal to -0.17 and is statistically significant; therefore, about 17 percent of housing price disequilibrium would be adjusted in each period. With regard to the nature of housing sector in Iran, such slow adjustment seems to be quite rational.
