فصلنامه سیاستهای مالی و اقتصادی
سال هشتم شماره 29 (بهار 1399)

Investigating causal relations, symmetry and asymmetry leads to the correct understanding of policy makers for policy and planning purposes. Many studies have been conducted on the linear relationship between variables on the international level and in Iran, but these studies mainly focus on linear relationships. Since in Iran, the non-linear and asymmetric relationship between the energy consumption variable and financial development and economic growth are not simultaneously taken. The main purpose of this study is to investigate the nonlinear and asymmetric relations Analyze between energy consumption variables and financial development on Iran's economic growth during the period 1960-2016 using Hatami-J's intermittent and causal distribution autoregressive model. The results indicate that the decline in energy consumption in Iran and in the long run increases economic growth, while in the short term it has a negative effect on growth, and one-sided causality has a negative impact on energy growth. On the other hand, the effect of financial development on economic growth has been negative, and only in the short run, with a decrease in the level of financial indicators, one can achieve a positive effect on economic growth and one-sided causality from the positive side of financial development There is economic growth. The positive and negative shocks of capital in the long and short t have a positive and significant effect on economic growth; increasing labor force in long and short run increase production and decrease labor force.

Importance of forming and the amount of capital stock in the industrial sector due to higher added value than other economic sectors in the growth and economic development, especially in the economic rise of paramount importance.On the other hand, taxes due to stabilization roles, allocation and distribution of income in the economy as one of the variables affecting the process are the investment and capital formation in the economy.This study seeks to answer the question of what combination of taxes among different types of taxes can help increase net capital stock in the industrial sector.
This paper, using the ARDL model and the annual data of the Iranian economy during 1976-2016, The effect of tax composition (income tax, corporations, wealth, goods and services and imports) using the income-neutral method has been assessed on the percentage of net capital stock of the industrial sector to total capital stock.
corporations instead of income tax reduces the share of net capital of the industrial sector and the substitution of variable tax on wealth, goods and services and imports instead of income tax increases the share of capital stock. It becomes a purely industrial sector.Also, the substitution of wealth and import tax variable instead of corporate tax variable would increase the share of net capital of the industrial sector and the substitution of variable tax on goods and services instead of the corporation tax variable would reduce the share of net capital of the industrial sector. .Replacing the variable tax on goods and services and imports instead of the tax on wealth has reduced the share of industry's net capital stock, and replacing the import tax variable with variable tax on goods and services has increased the net capital stock of the industrial sector relative to net capital stock. It will be whole.

Since China has been Iran's most important trading partner in recent years, the present study has attempted to investigate the effect of bilateral real exchange rate fluctuations on the trade relationship between Iran and China during the period 1992-2017. To investigate this relationship, the business data in the export and import sectors were divided into 15 major commodity segments, and the autoregressive distributed lag (ARDL) pattern was used for the analysis. The results show that, in the long run, exchange rate fluctuations did not affect Iran's exports to China in the commodity groups that make up a major export share (chemicals and minerals), but in the commodity groups that had less share (stone and glass and ...) of exports have had a negative impact. In the long-term import sector, exchange rate fluctuations have increased Iran's imports into commodity groups, which make up a major share (machine and electric) of China's exports to Iran. in the short-term effects of exchange rate fluctuations, the results show an increase in imported commodity groups and a decrease in most export commodity groups. As a result, exchange rate fluctuations in both the short and long run do not provide Iran with an advantage in trading with China.

This paper examines the role of different exchange rate regimes on relationship between  exchange rate volatility and economic growth. To investigate this relationship, information of 53 countries with floating and fixed exchange rate regimes in the period of 1987-2016 are considered. GARCH technique is used to estimate exchange rate volatility and Difference GMM technique for estimating the model. The results indicate that the exchange rate volatility has a negative and significant effect on the economic growth of countries and negative impact of exchange rate volatility on economic growth is weaker in floating exchange rate regime countries compared with fix exchange rate regime countries.

One of the significant incentives of the investors to enter the capital market is to earn profits and finally increase wealth. However, one of the most important concerns of the investors while investing in the stock market is the liquidity of the stocks. Thus, the high liquidity of the stock market reduces the risk of non-liquidity of the stock, as well as reduces the cost of capital accumulation for the companies and firms whose shares are offered on the stock market. Thus, liquidity of the stock market can be a good context for absorbing and accumulating savings and long-term investments. Having increased income growth, it can change income and poverty inequality. The purpose of the current study was to examine the income growth from stock market liquidity on income inequality and poverty for a selection of developed and developing countries. To this end, panel data from 2000 to 2017 was used. The results showed that income growth due to stock market liquidity reduced income inequalities and poverty in developing countries, while it increased the income inequalities and poverty in developed countries.

the investment horizons of institutional investors can affect monitoring incentives which might ultimately make an impact on firm CSR decisions. Hence, this paper investigates the effects of institutional investor’s investment horizons on CSR activities.This research has been carried out using annual data of companies accepted in Tehran Stock Exchange during the period of 2011-2018. By screening, 152 sample companies were identified.For testing of research hypotheses, multivariate linear regression has been used based on panel data.results show that longer investment horizons short term While short term investment horizons Leads to a reduction in social responsibility.  Further, active long-term institutions increase CSR whereas passive long-term institutions have no significant effect.results suggest that investors with longterm horizons have more incentives to monitor their firms which leads managers to engage in more vigorous CSR activities.