فصلنامه برنامه ریزی و بودجه
پیاپی 145 (تابستان 1398)

Recent theoretical econometric studies have focused on mixed frequency data. These studies are of great importance since they emphasize the role of information in economic modeling. In the current Time Series approach, temporal aggregation is often turned to a period of identical alternation; however, such aggregation leads to information loss in higher-frequency data. The mixed frequency studies provide a way to avoid the need for such temporal aggregation. In particular, the main result of this branch of econometric studies is to improve explanatory power, prediction, and efficiency in time series modeling with mixed frequency data. Accordingly, this paper attempts to specify the developments and shortcomings of this new branch of econometrics by reviewing the extant literature.

The main purpose of this study is to measure the productivity and efficiency of Iran’s airline industry. To meet this ends, the data of 12 companies in the airline industry were used over the period 2011-2018. Also, this article sought to measure total factor productivity, technological progress, scale efficiency, and changes in technical efficiency by using a stochastic frontier and parametric approaches. The results show that the highest total factor productivity and change efficiency occurred in 2014. Moreover, among the effective factors on productivity, the change efficiency and economies of scale have the greatest impact. Although some of the companies exhausted all the scale economies, some still have not done that yet. Therefore, by increasing product scale and air fleet capacity, economies of scale can be exploited further. In addition, the results imply that increasing the market share of each company leads to a reduction of inefficiency in this industry. Thus market share being aligned with technological progress, scale efficiency and change efficiency are the determining factors in enhancing total factor productivity and efficiency in this industry.

The share of factors of production in the GDP of a country represents an overall picture of its aggregate production technology. The share of reproducible factors (i.e., physical capital and human capital), and the share of non-reproducible factors (i.e., natural capital and unskilled labor) from total production varies considerably across different countries. In this paper, the impact of nonrenewable resource abundance or dependence on various factor shares is studied. Cross-sectional data of countries using OLS and 2SLS estimates are investigated. The results show that the share of natural capital in GDP is higher in the countries that are more dependent on nonrenewable resources or enjoy resource abundance. Moreover, human capital share and unskilled labor share are both lower in countries with higher degrees of resource dependence. Further research is needed to shed light on how resource abundance or dependence affects factor shares of economies.

One of the important economic variables related to the foreign balance of countries is the current account balance of payments. Current account balance and budget balance are considered as important indicators of macroeconomic stability and welfare. The growing disequilibrium of the current account balance and the government budget balance lead to a macroeconomic imbalance. This paper analyzes the effects of monetary and fiscal policies on current account deficits in selected oil-exporting countries (Algeria, Colombia, Ecuador, Gabon, Iran, Mexico, Nigeria, Saudi Arabia, Kuwait, Angola, Congo, Indonesia, Malaysia, Trinidad, and Tobago) for the period 2000-2015 using a Panel Vector Autoregressive (P-VAR) model. The results indicate that monetary policy (by raising interest rates) will decrease the current account deficit. Considering that, in this research budget deficit coefficient is positive, as budget deficit increases (fiscal policy), the current account deficit decreases. In other words, the twin divergence hypothesis is approved for this group of countries, during the period under review. With increasing oil revenues, current account deficits will increase.

China has experienced a substantial surplus in its balance of payments since 2000. Based on Chinachr('39')s law, its central bank buys the balance of paymentschr('39') surplus. This action, along with the closed capital accounts, can lead to an increase in the bankchr('39')s foreign asset and consequently raise the monetary base and cause inflation. This paper shows that the Central Bank of China has been successful in keeping the inflation level low through sterilization of foreign assets in a transition period when a huge surplus in the balance of payments could lead to a severe increase in the monetary base. By issuing bonds and increasing the rate of bankschr('39') required reserves, the Central Bank of China has been able to manage the incoming foreign reserves and control the growth of liquidity and monetary base. As a matter of fact, this policy has been successful in restraining the rise in the value of home currency and inflation at the same time. Afterwards, during the smooth period of the monetary base growth (the 2010s), due to inflated monetary base at the end of the transition period, the balance of payments’ surplus does not lead to a sharp increase in the monetary base anymore; therefore, bond issuing policies and raising the rate of bankschr('39') required reserves are not utilized like before.

The main purpose of this paper is to explore the conceptual framework of governance based on the institutional economic approach emphasizing the views of John Rogers Commons. To this end, as a qualitative  approach, the focus group of the research method was applied. According to Commons, we first encounter a conflict of interest between individuals, groups, and organizations, which is itself due to the scarcity of resources. Then, collective action is formed to overcome such contradictions. In view of that, there is negotiation, exchange, and collective bargaining that ultimately lead to working rules among human beings to come to a practical result as to live and work together under an agreement that engenders order, security, and dignity. Commons considers working rules as a major means for organizing societychr('39')s affairs; however, such working rules are formed and developed within the framework of collective democracy. Order and rules cannot be enforced and sustained unless the views and the voice of all parties and stakeholders are heard on an equal basis. Collective democracy as a method of governance facilitates the achievement of such a goal.