فصلنامه پژوهش ها و سیاست های اقتصادی
پیاپی 66 (تابستان 1392)

Eliminating of poverty and reducing of inequality are main functions of a government. Providing public services such as education، a government could change economic condition of its people and play important role in reducing poverty and inequality. This study evaluates the distribution of public spending in education sector in Iran in 2007. The benefit incidence analysis method is used in this research. In order to examine the hypothesis، concentration curve، income Lorenz curve and Gini and the Suits coefficients have been used. The results show that the distribution of primary level education spending is increasing. It means that the share of lower deciles is greater than top deciles of the population. In secondary & tertiary level، this distribution is decreasing، meaning that the upper deciles share of the education spending is greater than lower deciles. Overall، Distribution of public spending in education sector in Iran is decreasing. It is suggested to increase educational services accessibility for low income people all barriers should be identified and eliminated.

Arbitrage Pricing Theory (APT) was introduced by Ross in 1976. The fundamental assumption of this theory is the absence of arbitrage in the stock market. In this theory، the price of an asset is determined according to its level of risk and several macro-factors explain the level of the risk of a given asset. The main target of this study is investigating the conditions in which APT can be implemented in Tehran Stock Market. The stock price data of 20 firms active in stock market and six important economic indices were collected and used in this study. The SUR estimation method has been used for estimation of the equations system and for testing APT conditions; the LR statistics have been used. Finally، having investigated the issue and data، adoption of APT in Tehran Stock Market was not rejected by the study.

The role of financial intermediaries in the monetary transmission mechanism has been largely neglected in the study of macroeconomic fluctuations. Until recently، most dynamic stochastic general equilibrium models (DSGE) that were used to conduct monetary policy analyses incorporated a frictionless financial sector. In this study، we investigated that how banks will react if monetary shock occurs in the economy. To do so we used DSGE model and Bayesian Estimate. The results show that the monetary shocks Increase demand for loans and reduce the amount of deposits.

The effect of government spending on private consumption، as the largest and the most stable component of aggregate demand always has been preoccupying many economists. In this article، using the elasticity of substitution concept، we investigate the substitutability of government spending for private consumption in 48 OIC countries. We use the Pesaran’s CD test for investigating the cross-section dependency in the data. Then the stationary of variables confirmed by IPS and CIPS tests and the regression equations estimate by CUP-FM estimator. According to the estimation results، the substitutability between government spending and household consumption was confirmed for OIC countries. In addition، the results of estimating tell that in case of countries with larger governments the degree of substitutability between government spending and private consumption is greater.

This paper investigates the inequality of consumption expenditures caused by transference of income dispersion to consumption expenditures distribution. In order to calculate the rate of income inequality and consumption expenditures inequality the Lorenz ratio and the specific concentration‘s ratio have been used respectively. Iranian Households’ Income and expenditures data during 1966 - 2009 has been reviewed in this paper. In order to analyze the relationships between variables we have employed panel data methodology. The results of Panel Auto Regressive Distributed Lag (Panel ARDL) test show that there is a long-term relationship between income and consumption expenditures distribution. Estimations show that income inequality has significant impact on consumption expenditures distribution. The results also indicate that all of the fluctuations of income inequality do not transmit into the consumption expenditures distribution. So، consumption has a smoother behavior than income during the time. These results are in accordance with macroeconomics debate in consumption.

While financial market in Iran’s economy is based on banking system، Money market is very important one in Iran. The financial crises of the past decade، and the IMF’s initiative to build an early warning system against such crises، have stimulated a wave of research into the empirical determinants of banking crises. A common methodological challenge facing empirical research in this area is the identification of crises events. There are two common way to identify banking crisis; event method and Money Market Pressure Index. Therefore، the main goal of this paper is to measure Money Market Pressure Index in Iran. After reviewing existing literatures، both from the theoretical and empirical aspects، using monthly data during 1971- 2008 we introduce and measure the banking crisis index for Iran’s economy. The results indicate that the Iranian banking system has experienced crisis frequently، however، due to the state-owned banking system in Iran، those crisis have remained unobserved.

Housing sector fluctuations have many impacts on economic growth، job creating and households welfare. So، it is very important to determine main reasons of speculative bubbles in housing markets. There is almost general agreement about the role of expectations of buyers and sellers in making of speculative bubbles but، only a few researches try to model it. In this research we try to model speculative bubble in Tehran housing market using agent- based economics. Agents have heterogeneous expectations about long-run fundamentals but change their views because of «social dynamics». Agents meet randomly and those with tighter priors are more likely to convert other agents to their beliefs. Results of modeling show the role of non-fundamentals and heterogeneous expectations in speculative bubbles in the Tehran housing market

Shareholders wealth maximization is the main purpose of the businesses. In order to have maximum profit with minimal risk، Investors consider a lot of parameters. Nowadays it has been recognized that the profit itself could not be the proper criterion in evaluation of function and stock value the businesses. Economic value added is known as one of the best indicators of performance evaluation in measuring the value of financial assets. In the meantime، systematic risk as the uncontrolled risk which affects profitability and value of the business plays an important role in the investment decisions. In the present paper we try to study the effects of systematic risk on economic value added end the relationship between them in Iran. In order to provide empirical evidence about the impact of systemic risk on the economic value added، Market return، stock return and financial information of 136 companies which are listed in Tehran Stock Exchange during (2000-2011) have been studied. The Research hypotheses were tested by both static and dynamic panel data approach. The results of dynamic panel data approach showed that there is a reverse and negative relationship between systematic risk and economic value added of companies.

According to the Capital Pricing Model (CAPM)، market return is related to risk associated with macroeconomic health of the economy، which in turn affects systematic risk component. This study was aimed at investigating and risk of market return fluctuations as well as the relationship between macroeconomic variables، such as inflation rate، exchange rate، private investment in real estate and total stock market return risk. Monthly data during 2001 to 2009 and GARCH-M model have been used in this study. Results show that inflation rate and housing return rate have negative effects on systematic risk but، risk premium and exchange rate coefficient are not significant