1 2228-6454 Kharazmi University 1562 پولی و مالی The Existence of a Risk-Taking Channel of Monetary Policy Transmission in Iran’s Banking System Eslamloueyan Karim b Yazdanpanah Hamideh c Khalilnezhad Zahra d b Shiraz University c Shiraz University d Shiraz University 1 3 2018 9 31 7 40 12 04 2017 04 04 2018 Risk-taking channel refers to the banks’ risky activities following the expansionary monetary policy. This channel may affect the financial and output stability. The risk-taking channel can influence bank soundness and hence be a source of financial instability and financial crisis. This topic has been the focus of many researches after the financial crisis of 2008. Using the structural vector autoregressive model, this paper investigates the existence of a risk-taking channel in Iran’s banking system for the period 2006:2-2015:1. The results of impulse-response functions confirm the presence of risk-taking channel in the Iran’s banking system. This channel is considered to be one of the sources of high non-performing loans in Iran’s banking system. Therefore, banking supervision and macro prudential policies may reduce the banks’ risky activities. Moreover, introducing risk-taking channel into the central bank’s loss function might be helpful in achieving financial stability and reducing the negative impacts of risk-taking channel on output and economic growth in Iran.
1606 رشد و توسعه و سیاست های کلان The Interaction of Financial Development and Economic Freedom on Insurance Penetration Unsuccessful Countries in the Development of the Insurance Industry shahabadi Abolfazl e Ahmadi Mahsoomeh f Ali Moradi Ali Moradi g e Faculty of Economics and Social Sciences, Bu-Ali Sina University, Hamedan, Iran f Islamic Azad University E-Campus g Islamic Azad University of Arak 1 3 2018 9 31 41 68 18 09 2017 14 03 2018 The insurance industry as a means of transferring risk and paying damages, ensures the future and the confidence of individuals and as an investor's institution, It cumulation the saving resources and allocates it to the needs of investment and economic growth of the countries. Therefore, it is necessary to identify the factors influencing the development of this industry in countries with a low insurance penetration and action must be taken regarding reinforcement the increasing factors and Elimination its decreasing factors.In this regard, the present study has tried to determine the interaction between financial development and economic freedom indicators (total index, size of government, legal system and property rights, sound money, freedom to trade internationally and regulations) on the penetration insurance in Fifteen unsuccessful insurers will be insured over the period 2014-2000. For this purpose, the research model was estimated using panel data and generalized moment’s method. The results it shows the interaction of financial development and all index of economic freedom on insurance penetration the in selected countries have had a positive and meaningful.  Also, the individual effect of financial development and total economic freedom index is positive and significant. However, their individual influence on the insurance penetration is less than their interaction. Finally, the effect of control variables including per capita income, human capital and urbanization rate on the insurance penetration in the selected countries have had a positive and meaningful and the effect of unemployment and inflation have had a negative and meaningful. 1523 پولی و مالی Analyzing the Impact of Monetary Policy in a Dynamic General Equilibrium Model: Money in Utility Function Approach Izadkhasti Hojjat h h Shahid Beheshti University 1 3 2018 9 31 71 101 01 01 2017 30 04 2018 The impact of monetary policy on nominal and real variables in the economy is very important and controversial issues in monetary economics. Thus, the interaction between the real and monetary sectors, are the questions that different schools of economic have different responses and assumptions in this design is neutral and super-neutral of money in the long run. Accordingly, the acceptance or rejection each of the above hypotheses, effects on the role of monetary policy in the economy. This study, has been investigated the effects of monetary policy in the framework of a dynamic general equilibrium model on inflation and welfare, based on the money in utility function in Iran's economy. Then, the model is solved by using dynamic optimization and analyzed the results in the steady state. Calibration results and sensitivity analysis in steady state indicate that by decreasing the growth rate of money supply from 22% in the base state to 12%, reduces inflation rate from 20.45% to 10.57% decrease and increases real money balances from 0.1304 to 0.1352 unit, But the ratio of capital to labor, per capita production and per capita consumption do not change in the steady state. Finally, with a decrease in the rate of monetary growth and the increase in real money balances, the welfare increases in the steady state situation. 1413 رشد و توسعه و سیاست های کلان An Analysis of the Behavior of OPEC With the Approach of Evolutionary Game Theory Khakestari Marzieh i Joleini Sahar j Ameli Ahmad k i Kharazmi University j Kharazmi University k Kharazmi University 1 3 2018 9 31 103 130 16 05 2017 08 05 2018 This paper implements an approach to examine economic problems in which rational agents interact in dynamic markets. We use evolutionary game theory and agent-based modeling in tandem as a means to address intertemporal problems that display evolutionary attributes. This study examines the behavior of the Organization of Petroleum Exporting Countries (OPEC) in the global oil markets during the 1960s and 1970s, which sought to control global oil markets during this period.. To address this, a symmetric evolutionary game theory model is used to examine the behavior of OPEC agents as they learned to take control of their resources. An agent-based modeling approach employs computational power to implement the evolutionary game and provide detailed results. It is shown that OPEC’s behavior over the period is dependent on the growth of petroleum reserves within the member nations. Increasing realizations of natural resource reserves spur increased rates of learning and experimentation, and this enables the cartel to act cooperatively and capture control of global petroleum markets. If reserves are kept constant, OPEC lingers at a state in which the cartel does not come to dominate world oil markets. 1660 انرژی، منابع و محیط زیست Total Factor CO2 Emission Performance in Iranian Manufacturing Industries: Meta-Frontier Non-Radial Malmquist Index Approach Azami Somayeh l Poor-Karimi Latif m Sadri Sahar n l Razi University m Razi University n Razi University 1 3 2018 9 31 131 163 28 01 2018 04 04 2018 The purpose of this study is to evaluate environmental productivity changes in Iranian manufacturing industries, with two-digit ISIC codes, during 2003-2014. For this purpose, Meta-frontier Non-radial Malmquist CO_2 emission Performance Index (MNMCPI) is used. This index considers technological heterogeneities of industries. Empirical results indicate that, during 2003-2014, MNMCPI has grown, on average; the highest growth rate belongs to industries with medium technology. Also, all three indices of EC, BPC and TGC, as MNMCPI components, experienced growth, on average. TGC has the greatest impact in industries with medium technology while BPC has the greatest impact in industries with high and low technology. In general, BPC had the greatest effect on MNMCPI growth.The highest growth rate in EC index is observed in industries with low technology and the highest growth rates in BPC index, which shows the effect of innovation, and in TGC index are observed in industries with medium technology. Therefore, based on TGC index, industries with medium technology level are leading technological industries. Rregression analysis shows that energy intensity has a negative and significant effect and R&D has a positive significant effect on MNMCPI. 1637 سایر Investigating Psychiatrists Induced Demand in East Azarbayjan:The Approach of Hierarchical Linear Modeling (HLM) Panahi Hosein o Fallahu Firouz p Imani Ali Nasibparast Sima o Tabriz University p Tabriz University Tabriz University Tabriz University 1 3 2018 9 31 165 196 14 11 2017 08 05 2018 In recent decades, unnecessary growth in health expenditures of developing countries, and the importance of physicians' behavior in health market, have made investigating determinants of health expenditure on the one hand and the theory of physician induced demand (PID) on the other, as two of the most important issues in health economics. Therefore, using data collected through filling out information collection forms by psychiatrists and patients of East Azarbayjan in 2016 and employing hierarchical linear modeling methods (HLM), this study, examines the determinants of the average expenditure of each visit to a doctor and investigates the theory of PID within psychiatrists in the East Azarbayjan province. The results show that in psychiatry, although psychiatrists are “doctors tend to profit”, there is no physician induced demand. Results also indicate that patiant’s income, patiant’s education level, and condition of illness have significant effects on the average expenditure of each visit to a doctor. According to these results, it is suggested that in order to reduce unnecessary health expenditure, patient information on medical care should be increased, and government monitoring and control over the national health system must be increased. 1517 رشد و توسعه و سیاست های کلان The Impact of Economic Resilience and Vulnerability on Labor Productivity taherpoor ـavad Allameh Tabatabayi University 1 3 2018 9 31 197 227 12 12 2016 08 05 2018 Economic vulnerability shows the exposure of the economy to exogenous shocks and deviations from the path of growth and development. On the other hand, the resilience of the economy is the ability to recover the mentioned path of growth and development. Therefore, these two factors determine the level of welfare of the economy. Since the production factor productivity is the most important variables in determining the level of welfare of the economy, it is important to be measured the taking effect of the economic productivity from economic vulnerability and resilience. Therefore, in the this study, with employing the Panel GMM method for the period 2005-2014 and for eighteen oil-rich countries, the impact of economic vulnerability and resilience on labor productivity has been considered. The results of this study show that economic resilience has the significant and positive effect while the economic vulnerability has the significant and negative effect on the productivity of labor factor of production. Oil-rich countries, especially Iran, should be focused on reducing their economic vulnerability. To reduce economic vulnerability, shifting from single-product economy to export-diversified economy and reduce dependence on strategic goods will be suggested. To improve economic resilience, focusing on macroeconomic stability, improving institutional quality, improving the structure of markets, and improving human capital will be recommended. It is clear that these policy-induced recommendations would be so hard, but failing to achieve them, it leads to the bitter experiences such as decline in oil revenues, especially the sanction conditions.