Saeed Rasekhy; Amir Khanalipour
Volume 13, Issue 40 , October 2009, , Pages 29-57
Abstract
Stock markets are strong means of attracting savings and directing them to investors، but their rate of returns are subject to fluctuations much higher than other economic variables. This paper is to examine of the volatility in the Tehran stock marketusing the conditional heteroscedasticity technique ...
Read More
Stock markets are strong means of attracting savings and directing them to investors، but their rate of returns are subject to fluctuations much higher than other economic variables. This paper is to examine of the volatility in the Tehran stock marketusing the conditional heteroscedasticity technique for the period 1370:0-1386:06. Based on the results obtained، (1) distribution of the return has positive skewness indicating that market players consider occurrence of negative returns more likely. (2) Return series is not normaly distributed and has more height than normal curve. (3) Calendar has no significant effect on return with the exception of second، fifth and ninth months of the year. (4) Weak Information efficiency is rejected. Thus، not all market factors transact professionally and، the information and the news affect stock price with a time delay. (5) Inflation has positive effect on returns fluctuations، but is not significant . (6) Exchange rate (Rials/$) has positive and significant but samll effect on return fluctuations. The small effect is probably due to the fact that there is only a little share of Dollar in shareholders portfolio. Finally، (7) Assumption of normal distribution for residuals is not suitable. In contrast، t and general error distributions if surplus kurtosis is considered are proper assumptionsGovernments can play have an important role in affecting the demand for planning and preparing the food these security through their protection policies such as providing subsidies. subsidizing the main or basic categories of food in the same time subsidies will increase the government expenditure،therefore، it is necessary to set goals carefully. However، as subsidies will increase government expenditure and will cost the economy، they should be targeted to people who need them the most. In this article، we estimate the demand for main or basic foods، (i.e.bread، meat، milk، oil and sugar) have been estimated by using AIDS Model and taking into account household budget survey data in urban areas and consumer price index through two stage model and cointegration for the periodyears 1363-1384. At every stage، estimation was done for both the short-run and the long-run and the homogenous constraint and symmetric have been examined by Wald test. As an instrument of analysis، We obtain price elasticity، income elasticity and cross price elasticity of demand have been calculated forin the short-run and the long-run. The results show that reducing subsidies on these goods would put a pressure on consumer expenditure through the rise in the prices. However، changes in the structurel of subsidies with a gradual reduction in the amount of subsidies for bread، oil and sugar and directing them payment toward meat and milk within a structured goal is recommended.will be more beneficial.
Saeed Karimi; Saeed Rasekhi; Mojtaba Ehsani
Volume 13, Issue 39 , July 2009, , Pages 147-166
Abstract
Governments have an important role in planning and preparing the food these security through protection policies such as subsidizing the basic food in the same time pay subsidies it will increase the government expenditure,and hence, it is necessary to set specific goals carefully. In this article, the ...
Read More
Governments have an important role in planning and preparing the food these security through protection policies such as subsidizing the basic food in the same time pay subsidies it will increase the government expenditure,and hence, it is necessary to set specific goals carefully. In this article, the demand for main or basic foods, (i.e.bread, meat, milk, edible, oil and sugar) have been estimated by using AIDS Model and taking into account household budget in urban areas and consumer price index through two stage model and cointegration for the years 1934-2005. & estimation was done for both the short-run and the long-run and the homogenous constraint and symmetric have been examined by Wald test. As an instrument of analysis, price elasticity, income elasticity and cross price elasticity of demand have been calculated for the short-run and the long-run. The results show that reducing subsidies on these goods would put a pressure on consumer expenditure through the rise in the prices. However, changes in the structure of subsidies with a gradual reduction in the amount of subsidies for bread, edible oil and sugar and directing the payment toward meat and milk within a specific goal is recommended.
Khosrow Piraee,; Mohammad Reza Shahsavar
Volume 12, Issue 36 , October 2008, , Pages 153-185
Abstract
Subsidies and indirect taxes are important instruments in order to implement government policy aimed at poverty reduction. This paper develops a methodology to assess subsidies and indirect taxes from poverty reduction aspect. This method helps us to know whether subsidies and indirect taxes are pro ...
Read More
Subsidies and indirect taxes are important instruments in order to implement government policy aimed at poverty reduction. This paper develops a methodology to assess subsidies and indirect taxes from poverty reduction aspect. This method helps us to know whether subsidies and indirect taxes are pro poor or not. A fiscal policy can be said as pro poor if it benefits the poor proportionally more than the non poor. For this purpose, in the viewpoint of poverty the concept of elasticity of Foster, Greer, and Torbeque poverty index with respect to prices is used and then the pro-poor index for prices is derived we use the index to assess the indirect taxes and subsidies. The results of this research during the years 1379-83 in urban and rural areas in Iran indicate increasing in price of food items hurt the poor more than the rich and subsidizing these items (excluding beverages and tobacco) have been pro-poor. how ever, an increasing in price for items like health and care, transportation, communication and education hurt the rich more than the poor, and the rich benefit more than the poor from these subsidies.Therefore,a review on studies tax program in order to reduce inequality and improve welfare seems to be necessary.
Zakria Farajzadeh; Bahaeddin Najafi
Volume 6, Issue 20 , October 2004, , Pages 135-156
Abstract
Subsidizing is one of the income transfer channels that are mainly paid in order to protect low-income groups and improve the income distribution. Budgetary constraints of developing countries and necessity of providing the poor with their basic needs are the main reasons of targeting subsidies. ...
Read More
Subsidizing is one of the income transfer channels that are mainly paid in order to protect low-income groups and improve the income distribution. Budgetary constraints of developing countries and necessity of providing the poor with their basic needs are the main reasons of targeting subsidies. Evaluating the current consumption pattern of choosen commodities indicates a significant difference between rural and urban deciles in terms of physical amount and allocated expenditures. So, in terms of quality and quantity, higher income deciles are now more benefited. Consumption behavior of rural and urban consumers also revealed that the subsidized commodities are consumed as a complementary set. Impact of increasing price of the subsidized commodities on calorie intakes, income of deciles and poverty indices was investigated by using different scenarios of price increment. The nutritional effects of increasing price of all commodities together show that rural consumers is affected more than urban ones. In terms of calorie intakes through the most of deciles, increment of rice price affect urban consumers more than rural consumers and in the case of bread a reverse trend is observed. Among the rural and urban income deciles reduction in calorie intakes is also relatively irregular. Considering the income effects of increasing price of sugar and bread indicate that rural consumers experience a more reduction in income relative to urban consumers. The price increment of rice and all commodities together mainly affect low-income deciles in urban regions and high income deciles in rural regions. Based on the results, it is suggested that income deciles in both rural and urban regions to be recognized and subsidized commodities to be distributed among the deciles located under poverty line. However, in case of reduction in subsidies, it should take place by selected commodities and gradually.
