Nematollah Akbari; Mozhgan moallemi
Volume 7, Issue 25 , February 2006, , Pages 109-126
Abstract
On the theory, integration among countries that have common economic as well as political benefits, such as Persian Gulf Countries, may result in resource reallocation, an increase in products, trade and then economic welfare for members. This paper investigates the effect of trade integration on international ...
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On the theory, integration among countries that have common economic as well as political benefits, such as Persian Gulf Countries, may result in resource reallocation, an increase in products, trade and then economic welfare for members. This paper investigates the effect of trade integration on international trade flows among the members, using the trade gravity model.
The contiguity effect must be considered because of spatial dependence of the member countries. These countries have some common borders and therefore, spatial dependence among them affects their trade flows. Also, the paper addresses the question of extent the contiguity factor can influence the intra-trade flows of the members.
The estimation results show that the spatial dependence hypothesis is confirmed in the model. Moreover, the coefficient of integration variable reveals the fact that trade flows among Persian Gulf countries are below potential level. Therefore, these countries should remove trade obstacles to benefit from potential trade as well as comparative advantages.
Mohammad Ali Feizpour; Gholamhossein Zare
Volume 17, Issue 51 , July 2012, , Pages 113-135
Abstract
The following research attempts to study the effect of personal characteristics on unemployment duration in Yazd city during 2007-2010. The Cox proportional hazard model is used to test the hypotheses in this study. A sample of 1964 individuals who had experienced one term of unemployment during the ...
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The following research attempts to study the effect of personal characteristics on unemployment duration in Yazd city during 2007-2010. The Cox proportional hazard model is used to test the hypotheses in this study. A sample of 1964 individuals who had experienced one term of unemployment during the study period is analyzed. The results suggest that factors such as being a male, being married, number of children, having professional skills, employment background and higher education could decrease the unemployment duration while two factors of age and the spouse employment are likely to have increase this period.
Khosrow Piraee; Azadeh Ghana'atian
Volume 8, Issue 29 , February 2007, , Pages 113-141
Abstract
Economic growth and poverty alleviation have been among the most important government policies in Iran for the past three decades. This paper examines the effect of economic growth on the poverty reduction in Iran using various methodologies and approaches for the period 1995-2003 Main findings of the ...
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Economic growth and poverty alleviation have been among the most important government policies in Iran for the past three decades. This paper examines the effect of economic growth on the poverty reduction in Iran using various methodologies and approaches for the period 1995-2003 Main findings of the paper show that poverty incidence in urban and rural areas of Iran has declined, however, the intensity of poverty has declined in urban, but increased in rural areas. Furthermore, measurements of indices such as the poverty incidence,, poverty-growth curves, and the poverty equivalent growth indicate that economic growth in most years has been weakly pro-poor in both urban and rural areas, confirming the trickle down effect of growth.
Ali Asghar Banouei
Volume 5, Issue 14 , April 2003, , Pages 113-136
Abstract
The Social Accounting Matrix (SAM) and its related models were designed to circumvent many restrictions inherent in the National Accounting practices. The goal was quantitative and simultaneous analysis of economics and social problems facing many of developing countries. Iran was the first country to ...
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The Social Accounting Matrix (SAM) and its related models were designed to circumvent many restrictions inherent in the National Accounting practices. The goal was quantitative and simultaneous analysis of economics and social problems facing many of developing countries. Iran was the first country to adopt this accounting system. In the fifth plan of Iranian economy in 1973, the senior consultant from the International Labor Organization (ILO)proposed guideline for Iranian planners. The Iranian experience was carefully expanded to include other countries of the world by the same organization. The result of this experience in Iran was numerous books and articles that were published in internationally reputed journals.The debate that followed paved the way for development of a system of national account with a domestic flavor. Two of the main results of these intellectual challenges were the complete revision of the System of National Accounts of 1968 in which the importance of the role of meso level accounting, and the applications of Theory of General Equilibrium were recognized. While the Iranian experience had a tremendous effect at the international level, in Iran, it was forgotten by the academia for over two decades.The design of meso level accounting system in the form of social accounting matrix is the second experiment in Iran which is based on the experience of other countries and United Nation System of National Accounts (1993). The SAM for Iran is presented in three levels of aggregation: The Macro SAM, which has 10 rows and columns, The Meso SAM which has 33 rows and columns, and finally the Micro SAM which has 94 rows and columns. In this article the circular flow of Iranian economy for 1996 based on Meso SAM is presented.
Mohsen Jalali
Volume 12, Issue 36 , October 2008, , Pages 115-134
Abstract
The Gini coefficient is a popular and a widely used index for measuring inequality. But it does not express explicitly a parameter or a value judgment to reflect the opinion of authorities or researches. A generalization of this index known as extended Gini coefficient is introduced to explain different ...
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The Gini coefficient is a popular and a widely used index for measuring inequality. But it does not express explicitly a parameter or a value judgment to reflect the opinion of authorities or researches. A generalization of this index known as extended Gini coefficient is introduced to explain different versions of inequality. For decomposing of inequality there are two approaches. First, using a decomposition of Gini coefficient to income components dissent the relative importance of the major income components. Following such decomposition, the marginal impact on inequality due to a change in income or consumption for specific source estimates the Gini income elasticity. The second approach is decomposition of Gini coefficient by subgroups of population. This approach is applicable when the subgroups do not overlap. This article in tends to analyze the structure of distribution of income in Iran by using these approaches.
Asadollah Jalalabadi; Sharareh Rakhshan
Volume 7, Issue 22 , April 2005, , Pages 115-132
Abstract
Energy consumption & economic activities in such a way that are highly correlated. Gas and electercity account for more than 98 percent of total energy consumption in Iran. In this paper an attempt is made to study the consumptions pattern of energy carriers in Iran, using Vector-Auto Regression ...
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Energy consumption & economic activities in such a way that are highly correlated. Gas and electercity account for more than 98 percent of total energy consumption in Iran. In this paper an attempt is made to study the consumptions pattern of energy carriers in Iran, using Vector-Auto Regression and Granger Causality Test. The results indicate that price variable is not important determinant of the consumption pattern of energy carriers in the country. However, there are some tendeney to change the energy consumption on the long – run.
Gholamreza Keshavarz Haddad
Volume 6, Issue 21 , February 2005, , Pages 115-133
Abstract
In this Paper financial services in the Iranian economy, which is portioned into 41 industries, is considered as a sector with a Leontief production function. Financial Sectors, buy inputs from other sectors, and provide services to expedite the cash fellows and risk transformation for other sectors. ...
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In this Paper financial services in the Iranian economy, which is portioned into 41 industries, is considered as a sector with a Leontief production function. Financial Sectors, buy inputs from other sectors, and provide services to expedite the cash fellows and risk transformation for other sectors. The former relations are called Backward Linkage and the later relations through which the sectors provide output to meet required cash fellow and risk reduction of economic activities are called Forward Linkage. In quantification of the linkages, employment and output elasticity, the forward index of value added, and backward linkage of final demand are used. Furthermore, direct and indirect effects of a hypothetical extraction of the sectors on output and employment are calculated. The results show that, although the linkages between financial sectors and the rest of the economic activities are not strong, their extraction will result in 225246.8 decrease in job opportunity, according to the 1370 input-output table produced by the Statistical Center of Iran.
Saeed Moshiri; Morteza Naderi
Volume 3, 8(Spring and Summer ) , April 2001, , Pages 115-126
Seyed Aziz Arman; Rohollah Zare
Volume 7, Issue 24 , October 2005, , Pages 117-143
Abstract
Iran as a developing country possesses rich and extensive energy resources has an advantage in energy-intensive industries. In this research, Granger-causal relationship between economic growth in Iran and various energy carriers including oil products, electricity, natural gas and solid fuels are investigated ...
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Iran as a developing country possesses rich and extensive energy resources has an advantage in energy-intensive industries. In this research, Granger-causal relationship between economic growth in Iran and various energy carriers including oil products, electricity, natural gas and solid fuels are investigated using Toda and Yamamoto procedure for period 1967-2002.
The results reveal that there is a unidirectional Granger-causal relationship from electricity consumption and oil products consumption to economic growth. Likewise, there is a unidirectional Granger-causal relationship from economic growth to solid fuels consumption and natural gas consumption. Estimation of error correction models reveal that in the short run and long run, there is bidirectional Granger-causality between electricity consumption and economic growth. Likewise, in the long run, a unidirectional Granger-causality runs from economic growth to natural gas consumption. Therefore, in the cases that unidirectional Granger-causality runs from energy consumption to economic growth, energy conservation policies should be designed carefully in a way that utilization of such policies doesn't have diminishing effects on economic growth. Accordingly, we suggest a set of “optimal usage” and “efficient consumption” policies in economic sectors. In the cases that unidirectional Granger-causality runs from economic growth to energy consumption, energy conservation policies could be implemented without impeding economic growth.
Mansour Zerra Nezhad; Mehran Larki Bakhtiari Nezhad
Volume 6, Issue 19 , July 2004, , Pages 117-141
Abstract
Due to the importance of production of pipes in oil and gas industries, the estimation of oil and gas pipe production function is of great interest. To this end, Ahvaz pipe mill, the largest pipe mill in Iran, has been chosen as a case study and its production function during 1979-2003 has been estimated. ...
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Due to the importance of production of pipes in oil and gas industries, the estimation of oil and gas pipe production function is of great interest. To this end, Ahvaz pipe mill, the largest pipe mill in Iran, has been chosen as a case study and its production function during 1979-2003 has been estimated. This estimation is based on time-series techniques, using unit root tests, cointegration and error correction models. The results suggest that Cobb-Douglas production function is more compatible with theory of production function & the data than alternative specifications. The imperical findings show that the error correction term is 0.96, labour elastisity and capital elastistiy are 0.58 and 0.53, respectively. The wald test result indicate that there is increasing return to scale.
Enayatollah Fakhrai; Farrokh Norroozy
Volume 9, Issue 30 , April 2007, , Pages 119-135
Abstract
Rice is an important item in the Iranian agricultural product imports. This paper presents the estimation of an error correction model of linear approximation of the Almost Ideal Demand System for various kinds of imported rice, including Pakistanian, Thai, and others, as well as Iranian rice. The period ...
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Rice is an important item in the Iranian agricultural product imports. This paper presents the estimation of an error correction model of linear approximation of the Almost Ideal Demand System for various kinds of imported rice, including Pakistanian, Thai, and others, as well as Iranian rice. The period of the study covers the period1981-2004. The findings of the research show that short-run and long-run Marshalian own price elasticities are negative except for that of Pakistanian rice wich has a positive elastivity in the short-run, though very close to zero. The short-run Hicksian own price elasticities are all negative and close to those of Marshalian ones, except for Pakistanian rice which is positive in both cases. The Hicksian cross elasticties indicate that all Pakistanian and Thai rice are imported by government in response to the shortages in the domestic market. That is the complementarity of the domestic and the imported rice is not due to the consumer preferances.
Farkhondeh Jabal Ameli; Hamidreza Baradaran Shoraka
Volume 5, Issue 15 , July 2003, , Pages 121-141
Abstract
Journal: IRANIAN ECONOMIC RESEARCH Summer 2003 , Volume 5 , Number 15; Page(s) 121 To 141. Paper: REAL EXCHANGE RATE VARIABILITY AND THE CHOICE OF EXCHANGE RATE REGIME IN IRAN ...
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Journal: IRANIAN ECONOMIC RESEARCH Summer 2003 , Volume 5 , Number 15; Page(s) 121 To 141. Paper: REAL EXCHANGE RATE VARIABILITY AND THE CHOICE OF EXCHANGE RATE REGIME IN IRAN Author(s): JABAL AMELI FARKHONDEH*, BARADARAN SHORAKA H.R. * ALLAMEH TABATABAIE UNIVERSITY Abstract: This paper intends to draw the relation between real exchange rate variability and the choice of exchange rate regime. The hypothesis was tested by estimating a simultaneous Limited-Dependent variable model with data from a time series during 1973-1996. The paper examines a number of exogenous determinants of exchange rate variability and the choice of exchange rate regime.Our results indicate that: 1) The more opening in Iran's economy, the greater in REER variability, 2) An increase in domestic monetary shocks will result in greater REER variability, 3) REER variability decreases in the fixed exchange rate regime, 4) As an openness increases, the choice of the floating regime is more suitable, 5) The greater REER variability, the more likely a fixed exchange rate.
Reza Mosavi Mohseni; Hamed Taheri
Volume 13, Issue 41 , February 2010, , Pages 123-137
Abstract
This paper investigates the sustainability of fiscal process in Iran. For fiscal process to be sustainable, government's intertemporal budget constraint should be satisfied. In this paper, we have assessed sustainability condition for period 1964-2007, using cointegration tests. The model is based on ...
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This paper investigates the sustainability of fiscal process in Iran. For fiscal process to be sustainable, government's intertemporal budget constraint should be satisfied. In this paper, we have assessed sustainability condition for period 1964-2007, using cointegration tests. The model is based on Bohn (1998) and the Barro's tax smoothing model (1986). This model is modified for an oil-producing country, noticing that oil income has comprised a large part of government income in Iran. Results show that fiscal process is not sustainable in Iran. The sustainability of the fiscal process is also compared in two periods, before and after the revolution. The estimated coefficients of the model indicate that the fiscal sustainability condition has become worse after the revolution
Ali Akbar Gholizadeh; Behnaz Kamyab
Volume 14, Issue 42 , April 2010, , Pages 123-147
Abstract
In this paper we analyze the three responses of monetary policy to bubble in housing prices. First rule corresponds to a monetary authority that does not respond to house price inflation. The second rule corresponds to a monetary authority that respond to overall house price inflation, and in third alternative ...
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In this paper we analyze the three responses of monetary policy to bubble in housing prices. First rule corresponds to a monetary authority that does not respond to house price inflation. The second rule corresponds to a monetary authority that respond to overall house price inflation, and in third alternative is a policy in which a monetary authority responds to house price bubble. We use an ARDL model with quarterly data for Iran. The results reveal several practical monetary policy lessons. First، a monetary authority should generally respond to house price bubble because minimizes the loss function. Second، this finding holds even if a monetary authority cannot distinguish between fundamental and bubble house price behavior. Third, monetary authority should tighten when house price bubbles are inflating and should ease when house price bubble collapse.
Niloufar Sadat Hosseinioun; Mehdi Behname; Taghi Ebrahimi Salari
Abstract
The aim of this paper is to study volatility spillovers among stock, gold and exchange rate markets. A “VAR–MGARCH” model was applied for Iranian financial markets for the period of March 21, 2011 to September 22, 2014. The data used are daily price of Bahar Azadi Coin, Tehran price ...
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The aim of this paper is to study volatility spillovers among stock, gold and exchange rate markets. A “VAR–MGARCH” model was applied for Iranian financial markets for the period of March 21, 2011 to September 22, 2014. The data used are daily price of Bahar Azadi Coin, Tehran price stock index and nominal exchange rate (Dollar in terms of Rials).The results indicate that there are bidirectional shock transitions between gold and exchange markets and between gold and stock markets and there is a unidirectional shock transition from stock market to exchange market. Also, the results show that there are bidirectional volatility transitions between exchange and gold markets and gold and stock markets.
Davood Behboodi; Hossien Asgharpour; Siab Mamipour
Volume 13, Issue 40 , October 2009, , Pages 125-147
Abstract
Growth literatures indicates that human capital، education and technologicaly progress are effective factors on economic growth. Empirical studies present that natural resource abundance have an important role on economic growth in natural-resource-rich countries. This studyessaystudy essay investigates ...
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Growth literatures indicates that human capital، education and technologicaly progress are effective factors on economic growth. Empirical studies present that natural resource abundance have an important role on economic growth in natural-resource-rich countries. This studyessaystudy essay investigates the relationship between natural resource abundance، human capital and economic growth in two cases of petroleum exporters' countries: A) Major petroleum exporters B) Other petroleum exporters. We use a panel data for The model of this paper is tested by panel data for the period 1970-2004. The results output of models indicate that physical investment and openness have positive impact on economic growth، and resource abundant and government expenditure ae inversely related with economic growth.، but hHuman capital hasve a different impact inin the two cases sample of paper; so that human capital have It has a negative impact on economic growth in the first case (A)، but while it has a positive impact on economic growth in the second case (B). So، We can conclude that human capital can be main factor to explain slow growth in resource-rich countries. Abundant of natural resource in this countries and bad usage of natural resource can be cause of negative relationship between human capital and economic growth. In other hands، Ccountries that are rich in mineral and oil resources neglect the developing of their human resources by devoting inadequate attention and expenditure to education. So these countries have lower growth rate with respect to others.
Rahim Goodarzi; Masode Homaionyfar
Volume 10, Issue 34 , April 2008, , Pages 125-144
Abstract
The purpose of this paper is twofold. The first aim is to illustrate the relationship between game theory and linear programming. The other aim is to apply game theory to field crops. We have used the main field crops (wheat, barley, paddy, maize, chickpea, lentil ,cotton and potato) in Province of Fars. ...
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The purpose of this paper is twofold. The first aim is to illustrate the relationship between game theory and linear programming. The other aim is to apply game theory to field crops. We have used the main field crops (wheat, barley, paddy, maize, chickpea, lentil ,cotton and potato) in Province of Fars. The data included time series of gross product values of the investigated crops for the period 1362-1382. The Wald decision-making criterion was applied to the game theory model to determine the highest income under the worst conditions. The results of the model indicate that potato and paddy were the most risky crops for the the period of study. As potato and paddy provide the highest expected income under the worst conditions these crops enter the optimum plan. Furthermore, these two crops have the highest variation coefficients compared to the other crops. It is concluded that the game theory model can be used to select alternative management strategies.
Alireza Kazerooni; Ali Reza Mohammadi
Volume 9, Issue 31 , July 2007, , Pages 127-150
Abstract
The main objective of this paper is to estimate the relationship between the real wage rates and labor productivity in the industrial sector of Iran over the period 1979-2002. The empirical results obtained form the ARDL estimation model confirm a long run (co-integrated) relationship between the ...
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The main objective of this paper is to estimate the relationship between the real wage rates and labor productivity in the industrial sector of Iran over the period 1979-2002. The empirical results obtained form the ARDL estimation model confirm a long run (co-integrated) relationship between the real wage rate and the productivity along side with other variables in the model where the labor productivity has a positive impact on real wage rate, but is not significant statistically. Also, the Granger test demonstrates that there is no causality link between these two variables. In fact, other factors, including the government domination on the major industrial units (by setting an administrated wage rates), labor laws, and lack of effective labor unions have led to an inflexible wage rate system.
Gholamreza Keshavarz Haddad; Seyed Babak Ebrahimi; Akbar Jafar Abadi
Volume 16, Issue 47 , July 2011, , Pages 129-162
Abstract
Long memory in asset returns and volatilities is a new research area, both in theoretical and empirical modeling of high frequent financial time series. The most popular techniques of time series modeling with long memory is the ARFIMA-FIGARCH, but this fractionality in the integration of time series ...
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Long memory in asset returns and volatilities is a new research area, both in theoretical and empirical modeling of high frequent financial time series. The most popular techniques of time series modeling with long memory is the ARFIMA-FIGARCH, but this fractionality in the integration of time series modeling has not been extended to the Multivariate GARCH models yet. The present paper aims to extend the BEKK’s MGARCH models to take into account the presence of long memory in daily financial time series. Although the proposed procedure is highly non-linear in the fractionality parameters with a serious computational burden, it estimates all the parameters of mean and variance equations in a nonlinear framework and finds a unique solution, by numerical optimization procedures. In the empirical part of the paper a multivariate FIGARCH is used to check the transmission of volatility among the automobile industry, machinery leasing and equipment indices in the Tehran Stock Exchange. The results confirm the existence of short memory in both conditional means and conditional variances, and moreover the magnitude of estimated d parameter is remarkably different from those of resulted from GPH and single ARFIMA-FIGARCH. Empirical findings of the MFIGARCH specification were compared with those of BEKK, and the comparison shows that MFIGARCH estimations are consistent with theoretical considerations. Moreover, our findings confirm the presence of lead and lag effects and information flow between the returns and volatilities of automobile industries and machinery leasing stock prices, and a multilateral information transmission from machinery leasing’s stock towards the Auto industry and machinery parts manufacturing share prices is observed.
Hassan Heydari
Volume 9, Issue 33 , February 2008, , Pages 129-163
Fariba Moslehi
Volume 8, Issue 27 , July 2006, , Pages 133-151
Abstract
This paper examines the usefulness of monetary and fiscal policy on real and nominal variables in Iran’s economy. Our analysis is based on annual data from 1338 to 1383, employing SUR method. The results indicate that none of the two policies, monetary and fiscal, have impact on real variables, ...
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This paper examines the usefulness of monetary and fiscal policy on real and nominal variables in Iran’s economy. Our analysis is based on annual data from 1338 to 1383, employing SUR method. The results indicate that none of the two policies, monetary and fiscal, have impact on real variables, but the role of thoese pPolicies on prices are remarkable. Accordingly, it is concluded that real variables in Iran’s economy cannot be affected by monetary and fiscal policies, but disinflationary effects of theise policies are important.
Mohammad Reza Lotfalipour; Ahmad Bagheri
Volume 5, Issue 16 , October 2003, , Pages 133-151
Abstract
Energy is one of the most important factors for economic development and progress. Natural gas having many advantages and providing 43 percent of primary energy in the country has a particular role among other energy sources.Analysis of energy market، in general، and energy demand، in particular، ...
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Energy is one of the most important factors for economic development and progress. Natural gas having many advantages and providing 43 percent of primary energy in the country has a particular role among other energy sources.Analysis of energy market، in general، and energy demand، in particular، is very important in recognizing the role of energy and its usage in different areas of the country. The study of natural gas demand as one of the energy carriers in household sector is done in this work to find how the structure of consumers behaviour is. Analysis of the household demand elasticity to natural gas prices، per capita income، and average weather temperature help policy makers to provide required natural gas in an optimum form. Achieving this purpose، total and average demand functions of Tehran citizens are estimated on the basis of data during 1985 -1999 seasonally. Finally، income and price elasticities for natural gas are determined.
Rahim Goodarzi; Mahmood Sabuhi; Naser Shahnoushi; Hossein Mehrabi; Mashallah Salarpour
Volume 17, Issue 53 , February 2013, , Pages 135-157
Abstract
Subsidies are known to distort prices, the optimal allocation of resources and economic growth and induce budget deficit and increase social costs, resulting in irreparable adverse effects on the economy. On the other hand implemetation of subsidy reform programs can have a widespread impact on economic ...
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Subsidies are known to distort prices, the optimal allocation of resources and economic growth and induce budget deficit and increase social costs, resulting in irreparable adverse effects on the economy. On the other hand implemetation of subsidy reform programs can have a widespread impact on economic aggregates A clearly specified trend in trajectory of macroeconomic variables is expected to better enable policy makers in planning for appropriate fiscal and monetary policy pakeges. The task of determining the best policy package, consistent with macroeconomic goals and constraints presents a genuine Stochastic Optimal Control problem. Solution for such a problem requires a practical statistical algorithm. The OPTCON2 method employed in this study seems to be a suitable method. First, the econometric relationships among the macroeconomic variables of the model is estimated using 2SLS statistical method. Subsquently an OPTCON2 prorgram is specified using C # Language in a visual studio. Simulation program for subsidies during the 5th development plan indicates a decline in economic growth for the first year, followed by a small rise in growth rate during the subsequent years. The findings also indicates an initial rise in inflation followed with a decline in later periods. It was also indicated that the unemployment rate is likely to rise in the beginning, leveling down to a given rate later.
Mohammadmehdi Askari; Omid Mirchooli
Volume 16, Issue 48 , October 2011, , Pages 135-163
Abstract
Financial markets are known to face some difficulties in financing projects. While securing venture capital for high risk projects seems to be of particular importance in application of new financial tools especially those compatible with Islamic rules. Although venture capital contracts based on Islamic ...
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Financial markets are known to face some difficulties in financing projects. While securing venture capital for high risk projects seems to be of particular importance in application of new financial tools especially those compatible with Islamic rules. Although venture capital contracts based on Islamic rules may seem more complicated than traditional contracts, but new concepts in Islamic Finance have developed and structured new financial tools and which have proven useful in financing of risky projects in developing economies in the Islamic world. This paper intends to analyze those alternative approaches in financial market of the world
Gholamreza Keshavarz Haddad; MohamadReza Satari
Volume 15, Issue 44 , October 2010, , Pages 135-171
Abstract
Following the fisher’s hypothesis about the relationship between asset returns and inflation, numerous studies have tried to test the hypothesis with various data sets. Contradiction in the findings resulted to the proxy hypothesis of Fama (1981). In present article, survey the theoretical and ...
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Following the fisher’s hypothesis about the relationship between asset returns and inflation, numerous studies have tried to test the hypothesis with various data sets. Contradiction in the findings resulted to the proxy hypothesis of Fama (1981). In present article, survey the theoretical and empirical literature, and conduct a test for inflation hedging ability of land, gold and stock in Iran. Considering the seasonal characteristics of the data (1385-1355), we use the HEGY (1990) unit root test, and VECM methodology to estimate long and short run relationships. Our findings show that in the long run, all three types of assets hedge against inflation. However, in the short run, we observe that money reserve, oil prices and real GDP are significant determinants of the assets returns.
