Hashem Zare - Academia.edu (original) (raw)
Papers by Hashem Zare
One of the most important goals of the countries, especially developing countries, is economic gr... more One of the most important goals of the countries, especially developing countries, is economic growth and development. One of the sources that can retrieve the lack of capital in the developing countries and lead to economic growth is foreign direct investment. In this way, there are important factors that can have an effective role as a mediator in foreign direct investment in economic growth. One of them is human capital, which can be a facilitator to transfer the related technology to foreign direct investment. Furthermore, some evidence shows the human capital plays a mediating role in the impact of foreign direct investment on economic growth. The other important factor that can affect economic growth and the prosperity of countries, is the information and communication technology. These two factors can help to empower the country's production capacity in different parts of the economy. Thus, it can be mentioned that foreign direct investment with human capital and information and communication technology are the major factors that can have an impact on economic growth. Based on what is mentioned, the current research aim is to present a foreign direct investment model and economic growth in developing countries with the mediating role of human capital and information and communication technology. This study is performed by multi group model and structural equation models to investigate the mediating role of human capital and information and communication technology in the impact of foreign direct investment on economic growth.The study populations are the developing countries between 2000-2018. In this research, the developing countries in three continents of Asia, Africa, and Southern America have been selected. Then, the countries are divided into four different income groups: developing countries with high-income, developing countries with higher than medium income, developing countries with lower than medium income, and developing countries with low-income. There are 9 Asian countries, 9 African countries, and 9 Southern American countries are chosen to study in this research. The reason for choosing these countries is the available and complete analytical data they had on the world bank site, especially in the case of human capital, which is an important variable but fewer countries provide complete information about this case. Thus, in the end, 27 countries in three continents have been chosen as the statistical sample. The method used in this study is the multi-group modeling approach with the structural models with partial least square (PLS) approach. In this method, it will be possible to investigate and compare groups with different incomes in developing countries.Before estimating the method, its validity has been approved by Cronbach's alpha, ρ, CR, AVE standards, and diagnostic validity. The results showed that only in the developing countries with high income, the human capital and information and communication technology have a mediating role on the impact of foreign direct investment on economic growth. Thus in high income countries, foreign direct investment affects human capital by 0.609 and human capital affects economic growth by 0.428. Foreign direct investment affects information and communication technology by 0.482 and information and communication technology by 0.348 affects economic growth. In the other income groups in developing countries, these two variables couldn’t have any impact on foreign direct investment on economic growth as a mediator. This result indicates that the countries with high income have found out that it is possible to increase productivity because of the high-level human capital and skilled workers through transferring new technologies and technology overflow. It is also possible to improve information and communication technology and this subject acts as a positive factor in economic growth.Based on the results, it is recommended for developing countries to implement human capital, information and communication technology in foreign direct investment and increase economic growth by using these factors. If the developing countries have foreign direct investment in the form of technology transfer and employ human capital, information and communication technology, they will be able to beneficially use the premium technology that comes in through foreign direct investment and as a result, they can improve economic growth in their country.
Objective: Due to the importance of studing the behavior of asset markets, the risk aversion term... more Objective: Due to the importance of studing the behavior of asset markets, the risk aversion term and its operational calculation has attracted many researchers. The present study intends to examine this issue by considering a portfolio with three assets in the three markets of stock, currency and gold. Therefore, by examining the fluctuations of previous years in the portfolio consisting of three macroeconomic assets , stocks, currency and gold, we can assess the risk aversion of investors in these markets and the causal relationship between these markets and take steps to construct long-term policy goals. Method: To investigate the issue, using a mathematical equilibrium model and dynamic econometric methods, the monthly data of stock markets, currency and gold during the period 1995 to 2018 has been analyzed. Results: Based on the research findings, the amount of risk aversion for the sample size shows that the average risk aversion index of investors in the stock market is higher than the other two markets and this index is the lowest in the gold market. Also, the value-atrisk index of return has a one-way causality and a significant relationship with the degree of risk aversion of investors in all three asset markets. Conclusion: The results of this study of risk aversion and risk value in these markets can help policymakers to better understand the interactions of these markets, control them and eliminat the destabilizing conditions of these markets. Specifically in the case of the Iranian stock market, it can be said that investors are relatively more risk averse to the both gold and foreign exchange markets in the conditions of economic recession and increasing political instability, in other words, stock market investors have less confidence in the exchange and gold markets. The reason is the
Cumhuriyet Science Journal, 2015
Abstract. The implementation of production plans based on material interests without regard to en... more Abstract. The implementation of production plans based on material interests without regard to environmental issues would impose social and economic costs on society. Therefore, achieving sustainable development without considering environmental issues is impossible. As a member of the Kyoto Protocol, a protocol on climate pollution, Iran is required to execute effective measures to reduce emissions of carbon dioxide. Therefore, it is important to investigate factors influencing the reduction in carbon dioxide emissions in the country. This study examines the effects of innovation variables (i.e. patents), the increase in real GDP and oil price on carbon dioxide emission during the period 1987- 2010 th rough vector error-correction model in Iran. The number of patents is intended as a substitute to green innovations. The results of present study show that in long run, innovations (patents), and the dummy variable of Convention on Climate Change have negative effects while real GDP has positive effects upon emission of carbon dioxide.
Environment, Development and Sustainability, Apr 17, 2023
Monetary instability and investigating its effects on other macroeconomic indicators is very sign... more Monetary instability and investigating its effects on other macroeconomic indicators is very significant for making economical policies in all countries. An effort has been made in the present study to evaluate the effect of monetary instability in Iran's economy during recession and expansion periods on GDP and inflation fluctuations in the framework of a dynamic equation system in Friedman's theory. The period determined for this survey is based on seasonal data from the first quarter in 1370 (1991) to the fourth quarter in 1396 (2017). The results showed that monetary expansion in both recession and expansion period was more effective in creating inflationary condition than in influencing the output. Considering the identification of technology structure relevance as an important parameter in the production process, which plays an important role in the business cycle, a considerable finding of the study was that technological shock led to increased price levels and inflation in Iran's economy. Finally, based on the findings, Friedman's hypothesis cannot be confirmed during expansion period in the Iranian economy.
Agricultural Economics Research, Jul 23, 2021
Quarterly Journal of Applied Theories of Economics, 2019
The purpose of this study is to examine the relationship between government size and happiness in... more The purpose of this study is to examine the relationship between government size and happiness inequality in a number of developing and developed countries during the period of 2002-2015 by threshold panel approach. To obtain robust results, we have applied the model in the Iran’s economy by time series data during the period of 1974-2016. The results in developing countries showed that in small governments, the government size had a diminutive effect on the inequality of happiness, but by passing the threshold and increasing the government's involvement in the economy, this variable had no significant effect on the happiness inequality. The same time series results were obtained for Iran’s economy, which has a small government size. In this group, the government size has a significant negative impact on happiness inequality and after that, it has a significant positive impact on happiness inequality. Developed countries showed completely different results, whereby the size of t...
SALMAND, 2008
Objective: In recent years, due to the progress in medical sciences, we have encountered increasi... more Objective: In recent years, due to the progress in medical sciences, we have encountered increasing life expectancy and population growth rate. Recognition of the elder's real needs is prerequisite to planning in order to deliver services for them. The purpose of the present ...
Environment, Development and Sustainability
Cumhuriyet Science Journal, 2015
Abstract. The implementation of production plans based on material interests without regard to en... more Abstract. The implementation of production plans based on material interests without regard to environmental issues would impose social and economic costs on society. Therefore, achieving sustainable development without considering environmental issues is impossible. As a member of the Kyoto Protocol, a protocol on climate pollution, Iran is required to execute effective measures to reduce emissions of carbon dioxide. Therefore, it is important to investigate factors influencing the reduction in carbon dioxide emissions in the country. This study examines the effects of innovation variables (i.e. patents), the increase in real GDP and oil price on carbon dioxide emission during the period 1987- 2010 th rough vector error-correction model in Iran. The number of patents is intended as a substitute to green innovations. The results of present study show that in long run, innovations (patents), and the dummy variable of Convention on Climate Change have negative effects while real GDP h...
راهبرد مدیریت مالی, 2018
This study attempts to cross borders and disciplines of traditional approaches using interdiscipl... more This study attempts to cross borders and disciplines of traditional approaches using interdisciplinary sciences to make the mental models of Iran's capital market applicable. Hence, this study using a variety of sciences in the context of financial discussions, presents an equilibrium theoretical framework in the stock market. The research method used a randomized dynamic path mapper within the framework of the Black Scholes model to simulate the stock price index of Tehran stock exchange behavior. Thus, the daily time series data of the stock price index has been used since December 2008 to August of 2017. The results indicate that simulation of long-term trend is provided to some extent. Although the model is excused of forecasting the crisis and volatilities along the period, the results of comparison test suggest that simulated data distribution forms are very close to actual data. In addition, laboratory results indicate that the decrease in risk aversion parameter and the ...
Faslnāmah-i Pizhūhish/Nāmah-i Iqtisādī, 2019
In consumption demand studies, we can consider that choice of quality is affected by consumption ... more In consumption demand studies, we can consider that choice of quality is affected by consumption decisions (whether to consume or not). The term "quality" refers to any subjective factor that motivates consumers to pay for a good more than its substitutes. Any change in a consumption explanatory variable has two effects: 1) the probability of consuming the good and 2) considerations of quality. The aim of this paper is to examine the effect of factors such as demographics and socio-economic factors on choice of quality in meat consumption including livestock and aggregated meat (livestock, poultry and aquatic). Furthermore, we estimate quality elasticities using cross-sectional survey data for year 2014 among Iranian rural and urban households. The paper applies Heckman two-step method to estimate unknown parameters of participation and consumption equation. Our findings show that the most important variable affecting the choice of meat quality for consumption is household...
In this study, a model of Bayesian Dynamic Stochastic General Equilibrium (DSGE) from Real Busine... more In this study, a model of Bayesian Dynamic Stochastic General Equilibrium (DSGE) from Real Business Cycles (RBC) approach with the aim of identifying the factors shaping price bubbles of Tehran Stock Exchange (TSE) was specified. The above-mentioned model was conducted in two scenarios. In the first scenario, the baseline model with sentiment shock was examined. In this model, stock price bubbles appear endogenously in a positive feedback mechanism that is supported by people optimism. In the second scenario, only sentiment shock is absent from the model. According to the results obtained from the estimation of marginal likelihood model based on Laplace approximation, the baseline model is more in accord with Iran’s economic structure and real data. Consequently, the sentiment shock had a dominant role in creating stock price fluctuations and macroeconomic variables. Based on the results of variance decomposition model, sentiment shock was also recognized as the most important sourc...
One of the most important goals of the countries, especially developing countries, is economic gr... more One of the most important goals of the countries, especially developing countries, is economic growth and development. One of the sources that can retrieve the lack of capital in the developing countries and lead to economic growth is foreign direct investment. In this way, there are important factors that can have an effective role as a mediator in foreign direct investment in economic growth. One of them is human capital, which can be a facilitator to transfer the related technology to foreign direct investment. Furthermore, some evidence shows the human capital plays a mediating role in the impact of foreign direct investment on economic growth. The other important factor that can affect economic growth and the prosperity of countries, is the information and communication technology. These two factors can help to empower the country's production capacity in different parts of the economy. Thus, it can be mentioned that foreign direct investment with human capital and information and communication technology are the major factors that can have an impact on economic growth. Based on what is mentioned, the current research aim is to present a foreign direct investment model and economic growth in developing countries with the mediating role of human capital and information and communication technology. This study is performed by multi group model and structural equation models to investigate the mediating role of human capital and information and communication technology in the impact of foreign direct investment on economic growth.The study populations are the developing countries between 2000-2018. In this research, the developing countries in three continents of Asia, Africa, and Southern America have been selected. Then, the countries are divided into four different income groups: developing countries with high-income, developing countries with higher than medium income, developing countries with lower than medium income, and developing countries with low-income. There are 9 Asian countries, 9 African countries, and 9 Southern American countries are chosen to study in this research. The reason for choosing these countries is the available and complete analytical data they had on the world bank site, especially in the case of human capital, which is an important variable but fewer countries provide complete information about this case. Thus, in the end, 27 countries in three continents have been chosen as the statistical sample. The method used in this study is the multi-group modeling approach with the structural models with partial least square (PLS) approach. In this method, it will be possible to investigate and compare groups with different incomes in developing countries.Before estimating the method, its validity has been approved by Cronbach's alpha, ρ, CR, AVE standards, and diagnostic validity. The results showed that only in the developing countries with high income, the human capital and information and communication technology have a mediating role on the impact of foreign direct investment on economic growth. Thus in high income countries, foreign direct investment affects human capital by 0.609 and human capital affects economic growth by 0.428. Foreign direct investment affects information and communication technology by 0.482 and information and communication technology by 0.348 affects economic growth. In the other income groups in developing countries, these two variables couldn’t have any impact on foreign direct investment on economic growth as a mediator. This result indicates that the countries with high income have found out that it is possible to increase productivity because of the high-level human capital and skilled workers through transferring new technologies and technology overflow. It is also possible to improve information and communication technology and this subject acts as a positive factor in economic growth.Based on the results, it is recommended for developing countries to implement human capital, information and communication technology in foreign direct investment and increase economic growth by using these factors. If the developing countries have foreign direct investment in the form of technology transfer and employ human capital, information and communication technology, they will be able to beneficially use the premium technology that comes in through foreign direct investment and as a result, they can improve economic growth in their country.
Objective: Due to the importance of studing the behavior of asset markets, the risk aversion term... more Objective: Due to the importance of studing the behavior of asset markets, the risk aversion term and its operational calculation has attracted many researchers. The present study intends to examine this issue by considering a portfolio with three assets in the three markets of stock, currency and gold. Therefore, by examining the fluctuations of previous years in the portfolio consisting of three macroeconomic assets , stocks, currency and gold, we can assess the risk aversion of investors in these markets and the causal relationship between these markets and take steps to construct long-term policy goals. Method: To investigate the issue, using a mathematical equilibrium model and dynamic econometric methods, the monthly data of stock markets, currency and gold during the period 1995 to 2018 has been analyzed. Results: Based on the research findings, the amount of risk aversion for the sample size shows that the average risk aversion index of investors in the stock market is higher than the other two markets and this index is the lowest in the gold market. Also, the value-atrisk index of return has a one-way causality and a significant relationship with the degree of risk aversion of investors in all three asset markets. Conclusion: The results of this study of risk aversion and risk value in these markets can help policymakers to better understand the interactions of these markets, control them and eliminat the destabilizing conditions of these markets. Specifically in the case of the Iranian stock market, it can be said that investors are relatively more risk averse to the both gold and foreign exchange markets in the conditions of economic recession and increasing political instability, in other words, stock market investors have less confidence in the exchange and gold markets. The reason is the
Cumhuriyet Science Journal, 2015
Abstract. The implementation of production plans based on material interests without regard to en... more Abstract. The implementation of production plans based on material interests without regard to environmental issues would impose social and economic costs on society. Therefore, achieving sustainable development without considering environmental issues is impossible. As a member of the Kyoto Protocol, a protocol on climate pollution, Iran is required to execute effective measures to reduce emissions of carbon dioxide. Therefore, it is important to investigate factors influencing the reduction in carbon dioxide emissions in the country. This study examines the effects of innovation variables (i.e. patents), the increase in real GDP and oil price on carbon dioxide emission during the period 1987- 2010 th rough vector error-correction model in Iran. The number of patents is intended as a substitute to green innovations. The results of present study show that in long run, innovations (patents), and the dummy variable of Convention on Climate Change have negative effects while real GDP has positive effects upon emission of carbon dioxide.
Environment, Development and Sustainability, Apr 17, 2023
Monetary instability and investigating its effects on other macroeconomic indicators is very sign... more Monetary instability and investigating its effects on other macroeconomic indicators is very significant for making economical policies in all countries. An effort has been made in the present study to evaluate the effect of monetary instability in Iran's economy during recession and expansion periods on GDP and inflation fluctuations in the framework of a dynamic equation system in Friedman's theory. The period determined for this survey is based on seasonal data from the first quarter in 1370 (1991) to the fourth quarter in 1396 (2017). The results showed that monetary expansion in both recession and expansion period was more effective in creating inflationary condition than in influencing the output. Considering the identification of technology structure relevance as an important parameter in the production process, which plays an important role in the business cycle, a considerable finding of the study was that technological shock led to increased price levels and inflation in Iran's economy. Finally, based on the findings, Friedman's hypothesis cannot be confirmed during expansion period in the Iranian economy.
Agricultural Economics Research, Jul 23, 2021
Quarterly Journal of Applied Theories of Economics, 2019
The purpose of this study is to examine the relationship between government size and happiness in... more The purpose of this study is to examine the relationship between government size and happiness inequality in a number of developing and developed countries during the period of 2002-2015 by threshold panel approach. To obtain robust results, we have applied the model in the Iran’s economy by time series data during the period of 1974-2016. The results in developing countries showed that in small governments, the government size had a diminutive effect on the inequality of happiness, but by passing the threshold and increasing the government's involvement in the economy, this variable had no significant effect on the happiness inequality. The same time series results were obtained for Iran’s economy, which has a small government size. In this group, the government size has a significant negative impact on happiness inequality and after that, it has a significant positive impact on happiness inequality. Developed countries showed completely different results, whereby the size of t...
SALMAND, 2008
Objective: In recent years, due to the progress in medical sciences, we have encountered increasi... more Objective: In recent years, due to the progress in medical sciences, we have encountered increasing life expectancy and population growth rate. Recognition of the elder's real needs is prerequisite to planning in order to deliver services for them. The purpose of the present ...
Environment, Development and Sustainability
Cumhuriyet Science Journal, 2015
Abstract. The implementation of production plans based on material interests without regard to en... more Abstract. The implementation of production plans based on material interests without regard to environmental issues would impose social and economic costs on society. Therefore, achieving sustainable development without considering environmental issues is impossible. As a member of the Kyoto Protocol, a protocol on climate pollution, Iran is required to execute effective measures to reduce emissions of carbon dioxide. Therefore, it is important to investigate factors influencing the reduction in carbon dioxide emissions in the country. This study examines the effects of innovation variables (i.e. patents), the increase in real GDP and oil price on carbon dioxide emission during the period 1987- 2010 th rough vector error-correction model in Iran. The number of patents is intended as a substitute to green innovations. The results of present study show that in long run, innovations (patents), and the dummy variable of Convention on Climate Change have negative effects while real GDP h...
راهبرد مدیریت مالی, 2018
This study attempts to cross borders and disciplines of traditional approaches using interdiscipl... more This study attempts to cross borders and disciplines of traditional approaches using interdisciplinary sciences to make the mental models of Iran's capital market applicable. Hence, this study using a variety of sciences in the context of financial discussions, presents an equilibrium theoretical framework in the stock market. The research method used a randomized dynamic path mapper within the framework of the Black Scholes model to simulate the stock price index of Tehran stock exchange behavior. Thus, the daily time series data of the stock price index has been used since December 2008 to August of 2017. The results indicate that simulation of long-term trend is provided to some extent. Although the model is excused of forecasting the crisis and volatilities along the period, the results of comparison test suggest that simulated data distribution forms are very close to actual data. In addition, laboratory results indicate that the decrease in risk aversion parameter and the ...
Faslnāmah-i Pizhūhish/Nāmah-i Iqtisādī, 2019
In consumption demand studies, we can consider that choice of quality is affected by consumption ... more In consumption demand studies, we can consider that choice of quality is affected by consumption decisions (whether to consume or not). The term "quality" refers to any subjective factor that motivates consumers to pay for a good more than its substitutes. Any change in a consumption explanatory variable has two effects: 1) the probability of consuming the good and 2) considerations of quality. The aim of this paper is to examine the effect of factors such as demographics and socio-economic factors on choice of quality in meat consumption including livestock and aggregated meat (livestock, poultry and aquatic). Furthermore, we estimate quality elasticities using cross-sectional survey data for year 2014 among Iranian rural and urban households. The paper applies Heckman two-step method to estimate unknown parameters of participation and consumption equation. Our findings show that the most important variable affecting the choice of meat quality for consumption is household...
In this study, a model of Bayesian Dynamic Stochastic General Equilibrium (DSGE) from Real Busine... more In this study, a model of Bayesian Dynamic Stochastic General Equilibrium (DSGE) from Real Business Cycles (RBC) approach with the aim of identifying the factors shaping price bubbles of Tehran Stock Exchange (TSE) was specified. The above-mentioned model was conducted in two scenarios. In the first scenario, the baseline model with sentiment shock was examined. In this model, stock price bubbles appear endogenously in a positive feedback mechanism that is supported by people optimism. In the second scenario, only sentiment shock is absent from the model. According to the results obtained from the estimation of marginal likelihood model based on Laplace approximation, the baseline model is more in accord with Iran’s economic structure and real data. Consequently, the sentiment shock had a dominant role in creating stock price fluctuations and macroeconomic variables. Based on the results of variance decomposition model, sentiment shock was also recognized as the most important sourc...