Reza talebloo; Hossein Sheikhi
Abstract
he purpose of this paper is to test the CAPM and APT pricing model for pricing petrochemical companies in Tehran Stock Exchange. In this regard, seasonal data related to stock returns of 18 active chemical and petrochemical companies in the stock market and some important macroeconomic variables as risk ...
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he purpose of this paper is to test the CAPM and APT pricing model for pricing petrochemical companies in Tehran Stock Exchange. In this regard, seasonal data related to stock returns of 18 active chemical and petrochemical companies in the stock market and some important macroeconomic variables as risk factors in the period 1395-1386 were used. First, the CAPM was tested using the GRS test and then by Fama and Macbeth tests. Then, the factor model for the APT test was using factors including real exchange rate, total stock returns, oil returns, yields of the price index Chemical and petrochemical products, risk-free returns, inflation rate, asset risk, GDP volatility, SMB, and sanction factor.
Esfandiar Jahangard; Ali Asghar Banoe; Sajjad Barkhordari; Hamid Amadeh; amir doudabi nezhad
Abstract
Environmental taxes, including carbon and energy price taxes, are one of the most crucial means of market-based approach of reducing Greenhouse Gas Emissions and are widely used around the world In the present research, the effects of enforcing these two tax policies are assessed in two scenarios of ...
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Environmental taxes, including carbon and energy price taxes, are one of the most crucial means of market-based approach of reducing Greenhouse Gas Emissions and are widely used around the world In the present research, the effects of enforcing these two tax policies are assessed in two scenarios of redistribution and non-redistribution of the overall tax incomes between households (in sum, four scenarios), based on the CGE model. These two taxes make different impacts on relative prices of energy carriers. Accordingly, they have different economic effects which remained unexamined in previous researches. The results of present study, therefore, would make a clearer anticipation of the future policies effects, which will be implemented to meet the international environmental commitments of Iran. The results of simulations indicate that both taxes lead to emission reduction but carbon taxes are more efficient than energy taxes, because the former requires less amount of taxes, whereas the level of emission reduction is the same. If there’s no redistribution of tax incomes, both kind of taxes decrease the welfare and real consumption budget of households, but in case of redistribution, these indexes will increase. In all scenarios, GDP, decrease and consumer price increase will increase in different amounts and employment in 3 scenarios increase. Based on the findings of present research, enforcing the carbon tax policy, concomitant to tax incomes redistribution, are among the appropriate policies designed to reduce the greenhouse gas emission and meet the international commitments of Iran.
Seyed MohamadEsmaiel Jalali; Maryam Emami; Mehdi Najafi; Fatemeh Gharib-Bolok; Hassan Mohammadi; Ahmad Ramezanzadeh
Volume 4, Issue 13 , January 2015, , Pages 63-88
Abstract
Enjoying the twelfth largest coal reserve in the world, only one percent of Iran’s energy consumption basket is supplied by coal. Now, Iran’s energy economy is under the influence of natural oil and gas resources, causing other more profitable energy resources to be neglected. The Underground ...
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Enjoying the twelfth largest coal reserve in the world, only one percent of Iran’s energy consumption basket is supplied by coal. Now, Iran’s energy economy is under the influence of natural oil and gas resources, causing other more profitable energy resources to be neglected. The Underground Coal Gasification (UCG) technology is a procedure to transform the underground coal into gas, resulting in improving the recovery of coal layers with different thicknesses and depths. This technology may be considered as a strategy to feed the domestic gas network with the synthetic gas of UCG. Therefore, Iran’s gas export capacity will be improved, helping domestic and foreign economy of energy. Implementing and using the UCG technology in Iran will help us take a leap toward the goals of upstream documents and orders of the Supreme Leader in the fields of oil and gas.
Zahra Jalili; Abbas Alavi Rad; Ebrahim Sharifi
Abstract
Nowadays, greenhouse gas emissions and consumption of fossil fuels has led to environmental problems such as global warming which result in using low carbon energy sources and renewable energy as a potential substitute for fossil fuels and nonrenewable energy. This study is going to investigate Environmental ...
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Nowadays, greenhouse gas emissions and consumption of fossil fuels has led to environmental problems such as global warming which result in using low carbon energy sources and renewable energy as a potential substitute for fossil fuels and nonrenewable energy. This study is going to investigate Environmental Kuznets curve (EKC) for 11 elected OPEC countries, from 1980 to 2013 by using nonlinear quadratic model. The consumption of renewable and nonrenewable energy are considered together in this model which has been carried out by PMG (Pooled Mean Group). According to the outcomes of the research the Environmental Kuznets curve hypothesis is confirmed in these selected countries and studied period. The coefficient of nonrenewable energy consumption is statistically significant at the 0.01 significance level. Its estimated coefficient is 0.67 and states a 1% increase in nonrenewable energy consumption which leads to CO2 emission rise by 0.67%. It indicates that overusing of nonrenewable energy and fossil fuels increases environmental and air pollution. Also, the coefficient of renewable energy consumption is -0.005 that it is not statistically significant.
Mansour Khalili Iraqi Khalili Iraqi; Akbar Komijani; zainab Kasraei
Volume 3, Issue 10 , April 2014, , Pages 67-91
Abstract
In this paper we provide an introduction to real options in valuing investment projects. Since one of the real options applications is valuing oil and gas development projects with high uncertainty and considerable investment costs, in this research we have performed valuation of selected phases of “South ...
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In this paper we provide an introduction to real options in valuing investment projects. Since one of the real options applications is valuing oil and gas development projects with high uncertainty and considerable investment costs, in this research we have performed valuation of selected phases of “South Pars” gas field development project. “South Pars” gas field as the greatest independent gas field in the world is shared between Iran and Qatar and contains approximately half of the gas reserves of Iran. Based on the results of the model, using real options approach to valuing this project as compared to traditional valuation methods such as discounted cash flow, increases the project value meanwhile there is the possibility to identify optimal time of development.
Mohammad Javad Izadkhasti; Reza Keypour; izadkhasti Hojjat
Volume 3, Issue 11 , July 2014, , Pages 67-90
Abstract
In recent years, extensive researches have been conducted on implementation of demand response programs (DRPs), aimed to electricity price reduction, transmission lines congestion resolving, security enhancement and improvement of market ...
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In recent years, extensive researches have been conducted on implementation of demand response programs (DRPs), aimed to electricity price reduction, transmission lines congestion resolving, security enhancement and improvement of market liquidity. Basically, DRPs are divided into two main categories namely, incentive-based programs (IBPs) and time-based rate programs (TBRPs). An economic model of price /incentive demand response is derived based on the concept of flexible price elasticity of demand and customer utility function. In this paper has been shown that the customers’demand depends on different decision signals like the electricity price, participation level of customers, incentive and the penalty values determined for DRPs. By using the proposed economic model, the behavior of customers for different electricity prices, incentives, penalties and participation level of customers in DRPs was simulated with MATLAB. Then the performance of the proposed model was investigated through numerical study using Iranian network load profile on the annual peak day of the year 2007.
Zahra Azizi; Ali Faridzad; Morteza Khorsandi
Abstract
Energy intensity is one of the important and attractive indicators in energy economics. According to the abundance of energy resources in Iran, these resources are not used properly and therefore energy intensity is very high compared to other countries. Hence in this paper using a nonlinear regression ...
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Energy intensity is one of the important and attractive indicators in energy economics. According to the abundance of energy resources in Iran, these resources are not used properly and therefore energy intensity is very high compared to other countries. Hence in this paper using a nonlinear regression method, we study the factors affecting energy intensity in Iran during the period 1979-2013. The results indicate that the existence of two regimes by considering relative price of energy as transition variable with the threshold about 1.58. The rate of urbanization and industrialization had positive effect and the level of technology and relative price of energy had negative effect on energy intensity in Iran. The effectiveness of relative price in the high price regime is intensified and the effectiveness of industrialization and technology is dropped. These results would suggest the important role of price regime on the effectiveness of energy intensity determinants in Iran and leads policy makers to prevent the decrease in the relative price of energy in the years following the implementation of targeted subsidies.
tahere rezai; Atefeh Taklif; Abdolrasoul Ghasemi
Abstract
The global growth in energy consumption especially in fossil fuels together with environmental considerations has produced a prospect of considerable increase in the demand for natural gas. The particular conditions prevailing the Iranian gas industry such as the existence of the World largest ...
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The global growth in energy consumption especially in fossil fuels together with environmental considerations has produced a prospect of considerable increase in the demand for natural gas. The particular conditions prevailing the Iranian gas industry such as the existence of the World largest gas reservoir, the excellent geopolitical location, the access to the free seas and the availability of necessary infrastructures for pipelines as well as natural gas storage offers actual and potential advantages towards this objective, accordingly by benefiting these advantages, we can define the objectives and formulating appropriate actions towards promoting regional and global gas trade, perform an active role in the gas market. The realization of this objective may contribute towards advancing the international status of Iran in political and economic relations.For study the aforementioned topics, the feasibility study of establishing gas-trading hub in Iran is carried out with using SWOT approach. By focusing on the strengths, weaknesses, opportunities and threats in the Iranian gas industry, these points are examined within the SWOT matrix. Finally, the best strategies involving SO, WO, ST and WT strategies are analyzed regarding the transformation of Iranian gas industry into gas-trading hub in the region. The results show that the establishment of gas-trading hub in Iran is possible, although the domestic shortcomings and the international threats, the possibility of achieving this objective in the foreseeable future is rather weak.
• مطالعات اقتصادی مرتبط با حاملهای انرژی (فسیلی، تجدیدپذیر و برق)
Batoul Zargar; Ali Emami Meibodi; Hosein Jahangirnia; Mozhgan Safa
Abstract
It is necessary to develop the photovoltaic industry due to the criticality of reducing economic dependence on fossil fuels and mitigating air pollution. Therefore, the present study aims to propose a financing model for this industry in Iran. This is an applied-developmental study, in terms of purpose. ...
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It is necessary to develop the photovoltaic industry due to the criticality of reducing economic dependence on fossil fuels and mitigating air pollution. Therefore, the present study aims to propose a financing model for this industry in Iran. This is an applied-developmental study, in terms of purpose. It is developmental because it provides a framework for financing the industry. On the other hand, it is of an applied nature, as its results find direct application in developing this industry. The modeling draws on a mixed-method approach combining the qualitative methodology of grounded theory and the quantitative method of artificial neural networks. The study's population comprises the financial, economic, and technical experts of the photovoltaic industry. Semi-structured interviews took place with 25 experts chosen through targeted sampling, combining maximum variation with snowball sampling methods. The findings indicate that the investment funds (one of the primary strategies of community financing), bank loans (one of the private financing strategies), power purchase agreements (a government incentive), public funding by modifying the fossil power tariffs, along with guarantees and insurances are among the strategic priorities for financing this industry. In sum, the financing model of the photovoltaic industry demonstrates that based on the current context in Iran, it is possible to create a profitability perspective and a supportive atmosphere for the photovoltaic industry by adopting diverse strategies.
Pouriya Shokri; Ali Faridzad; Atefeh Taklif; Touraj Dehghani
Abstract
The act of planning in order to reach optimum production from crude oil reserves with emphasizing on technical limitations and economic modeling and forecasting, is known as a necessity to earn the maximum profit from oil export incomes and providing national intertemporal interests for oil producing ...
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The act of planning in order to reach optimum production from crude oil reserves with emphasizing on technical limitations and economic modeling and forecasting, is known as a necessity to earn the maximum profit from oil export incomes and providing national intertemporal interests for oil producing and exporting countries. This study estimates the optimal trend of crude oil production from south Azadegan Iranian oil field by the metaheuristic algorithm of Particle Swarm Optimization (PSO) on a thirty-year period. The concept of maximum efficient rate (MER) is employed to reach the best simulation of technical and physical field properties and moreover, the three price scenarios and two discount rate scenarios are used to apply the economic dynamics of crude oil world market. The results show that applying EOR programs simultaneously during the production by gas injection into the anticline of SARVAK reservoir, proven reserve of the field can be increased up to 6 billion barrels in this period. It also increases the cumulative production up to 3 billion barrels during the simulation period which was about 1.4 billion barrels based on the present RMDP
Reza Darisavi Bahmanshir; Ali Akbar Naji Meidani; Ali Akbar Naji Meidani; Narges Salehnia
Abstract
The purpose of this study was to investigate the effect of technology changes and environmental constraints on the estimated oil demand function of non-OECD countries that import oil from Iran based on symmetric and asymmetric specification. For this purpose, data from the 1970 to 2014 period were used ...
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The purpose of this study was to investigate the effect of technology changes and environmental constraints on the estimated oil demand function of non-OECD countries that import oil from Iran based on symmetric and asymmetric specification. For this purpose, data from the 1970 to 2014 period were used by non-OECD non-OECD oil importers from Iran, including Russia, South Africa, China, and India. Given the first-order difference between the variables studied, the modified least squares method (FMOLS) was used to estimate. The results of this study showed that imposing environmental limitations on carbon dioxide reductions in oil-importing countries from Iran could reduce oil demand from oil-importing countries from Iran. Also, the results showed that improving technology in the selected countries of the oil importer from Iran will increase the demand for these oil products.
Abbas Shakeri; Hamed Najafi; HAMED najafi jezeh
Abstract
This paper introduces the theoretical foundations of oil vulnerability index for oil exporting countries. In order to identify this index, several indicators related to both economic risk and demand risk were presented. This index was calculated for Iranian economy from 1990 to 2015. Regarding to the ...
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This paper introduces the theoretical foundations of oil vulnerability index for oil exporting countries. In order to identify this index, several indicators related to both economic risk and demand risk were presented. This index was calculated for Iranian economy from 1990 to 2015. Regarding to the economic risk, seven different channels based on the extension of literature discussing the Dutch disease were introduced. These channels include income, government revenue, spending, the current account, exchange rate, technology and government spending volatility channels. Regarding to the demand risk, the focus was on two main components: oil market concentration risk (OMCR) and political risk. For calculation the demand risk, in the first step, the OMCR was calculated based on the share of Iran's oil-importing countries from Iran’s oil export. Then depending on the stability of the bilateral political relations, the dependence of Iran’s oil importers on oil import from Iran and their ability to meet their needs from other countries, the political risk indicator was calculated. Finally, by adjusting OMCR with political risk, geopolitical OMCR was calculated. The results show that between 2002 and 2004, with the diversification of export routes of Iran's oil, creation of oil fund reserves, diversification of foreign exchange source income, etc., OVI was decreased significantly. After 2010, with the decrease in the diversity of oil exports routes, with the imposition of sanctions and with limiting the oil export to certain countries, OVI became the worst.
Mohammad Reza Shokouhi; Mahsa Soleimani; Rasoul Sheikhinezhad moghaddam; Aye Katebi
Abstract
In this paper, utilizing a cash flow model in an Oil field as a case study, we compare the efficiency of fiscal regimes of buy back and Iranian Petroleum Contract (IPC). In order to implement the mentioned comparison, we have selected influential financial indices such as: internal rate of return (IRR), ...
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In this paper, utilizing a cash flow model in an Oil field as a case study, we compare the efficiency of fiscal regimes of buy back and Iranian Petroleum Contract (IPC). In order to implement the mentioned comparison, we have selected influential financial indices such as: internal rate of return (IRR), Net Present value (NPV), Payback period, Profit to investment ratio (PIR) and Government take (GT). Furthermore, considering three price scenarios, sensitivity analysis is performed for different oil prices. Subsequently, we model IPC comprising Enhanced Oil Recovery (EOR (/Improved Oil Recovery) IOR) operations and compare it with IPC without EOR/IOR in terms of the specified indices. Our results indicate that in addition to the more eligibility of IPC for contractors than buy back contracts, Government take is still adequate and noticeable enough in spite of the reduction it would confront in IPC. The paper concludes IPC comprising EOR/IOR is more beneficial to host government than E&P companies, therefore contractors do not have sufficient incentives to apply EOR/IOR operations in which the host government should lead the contractor toward by providing them with mutually acceptable options.
Syed Abdul Majeed Jalai Asfandabadi.; Fatemeh Abbasi
Volume 2, Issue 5 , January 2013, , Pages 81-105
Abstract
GDP growth rate as a measure of economic progress is estimates on the basis of national accounts . Since the national accounts are recorded regardless of natural resource depletion, by estimating depreciation in the oil, gas, coal and other parts of the environment, depletion of natural resources ...
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GDP growth rate as a measure of economic progress is estimates on the basis of national accounts . Since the national accounts are recorded regardless of natural resource depletion, by estimating depreciation in the oil, gas, coal and other parts of the environment, depletion of natural resources can be accounted for which will provide the access to green GNP index. Green GNP shows increased economic growth stability. Among all natural resources, oil is the most important source of revenue for oil exporting countries and fluctuations in its price is a major factor for economic crisis in both the oil-exporting and importing countries. The main purpose of the present paper is to examine the impact of oil price shocks on green GNP . For this study, the first oil price shock are calculated using hoodrick - Prescott Filter method and then the effects of oil price shocks on green manufacturing was estimated using self regressing pattern. Based on the estimation results in the short term, oil price shocks have a negative impact on the green production . This is due to the oil extraction, depletion of natural resource is increased and it leads to decreasing the green production , and it has negative impact on green production in the long-run because an increase in oil production will lead to real growth of other sectors so that this growth offsets the depreciation.
Saeed Rasekhi; Roya Saedi
Abstract
The purpose of the present study is to examine two hypotheses implying the importance of the resource rent and the governance quality interactive effect on determining energy intensity. Based on the first hypothesis, the resource rent (governance quality) independently increases (decreases) the energy ...
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The purpose of the present study is to examine two hypotheses implying the importance of the resource rent and the governance quality interactive effect on determining energy intensity. Based on the first hypothesis, the resource rent (governance quality) independently increases (decreases) the energy intensity, while according to the second one, the energy intensity is affected by the interaction of the two mentioned factors and in this line, the final effect of the resource rent and the governance quality on the energy intensity may be strengthened or weakened. These hypotheses have been tested by employing GMM for 58 fuel exporting countries including Iran during the time period 1998-2015. The results confirm the hypotheses and verify the vital role of the governance quality in affecting the rent on the energy intensity. The findings of this paper indicate that the independent impact of the resource rent and the governance quality on the energy intensity is positive and negative, respectively. Furthermore, based on the interactive effect, the positive impact of the resource rent becomes weaker while improving the governance quality. On the other hand, the effect of the governance quality on the energy intensity is negative even in the presence of the resource rent that shows the essential role of this factor in determining of the energy intensity.
Mohammad Sayadi; Javid Bahrami
Abstract
The main objective of this study was to evaluate the effects of oil revenue, productivity and money growth rate shocks in macro-economic variables, in the context of a DSGE model with features such as the needs of infrastructure development and the existence of public investment inefficiencies and its ...
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The main objective of this study was to evaluate the effects of oil revenue, productivity and money growth rate shocks in macro-economic variables, in the context of a DSGE model with features such as the needs of infrastructure development and the existence of public investment inefficiencies and its comparison with Permanent Income Hypothesis (PIH model). The results show that oil revenue shock has increased consumption, government current and capital spending and has reduced inflation in the short run, although has increased in the medium term due to the demand side push. The results revealed that the National Development Fund and consequently the Fund's concessional facilities to the private sector has been raised. In addition, because of the structure of the economy that was largely unproductive and the government activity in the economy would lead to crowding out effect, the oil revenue growth has little effect on the growth of non-oil producing sector. More over, each of the productivity and monetary shocks in the model has resulted the same theoretical expectations. Results also show that the implementation of fiscal policy based on PIH Scenario has better effects on macroeconomic variables in comparison with the business as usual scenario.
Ali Faridzad
Abstract
The measurement and assessment of energy intensity of economic sectors, especially in developing countries, compose a foremost objective of contemporary energy policy. The Iranian industry sector has more than 25 percent of gross domestic products which has important role in determining effective factors ...
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The measurement and assessment of energy intensity of economic sectors, especially in developing countries, compose a foremost objective of contemporary energy policy. The Iranian industry sector has more than 25 percent of gross domestic products which has important role in determining effective factors on enrgy intensity. In this study the Logarithmic Mean Divisia Index (LMDI) was applied for energy intensity decomposition analysis with additive and multiplicative method introduction for Period of 2004-2011. The results show that energy intensity in the mentioned period had increased in industry sector. Additionally, intensity effect and activity effect have the most shares in energy intensity docomposition respectively. Also, the results indicate that chain-linked decomposition versus period-wise one has more actuall and reliable results applying for policymakers.
Mohammad Rezaei; Kazem Yavari; Morteza Ezzati; Mansour Etesami
Abstract
This paper examines the effect of the abundant natural resources (oil and gas) on financial repression and economic growth through the income distribution channel. The three equations which are extracted from theoretical explanations are estimated simultaneously using the three-stage least squares (3SLS) ...
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This paper examines the effect of the abundant natural resources (oil and gas) on financial repression and economic growth through the income distribution channel. The three equations which are extracted from theoretical explanations are estimated simultaneously using the three-stage least squares (3SLS) for the period 1352-1389. We have demonstrated the positive effects of natural resources on financial repression by raising the inequality. The results show that financial repression leads to lower economic growth rate, hence the main hypothesis of the study was supported, i.e. the effects of the abundant natural resources on economic growth and financial repression through the channel of distribution of income. We have also observed that the natural resource abundance have negative effects on economic growth (direct effect) and positive effects on inequality.
Rouhollah Shahnazi; Rahman Khoshakhlagh; Mohsen Renani
Volume 1, Issue 3 , July 2012, , Pages 35-65
Abstract
Allocation of the oil revenues is one of the most important economic problems in the oil exporting countries budget, so the main aim of this paper is to determine the optimal allocation of oil revenues. This allocation is studied in three sub-problems: the main natural features of oil revenues, effects ...
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Allocation of the oil revenues is one of the most important economic problems in the oil exporting countries budget, so the main aim of this paper is to determine the optimal allocation of oil revenues. This allocation is studied in three sub-problems: the main natural features of oil revenues, effects of ignoring this particular features in policies and the best policy of allocation. In theoretical part, we develop a model based on OLG model of Blanchard (1985) and Uzawa-Lucas endogenous growth model, composition with oil revenues. We analysis the optimal path of consumption, human and physical capital formation and there for the economic growth in four cases with no subsidies, capital subsidies and direct and indirect consumption subsidies (as is the theoretical contribution of this study). In applied part, first we compute the required parameters by using the Iranian economy dataset. Then we calibrate the model constructed in theoretical sector. Finally we solve the model by using Wolfarm Mathematica 6 software. The results indicate the optimal path of consumtion, human and physical capital formation and economic growth is obtained with capital subsidies.
Hassan Dargahi; Mojtaba Ghorbannejad
Volume 1, Issue 4 , October 2012, , Pages 67-100
Abstract
In this paper the impacts of energy prices reform and the implementation of compensation policies are evaluated on major macroeconomics variables. For this purpose, a macroeconometrics model is estimated by ARDL approach, based on the annual time series data for the Iranian economy within the period ...
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In this paper the impacts of energy prices reform and the implementation of compensation policies are evaluated on major macroeconomics variables. For this purpose, a macroeconometrics model is estimated by ARDL approach, based on the annual time series data for the Iranian economy within the period 1976 and 2007. In the specification of the model, relations between energy prices and output, inflation, consumption, investment, government budget, trade balance with regards to the government compensation policies, are considered. Using the dynamic simulation, forecasting for the period 2011-2015 shows high inflation and low economic growth in the scenarios of energy prices reform with and without the compensation policies, but high growth just in case of productivity improvement. Thus, the success of the energy prices reform and the targeted subsidy plan depend on the productivity promotion through the supply-side policies.
Sayyed Abdolmajid Jalaee; Saeid Jafari; Saleh Ansari Lari
Volume 2, Issue 8 , October 2013, , Pages 69-92
Abstract
Electricity is not substitutable. Especially, Electricity is a necessity in the residential sector. In the other hand, electricity does not have storage capabilities. Therefore, its supply and demand should be proportional to each other. Hence, attention to its demand side is important. This paper uses ...
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Electricity is not substitutable. Especially, Electricity is a necessity in the residential sector. In the other hand, electricity does not have storage capabilities. Therefore, its supply and demand should be proportional to each other. Hence, attention to its demand side is important. This paper uses panel data of 28 provinces of Iran to investigate on the factors affecting on the household electricity consumption in Iran in the period 1381-1388. According to the result the price of electricity in the household sector in Iran has little impact on the power consumption in this sector. Also, the impact of alternative energy prices such as natural gas and oil, are low on the electricity consumption. The results indicate that the electricity consumption in the household sector has been more affected by consumption habits.
Hasan Dargahi; Mina Bahrami Gholami
Volume 1, Issue 1 , January 2011, , Pages 73-99
Abstract
The greenhouse gas emissions as a result of human activities is considered the main factor in global warming. This subject is of greater importance in OPEC countries because of the dependency of OPEC economies on fossil fuels and their economic vulnerability in relation with climate changes conventions ...
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The greenhouse gas emissions as a result of human activities is considered the main factor in global warming. This subject is of greater importance in OPEC countries because of the dependency of OPEC economies on fossil fuels and their economic vulnerability in relation with climate changes conventions and the Kyoto Protocol. In this study, besides analyzing the extent of compliance with EKC in the OPEC and OECD countries, the most important factors influencing CO2 emission will be examined and also the policy implications of KEC for Iran will be studied. The findings indicate that firstly, the inverse U shaped Environmental Kuznets Curve is not confirmed for all the studied countries, including Iran. Secondly, manufacturing value added to GDP (as an industrial development index), trade to GDP (as the openness index), and energy consumption to GDP (the energy intensity index) are found to be the main macroeconomic determinants.
Amir Jafarzadeh; Abdolasadeh Naisy
Volume 1, Issue 2 , April 2012, , Pages 73-91
Ali Hossein Samadi; Ibrahim Hadian; Mahboubeh Jafari
Volume 2, Issue 7 , July 2013, , Pages 75-101
Abstract
This study investigates the impact of oil price volatility on macroeconomic variables such as investment, unemployment and production based on quarterly data during the period 1386:4-1369:1. To achieve this, permanent and transitory volatility of OPEC oil price estimated by component GARCH model ...
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This study investigates the impact of oil price volatility on macroeconomic variables such as investment, unemployment and production based on quarterly data during the period 1386:4-1369:1. To achieve this, permanent and transitory volatility of OPEC oil price estimated by component GARCH model (CGARCH). Then, using the Impulse response function, the impact of permanent and transitory volatility of oil prices on macroeconomic variables has been analyzed. The results indicate that permanent uncertainty arising from changes in oil prices has led to decline investment and production and to rise unemployment. And the impact on these variables is permenant. It is indicated that investment and production has declined and unemployment has increased due to oil price uncertainty and this process is accompanied by a high volatility.
Mohammad Nabi Shahiki Tash; Ali Norouzi; Ghulam Ali Rahimi
Volume 2, Issue 6 , April 2013, , Pages 75-105
Abstract
In this Study, We applied Translog cost function with four Input (Labor, Capital, Energy and Material) and ISUR[1]method for analysis of the cost structure of 11 most Energy intensive sub sector industries (With 4 Digit ISIC[2]code) of Manufacture of other Non-Metallic Mineral Products (Code26) and Manufacture ...
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In this Study, We applied Translog cost function with four Input (Labor, Capital, Energy and Material) and ISUR[1]method for analysis of the cost structure of 11 most Energy intensive sub sector industries (With 4 Digit ISIC[2]code) of Manufacture of other Non-Metallic Mineral Products (Code26) and Manufacture of Basic Metals (Code 27) during the period 1375-87. Input Share, Economies of Scale, Minimum Efficient Scale, Own-cross price elasticity and Morishima elasticity of substitution were calculated. The important results of this study is the detection of Scale effects, which reveals possibilities for increasing Scales (products) and reducing costs. The result of Cross-price and Morishima Elasticity of substitution shows that all Input substitution elasticities areElastic. This case indicates that the Firm's Manager of Energy intensive industries have a lot of options to substitute one input for the other inputs.
[1]. Iterative Seemingly Unrelated Regressions
[2]. International Standard Industrial Classification
