Showing 14 results for Efficiency
Dr Afsaneh Shafiee, Dr Ahmad Tashkini ,
Volume 1, Issue 1 (10-2010)
Abstract
This study examines the social cost of banking industry in Iran (17 governmental and private banks) in an unbalanced panel data model.
To conduct estimations, two different approaches were taken: 1- Welfare Triangle approach 2- Libenstein’s approach. In the former, welfare triangle is measured assuming banking industry operating in full technical efficiency however, the latter includes both the effect of welfare triangle and the cost of likely technical X-inefficiency. The result of the first method showed that the social cost of banks in Iran is little, amounting to be less than 1 percent of GDP in 2008 while within the same period, the second method resulted in 4 percent of GDP, as the social cost of banks in Iran.
Amir Reza Soori, Dr Ahmad Tashkini, Mohammad Reza Saadat,
Volume 1, Issue 2 (12-2010)
Abstract
The main purpose of this paper is to examine the effect of merger, concentration and credit risk on the efficiency of Iranian Banking industry. To measure the efficiency of Iranian banking system, we have used the data of commercial & specialized bank's balance sheets during 2001-2007, and a parametric approach to estimate two empirical models.
To estimate efficiency measures and determining main factors affecting the measures, we have used a Logarithmic - Linear form of a random Translog cost function. The results of the first estimated efficiency model show that the average efficiency measure of banking system in Iran is 54% and that the merger of the more inefficient banks within the efficient bank will cause the average efficiency measure rise to 70%
The results of the second model - assessing the effecting factors on efficiency- show that the efficiency of banks has an inverse relationship with the concentration (competition in banking industry), and a direct relationship with the IT index (e-banking activity) and the facilities to assets and capital to assets ratios (as the indices of the credit risk).
Dr Jahangarde, Sara Ali Asgari,
Volume 2, Issue 4 (6-2011)
Abstract
Macroeconomic performance has improved in many countries in the world in the last fifteen years or so. Much of the literature has concentrated on how central bank independence, inflation targeting regimes, and currency :::union:::s have contributed to improving the effectiveness of monetary policy and hence macroeconomic performance. Since the financial system is a key component of the monetary transmission mechanism, we study how a country’s financial development affects monetary policy efficiency in 28 developed and developing countries within 1995-2006. Specifically, our objective is to derive monetary policy efficiency measures (PEMs) - derivative from Krause and Rioja- for 28 Developed and developing countries and analyze the impact that the size and depth of the banking sector and the capital sector have on policy performance. In our empirical analysis we use three financial development measures: private credit, liquid liabilities, and a financial aggregate index that comprises banking and stock market measures. The Results of model estimation with generalized method of moments (GMM) technique, shows that financial development with mentioned indicators has a positive and significant effect on monetary policy efficiency. Also supervision in central bank independency and inflation targeting regimes -as control variables- has positive and significant effect on monetary policy efficiency. This result doesn’t make a difference whether the country is developed or developing and in the both of them more developed financial markets, controlling the central bank independency and applying inflation targeting regimes, significantly help to achieve a more efficient monetary policy.
Alireza Garshasbi, Dr Kazem Yavari, Dr Reza Najarzade, Dr Masoud Homayounifar,
Volume 3, Issue 10 (12-2012)
Abstract
The estimation of output supply and inputs demand in farming sector with the assumption of full economic efficiency may result in false policy decisions. This article investigates the effects of irrigated wheat economic inefficiency on output supply and inputs demand in the period 2001-2009. After estimating the economic inefficiency by the use of production and cost stochastic models, the output supply and inputs demand of irrigated wheat are obtained through seemingly unrelated regression method. Results show that technical, allocative and economic inefficiency in irrigated wheat production in Iran are 21, 23 and 38 percent respectively. Moreover, the slope of output supply function is strongly affected by the related economic inefficiency in profit function and inefficiency changes input’s demand coefficients. Results also show that technical inefficiency has a greater effect on inputs demand compared to the allocative inefficiency.
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Volume 4, Issue 13 (10-2013)
Abstract
Efficiency analysis plays an important role in price regulation in the electricity distribution sector. This paper analyses efficiency and productivity of 38 electric distribution companies in Iran from year 1387 to 1389 (Iranian calendar year) by using slack based model (SBM). Super efficiency analysis is employed to rank full efficient companies. According to results, Tabriz, Ahwaz and north Khorasan companies have best performance among others. To examine importance of losses inclusion as input on super efficiency scores, statistical tests are utilized. Results indicate significant difference in super efficiency scores with and without accounting for losses. Average productivity index of total companies has declined by 4 percent under investigated period. Further, Panel data analysis applied to specify determinants of super efficiency of electricity distribution companies. According to results, Loss rate, network density and transformer load factor are the main determinants of super efficiency.
Mohammad Nabi Shahiki Tash, Zahra Sheidaei, Elham Shivai,
Volume 5, Issue 16 (7-2014)
Abstract
This paper based on the new empirical industrial organization model (NEIO) examines the impact of market concentration and cost efficiency on bank's profit rate margin in Iran. The study uses the model developed by Azzam (1997) to evaluate the market power and cost efficiency for 15 active banks in the banking industry. The empirical findings indicate a decrease in the market power of banks during the period 2001-2011. It is also shown that the conjectural variations index associated with the loans is -0.96, while demand for the loans is completely inelastic where its value is near to 0.087. Additionally, The market power and cost efficiency in the banking industry have been estimated 0.37 and -0.30 respectively meaning a decrease about 0.3 percent for the bank's profit rate due to the efficiency of cost and an increase about 0.07 percent due to the concentration.
Ahmad Jafari Samimi, Roozbeh Balounejad Nouri,
Volume 5, Issue 17 (10-2014)
Abstract
The main objective of this study was to investigate weak efficient market hypothesis of Tehran stock exchange. For this purpose, total price index, financial index, industry index and the index's top 50 companies data for the period 2013:7-2009:5 daily basis as well as data on prices and yields for the period 2013:2 - 2000:3 are applied on a monthly basis. In this study, the hypothesis of the poor performance of the Tehran stock exchange, using wavelets and fractional Brownian motion is investigated. The results show the aforementioned hypotheses are rejected.
Aziz Ahmadzadeh, Kazem Yavari, Mohammad Isaee Tafreshi, Ali Salehabadi,
Volume 5, Issue 17 (10-2014)
Abstract
"Market efficiency" is the basic axiom of Financial Economics and fondamental base for ability of optimal allocation (of financial resources) in a capital market. Vast and extensive studies around Market efficiency in recent decades, has induced strong evolutions in economist’s perception from a Market efficiency, methods of assessing and their implications in real world. This essay attempts to procure a concise leterature review of these evolutions. Results show that applied methods in Iran are incomplete in regard with new addvancements in foreign studies. So, weak form efficiency of Tehran Stock Exchange is reevaluated using new method of H statistic of Hinich. Results of empirical study shows that weak form efficiency is rejected for all the sample as a whole. But, market efficiency would be in evolvotion in studied periods based on used H statistic in this article. Also, market efficiency experienced an stationary improvement from 2005.
Mahmod Mahmodzadeh, Mehdi Fathabadi,
Volume 7, Issue 26 (12-2016)
Abstract
The aim of this paper is decomposition of total factor productivity (TFP) growth to four factors technological progress, technical efficiency, allocative efficiency, scale effects in 21 manufacturing industries, using a panel data technique, during 2000-2011.Findings show that the production elasticity related to labor and capital is o.57 and 0.13, respectively and economy of scale is less than unit. Also, results indicate that productivity growth is positive only in 8 industries that include electronics, communications, paper, medical and optical industries. The decomposition reveals that, TP has been the main driving force of productivity growth- especially in chemical, non-metal mineral, primary metal, motor vehicles, trailers and semi-trailers- while negative efficiency changes, allocative efficiency and scales effects observed in certain industries have contributed to reduce average productivity growth.
Mahdi Sadeghi, Mahdi Khoshkhooy,
Volume 8, Issue 27 (3-2017)
Abstract
Today one of the basic conditions for economic development in one country, is the high performance of energy sources used in different sections of the country economy. When the efficiency is raised, one of essential requirements is benefit from technologies and equipments with higher technical and performance specifications, and removing economic barriers or improving economic policies, in order to achieve as higher efficiency as possible in energy consumption. Considering that close to half of the our country energy consumption accounted for households and this sector is the largest consumer of energy in the country, and considering the importance of the issue of energy consumption, in this study we decided to analyze and scrutiny the phenomenon of energy efficiency in the household sector, and to achieve accurate and scientific analysis in this area based on expert opinion data, using structural equations modeling technique in LISREL. Based on the result of the model, economic policies (price and none price) has relatively more importance than the technical and technological solutions to the problem of improving energy efficiency in the household sector, as well as important and effective indices of each of these factors are extracted and identified. According to it, "levy a tax on energy consumption" among economic policies, and indicators of "e-government infrastructure development", "development of smart counters and Equipments WARNING energy consumption in homes" and "development of vernacular architecture patterns adapted to climatic conditions in different regions of the country" in connection with Technical foctors, have the greatest impact on energy efficiency in the mentioned sector. However, if the relationship identified for both the economic policies and technical-technological factors with the dependent variable "performance" was not acceptable very good, this matter can indicate this fact that there are other variables and factors that are influencing and can have a great role to play. Among these factors it can be addressed the socio-cultural factors and insights and norms of society which can be a help to aggravate the problem of inefficiency in energy use.
Mr Behnam Najafzadeh, Mr Siab Mamipour,
Volume 8, Issue 27 (3-2017)
Abstract
In this paper to assess the environmental efficiency of electric power companies two-stage approach has been used Which means that the first step is to calculate the environmental efficiency score of electric power companies with Slack-Based Measure during the period (2004-2014). Then, the second step various factors effects have been evaluated on environmental efficiency by using Tobit and Ordinary Least Squares models. The result of first step show that environmental performance of the electricity industry has seen a reduction in performance during the period of 2004 to 2006, While environmental performance had a rising trend between 2007 to 2009 and then it has had a considerable reduction in the period 2010-2014 (after the liberalization of energy prices). Finally, in 2004, the average efficiency of the industry is reached to lowest level (0.65). The result of second step show that factors affecting efficiency namely Size and Liberation dummy variables have negative effects but the proportion of electricity produced by the thermal power plants, the proportion of gas used in the fuel, capacity utilization rate and electricity exports have positive effects. The results show that importing electricity doesn’t have any significance effect on the efficiency. In the end, the results of adding a new variable (variable log of per capita GDP) showed that except for the proportion of gas used in the fuel, the explanatory variables has robust coefficient.
Musa Khoshkalam,
Volume 8, Issue 29 (10-2017)
Abstract
Price policies are one of the most permissive policies in Iranian economic for controlling energy carrier's consumption. In addition, the non-price policies such as energy efficiency improvement are effective for controlling energy carrier's consumption. This paper assesses the economic impacts of energy efficiency improvement (in gasoline, gasoil and electric) as a non-price policy. For the purposes of this paper computable general equilibrium (CGE) model based on social accounting matrix (SAM) is used. The social accounting matrix is aggregated in 12 activities and 14 commodities. The CGE model blocks are: production block, institution block, trade block, Investment block and system constraint block. The results show that, first 10 percent improvement in energy efficiency makes the highest rebound effects (of gasoline) in the transport sector with 29.8 percent, the highest rebound effect (of gasoil) in the transport sector with 24.7% and the highest rebound effect (of electricity) in the other services sector with 24.5 percent. Second 10 percent improvement in energy efficiency causes the greatest increase in the output level of sectors (related to gasoline, gasoil and electricity) respectively, in the "transport", "transport" and "other services" by 0.62, 0.51 and 0.32 percent. Thirdly 10 percent improvement in energy efficiency increases the GDP respectively 0.17, 0.15 and 0.11 percent.
Naghmeh Honarvar, Homayoun Ranjbr, Sara Ghobadi,
Volume 9, Issue 32 (7-2018)
Abstract
This study examines the long run relationship between the efficiency component (good market efficiency and labor market efficiency) in the global competitiveness index and the variables of economic success (economic growth and unemployment) by using new econometric methods in selected countries of Asia with the average upward Global Competitiveness Index. This study, in the framework of the Panel Vector Error Correction Model (PVECM), examines the long run relationship between variables over the period 2008-2016. Estimation of long run coefficients by using Dynamic Ordinary Least Squares (DOLS) and estimating error correction temr coefficients by using the Pool Mean Group Method (PMG) and Panel Vector Error Correction Model has been done. Estimations of the coefficients of the variables of the good market efficiency and labor market efficiency by using DOLS method show that the effects of good market efficiency and labor markets efficiency on the economic growth in the long run are positive and significant. The impacts of good market efficiency and labor market efficiency on unemployment in the long run are negative and significant. Also, the results of estimating logarithmic coefficients in the DOLS method show that the most effective variable on economic success variables (economic growth and unemployment) is related to good market efficiency. The estimation of the coefficients of error correction term by using the PMG and PVECM method show that when the economic growth rate is dependent variable, since the coefficient of error correction term for this variable is negative and significant, therefore, There is a long run relationship between the rate of economic growth, good market efficiency and labor market efficiency. When the unemployment rate is dependent variable, since the coefficient of error correction term is negative and significant for this variable, there is a long run relationship between the unemployment rate, good market efficiency and labor market efficiency.
Vahid Arshadi, Reza Tavakoli Jaghargh, Majid Monfared, Javad Ghyasi,
Volume 12, Issue 44 (7-2021)
Abstract
Due to the undesirable phenomenon of graduate unemployment and its negative effects, Addressing the issue of how to major choice is of particular importance. The main question of the research is whether the existing signals of choosing a field have been effective in guiding people in accordance with the needs of the labor market? The method of this research is descriptive-analytical; It has been a combination of documentary studies, qualitative statistical analysis (descriptive statistics) and analytical statistics (cross-sectional econometrics). The findings of this study, which was conducted using the data of the years (2006-2018) and controlled by the province and the type of university, show in major choice of volunteers, no attention is paid to the unemployment rate of that field. The non-significance of the unemployment rate coefficient in the above model confirms the hypothesis that the unemployment rate of the field (main independent variable) does not explain the registration rate in that field (dependent variable), Therefore, the unemployment rate of the field in any of the six fields, in any type of universities and in any of the provinces, has no significant effect on the rate of major choice. According to the theoretical and experimental background of research in many other countries, there is a problem and weakness and they have followed solutions for it.
