پیوندهای مفید
اخبار و اعلانات
آمار
| تعداد نشریات | 158 |
| تعداد شمارهها | 6,253 |
| تعداد مقالات | 68,018 |
| تعداد مشاهده مقاله | 116,110,137 |
| تعداد دریافت فایل اصل مقاله | 90,882,431 |
Application of Financial Social Accounting Matrix (FSAM) for Analyzing Real-Financial Linkages of the Iranian Economy | ||
| Iranian Economic Review | ||
| دوره 27، شماره 1، مرداد 2023، صفحه 47-72 اصل مقاله (994.86 K) | ||
| شناسه دیجیتال (DOI): 10.22059/ier.2023.92456 | ||
| نویسندگان | ||
| Parisa Mohajeri* ؛ Ali Asghar Banouei؛ Seyyed Mohammad Amin Hodeini | ||
| Faculty of Economics, Allameh Tabataba’i University, Tehran, Iran. | ||
| چکیده | ||
| Prevailing views in Iran suggest that the financial sector mobilizes more resources to services than to the commodity-producing sectors. On account of double counting in intermediate inputs, the conventional multipliers derived from the Financial Social Accounting Matrix (FSAM) cannot solve this problem. As an alternative to conventional multipliers, FSAM GDP multipliers that indicate the growth performance of a financial system of the economy are proposed. Using a newly constructed 2016 FSAM for Iran, both conventional and GDP multipliers of the Real Social Accounting Matrix (RSAM) and FSAM have been worked out. The overall findings are as follows: First- the average conventional and GDP multipliers in FSAM are larger than their corresponding figures in RSAM. Second- in RSAM, the average conventional multipliers of commodity-producing sectors are larger than services whereas the GDP multipliers give the opposite pictures that support the prevailing opinions in Iran. Third- Concerning conventional and GDP multipliers at the sectoral level, the results show that in the case of conventional multipliers, 8 out of 10 top highest multipliers are commodity-producing sectors whereas GDP multipliers give exactly the opposite trend which vindicates the resource mobilization of financial sector towards the service sectors. | ||
| کلیدواژهها | ||
| Conventional Multipliers؛ Financial Social Accounting Matrix؛ GDP Multiplier؛ Real Social Accounting Matrix | ||
| مراجع | ||
|
Abrishami, H., & Rahimzadeh Namvarm, M. (2006). The Assessment of the Effect of Financial Market on the Rate of Private Saving in Iran. Tahghighat-E-Eghtesadi, 73, 1-35.
Ahmed, I., Socci, C., Severini, F. Pretatoli, R., & Al Mahdi, H. K. (2019). Unconventional Monetary Policy and Real Estate Sector: A Financial Dynamic Computable General Equilibrium Model for Italy. Economic System Research, 32(2), 1-18.
Aray, H., Pedaugal, L., & Velazequez, A. (2017). Financial Social Accounting Matrix: A Useful Tool for Understanding the Macro-Financial Linkages of an Economy. Economic Systems Research, 29(4), 486-508.
Balali, H., & Vahdat Moaddab, H. (2015). Modeling Rural Households, Saving and Effects of Different Policies. Journal of Agricultural Economics Research, 6(4), 1-20.
Bahrami, J., & Aslani, P. (2005). Determinants of Private Sector’s Saving in Iran. Iranian Economic Research, 7(23), 119-145.
Bazzazan, F., & Seifi-Shahpar, Z. (2015). Financial Social Accounting Matrix of Iran and Its Application in Economy. Quarterly of Economic Research, 15(59), 1-34.
Blancas, A. (2006). Inter-Institutional Linkage Analysis: A Social Accounting Matrix Multiplier Approach for the Mexican Economy. Economic Systems Research, 18(1), 29-59.
Central Bank of Iran. (2019). National Accounts of Iran (From Production Account to Financial Account with Disaggregation of Institutional Economic Sectors: Based on the SNA 1993). Retrieved from https://www.cbi.ir/page/4460.aspx
Civardi, M., Pasini, R. V., & Lenti, R. T. (2010). Extension to the Multiplier Decomposition Approach in a SAM Framework: An Application to Vietnam. Economic Systems Research, 22(2), 111-128.
Cohen, J. (1968). Integrating the Real and Financial via the Linkage of Financial Flow. The Journal of Finance, 1(23), 1-27.
Copeland, M. (1952). A Study of Money Flows in the United States. NBER, Retrieved from https://www.nber.org/books/cope52-1
Dalali Esfahani, R., Vaez Barazani, M., & Rafiei Karahroudi, R. (2008). The Effect of Financial Intermediaries on Iran’s Economic Growth. Journal of the Faculty of Humanities and Social Science, 8(2), 13-30.
Defourny, J., & Thorbecke, E. (1984). Structural Path Analysis and Multiplier Decomposition within a Social Accounting Matrix Framework. The Economic Journal, 94, 111-136.
Emini, C. A., & Fofack, H. (2004). A Financial Social Accounting Matrix for the International Macroeconomic Model for Poverty Analysis: Application to Cameroon with a Fixed-Price Multiplier Analysis. World Bank Policy Research Working Paper, 3219, Retrieved from http://documents1.worldbank.org/curated/en/156361468779407595/pdf/wps3219.pdf
Fakhr Hosseini, F., & Shahabi, A. (2007). Survey Effect Financial Market Development on the Economic Growth in Iran. Journal of Faculty of Humanities and Social Science, 7(24), 81-96.
Fargeix, A., & Sadoulet, E. (1990). A Financial Computable Equilibrium Model for the Analysis of Ecuador’s Stabilization Programs. OECD Development Center, Working Paper, 10, 1-47.
Farmanara, V., Komeyjani, A., Farzinvash, A., & Ghafari, F. (2019). The Role of Capital Market in Financing and Economic Growth (A Case Study of Iran and Some Selected Developing Countries). Journal of Financial Economics, 13(47), 19-37.
Haqiqi, I., & Bahador, A. (2015). Investigating Economic Effects of Oil Export Reduction: A Financial Computable General Equilibrium Approach. Journal of the Research Institute of Money and Banking, 8(24), 251-284 (In Persian).
Hasanzadeh, A., & Ahmadian Yazdi, A. (2010). Effect of Stock Market Development on Economic Growth. Money and Economy, 2(2), 31-52.
Kaghazian, S., Naghdi, Y., & Akbarnezhad, L. (2011). Relationship between Saving and Wealth (by Emphasizing the Housing Value) in Iran Provinces. Economic Modeling, 4(2), 73-94.
Khademalizadeh, A. (2013). Investigation the Effects of Capital Market on Economic Growth in Iran Through Microeconomics Approach (Firm Level 1370-1390). Iranian Economic Research, 18(54), 93-118.
Kheyr Khahan, J., & Baradaran Shoraka, H. R. (2003). Oil Boom and Saving Rate in OPEC Members. Iranian Economic Research, 5(16), 101-132.
Kim, E., & Bae, Y. (2015). Economic Contribution of the Private Sector on Financing and Operation of a Highway. Journal of Transport Economics and Policy, 49(3), 397-414.
Kim, E., Hewings, G. J. D., & Amir, H. (2015). Economic Evaluation of Transportation Projects: An Application of Financial Computable General Equilibrium Model. Research in Transportation Economics, 61, 1-12.
Klein, L. (2003). Some Potential Linkages for Input-Output Analysis with Flow-of-Fund, Economic Systems Research, 15(3), 269-277.
Leung, D., & Secrieu, O. (2012). Real Financial Linkages in the Canadian Economy: An Input-Output Approach. Economic Systems Research, 24(3), 215-239.
Li, J. (2008). The Financial Social Accounting Matrix for China, 2002, and Its Application to a Multiplier Analysis. Forum of International Development Studies, 36, 215-239.
Mahdavi, R., Jahangard, E., & Khataie, M. (2011). The Impact of Foreign Direct Investment on Economic Growth: The Role of Financial Market Development in Host Countries. Journal of Economic Modeling Research, 1(2), 21-40.
Miyazawa, K. (1976). Input-Output Analysis and the Structure of Income Distribution. Berlin: Springer.
Miller, R. E., & Blair, P. D. (2009). Input-Output Analysis: Foundations and Extension. Cambridge: Cambridge University Press.
Mojtahed, A., & Karami, A. (2003). Evaluation of Effective Variables on Behavior of National Saving in Iranian Economy. Iranian Journal of Trade Studies, 7(27), 1-28.
Nouferesti, M., & Ahmadi, M. (2008). The Effects of Population Age Structure on National Savings. Tahghighat-E-Eghtesadi, 8(1), 43-56 (In Persian).
Oosterhaven, J., & Stelder, D. (2002). Net Multipliers Avoid Exaggerating Impacts: With A Bi-Regional Illustration for Dutch Transportation Sector. Journal of Regional Science, 42(3), 533-543.
Piraee, Kh., Keshavarzi, E., & Arabi, H. (2013). Determinants of Private Saving in Iran with Emphasis on Real Exchange Rate and Borrowing Constraints. Journal of the Macro and Strategic Policies, 1(1), 63-92.
Pyatt, G., & Round, J. I. (2006). Multiplier Effects and Reduction of Poverty (233-259). In A. de Janvery and R. Kanbur (Eds.), Poverty, Inequality and Development. New York: Springer.
Pyatt, G., & Round, J. I. (1979). Accounting and Fixed Price Multipliers in a Social Accounting Matrix Framework. The Economic Journal, 89, 850-873.
Rahmaini, T., & Bagherpur Oskoei, E. (2017). Examination of the Relationship between Economic Growth and Saving Rate in Low and High Inflation Countries. Journal of Economic Growth and Development Research, 7(28), 71-82.
Rezaei, E. (2010). Consumption and Saving Behavior in the Neoclassical Growth Model Case Study: Iran. Tahghighat-E-Eghtesadi, 45(2), 125-152 (In Persian).
Robinson, S. (1991). Macroeconomics, Financial Variables and Computable General Equilibrium Models. World Development, 19(11), 1509-1525.
Roe, A. (1985). The Flow of Funds as a Tool of Analysis in Developing Countries. In G. Pyatt and J. I. Rouns (Eds.), Social Accounting Matrices: A Basis for Planning. Washington, DC: The World Bank.
Saeidi, P. (2009). The Role of Facilities (Duty and Non-Duty) of Specialized Banks on the Economic Growth. Journal of Industrial Management, 4(8), 97-110.
Samadim S., Nahvi, M., & Rajabi, M. (2015). Analyzing the Impact of Liquidity Growth on National Saving in Iran. Journal of Development Economics and Planning, 3(2), 1-14.
Shakeri, A. (2016). An Introduction to the Iranian Economy. Tehran: Rafe Publications.
Simorangkir, I., & Adamanti, J. (2014). Financial Computable General Equilibrium (FCGE) Model: Exploring Real-Financial Linkage on Indonesian Economy during Financial Crisis. 2012 BSP International Research Conference, Retrieved from www.bsp.gov.ph›papers›2012_CCMP_03_paper
Sobhani, H., & Barkhordari, M. R. (2011). Review over Effective Factors on Saving in Private Sector Iran’s Oil Economy. Tahghighat-E-Eghtesadi, 46(94), 23-44.
Sonis, M., & Hewings, G. J. D. (1999). Miyazawa’s Contributions to Understanding Economic Structure: Interpretation, Evaluation and Extensions. In G. J. D. Hewings, M. Sonis, M. Madden, and Y. Kimura (Eds.), Understanding and Interpreting Economic Structure: Advances in Spatial Science. Heidelberg: Springer.
Statistical Indonesia and Bank of Indonesia. (2009). Financial Social Accounting Matrix: Indonesia 2005. Retrieved from https://www.bi.go.id/en/
Stone, R. (1997). The Account of Society. The American Economic Review, 79(6), 7-29.
Taghavi, A., & Pahlavani, M. (2018). Impact of Saving and Investment on Iran’s Economic Growth in the Presence of Structural Break. Journal of Macro and Strategic Policies, 6(21), 69-91.
Telli, C., Voyvoda, E., & Yeldan, E. (2008). Macroeconomics of Twin-Targeting in Turkey: Analytics of a Financial Computable General Equilibrium Model. International Review of Applied Economics, 22(2), 227-242.
Thorbecke, E., & Jung, H. S. (1996). A Multiplier Decomposition Method to Analyze Poverty Alleviation. Journal of Development Economics, 48(2), 274-300.
Thorbecke, E. (1998). Social Accounting Matrices and Social Accounting Analysis. In W. Isard, I. J. Azis, M. P. Drennan, R. E. Miller, S. Saltzman, and E. Thorbecke (Eds.), Methods of Interregional and Regional Analysis. Ashgate: Routledge.
Tobin, J. (1969). A General Equilibrium Approach to Monetary Theory. Journal of Money, Credit and Banking, 1(1), 15-29.
System of National Account. (1993). UN Statistics Division. Retrieved from https://unstats.un.org/unsd/nationalaccount/docs/1993sna.pdf
United Nations Statistical Division. (2002). Use of Macro Accounts in Policy Analysis. New York: United Nations.
United Nations, Statistical Office. (1968). A System of National Accounts. New York: United Nations.
Waheed, A., & Ezaki, M. (2006). A Financial Social Accounting Matrix for Pakistan. GSID, Discussion Paper, 141, 1-25.
Waheed, A., & Ezaki, M. (2007). Production, Social Accounting and Financial Social Accounting Multiplier Analyses with the Financial Social Accounting Matrix of Pakistan, Forum of International Development Studies, 33, 209-227.
Yavari, K., & Emamgholipour, S. (2010). Impact of Natural Disasters on Savings in Iran. The Economic Research, 10(2), 29-42.
Zanheneh, H. (2006). Saving, Investment, and Growth: A Causality Test. Iranian Economic Review, 11(16), 165-175. | ||
|
آمار تعداد مشاهده مقاله: 160 تعداد دریافت فایل اصل مقاله: 329 |
||