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This paper examines the causal relationship between stock prices and macroeconomic aggregates in Iran, by applying the techniques of the long–run Granger non–causality test based on cointegration analysis. We test the causal relationships between the TEPIX Index and the four macroeconomic variables: money supply, GDP and exchange rate using quarterly data for the period 1370:1 to 1385:4. The results show unidirectional long run causality from macroeconomic variables to stock market. Accordingly, the stock prices are not a leading indicator for economic variables, which is inconsistent with the previous findings that the stock market rationally signals changes in real activities. Contrarily, the macro variables seem to lead stock prices. So, Tehran Stock Exchange (TSE) is not informationally efficient.

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This paper studies the technical efficiency of branches of Refah Bank in Tehran Province in 1387 based on Stochastic Frontier Analysis (SFA) and Translog production function. The findings show that the branches of Milad and Social Securities have enjoyed the highest technical efficiency, getting to about 96 percent, standing as the reference set. The branch of Shush Square suffers from minimum technical efficiency, estimated about 29 percent. Moreover the average efficiency of north branches of Tehran is estimated 87 percent and the south ones 79 percent. Overall, the average level of technical efficiency of all branches is found to be 81 percent. So that Refah Bank branches could have produced 19 percent more output using the same level of the inputs just by improving the combination of inputs without any increasing needed. The elasticity of output with respect to labor with higher education is 0.39 having contributed to output much more than other inputs.

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Concentration is one of the important elements of market structure that deals with the distribution of market power. Geographical concentration is considered as one of the concentration dimensions that focuses on the pattern of the division of market power among different regions and evaluates the homogeneity and heterogeneity of distribution of activities among different regions. This type of evaluation could be helpful in understanding how are the industry structure and industrial policy and that the distribution of the various activities in the different regions, Therefore can it guide the policy makers. The, by purpose of this study is to measure geographic concentration of industries using the EG index for the year 2006 in Iran. And also to investigate the reasons have caused this kind of concentration. The results show that for more than half of the Iranian industries, there is severe geographical concentration. The highest geographical concentration belongs to the data processing and office machineries industry, in the order of 51%. The lowest is for food production and rubber products industries with the rate of 0/009 and 0/005 percent respectively. Natural advantages, access to raw material, transportation costs, as well as market access and spillover effects between industries could be mentioned as the most important reasons to create geographic concentration of industries in Iran.

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According to international trade theories, the main cause of trade is the difference in accessibility and enjoyment of production factors. In fact, countries produce and export the products which they have easy access to abundant production factors. Energy, as a main factor of production, is no exception. Therefore, since Iran enjoys abundant energy resources, it is expected that the majority of its exporting products be energy intensive. Employing the Johansen and Juselius co-integration method, this paper investigates the long run and short run relationship between consumption of energy in industrial sector and the level of industrial export in Iran during 1970- 2007. The research results reveal that, in the long run, there exists, among other things, a strong connection between energy consumption in industrial sector and industrial exports. While in the short run, this variable doesn't play a significant role in industrial export supply.

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The common aspects of most definitions of social capital are their focus on social relations, which bring about productive benefits. The variety of definitions identified in the literature stem from the highly context- specific nature of social capital and the complexity of its conceptualization and operationalization. Unfortunately there are always limitations on socioeconomic studies around social capital in Iran, which originate from the lack of time-series statistics for social capital of the country. This study seeks to determine the amount of social capital in Iran’s provinces by factor analysis method. The results show that in this period, South Khorasan province has had the highest and Tehran province the lowest social capital in Iran.

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The role of financial intermediaries in the monetary transmission mechanism has been largely neglected in the study of macroeconomic fluctuations. Until recently, most dynamic stochastic general equilibrium models (DSGE) that were used to conduct monetary policy analyses incorporated a frictionless financial sector. In this study, we investigated that how banks will react if monetary shock occurs in the economy. To do so we used DSGE model and Bayesian Estimate. The results show that the monetary shocks Increase demand for loans and reduce the amount of deposits.

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Since the development of the capital asset pricing models, identifying the determinants of asset returns and risks have been considered by researchers. Exchange rate is one of the most important variables, which has close relationship with financial markets. Exchange rate movements affect stock prices through changing the value of firm’s assets. Increasing exchange rate due to the recent economic sanctions of the central bank of Iran by SWIFT highlights the exchange rate role in financial markets. In this study, daily data from January 1st, 2009 to July 31st, 2013 was used within a framework of Panel Vector Autoregression (Panel VAR) model to analyze the effects of exchange rate shocks on financial markets. Main results are: 1) according to the flow-oriented models, in this study exchange rate leads the stock price and the response of the stock index would be positive to exchange rate shock, 2) in the situation of economic sanction, foreign currency acts as real asset, and 3) in the situation of economic sanction, the effect of exchange rate shock on stock index would be negative in long-term, which would be a cause of dependency of domestic products to imported machinery and materials.

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Abstract:
In this paper, the effect of social capital on the efficiency of government expenditures has been studied in the two sectors of education and health during the period 1364-1396. social capital has been estimated by The Multiple Causes-Impact (MIMIC) approach, and efficiency of government expenditures in both education and health is estimated by the Data Envelopment Analysis (DEA) and Bootstrap data envelopment analysis approaches. The effect of social capital on the efficiency of government expenditures are measured by the regression model of the deficit probe in both education and health.
 The results of estimating social capital show that the trend of social capital is declining by the method of  Multiple Indicators and Multiple Causes during the study period. Also, the efficiency scores of government expenditures has been measured by Data Envelopment Analysis and Bootstrap Data Envelopment Analysis in Iran. The results show that on average, public spending is inefficient in education and health.
Findings of the fractional probit model show, the effect of social capital is positive and significant on the efficiency of government spending in both education and health. The effect of per capita income, economic growth, government size, inflation and trade openness is different on efficiency of government expenditures in education and health sectors.
 For example, the impact of economic growth­ is positive on the efficiency of government education and health spending. While the effect of government size is negative on the efficiency of government education and health spending.
 

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One of the most important macroeconomic goals of countries is to create the necessary conditions to promote continuous and stable economic growth, which economic complexity can be considered as one of the most important sectors to achieve this goal. Productivity is one of the main variables affecting economic complexity; therefore, strengthening it can increase economic complexity. To enhance productivity, efficiency components can be examined, the most important of which are increasing the quality of training, in-service training, effective use of talents, providing financial resources for the production of diverse and less inclusive goods, access to financial services, the availability of the latest technologies, the absorption of technology by companies, foreign direct investment and technology transfer. Strengthening these components leads to the acquisition of superior knowledge and technology and promotes economic complexity. Therefore, this study with emphasizing on efficiency; examines the impact of the components of strengthening productivity on the economic complexity of selected countries at the efficiency-driven stage and on the verge of entering the innovation phase during the 2006-2016 to use of method the Generalized Method of Moments (GMM) will pay. The results show that exchange rate variable, strengthening productivity and its components, basic requirements and innovation has a positive impact on economic complexity.