METHODOLOGICAL ASPECTS OF CONSTRUCTION OF THE DYNAMIC MODEL FOR THE DEVELOPMENT OF THE INSTITUTIONAL ENVIRONMENT OF THE INNOVATIVE MULTICLUSTERS

Napolskikh Dmitri LEONIDOVICH

Candidate of Economic Sciences, Associate Professor of the Department of Management and Law Volga State University of Technology Yoshkar-Ola, pl. Lenin, 3

NapolskihDL@yandex.ru

Abstract

The study of the processes of development of the institutional environment of the innovative multiclusters allows to determine the stage of its life cycle and the direction of the development of the processes of clustering the economic system of the region. The models of interaction among the economic agents of the innovative multicluster at the various stages of development of its institutional environment, proposed by the author, allow to monitor the effectiveness of the regional cluster policy over the long term. The study shows that the structure of the interactions among the economic agents in the framework of this model of formation and development of the innovative multiclusters is due to the institutional aspects of the regional cluster policy. The classification of the economic agents of the innovative multicluster, which are the main subjects of the processes of modernization of the institutional environment of the regional economic system, is provided.

Keywords: economic modeling, cluster policy, institutional environment

JEL classification:

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DETERMINANTS OF INCLUSIVE GROWTH IN IRANIAN REGIONS (SURE APPROACH IN PANEL DATA)

Majid FESHARI

Assistant Professor of Economics, Kharazmi University

majid.feshari@gmail.com

Mojtaba VALIBEIGI

Assistant Professor of Urban Planning, Buein Zahra Technical University

Abstract

The concept of inclusive growth is one of the important issues in the urban economics literature and has been considered in empirical studies recently. For this purpose, the aim of this paper is to investigate the relationship between income inequality and GDP growth in Iranian provinces over the period of 2000-2014. To conduct this study, the econometric model has been estimated by applying seemingly unrelated regression in panel data for 30 Iran’s provinces. The main findings of this paper shows that the Gini coefficient as a proxy for income inequality, unemployment rate have negative impact and initial value of Gini coefficient has positive and significant effect on the growth of GDP respectively. The overall conclusion of this study suggests that inequality of Iranian provinces can be declined by improving employment and growth of GDP in Iranian provinces.

Keywords: Inclusive Growth, GDP Growth, SURE Approach, Panel Data

JEL classification: C23,O15,R11

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INVESTIGATING THE EFFECTS OF FINANCIAL INNOVATIONS ON THE DEMAND FOR MONEY IN MALAYSIA USING THE ARDL APPOACH TO COINTERGRATION

Payam MOHAMMAD ALIHA

Ph.D candidate, National University of Malaysia (UKM), Malaysia

payammaliha@gmail.com

Tamat SARMIDI

Associate Professor Dr. at Faculty of Economics and Management, Universiti Kebangsaan Malaysia (UKM), Malaysia

tamat@ukm.edu.my

Abu Hassan SHAAR

Professor Dr. at Faculty of Economics and Management, Universiti Kebangsaan Malaysia (UKM), Malaysia

ahassan@ukm.edu.my

Fathin FAIZAH SAID

Dr. at Faculty of Economics and Management, Universiti Kebangsaan Malaysia (UKM), Malaysia

fatin@ukm.edu.my

Abstract

Money demand function plays a vital role in monetary policy formulation. Over the years, several countries have experienced growth in financial innovation which has implications for monetary policy. This paper estimates the relationship between financial innovation and money demand in Malaysia with a focus on payment instruments (PI), payment systems (PS) and payment channels (PC) using the ARDL approach to cointegration between 2008 Q1 to 2015 Q4. This paper adopts the bounds testing procedure developed by Pesaran et al. (2001) to test the stability of the long-run money demand and determine the short-run dynamics for Malaysia. The empirical evidence points to the fact that while innovation in the Malaysian financial system have not ruled out the existence of stable long run money demand relationships as attested to by QUSUM Test, they (except for PS) fail to pass the Bound Test meaning that there is no evidence for a long-run association between variables. Therefore, for PI and PC, we cannot proceed to the next step. For PS, the estimated coefficient for the error correction term is not significant which means that there is no adjustment towards long-run equilibrium. In other words, disequilibrium between money demand and independent variables is not corrected over time and it actually diverges rather than converge.

Keywords: Money demand, Financial innovations, Stability, ARDL, Cointegration

JEL classification: C13, C40, C51, E40, E44

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