Posts Tagged ‘C22’

THE RELATIONSHIP BETWEEN HEALTH CARE AND TOURISM DEMAND IN IRANIAN ECONOMY

Majid FESHARI

Assistant Professor of Economics, Kharazmi University (Corresponding Author)

majid.feshari@gmail.com

Hedayat HOSSEINZADEH

Assistant Professor, Department of Economics, Payame Noor University, Iran

hedhus@gmail.com

Abstract

The relationship between health care and international tourism is one of the important issues in tourism literature. The main objective of this study is to investigate the correlation between health care and international tourism in the long-run and short-run by using a fully modified ordinary least square (FMOLS) and Toda-Yamamoto approach over the time period of 1971-2016. The empirical results of this study indicate that there is a long-run relationship between health care and tourism. Health care has a positive and significant effect on the tourists’ arrivals as a proxy for international tourism demand. Moreover in the short-run, the results suggest that there is unilateral causality from health care to international tourism. Hence, the main implication policy of the study is that policy makers should adopt policies to improving health care and attract more international tourists.

Keywords: Health Care, International Tourism, FMOLS, Toda and Yamamoto Approach

JEL classification: C22, I10
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SMEs’ CREDIT DEMAND AND ECONOMIC GROWTH IN INDONESIA

M. Shabri ABD. MAJID

Senior Lecturer, Faculty of Economics and Business, Syiah Kuala Kuala University, Indonesia

mshabri@unsyiah.ac.id

HAMDANI

Financial Consultant for the SMEs and Bank’s Partner, Aceh Province, Indonesia, Graduate Student in Economics, Faculty of Economics and Business, Syiah Kuala Kuala University, Indonesia

hamdani.aceh@gmail.com

Muhammad NASIR

Senior Lecturer, Faculty of Economics and Business, Syiah Kuala Kuala University, Indonesia

nasirmsi@yahoo.com

FAISAL

Senior Lecturer, Faculty of Economics and Business, Syiah Kuala Kuala University, Indonesia

faisal_nurmala@yahoo.com

Abstract

This study aims at empirically exploring the short- and long-run relationships between economic growth, non-performing loans, interest rates and the credit demand by the small and medium enterprises (SMEs) in Aceh province, Indonesia. The quarterly data for the period 1995 to 2015 were analyzed by the cointegration and vector error correction model (VECM). The study documented that there was a cointegration among the economic growth, non-performing loans, interest rates and the credit demand, implying the existence of long-run equilibrium among the variables. In addition, in short-run, the study found a unidirectional causality from economic growth to credit demand, a bidirectional causality between interest rates and credit demand, while no causality existed between non-performance loan and credit demand by the SMEs in Aceh, Indonesia. Thus, to enhance the SMEs, the government should focus on promoting the economic growth by managing the stability of interest rates in the province.

Keywords: Credit demand, Economic growth, Non-performing loan, SMEs.

JEL classification: C22, E59, O49, H81
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PORTFOLIO OPTIMIZATION IN SELECTED TEHRAN STOCK EXCHANGE COMPANIES (SYMBIOTIC ORGANISMS SEARCH AND MEMETIC ALGORITHMS)

Majid FESHARI

Assistant Professor of Kharazmi University (Corresponding Author)

majid.feshari@gmail.com

Reza NAZARI

Assistant Professor of Islamic Azad University, Tabriz Branch

rezanazariof@yahoo.com

Abstract

The optimal portfolio selection problem has always been the most important issue in the modern financial literature. So, in this paper, we had shown that how an investment with n risky share can achieve the certain profits with less risk that spread between stocks. Such a portfolio, it is called an optimal portfolio and it is necessary to find solving the optimization problem. Hence, meta-heuristic algorithms such as Symbiotic Organism Search (SOS) and the Memetic Algorithm which is combination of the Genetic and SOS algorithms have been utilized to solve portfolio optimization in 23 selected Tehran stock exchange market during the period of 2009-2017. The results of optimization indicated that at the same precision. Memetic algorithm despite its time consuming has better performance than other algorithms. Moreover, Genetic algorithm despite its performance has the lowest time consuming. Hence, the main policy implication policy of this study is that the investors and financial analyzers should adopt the Memetic method as a proper and optimal meta-heuristic algorithm for minimizing the risk and maximize the return investment in portfolio.

Keywords: Portfolio Optimization Problem, Sharpe ratio, Genetic Algorithm, Symbiotic Organism Search Algorithm, Memetic Algorithm

JEL classification: C22, G35, G43
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