درخت حوزه‌های تخصصی

Does financial sector develop in line with its nature? Does part of financial development, which is in line with its nature, approve mainstream opinion in regard to finance-growth relationship? By considering financialization phenomenon within an ARDL-Bounds testing approach, this study re-examined the causal relationship between financial development and economic growth in the USA during the period 1961–2012. Using Principal Component Analysis (PCA), indicators of financial sector development (FD) and financialization (FIN) were created. After that, Granger causality test was applied using the ARDL-ECM methodology. According to the results: 1) a bilateral relationship between financial development and economic growth was observed; while financial development had negative and significant impact on economic growth, the influence of economic growth on financial development was not significant although it was positive; 2) financialization significantly affected financial development through efficiency channel. Obtained results can be used by policy makers in different countries, although the study is applied for the USA. JEL Classification: O11; O16; O51; G20.

Thermal comfort is one of the key factors for achieving energy saving in the buildings. In the survey of thermal comfort, psychological aspects are as important as the physical parameters such as temperature and relative humidity. If thermal comfort could be achieved by using non–physical parameters, a significant energy and cost would be saved. The aim of this study is to investigate the effect of changing the color of inward daylight (into cool/warm), on sensation of thermal and visual comfort. This study was conducted to answer these questions: to what extent can the lights, which are traditionally called cool and warm, cause the real sensation of cold and heat? What is their influence on thermal and visual comfort? And what is the effect of changing the color of transmitted light on the occupant’s sensation of illumination? Research method is descriptive–analytical; in this study, thermal and visual effects of changing the color of inward light from the windows is surveyed, by using questionnaires, in three naturally ventilated high–schools; and the results were compared with the outputs of PMV simulation analysis. The results show that changing the inward light to a cool color (blue) and a warm color (red) resulted in a difference of 0.33°C in the sensation of thermal comfort. Moreover, the AMV in all cases had a neutral temperature below the PMV’s neutral temperature which was simulated by the software. In lower illuminance levels (lower than 300 lux) blue light aroused more visual satisfaction; but in higher illuminance levels (more than 300 lux), simple windows produced the best visual satisfaction. Red light produced the least visual satisfaction amongst these three. While, blue and red glazing generated better distribution of light in the room, than the witness group.

The relationship between exchange rate volatility and import value indices is one of the important debates in international finance literature and has been considered empirically in recent years. Hence, the main aim of this paper is to evaluate the long-run effect of exchange rate volatility on the import unit value index as a proxy for exchange rate pass-through in two groups of countries with the exchange rate anchor versus inflation targeting monetary regime over the period of 1990-2015. For achieving this purpose, 15 and 43 countries have been selected as countries with exchange rate anchor and inflation targeting monetary policy regime. The econometric model has been estimated by applying ARDL[1] approach in panel data for these two groups of countries. Empirical findings of present study indicated that exchange rate volatility has negative effect on the unit value of imports in the two groups of countries. Moreover, interaction effect of monetary regime and nominal effective exchange rate has positive and significant influence on the import unit value index in two groups of countries. JEL Classification: C23:E23:F31 <br clear="all" /> [1] . Auto-regressive Distributed Lag