مطالب

In recent years, supporting intellectual property right has gained more significance. Intellectual property rights could be considered as legal rights resulting from intellectual activities in industrial, scientific, literary and artistic fields. Today, many countries are seeking practical information about using intellectual property to improve economic growth. Intellectual property rights have an important role in long term, economic growth of communities so international institutions such as Global Business Organization and Global Intellectual Property Organization have been advising their members based on providing and reinforcing this determinate in recent years. Also the gap in intellectual property regimes among developed and developing countries is considered as one of the reasons of differences in economic growth and development in these countries. Intellectual property right is important from the viewpoint of developing countries and in relation with its impact and outcomes on economic development, and stable human development. Considering the global changes and internationalization of production, distribution and consumption, it is necessary to observe all aspect of intellectual property rights. In this research, we intend to study the relationship between intellectual property rights and economic growth for 10 countries of ECO members during 2000-2009. Analysing the effect of intellectual property rights on economic growth is focused on the quantity index of intellectual property rights. The key finding of this study suggests the significant effect of intellectual property rights on economic growth of the ECO member countries.  JEL Classification: E11, C52, C22, B52, O48, O43, P48.

The present study has made an attempt to discuss the effects of exchange rate volatility and price expectation on maize imports in Iran from 1980 to 2013. In doing so, using the EGARCH technique for time series econometrics, price volatility variables for both exchange rate and final price have been calculated, and the time series for these variables have been extracted. Additionally, in regard to the expected import price, the related time series has been extracted using Hodrick-Prescott filter (HP). The empirical results indicate that exchange rate volatility and price volatility have had no significant effects on maize import, which is due to the fact that maize is a basic commodity and is imported by the official currency, therefore domestic price volatilities and the exchange rate do not have significant effects on maize imports. However, by freezing the exchange rate and not allocating official currency, the possibility of the exchange rate volatility affecting maize imports exists and this issue could affect the whole country’s food security. JEL Classification: Q17, F13, F31

Derivatives are alternative financial instruments which extend traders opportunities to achieve some financial goals. They are risk management instruments that are related to a data in the future, and also they react to uncertain prices. Study on pricing futures can provide useful tools to understand the stochastic behavior of prices to manage the risk of price volatility. Thus, this study evaluates commodity futures contracts by considering Ross (1995) one-factor future pricing model as a function of spot price, Gibson and Schwartz (1990) two-factor futures pricing model as a function of spot price and convenience yield and finally Schwartz (1997) three-factor futures pricing model as a function of spot price, convenience yield and instantaneous interest rate by adding jump to stochastic behavior of commodity spot price. For this purpose, it is assumed that spot price follows Jump-diffusion stochastic process with exponential probability distribution of jump domain. Finally, commodity pricing future relations in three basic models are presented as a function of above factor(s) and jump parameters by using Duffy-Pan-Singleton approach.  JEL Classification: G12, G13