University of IsfahanInternational Economics Studies2008-964334120090801How the WTO Could Be Improved161550610.22108/ies.2009.15506ENPeterJ.LloydUniversity of Melbourne, AustraliaJournal Article20160614AbstractThis paper examines the impasse in the current Doha Development Round negotiations andasks how the rules of the WTO could be changed to facilitate multilateral negotiations andto increase the welfare of the Member countries. It considers possible changes to the methodof negotiation. As examples of rules which are outdated, it considers the rules relating toregional trade agreements and to anti-dumping actions. Economic theory suggests stronglythat changes to these rules could increase international trade and benefit member countries.Then to the rolling Heavân itself I cried, Asking, âWhat lamp had destiny to guide Her littleChildren stumbling in the Dark?âAnd â âA blind understanding!â Heavân replied.The Rubaiyat of Omar Khayyam by Omar Khayyam, translated by Edward Fitzgerald, FirstEdition, Quatrain XXXIIIJEL Classification: F13https://ies.ui.ac.ir/article_15506_4e2a7aba0bc1dfbe3eac265cfac5c89c.pdfUniversity of IsfahanInternational Economics Studies2008-964334120090801Impact of Oil, Crises and Economic Integration on Growth:7181550710.22108/ies.2009.15507ENTranVan HoaVictoria University, AustraliaJournal Article20160614While energy especially oil, crises and economic integration have been playing an important role indevelopment and growth in East West Asia economies and their intertwining relations, only limitedquantitative research on their impact has been carried out and reported for improved debate andcredible policy use. This paper uses an econometric modeling innovation with features superior toexisting methodologies, namely the generalized or endogenous gravity theory (eg, Tran Van Hoa,2004), to provide rigorous substantive evidence satisfying Kydland (2006) data-model consistencycriterion to this impact study for reliable regional policy analysis.The paper first analyses the major economic and trade patterns between the Gulf States andAsian NIEs over the past three decades for relevant historical correlative support. Second, a newendogenous growth model for these economies is constructed and estimated to provide substantivecausal evidence on the impact. Implications of the findings for economic and trade policy developmentbetween the Gulf States and Asian NIEs are then discussed for possible uses by academic, businessand government decision-makers.JEL Classification: C30, C51, F13, F43https://ies.ui.ac.ir/article_15507_6a312f6a02c707f0b5f56ed0291343a0.pdfUniversity of IsfahanInternational Economics Studies2008-964334120090801Regional Integration in Asia and the Contribution of SMEs â a Review of the19441550810.22108/ies.2009.15508ENCharlesHarvieFaculty of Commerce University of Wollongong, NSW 2522, AustraliaJournal Article20160614Over the past decade the economies of East Asia and APEC more generally have been increasinglyopening up their markets, and in the process have achieved significant gains in exports and economicgrowth. In conjunction with this increased economic integration, there has been increased recognitionby regional governments of the potential for a substantial increase in the participation by smallbusinesses in the generation of regional income, employment, exports, investment and expandedeconomic growth. Advances in information and communications technology add credence to thispotential. In addition, developing economies are especially seeing small businesses as potentialinstruments for the alleviation of poverty and regional development. While in developed economies theformation of horizontal and vertical clusters of small businesses can form the basis for internationallycompetitive regions, and this can be further enhanced through the construct of networks with similarsmall businesses locally or internationally.This viewpoint was given further stimulus after the financial and economic crisis of 1997-98, arisingfrom which there has been a growing recognition of the need for the East Asian economies to engagein comprehensive restructuring of their corporate sectors, with the objective of achieving transparency,improving corporate governance and developing globally competitive enterprises. Small and mediumenterprises (SMEs) can play a key role in the attainment of such objectives.This paper reviews the contribution of the SME sector to the growth and development of theEast Asian economies, and their important contribution to economic growth, employment, trade andinvestment and the development of globally competitive economies. In doing so identification of thepotentially important role of SMEs in facilitating and bringing about the practical benefits of closereconomic integration are also emphasized. To enable this to occur it is important to identify withinthe East Asian region: barriers to their development key factors essential for their capacity buildingstrategies to enhance their competitiveness in the global marketplace key components relating totheir export success and their role and importance in facilitating regional economic development,reducing income inequality, and empowering regional involvement in the global economy.Keywords: Small and Medium Enterprises (SMEs), Regional Integration, Competitiveness, AsiaJEL Classification: F15, L22, L25https://ies.ui.ac.ir/article_15508_4b6a607dda9530cde235056f93caad46.pdfUniversity of IsfahanInternational Economics Studies2008-964334120090801How Far Behind Are the South Asian Countries in Relation to East Asian45581550910.22108/ies.2009.15509ENEliasSanidasSeoul National University, KoreaJournal Article20160614We define as South Asian countries those countries that start with Iran and end with Bangladesh in Asia. Wethen use export statistics in terms of revealed comparative advantage (RCA) for 14 industrial sectors tomeasure distances of export capabilities for these countries in relation to the âWesternâ developed and EastAsian countries. Statistical methods such as multidimensional scaling and factor analysis are used for thispurpose. In parallel, a set of economic variables are used to compare the trade performance with economicdevelopment.The results are revealing for several reasons. First, although India is far ahead from the rest of the SouthAsian countries, all of them are still very behind in relation to both Western and East Asian countries. Exactdistances are measured in this respect (distance from the leaders of exports and economic developmentperformance). Second, most countries in South Asia are specialized in clothing, textiles, and leather, whereasseveral of tem are specialized as well in resources. Third, it seems that the current economic boom in EastAsian countries does not affect the economies of South Asia as much as expected.In the light of the these results, some policies are recommended in order to alleviate the relative setbackof South Asian countries and in order for them to catch up with the other booming Asian countries.JEL Classification: F14, F17, F19, O47, O49https://ies.ui.ac.ir/article_15509_3d06bd2a33231e292bbb43c88704166b.pdfUniversity of IsfahanInternational Economics Studies2008-964334120090801Impact of Exchange Rate Shock on Prices of Imports and Exports59681551010.22108/ies.2009.15510ENJaritaDuasaDepartment of Economics International Islamic University MalaysiaJournal Article20160614This study examines the significant impact of exchange rate shock on prices of Malaysian importsand exports. In methodology, the study adopts vector error correction (VECM) model using monthlydata of nominal exchange rates, money supply, prices of imports and prices of exports covering theperiod of M1:1999 to M12:2006. For further analysis, we adopt an innovation accounting bysimulating variance decompositions (VDC) and impulse response functions (IRF). VDC and IRFserve as tools for evaluating the dynamic interactions and strength of causal relations amongvariables in the system. In fact, IRF is used to calculate the exchange rate pass-through on importprices and export prices. The findings indicate that, while the exchange rate shock is significantlyaffect the fluctuation of import prices, the degree of pass-through is incomplete.JEL Classification: C51, F10, F30https://ies.ui.ac.ir/article_15510_19faf8655996298b05ffb013c23b8486.pdfUniversity of IsfahanInternational Economics Studies2008-964334120090801Time Preference and its Effects on Intertemporal69781551110.22108/ies.2009.15511ENRasoulBakhshi DastjerdiYazdRahimDallali IsfahaniIsfahanJafarJoseiniIsfahanJournal Article20160614Time preference has a peculiar role in determining the level of economic activities. Time preferenceis the most important origin of interest rate. In this paper we study the founders and defenders'viewpoints about time preference and then we try to criticize them. It seems that discounting futureutilities is resulting from irrationality and it is ethically indefensible too. From mathematical aspect,discounting is necessary because it convergences sum of social welfare function to some finitenumber and so the optimal time path for consumption is attained. But this isn't true for a growingpopulation. It seems that there aren't any rational reasons for preferring current generation's welfareto future generations'.If we have time preference, in intertemporal allocation, it reduces available resources forfuture consumption and so the level of saving will be decreased. We study a numerical example foraffecting time path of an ore extraction of a nonrenewable resource. Results show that the higher thetime preference, the higher the rate of extraction will be occurred. Because with a high rate for timepreference, present value of cash flows will be discounted more strongly and it increases theincentive to mine the more quicklyJEL Classification: C61, D91, Q32, E43https://ies.ui.ac.ir/article_15511_4efa291f8fa19a36919ee8ec56a91e8d.pdfUniversity of IsfahanInternational Economics Studies2008-964334120090801Trade Arrangements and Evolving East Asian and Asia Pacific79981551210.22108/ies.2009.15512ENRobertScollayUniversity of Auckland, New ZealandJohn PGilbertUtah State University, USAJournal Article20160614The paper begins by noting that proposals involving significant developments in the regional tradearchitecture are being developed within regional processes that in some cases are simultaneouslypursuing other dimensions of regional economic integration: monetary and financial cooperation inthe case of ASEAN + 3, and the establishment of a common market in the case of ASEAN. At leastthree of these regional processes (ASEAN, ASEAN +3, and APEC) count among their ultimateobjectives the development of some form of regional âcommunityâ, with a scope in that each caseincludes but also goes beyond traditional elements of regional economic integration.This paper then considers the economic analysis and evidence relating to the choice of optimalregional trade architecture for the Asia-Pacific region, and the extent to which it might correspond toany of the trade architectures currently being proposed. The analysis will include the possibility thatoptimal regional trade architecture might extend beyond the conventionally-defined boundaries ofthe Asia-Pacific region. The paper then goes on to consider questions of coherence between anoptimal regional trade architecture and the ongoing pursuit of other elements of regional economicintegration within other regional processes. This leads to a discussion of coherence between thedifferent regional integration processes themselves and their variously specified objectives,including any changes that might be proposed to enhance coherence.JEL Classification: F10, F15*https://ies.ui.ac.ir/article_15512_6b5443d5d0cf215bdde0200d58149e32.pdfUniversity of IsfahanInternational Economics Studies2008-964334120090801Islamic Microfinance, Providing Credit to the Poor:A Case Study of Iran1991071551310.22108/ies.2009.15513ENSadeghBakhtiriIslamic Azad University , Khorasgan, IsfahanJournal Article20160614The general perception of Islamic finance is that it prohibits the practice of paying and receiving interest, but Islamicfinance is much broader than interest rate prohibition. Islamic financial services can be viewed as a set of financialservices which are diversified based on the needs of society.Since in THE Iranian Economy most of the enterprises are micro and/or small, micro financing seems to be veryimportant. Among different modes of financing which are designed in Iranâs Interest Free Banking System, QardHasan has been discussed in this paper as a way of micro financing .With a brief review of Iranâs latest Banking Act, a history of Qard Hasan has been presented and due to data availabilitythe performance of the Iran Agricultural Bank (Bank Keshavarzi) has been discussed in this regard.JEL Classification: G32, K49, N45https://ies.ui.ac.ir/article_15513_d6672ed185dd020aa3c0317d3d3423fc.pdf