University of TehranIranian Economic Review1026-654229320250901Economic Sanctions and Consumption Inequality in Iran7667939404510.22059/ier.2023.357253.1007682ENHassanHeydariDepartment of Economics, Faculty of Management and economics, Tarbiat Modares University, Tehran, Iran.AlirezaKeikhaDepartment of Agricultural Economics, Faculty of Agriculture, University of Zabol, Zabol, Iran.Journal Article20230506Economic sanctions impose high costs on the national economy of the sanctioned countries. However, through punished countries, sanctions costs are not evenly distributed among all domestic economic agents. Although the distributional effects of sanctions have been subject of some research, much of the debates on the impacts of sanctions on inequality have mainly focused on income. However, for economists, the distinction between income and consumption could make a significant difference, especially if changes in incomes did not fully transmit to consumption. Our study contributes to this strand of literature by exploiting the concept of “consumption inequality” and empirically examining it in a sanctioned economy. To this end, we constructed a two-step approach of the Factor Augmented Vector Autoregressive Model by developing an index composed of many economic variables to capture the effects of sanctions on the Iranian economy from 1985 to 2019. Our findings indicate that there are time spans during which sanctions have imposed more impacts on the economy. They also display that the effects of sanctions on the Iranian economy were followed by increases in economic inequality, but the consumption inequality increased more relentlessly. Furthermore, income inequality and consumption inequality respond differently to shocks, which emphasizes the importance of the distinction between inequality indices. Our findings indicate that consumption inequality responds to economic shocks and that economic sanctions have significant and continuous effects on consumption inequality in Iranian society.https://ier.ut.ac.ir/article_94045_1e822a485c0645e9d730931c4e3c0289.pdfUniversity of TehranIranian Economic Review1026-654229320250901Upper Bounds of Stock Portfolio Investment Risk Using Value at Risk (Case Study: Indonesian Blue-Chip Stocks in 2022)79481810389310.22059/ier.2025.363614.1007781ENHersugondoHersugondoDepartment of Management, Faculty of Economics and Busniness, Diponegoro University, Semarang, IndonesiaImamGhozaliDepartment of Accounting, Faculty of Economics and Business, Diponegoro University, Semarang, IndonesiaMohamadNasirDepartment of Accounting, Faculty of Economic and Business, Diponegoro University, Semarang, Indonesia.TrimonoTrimonoData Science Study Program, Faculty of Computer Science, Pembangunan Nasional Veteran Jawa Timur University, Surabaya, Indonesia.IdrisIdrisDepartment of Management, Faculty of Economics and Business, Diponegoro University, Semarang, IndonesiaJournal Article20230810In recent years, stocks become the most preferred asset by Indonesian investors. Besides offering large profits, stock investment also has a risk factor that can occur at any time. One way to minimize risk is to form a stock portfolio. This paper aims to measure the upper bounds of the portfolio loss risk formed by several single assets that are mutually dependent. The upper bound value is chosen because the exact value of portfolio loss risk is difficult to obtained by Convolution or Panjer Recursion methods. The main analysis of this research is formed the upper bounds of stock portfolio investment risk using VaR with Cornish Fisher Expansion aproach by utilized comonotonicity and convex order properties. The portofolio contains of 3 single asset (ARTO.JK, ITMG.JK, and MIKA.JK) which collected from IDX Indonesia from 10/25/21 to 10/21/22. The novelty of this research is combined comonotonicity and convex order properties with VaR-CFE to get upper bounds of portolio risk predicition. The result show that at 95% significance level and 1-day holding period, the upper bounds of VaR-CFE prediction for the portfolio is -0.1394. The social impact of this research can be a benchmark to get accurate risk prediction of their portfolio asset.https://ier.ut.ac.ir/article_103893_80c0470df89a191a50929751d9a26621.pdfUniversity of TehranIranian Economic Review1026-654229320250901The Performance Evaluation of Tejarat Internet Bank Services (AHP and Eisenhower Matrix Methods)81984010389610.22059/ier.2025.361125.1007748ENHosseinSaadatiDepartment of Industrial Engineering, Kharazmi University, Tehran, Iran.0009-0000-6729-8591MajidAfshariradDepartment of Economics, Kharazmi University, Tehran, Iran.Journal Article20230701Online banking is becoming a popular choice for many clients who value convenience and efficiency. However, it is also important to evaluate how well internet banks perform in terms of client satisfaction. The aim of this study is to measure the performance of Tejarat internet bank services, one of the largest Iranian banks that offers online banking services to its clients. We used two methods: The Importance-Performance Matrix and the analytical Hierarchy Process. The Importance-Performance Matrix helped us rank the identified factors according to their importance and urgency for improving the bank’s performance. The analytical hierarchy process helped us compare and weigh the relative importance of various criteria and sub-criteria that affect the bank’s performance. We collected data from a sample of 169 Tejarat online financial services users through a questionnaire survey. Our results showed that the bank’s performance was influenced by five factors: efficiency, ease of use, security, speed, and support. We also found that security and ease of use were the most critical and urgent factors that required immediate attention from the bank. Therefore, we recommend that Tejarat internet bank services focus on enhancing security and ease of use as their top priorities to improve their performance. We also suggest that they improve the quality of service in the client support section by being more responsive and fast. These insights are not only beneficial for Tejarat Internet Bank Services but also for other banks that want to improve their performance in the online banking sector.https://ier.ut.ac.ir/article_103896_c587e7626f1599da152d3a9adbdbe1b6.pdfUniversity of TehranIranian Economic Review1026-654229320250901Spatial Linkage between Natural Disaster and Poverty in the Archipelago Country (Case Study: Indonesia)8418679592810.22059/ier.2024.352776.1007601ENNur AiniHidayatiDepartment of Economics, Faculty of Economics and Business, Universitas Airlangga, Surabaya, Indonesia.DeniKusumawardaniDepartment of Economics, Faculty of Economics and Business, Universitas Airlangga, Surabaya, IndonesiaYessiRahmawatiDepartment of Economics, Faculty of Economics and Business, Universitas Airlangga, Surabaya, IndonesiaAnaMartinaDepartment of Economics, Faculty of Economics and Business, Universitas Airlangga, Surabaya, IndonesiaKemala SariAgustiDepartment of Economics, Faculty of Economics and Business, Universitas Airlangga, Surabaya, Indonesia0000-0002-4670-0614Yessy YulianaAmaliaResearch Institute of Socio Economics Development, Surabaya, IndonesiaNurul FitriRamdaniyahGreen Living Support, Surabaya, Indonesia0009-0005-0725-303XJournal Article20221221This study employs spatial econometric modeling to investigate the relationship between natural disasters and poverty in Indonesia. Panel data spanning 2011 to 2019 are sourced from reputable authorities, including the Central Bureau of Statistics and the Natural Disaster Management Agency of the Republic of Indonesia. Empirical findings confirm the presence of spatial autocorrelation in provincial-level poverty in Indonesia, indicating interdependence among neighboring regions in terms of poverty dynamics. This study deviates from existing literature by revealing a surprising result: natural disasters are statistically associated with reduced provincial-level poverty. This counterintuitive outcome underscores the importance of governmental policies, programs, and external financial aid in mitigating the impact of natural disasters. Financial assistance and empowerment initiatives from third-party entities, such as NGOs, religious organizations, and youth groups, play a crucial role in helping disaster-affected communities. These findings offer valuable insights for policymakers. They can use this research to inform disaster response strategies and develop targeted poverty reduction programs at both inter-provincial and inter-regional levels. Ultimately, this study contributes to the understanding of the complex relationship between natural disasters and poverty in Indonesia, with implications for policy formulation and disaster resilience efforts.https://ier.ut.ac.ir/article_95928_c3d89cff85862bf18f8a0d2ad343bee0.pdfUniversity of TehranIranian Economic Review1026-654229320250901Developing a New Bisaliah Decomposition Model to Evaluate the Effect of Sustainable Economic Development of Irrigation Technology on Palm Production8688819496110.22059/ier.2023.341606.1007421ENAliSardar ShahrakiDepartment of Agricultural Economics, University of Sistan and Baluchestan, Zahedan, IranJournal Article20220426Analyzing the response of crop yields to varying irrigation methods is a focal point to ensure sound water resource management and the reduction of water loss. This paper investigates palm yield in both drip and traditional irrigation methods. So, the Bisaliah model and the Logit model were applied in Saravan city to evaluate palm yield and the economic factors underpinning the adoption of the drip irrigation system by farmers in this region. The results of the Bisaliah model indicated that the production yield of palms would increase by up to 28.98% by using drip irrigation compared to traditional irrigation considering no change in the consumption of inputs and by up to 5.35% versus the status quo taking changes in the use of inputs into account. Using drip irrigation in orchards and vineyards may cause a 38.54% increase in yield. The results of the Logit model revealed that farmer age, the number of family laborers, and the availability of water had negative impacts on the adoption of drip irrigation. Therefore, it is recommended that the results of this study be taken into consideration by planners to improve date production using irrigation technology.https://ier.ut.ac.ir/article_94961_7d16e9d44de296e522e9804beeefa0c3.pdfUniversity of TehranIranian Economic Review1026-654229320250901Asymmetric Impact of Oil Price on the Consumer Price Index in Saudi Arabia8829049496210.22059/ier.2023.364072.1007789ENDjamalDekkicheFaculty of Economics, Oran Fraduate School of Economics, Oran, Algeria.Journal Article20230819This study aims to examine the impact of oil price variations on the consumer price index (CPI) in Saudi Arabia by employing the Nonlinear Autoregressive Distributed Lag (ARDL) model. The model estimation revealed a nonlinear relationship between the price of oil and the Consumer Price Index (CPI). The long-term estimates' findings indicate a significant impact of oil price variations on the Consumer Price Index (CPI) over an extended period. The research reveals that a partial escalation in oil prices leads to a decrease in the Consumer Price Index (CPI). Likewise, a reduction in oil prices leads to a corresponding decline in the Consumer Price Index (CPI). Based on the findings of the asymmetric impact, it can be observed that long-term variations in global prices, both positive and negative, have implications for the Consumer Price Index (CPI). Specifically, an upward movement in international oil prices is associated with a downward movement in the CPI, whereas a downward movement in oil prices is associated with an upward movement in the CPI.https://ier.ut.ac.ir/article_94962_7f494fb695691f9e104021df7c2a6d27.pdfUniversity of TehranIranian Economic Review1026-654229320250901Empirical Analysis of Factors Affecting Financial Distress at Companies: An Emphasis on Data Mining Models9059359592610.22059/ier.2024.362655.1007769ENMohsenLotfiDepartment of Accounting, Faculty of Industrial Engineering and Management, Shahrood University of Technology, Shahrood, Iran.Seyed HoseinSeyediDepartment of Accounting, Faculty of Industrial Engineering and Management, Shahrood University of Technology, Shahrood, Iran.Journal Article20230912This study aimed to analyze the effects of macroeconomic factors (e.g., inflation, economic growth, currency exchange rate, and market competitiveness), managerial characteristics (e.g., ability, optimism, entrenchment, and myopia), and corporate governance (e.g., institutional shareholders, ownership concentration, number of shareholders, and managerial independence) on the financial distress risks of companies listed in the Tehran Stock Exchange. For this purpose, data mining models (e.g., Artificial neural networks and decision trees) were used along with the regression method to analyze a sample of 140 TSE-listed companies within the 2007–2020 period. The research results indicated that macroeconomic factors (i.e., external factors) and managerial characteristics (i.e., internal factors) were identified as the first and second most effective factors in the financial distress risk of companies, respectively. However, corporate governance variables were identified as the least effective factors. According to the results of ranking the effects of research variables on financial distress risk, the most effective variables were identified as market competitiveness, managerial myopia, and inflation.https://ier.ut.ac.ir/article_95926_f78e03b7e2db893940034cdf86b169ce.pdfUniversity of TehranIranian Economic Review1026-654229320250901Islamic Banking and Economic Growth: A Panel Data Approach9349819496610.22059/ier.2023.365739.1007815ENEarly RidhoKismawadiPostgraduate IAIN Langsa, Jakarta Barat, 11470, Indonesia.Journal Article20230924The purpose of this investigation is to determine how Islamic banking affects economic expansion. To delve deeper into the research, a total of 90 Islamic institutions from 21 countries were chosen in accordance with specific criteria. An analysis of 953 observations was subsequently conducted. Explanatory variables include Return on assets, Return on equity, the ratio of a company's market value to its assets, asset quality, total deposits, total assets, bank size, and bank age. The Ordinary Least Square (OLS) estimation procedure is employed. The results of the study suggest that several economic indicators have a significant influence on GDP, including Return on Assets (ROA), Tobin's q, Asset Quality, Total Deposits, Total Assets, Bank Size, and Bank Age. The outcomes of this research provide a significant contribution to the body of knowledge regarding the influence of Islamic banking on economic expansion. This contribution to the scientific literature addresses a knowledge vacuum, thereby facilitating the formulation of novel theories and approaches concerning the interplay between Islamic finance and economic expansion. In addition, policymakers and practitioners involved in the management of the Islamic financial sector should consider these implications.https://ier.ut.ac.ir/article_94966_f5b207fb4b55257dc0c213ba91ba6cd0.pdfUniversity of TehranIranian Economic Review1026-654229320250901Investigating the Impacts of Changeable Policies with Climate Change on Iran’s Agricultural Sector98210119497210.22059/ier.2023.363024.1007773ENAliRahnamaDepartment of Agricultural Economics, University of Sistan and Baluchestan, Zahedan, IranMahmoodHashemitabarDepartment of Agricultural Economics, University of Sistan and Baluchestan, Zahedan, IranMarziehEsfandiariDepartment of Economics, University of Sistan and Baluchestan, Zahedan, IranJournal Article20230806In recent decades, climate change has been one of the most discussed and debated topics, and given its significant impact on the agricultural sector, the primary concern of policymakers in different countries is how to address this phenomenon in the agricultural sector within the context of emission reduction and adaptation. Accordingly, the current study investigated the effects of changeable policies on climate change in Iran’s agricultural sector by enhancing technology and energy consumption efficiency, which is one of the emission reduction policies. To this end, Iran’s economy is divided into agricultural and non-agricultural sectors, and based on the relationships between these two sectors and the dynamic stochastic general equilibrium (DSGE) approach within the New-Keynesian framework, two scenarios of technology improvement and energy efficiency improvement in the agricultural sector are developed. The results revealed that as a result of technological advancements and increased energy consumption efficiency in the agricultural sector, the price index has decreased, while production, real labor wages, investment, and capital stock have increased. Therefore, it is recommended that planners and policymakers take measures such as increasing the financial power of agricultural producers, bolstering the insurance of agricultural products and the prosperity of the insurance market, and creating favorable conditions for attracting labor with technical knowledge and high-level skills to develop the agricultural sector’s technology infrastructure. In addition, since energy is relatively inexpensive in Iran compared to other countries, this vital input in the production process is frequently underutilized.https://ier.ut.ac.ir/article_94972_7ff53304f44c718df4f9d1443becc064.pdfUniversity of TehranIranian Economic Review1026-654229320250901How Has the Multidimensional Poverty Map in Iran Changed During the Last Decade?101210399496810.22059/ier.2023.359169.1007716ENAli AsgharSalemDepartment of Economics, Faculty of Economics, Allameh Tabataba'i University, Tehran, Iran.YounesNademiFaculty of Humanities, Department of Economics, Ayatollah Boroujerdi University, Boroujerd, IranHaniyehSedaghat KalmarziDepartment of Economics, Faculty of Social Sciences, Razi University, Kermanshah, Iran.Journal Article20230514This paper measures the multidimensional poverty index (MPI) in both urban and rural areas of the 31 Iranian provinces from 2005 to 2019 using Alkire & Foster's method. The study draws different maps of Iran's MPI during critical events such as the fourth development plan, the Iranian subsidy reform plan, nuclear sanctions, the JCPOA agreement, and the US withdrawal from JCPOA to show changes in poverty. Also, we have examined the effect of macroeconomic variables on MPI using a dynamic panel data model. The results indicate that rural poverty was higher than urban poverty throughout the years under investigation. The study also finds that after imposing severe sanctions on Iran's nuclear program, MPI increased by about 1.4% and 2.4% in urban and rural areas, respectively. One year after the JCPOA agreement, both urban and rural MPI decreased significantly, especially in rural areas where it decreased by 3%. After the US withdrawal from JCPOA, both urban and rural MPI increased by about 1.4%. Finally, the findings from the panel data model demonstrate that the previous period's MPI has a significant negative influence on current MPI. Moreover, government size, income inequality, and inflation exhibit a nonlinear effect on MPI. Lastly, per capita income has a significant positive effect on MPI, indicating an anti-poor growth pattern in Iran during the last decade.https://ier.ut.ac.ir/article_94968_196b9bc39f7d4928cf956fb92e45e9e0.pdfUniversity of TehranIranian Economic Review1026-654229320250901Microfinance as a Catalyst for Change: Evaluating the Success of Iran's Rural Employment Program from 2017 to 20221040106710394310.22059/ier.2025.390349.1008194ENMonirePourmohammadiFaculty of Economics. University of Tehran. Tehran. IranAliTaiebniaFaculty of Economics. University of Tehran. Tehran. IranKowsarYousefiDepartment of Economics, Institute for Management and Planning Studies (IMPS), Tehran, Iran.Journal Article20250224The Iranian economy has long been challenged by elevated unemployment rates, a situation further complicated by enduring inflation, as illustrated by the Phillips curve, which highlights the inherent trade-off between these two economic variables. The severity of unemployment, being underscored by public policy debates about employment objectives and inaccurately estimating job creation costs. Despite the implementation of numerous plans over decades to reduce the unemployment, including Rural Employment Plan (REP), their causal effects are rarely identified. The REP, a notable microfinance initiative, was launched from 2017 to 2022. In the present paper we use instrumented GMM, AB GMM, BB GMM, ARDL, and FE to examines the program's impact and present findings that challenge conventional academic expectations. Our results indicate that lagged logarithmic payments exert a consistently positive and significant effect, particularly in areas with higher employment rates, thereby suggesting enhanced benefits in regions with more robust economic activity. Furthermore, microfinance initiatives have proven instrumental in supporting impoverished areas by providing essential financial resources, enabling individuals to establish or maintain micro-enterprises, thus facilitating income generation and promoting local economic growth. Overall, one of our keys finding is that the cost of job creation in this plan is 214 million Tomans at a fixed price for year 2022, as we clearly demonstrate.https://ier.ut.ac.ir/article_103943_3c77d56b731203b72277c85bc710d538.pdfUniversity of TehranIranian Economic Review1026-654229320250901Oil Price Pass‐Through and Stock Market Dynamics in an Oil- Exporting Economy: Results from a Quantile Regression for Iran1068109710389910.22059/ier.2025.348507.1007536ENMohammadrezaMonjazebDepartment of Public Economics Affairs, Faculty of Economics, Kharazmi University of Tehran, Tehran, Iran.MohammadSayadiDepartment of Energy Economics & Resources, Faculty of Economics, Kharazmi University of Tehran, Tehran, Iran.TalieValipourDepartment of Energy Economics & Resources, Faculty of Economics, Kharazmi University of Tehran, Tehran, Iran.0009-0005-3746-7477Journal Article20220914Linkages between oil prices and macroeconomic variables are widely studied in economics while there is some debate regarding oil price pass-through (OPP-T) and its impact on the stock market in oil- rich countries. OPP-T refers to the extent to which a change in oil prices affects the prices of other goods and services in the economy. the relationship between the two markets can be both positive and negative, and the magnitude of their correlation is dependent on various economic factors. In This study, the direct and indirect OPP-T effects of oil price on the stock market are empirically analyzed for Iran as a major oil-exporting economy, during March 2001 to February 2019. The quantile regression (QR) model is used because this model is extremely effective to recognize the distribution pattern form of the dependent variable at different levels of the independent variable. The results show that there is a positive and significant relationship between OPP-T and stock market returns. Moreover, the results indicate OPP-T directly on the stock market, as well as indirectly through the exchange rate channel. in higher quantities, i.e., when the stock market is booming, the change of crude oil price returns on the stock market, passes only through an indirect path (through the exchange rate channel) while, the decline in the crude oil price (or crude oil revenues), strengthens the stock market index by increasing the exchange rate. Additionally, the paper highlights the importance of understanding the oil market dynamics and policy implications for stock market participants, policymakers, and investors. Stock market traders in oil-exporting countries are advised to take into account the risk that arises from the fluctuations in crude oil and foreign exchange markets to the stock market.https://ier.ut.ac.ir/article_103899_7d5f79ab4dfdf20febc0a709efaf0db2.pdfUniversity of TehranIranian Economic Review1026-654229320250901A Response of Food and Non-Food Price Changes to Global Oil Structural Shocks: Evidence from SVAR to the Iran Economy109811369605410.22059/ier.2024.368725.1007866ENDavoudMahmoudiniaFaculty of Economics and Administrative Sciences, Vali-e-Asr University of Rafsanjan, Rafsanjan, Iran.Mir HadiHosseini KondelajiFaculty of Economics and Administrative Sciences, Arak University, Arak, Iran.Seyyed MohammadMostolizadehFaculty of Economics and Administrative Sciences, Semnan University, Semnan, Iran.Journal Article20231126This article empirically analyzed the relationship between oil structural shocks and Iran's food and non-food inflation. The study was conducted within the SVAR model framework using monthly data from April 2004 to March 2018. However, the choice of the starting and ending dates was based on the availability of the time series data. The impulse response analysis suggested that oil-specific demand shocks caused by supply disruptions positively affected food and non-food prices in Iran. In addition, the results indicated that in the post-sanction period, one standard deviation of oil-specific demand shock led to an immediate increase in food prices compared to pre-sanction years. This also revealed that oil price volatility shocks played a more pronounced role in food price variability than oil price change. Moreover, given Iran’s economic features, we found that the exchange rate disruptions positively impacted the change in food and nonfood prices. Finally, based on this evidence, the findings offer critical implications for Iran's policymakers.https://ier.ut.ac.ir/article_96054_0aca025fe79553896c9ba1a74af6fa71.pdfUniversity of TehranIranian Economic Review1026-654229320250901The Effect of Macroeconomic Variables, Banking Variables, and Institutional Quality on Banking Lending Power in Iraq113711629593010.22059/ier.2024.368638.1007864ENMahdiehRezagholizadehDepartment of Economics, Faculty of Economics and Administrative Sciences, University of Mazandaran, Babolsar, Iran.MajidAghaeiDepartment of Economics, Faculty of Economics and Administrative Sciences, University of Mazandaran, Babolsar, Iran.ElafMuhsin Ali Al MousaDepartment of Economics, Faculty of Economics and Administrative Sciences, University of Mazandaran, Babolsar, Iran.0009-0005-3639-7753Journal Article20231124The primary aim of this research is to examine the factors influencing the performance of banking loans in Iraq. The study utilizes unbalanced panel data over eighteen years, from 2005 to 2022, focusing on eighteen selected listed banks at the Iraq Stock Exchange (ISX) based on data availability. Data sources include annual financial reports from selected banks, the Central Bank of Iraq, and World Bank indicators (WDI) covering banking, macroeconomic, and institutional quality information. The relationship is estimated using a system generalized method of moment (SGMM) approach. The results indicate that certain banking variables such as bank assets, return on assets (ROA), and deposit-to-capital ratio have a positive and significant impact on lending power in Iraq, while the real deposit rate has a negative influence. Among macroeconomic variables, the inflation rate, real exchange rate, and liquidity growth have significant adverse effects on lending power, while economic prosperity and GDP growth yield positive effects. During economic booms, bank lending power increases, while it decreases during recessions. The study also highlights the positive and significant impact of institutional quality on bank lending power, indicating the importance of robust legal and regulatory institutions in establishing a stable and predictable financial environment, and fostering confidence among banks to engage in lending activities within the Iraqi economy.https://ier.ut.ac.ir/article_95930_356f0467bb9cdd7c1de5c41df3677fb2.pdfUniversity of TehranIranian Economic Review1026-654229320250901The Role of “Related Variety” in Regional Economic Development of Iran: Employment Growth or Economic Productivity?116311859496910.22059/ier.2023.347250.1007515ENMaedehHedayatifardDepartment of Urban Planning, Faculty of Social Science, University of Allameh Tabataba’i, Tehran, Iran.Journal Article20220920This study, aims to examine the impact of related variety on regional economic development in Iran. The study constructed an index for the concept of related variety based on spatial productivity indicators and the production pattern in the input-output model. The findings reveal that Tehran, Bushehr, and Gilan provinces have the highest related variety indicator values. Additionally, the correlation analysis between this indicator and economic performance indicators suggests a direct, albeit not particularly strong, linear relationship between them. Furthermore, the causal relationship analysis, using the related variety indicator as the independent variable, demonstrates that related variety significantly contributes to regional employment growth. However, its impact on productivity growth in economic activities is not statistically significant. Therefore, the author recommends that regional development policies prioritize enhancing a diverse range of related activities to facilitate knowledge and experience spillover, particularly if the goal is to increase employment rates. This approach should be considered over a narrow focus on specialization policies and the creation of growth poles based solely on relative advantages.https://ier.ut.ac.ir/article_94969_65f9bc452a79243f7fd1304211ed70c4.pdf