چکیده:
Quality Growth Index (QGI) is affected by two sets of combined-structural and social indicators. Structural indicator contributes to achieve the main target of sound-sustainable-competitive output growth. By the way, the sound output growth should enhance social-public services and living standards. Although QGIs are weightedly computed based on different scenarios, the trend of the QGIs and coefficient of variation of the QGIs indicate the robustness of results. The correlation among QGI and social sub-components highlights a positive relationship between QGI and school enrolment, per capita income and public spending on education and health. The result of co-integration model indicates that higher government size and devaluation of local currency have evidently exacerbated QGI. Meanwhile, openness and inflation underscore the positive long-run impact over QGI.
Vector error correction equation outlines that about 84 percent of a short-term shock to the co-integrating vector will be absorbed in the first period. In this context, the impulse response of the QGI to the exchange rate and government size shocks are diminishingly and negatively permanent while the response of the QGI to the openness shock is significantly and positively permanent.
خلاصه ماشینی:
"To compute a composite-fundamental indicator which positively influence QGI, the average of five state variables is calculated to explain the output growth stance, including stability, strength, diversification, competitiveness, and solidarity of growth which are respectively measured by the inverse of coefficient of variation, per capita income, Herfindahl- Hirschman Index (HHI) of the sectoral value added1, ratio of net external demand to GDP as well as ratio of machinery investment to GDP.
The QGI is also affected by the composite-social indicator which is experimentally computed through the arithmetic-average of life expectancy, income inequality and the share of public health and education spending in GDP which are key vehicles to improve living standards and reduce poverty.
Soiβ j=α+β (3) j=2 if α=β=1; j=4 if α=3, β=1; j=8 if α=5, β=3 (4) QGI is evidently affected by different macroeconomic-state variables including foreign exchange rate as a nominal anchor which reflects inflation expectation and financial stability condition; headline inflation as a key variable which influences financial flows between real and financial sectors (Tobin 1969); openness as an indicator which outlines macroeconomic competitiveness and integrity with the global economy; government size also as an indicator to monitor macroeconomic efficiency and private sector-led growth; and finally, contract intensive money as an indicator of well-governance which highlights security of the property rights to proceed the private sector contracts."