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The role of the government in stabilizing the capital market in Iran's economy
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Meisam Mirmohammadi1   , Sajad Barkhordari2 , Ghahreman Abdoli3 |
1- PhD student at Kish Campus, University of Tehran (corresponding author) , eco2015th@gmail.com
2- Associate Professor at the Faculty of Economics, University of Tehran
3- Professor at the Faculty of Economics, University of Tehran |
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Abstract: (12 Views) |
Despite the fact that in Iran's economy, the stock exchange has a history of more than 40 years; It has not yet found its main place in Iran's economy. The main question of the present study is whether the government, as an observer and macro-policymaker who has a strong role in the capital market, has been able to play a path-breaking and stabilizing role in this market in recent years, or whether policies are somehow Has it led to a decrease in the efficiency of this market? In this study, the statistical information of the period of 1370-1402 and based on the seasonal frequency has been used. To achieve the goals of this study, the VAR-MGHARCH-BEKK model has been used in terms of structural failure. The results obtained from this study indicated that the index of government intervention in the capital market had a negative effect on the fluctuations of the total stock market index as an index of capital market stabilization. In fact, with the increase in government intervention in the market and the increase in political uncertainty, it has led to an increase in the instability of the capital market. In addition, it was observed that the stabilization index of the currency market had a positive effect on the capital market. The variable of bank interest rate fluctuations has also had a negative and significant effect on the stabilization of the capital market. Finally, it was observed that the inflation fluctuation index had a positive effect on the capital market. |
Article number: 19 |
| Keywords: capital market, government, stabilization, structural failure, asymmetric effects. |
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Full-Text [PDF 699 kb]
(6 Downloads)
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Article type: Research |
Subject:
General
Received: 2024/09/29 | Accepted: 2024/12/9 | Published: 2026/01/30
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