ESTIMATION LONG RUN RELATIONSHIP BETWEEN STOCK PRICE INDEX OF FINANCIAL INDUSTRY AND MONETARY MACROECONOMIC VARIABLES BY ARDL APPROACH

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KARIMZADEH MOSTAFA; SOLTANI ASGHAR

مرکز اطلاعات علمی Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

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Journal: FINANCIAL ACCOUNTING Year:2010 | Volume:2 | Issue:6 Page(s): 1-18

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Title

ESTIMATION LONG RUN RELATIONSHIP BETWEEN STOCK PRICE INDEX OF FINANCIAL INDUSTRY AND MONETARY MACROECONOMIC VARIABLES BY ARDL APPROACH

Author(s)

KARIMZADEH MOSTAFA | SOLTANI ASGHAR | Issue Writer Certificate

Keywords

STOCK PRICE INDEXQ3

REAL EXCHANGE RATEQ3

PORTFOLIO THEORYQ3

FISHER THEORYQ3

ARDL APPROACHQ3

Abstract

Financial market is one of the most important markets in each economy. Fluctuation of stock prices in major industrial countries not only influence their national economy but also affect world economy. Theoretically it is known that there is a firm relation between monetary policy and the behavior of the stock exchange market. Hence, it is expected that there is a relation between monetary variables and STOCK PRICE INDEX of financial industries. Study of these relations in Iranian economy is purpose of this paper. Theoretical basis of the research model rely upon portfolio and FISHER THEORY. Monetary variables rely upon portfolio and FISHER THEORY. Monetary variables such as financial intermediaries, interest rate and foreign exchange rate are supposed to explain the fluctuations of STOCK PRICE INDEX of financial industries. Long run relation for these variables is focus of our study using ARDL APPROACH. Research findings indicate a firm and positive long run relation between STOCK PRICE INDEX of financial industry and financial intermediaries, a negative but weak relation with foreign exchange rate and interest rate.

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APA: Copy

KARIMZADEH, MOSTAFA, & SOLTANI, ASGHAR. (2010). ESTIMATION LONG RUN RELATIONSHIP BETWEEN STOCK PRICE INDEX OF FINANCIAL INDUSTRY AND MONETARY MACROECONOMIC VARIABLES BY ARDL APPROACH. FINANCIAL ACCOUNTING, 2(6), 1-18. SID. https://sid.ir/paper/168175/en

Vancouver: Copy

KARIMZADEH MOSTAFA, SOLTANI ASGHAR. ESTIMATION LONG RUN RELATIONSHIP BETWEEN STOCK PRICE INDEX OF FINANCIAL INDUSTRY AND MONETARY MACROECONOMIC VARIABLES BY ARDL APPROACH. FINANCIAL ACCOUNTING[Internet]. 2010;2(6):1-18. Available from: https://sid.ir/paper/168175/en

IEEE: Copy

MOSTAFA KARIMZADEH, and ASGHAR SOLTANI, “ESTIMATION LONG RUN RELATIONSHIP BETWEEN STOCK PRICE INDEX OF FINANCIAL INDUSTRY AND MONETARY MACROECONOMIC VARIABLES BY ARDL APPROACH,” FINANCIAL ACCOUNTING, vol. 2, no. 6, pp. 1–18, 2010, [Online]. Available: https://sid.ir/paper/168175/en

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