THE IMPACT OF ASYMMETRIC INFORMATION AND STOCK MARKET DEVELOPMENT ON ECONOMIC GROWTH IN IRAN

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MIRI SANAZ; HOZHABR KIANI KAMBIZ

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Journal: IRANIAN JOURNAL OF APPLIED ECONOMICS Year:2015 | Volume:5 | Issue:- Page(s): 43-59

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Title

THE IMPACT OF ASYMMETRIC INFORMATION AND STOCK MARKET DEVELOPMENT ON ECONOMIC GROWTH IN IRAN

Author(s)

MIRI SANAZ | HOZHABR KIANI KAMBIZ | Issue Writer Certificate

Keywords

ASYMMETRIC INFORMATIONQ2

STOCK MARKET DEVELOPMENTQ2

ECONOMIC GROWTHQ2

ARDLQ2

Abstract

In macroeconomic theory, accumulation of physical capital is a necessary condition for ECONOMIC GROWTH. Positive effects of STOCK MARKET DEVELOPMENT on ECONOMIC GROWTH, including incentive stock market investment by reducing, pricing and facilitating risk and mobilization of deposits are so high and sensitive that some economists believe that the difference between developed and developing economies is not in advanced technology, but in widespread and active integrated financial markets. Economists believe that the development level of financial markets, especially the stock market to finance the companies, has tremendous impact on ECONOMIC GROWTH. King and Levine (1993) confirm that the efficient stock market reduces transactional and informational costs and help allocate proportional resources, and leads to ECONOMIC GROWTH in the long-run. One of the problems that we are facing within the stock market of Iran is “ASYMMETRIC INFORMATION” and their impact on ECONOMIC GROWTH. Therefore, investigating the effects of asymmetric stock market information on ECONOMIC GROWTH is the goal of this paper. The model estimation’s results based on quarterly data of Tehran Stock Exchange during 1991 to 2014) 1370-1391 corresponding to Iranian calendar) by Auto Regression Distributed Lag (ARDL) method indicate that the development of the stock market has a positive impact and the ASYMMETRIC INFORMATION of the stock market has a negative impact on ECONOMIC GROWTH in Iran.

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APA: Copy

MIRI, SANAZ, & HOZHABR KIANI, KAMBIZ. (2015). THE IMPACT OF ASYMMETRIC INFORMATION AND STOCK MARKET DEVELOPMENT ON ECONOMIC GROWTH IN IRAN. IRANIAN JOURNAL OF APPLIED ECONOMICS, 5(-), 43-59. SID. https://sid.ir/paper/202057/en

Vancouver: Copy

MIRI SANAZ, HOZHABR KIANI KAMBIZ. THE IMPACT OF ASYMMETRIC INFORMATION AND STOCK MARKET DEVELOPMENT ON ECONOMIC GROWTH IN IRAN. IRANIAN JOURNAL OF APPLIED ECONOMICS[Internet]. 2015;5(-):43-59. Available from: https://sid.ir/paper/202057/en

IEEE: Copy

SANAZ MIRI, and KAMBIZ HOZHABR KIANI, “THE IMPACT OF ASYMMETRIC INFORMATION AND STOCK MARKET DEVELOPMENT ON ECONOMIC GROWTH IN IRAN,” IRANIAN JOURNAL OF APPLIED ECONOMICS, vol. 5, no. -, pp. 43–59, 2015, [Online]. Available: https://sid.ir/paper/202057/en

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