Investigating the Short-Term and Long-Term Effects of Real Currency Value on Iran's Stock Exchange

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KARIMI MASOUMEH; ZOMORODIAN GHOLAMREZA

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Journal: INVESTMENT KNOWLEDGE Year:2020 | Volume:8 | Issue:32 Page(s): 291-314

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Title

Investigating the Short-Term and Long-Term Effects of Real Currency Value on Iran's Stock Exchange

Author(s)

KARIMI MASOUMEH | ZOMORODIAN GHOLAMREZA | Issue Writer Certificate

Keywords

stock exchangeQ1

Oil RevenuesQ1

Real Value of moneyQ2

Exchange ratesQ2

Lag (ARDL)Q1

Abstract

Money and monetary policy, on the one hand, are the source of economic activity and on the other hand, the value of money and the speed of its circulation are influenced by the conditions and economic activities. According to many scholars, the criterion of the importance of money is that it can have a decisive impact on the economical structure of the countries. Along with this approach the present study is looking for to determine and quantify the effect of the Real Value of money on Iran's gross domestic product, it will be a useful guide for policy makers to properly plan future programs. According to objectives this research is practical and according to the methodology inductive reasoning and the research design is retrospective study; the time period for doing this research is 1991-2016. In this study, inferential statistics were used to analyze the relationship between variables. Accordingly, based on theoretical foundations and various studies which have been carried out both inside and outside the country, all the variables that influenced the Iran stock exchange were identified. In the following, according to the statistical characteristics of the variables, the Autoregressive Distributed Lag(ARDL) was selected as an appropriate econometric model. Based on the Real Value of money, short-term and long-term money does not have a significant effect on gross domestic product; but government expenditures, exports, imports and Exchange rates have a positive and significant impact on Iran stock exchange over the short term and in the long termperiod. The results also indicated that the error correction model (ECM) coefficient in the study was about 0. 347; in other words, about 34. 7 percent of the Iran stock exchange's imbalance variable from its long-term values disappears after a period of time. Accordingly, if the Iran stock exchange exits from the initial equilibrium due to the shock, 3 courses of time are needed to correct short-term imbalances and gross domestic product will return to the original long-term equilibrium.

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APA: Copy

KARIMI, MASOUMEH, & ZOMORODIAN, GHOLAMREZA. (2020). Investigating the Short-Term and Long-Term Effects of Real Currency Value on Iran's Stock Exchange. INVESTMENT KNOWLEDGE, 8(32 ), 291-314. SID. https://sid.ir/paper/386300/en

Vancouver: Copy

KARIMI MASOUMEH, ZOMORODIAN GHOLAMREZA. Investigating the Short-Term and Long-Term Effects of Real Currency Value on Iran's Stock Exchange. INVESTMENT KNOWLEDGE[Internet]. 2020;8(32 ):291-314. Available from: https://sid.ir/paper/386300/en

IEEE: Copy

MASOUMEH KARIMI, and GHOLAMREZA ZOMORODIAN, “Investigating the Short-Term and Long-Term Effects of Real Currency Value on Iran's Stock Exchange,” INVESTMENT KNOWLEDGE, vol. 8, no. 32 , pp. 291–314, 2020, [Online]. Available: https://sid.ir/paper/386300/en

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