شاخص قیمتی سهام

Financial development is one of the main goals of economic policymakers to achieve sustainable economic growth. One of the important approaches to financial development is the expansion and deepening of the stock market. However, such expansion needs improvement of good governance, or institutional quality. Given the importance of this issue, the present study investigates the effect of institutional quality indicators (voice and accountability, political stability without violence, government effectiveness, regulatory quality, rule of law, and corruption control) on stock market variables by two Islamic countries group (10 countries) and non-Islamic countries (37 countries) during period from 2002 to 2016 using data panel method. The results showed that the institutional quality components plays an important role in the growth of stock prices relative to the growth of the average return on the whole economy as well as the increase in the volume of stock trading relative to the growth of the total turnover in both groups of countries. However, the impact of these components on the group of Islamic countries is far greater than that of non-Islamic countries. In addition, foreign direct investment, increasing real GDP at a constant price, and government final expenditure at constant price in both groups of countries have a significant impact on the growth of stock trading volumes and stock prices.

The purpose of this paper is investigation of monetary policy shock effects on stock market price index in Iran. We used legal deposit ratio, banks debt to central bank and private sector debt to banks as measurements of monetary policy. Also, Tehran stock Exchange Price Index (TEPIX) was used as an index of stock market changes. Portfolio theory and asset price channel are our theoretical view of subject. Also we added house price index and exchange rate to our variables because of their role and importance in people portfolio. Quarterly data from 1370q1 to 1389q3 used for this study Cointegration and Vector Error Correction Model were applied for statistical inference. For investigating shocks effect we used Impulse Response Function (IRF) and Variance Decomposition (VD). Our results showed that monetary policy has positive but narrow effect in stock market changes. Among monetary variables, bank debt to central bank is more powerful than other variables affecting stock price index.