Evaluation the Effects of Monetary and Fiscal Policy and Iindustry Growth on Changes of Tehran Security Exchange Index

Document Type : Original Article

Authors
Usef Ahadi Sarkani 1
Masoumeh Ghasempour 2
1 Assistant Professor, Department of Accounting, Islamic Azad University, Firoozkooh Branch, Iran (Corresponding Author)
2 Master of Financial Management, Islamic Azad University, Science and Research Branch, Tehran, Iran
Abstract
The purpose of this study is to evaluate the relationship between macroeconomics variables and Tehran Exchange Price Index. In other words in this article in order to extend the previous studies, the interpretation of three categories of monetary and fiscal policies and industrial development on the growth of the capital market is considered. For this purpose we have analyzed the relationship between some macroeconomic variables such as Liquidity, tax and industrial production index with Total Price Index and seasonal data since 1994 till 2014. In this study the relationship between variables have been estimated by using regression analysis and method of ordinary lease squares. After controlling for regression assumptions including Outliers, Normal distribution for the dependent variable, Homogeneity of variance, non autocorrelation; the results indicate there are positive and significant relationship between liquidity and the industrial production index with Total Price Index and there are negative relationship between taxes and total Price Index. Among other indicators used in the study considerable significant relationship was found with Tehran Exchange Price Index. These results suggest the neutralizing effects of both monetary and fiscal policy on the Tehran Exchange Price Index and confirm the impact of industrial sector development on stock index
Keywords
Changes of Capital Market Index
Monetary policy
Fiscal policy
Iindustry Growth
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