بررسی رابطه نقدشوندگی بازار سهام، چرخه های تجاری و رشد اقتصادی

رستمی, محمد رضا; کروبی, سمیه

doi:10.22051/jera.2014.601

بررسی رابطه نقدشوندگی بازار سهام، چرخه های تجاری و رشد اقتصادی

نویسندگان

دانشگاه الزهرا

10.22051/jera.2014.601

کلیدواژه‌ها

عنوان مقاله [English]

Market liquidity, business cycles and economic growth

نویسندگان [English]

MohammadReza Rostami
somayeh karoubi

چکیده [English]

Developed capital market is one of the characteristics of a developed economy. Developed capital markets have positive effects on savings, capital formations and economic growth. The effects of the market microstructures, including liquidity, on business cycles is vital, since it measures the effects of capital market on economy.
This research examines the relation between stock market liquidity, business cycles and economic growth, during 1380 to 1389. To measure the business cycle, the Hodrick-Prescatt filter is used, and to examine the relation between variables, the multi-variate regression techniques are applied. The results show that, there are no significant relation between stock market liquidity, business cycle and economic growth.

کلیدواژه‌ها [English]

Stock Market Liquidity
Business Cycles
Economic Growth

مراجع

بانک مرکزی جمهوری اسلامی‌ایران، آمار و داده‌ها، حساب‌های ملی ایران، مفاهیم، تعاریف و روش‌ها.

محمد زاده اصل، نازی؛ هیبتی، فرشاد. (1384). ارزیابی آثار توسعه نظام مالی بر تشکیل سرمایه و رشد اقتصادی. پایان نامه دکتری اقتصاد، دانشگاه آزاد اسلامی، واحد تهران مرکز.

مسجد موسوی، میر سجاد؛ قالیباف اصل، حسن. (1389). " بررسی رابطه بین نقدشوندگی دارایی‌ها ونقدشوندگی بازار سهام در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران" پایان نامه کارشناسی ارشد. دانشگاه علوم اقتصادی.

Anginer, Deniz. (2010). Liquidity Clienteles: Transaction Costs and Investment Decisions of Individual Investors. World Bank Research- DEC Group. World Bank Policy Research Working Paper No. 5318:1-40.

Brunnermeier, Markus K; Pedersen Lasse H. (2009). " Market liquidity and funding liquidity". Review of Financial Studies, 22(2):2201–2238.

King, Robert G; Levine, Ross (1993) Finance, entrepreneur-ship and growth. Journal of Monetary Economics 32(3): 513-542

Levine, Ross(2003). Stock market liquidity and economic growth. theory and evidence. 1-24.

Longstaff, Francis A. (2004). "The flight-to-quality premium in U. S. treasury bond prices". Journal of Business, 77(3):511–525.

Management," Unpublished Ph. D Dissertation, Hong Kong University

of Science and Technology.

Qinglu, J. (2005). "Business Cycle, Accounting Behavior and Earnings

Randi Næs, Johannes A. Skjeltorp and Bernt Arne Ødegaard (March 2010). " Stock Market Liquidity and the Business Cycle. " Forthcoming, Journal of Finance:1-89.

Taddei, Filippo. (2007). "Liquidity and economic fluctuations". Job Market Paper,Columbia University