تبيين توسعه ساختار بازار اوراق بهادار

Explain the structure of securities market development

This study is mainly attempted to examine the effect of macroeconomic variables on the development of Tehranʹs Stock Exchange. For so doing, national income, investment rate, financial intermediary development and macroeconomic instability were considered as macroeconomic variables and depth and width as indices of the stock exchange development. Necessary data was collected seasonally in time series during 1998-2007 time period. In the statistical method employed in the current research, we first examined stationary of the variables by Dickey-Fuller Unit Root Test. Then Johansen Co integration Test was employed to estimate cointegration vectors. Ultimately, to estimate the study models, Vector Error Correction Model was used. Generally Speaking, the findings of the estimations suggest that national income and investment rate have positive significant effect on the depth and width of the stock exchange. Also, financial intermediary development and macroeconomic instability have negative significant effect on the depth and width of the stock exchange.