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:: Volume 28, Issue 96 (Quarterly journal of economic research and policies 2021) ::
3 2021, 28(96): 101-110 Back to browse issues page
Investigating the Impact of Fiscal Policies on Capital Market Returns in Selected Oil Exporting Countries
Bahareh Sotoudeh, Farzaneh Khalili , Farid Askari
Islamic Azad University, Abhar Branch , farzaneh_khalili2001@yahoo.com
Abstract:   (545 Views)
Fiscal policies are one of the most important policies that are used in the field of demand management. Implementing fiscal policies is one of the most important policy-making tools to achieve macroeconomic goals such as Distribution ‌Fair ‌Income, ‌Increasing ‌Rate ‌Growth ‌Economic ‌And ‌Employment ‌And Stabilizing ‌Price.
Since economic policies have a significant impact on financial market returns, this study investigates the impact of fiscal policies on stock market returns in selected oil exporting countries using panel vector autoregressive model (PVAR). In this study, to select a statistical population, the method of systematic elimination was used in the period 2004 to 2018. The variables studied are GDP gap, budget balance, public debt, GDP and capital market returns. Based on the results of the graphs of the recentered influence functions, the effects of GDP gap, public debt are positive on stock returns and the effect of budget balance on stock market is negative. The effects of fluctuations of stock market returns on itself is positive too. According to these graphs, these effects are bidirectional. Also, the results of the forecast error variance decomposition analysis confirm the bidirectional relation between stock market and fiscal policy variables.
Keywords: Fiscal Policy, Stock Market Returns, Panel Vector Autoregressive, Impulse response functions (IRF), Forecast Error Variance Decomposition (FEVD)
     
Type of Study: Research | Subject: Special
Received: 2020/10/10 | Accepted: 2021/03/19 | Published: 2021/03/19
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sotoudeh B, khalili F, askari F. Investigating the Impact of Fiscal Policies on Capital Market Returns in Selected Oil Exporting Countries. 3. 2021; 28 (96) :101-110
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Volume 28, Issue 96 (Quarterly journal of economic research and policies 2021) Back to browse issues page
فصلنامه پژوهشها و سیاستهای اقتصادی Journal of Economic Research and Policies
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