The Oil Revenue, Exchange Rate and Stock Market Investment in Iran

Arash Ketabforoush Badri
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Arash Ketabforoush Badri: Department of Economics, Qazvin Branch, Islamic Azad University, Qazvin, Iran

Noble International Journal of Business and Management Research, 2022, vol. 6, issue 2, 25-33

Abstract: The purpose of this study is to investigate the effect of oil revenues and exchange rate on the amount of investment in the stock market in Iran using seasonal data in the period of 2008-2019. To this end, the effect of oil revenues, exchange rate and inflation on the amount of investment in the stock market in Iran has been estimated using a Markov-switching model. The results from a two-regime regression show that oil revenues, exchange rate, and inflation are regime-dependent and have different effects on the investment in the stock market in Iran. The results show that in regime (1), oil revenue and exchange rate coefficients are positive and inflation is negative. In regime (2), inflation and exchange rate coefficients are negative and oil revenue is positive.

Keywords: Oil Revenue; Exchange Rate; Inflation; Stock Market; Markov-Switching; Iran (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:nap:nijbmr:2022:p:25-33

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