April 24, 2024
Hadi Keshavarz

Hadi Keshavarz

Academic Rank: Assistant professor
Address: iran, busheher
Degree: Ph.D in Monetary Economics
Phone: -
Faculty: School of Business and Economics

Research

Title
The Effect of Monetary and Financial Instability on Liquidity of Energy intensive Industries Stocks
Type Thesis
Keywords
نقدشوندگي، سهام انرژي، بي ثباتي مالي، بي ثباتي پولي
Researchers Sara bayranvand (Student) , Mohammad Rezaei (Primary advisor) , Hadi Keshavarz (Advisor)

Abstract

stock market liquidity is one of the important indices of the capital market, which constitutes the stabilization, strength, and development of the market. One of the important functions of the capital market is to create liquidity for stocks. Many factors affect market liquidity, some of which are internal and some external. Monetary and financial policies are including external factors that are imposed to improve the economic situation and have a great impact on this market. The fluctuations and instabilities that occur in these policies cause investors' uncertainty in the stock market. Since one of the important factors for each investor is the liquidity risk of shares, so identifying the factors affecting liquidity, especially the instability of monetary and fiscal policies, is an important step in directing capital in the Iranian economy. The purpose of this study is to investigate the effect of monetary and financial instability on the liquidity of energy industry stock. In order to do this study, seasonal time series data in 43 companies active in the energy industry are used to describe the basic metals, extraction of metal minerals, (cement, lime, gypsum), nonmetallic minerals, chemical products, and petroleum products by using SVAR model during the years 1387 to 1396. liquidity of the energy industry has been measured as the dependent variable of research using the AmiHood illiquidity index in 2002. Also, the variables of liquidity volume fluctuations (criterion for monetary instability), government expenditure fluctuations (criterion for financial instability), gross domestic product (GDP), market trading volume, and market return are independent variables of research. The results show that the effects of monetary and financial instability and the volume of market transactions had an immediate negative upward effect at first and then a positively decreasing effect and market returns had a positive decreasing effect at first and then an increasingly negati