سید احسان حسین دوست

سید احسان حسین دوست

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فیلتر های جستجو: فیلتری انتخاب نشده است.
نمایش ۱ تا ۲ مورد از کل ۲ مورد.
۱.

Investigation of the Factors Affecting Financial Instability in Developing Countries: SGMM Approach(مقاله علمی وزارت علوم)

کلید واژه ها: Financial instability Financial development Financial Liberalization Government size PCA SGMM

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تعداد بازدید : ۸۴ تعداد دانلود : ۸۲
Maintaining financial stability has always been one of the most important economic aims. The literature related to financial stability shows the effect of variables like financial development and financial liberalization on financial instability. However, some conflicting results have been reported about the direction of this impact. Accordingly, the purpose of this study is to investigate the effect of various factors on financial instability with an emphasis on the variables of financial development and financial liberalization in developing countries. The financial instability index calculated by the PCA approach and annual observations from 2005 to 2019 is employed. The research model is estimated using the System-GMM. The results indicate that financial development in developing countries has a positive effect on financial instability and exacerbates it due to the lack of correspondence between the goals of policymakers and the realities of financial markets in such countries. Moreover, the positive impact of financial liberalization on financial instability is obtained representing that following fiscal policies implemented in countries with developed financial markets is not working in developing countries. Thus, financial decision-makers in these countries must adopt stabilization policies in accordance with the characteristics of their financial markets. In addition, the results confirm the negative impact of the government size on financial stability in developing countries, emphasizing the reduction of government presence and the development of the private sector in these markets.
۲.

The Stock Market Response to Oil Price Shocks in Selected Oil-Importing Countries(مقاله علمی وزارت علوم)

کلید واژه ها: Oil Price Shock Stock Market Oil - Importing Countries PVAR

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تعداد بازدید : ۱۲۲ تعداد دانلود : ۱۰۱
As one of the most important components of the financial market, the stock market plays a significant role in facilitating the transfer of financial resources to the productive sector; therefore, identifying the factors that influence this market and the response of this market to shocks that occur has always attracted the interest of policymakers and analysts. The present study focuses on the response of stock market returns of major oil-importing countries to the oil price shock, oil supply shock, and aggregate demand shock over the period 2010-2019 using the Panel Vector Autoregressive (PVAR) method. Based on the extracted impulse response functions (IRFs), the response of the stock market index to the oil price shock and the oil supply shock is negative, while the response of the stock market index to the aggregate demand shock is generally positive. The results of variance analysis show that the oil price shock, oil supply shock, and aggregate demand shock have the largest impact on the fluctuations of the stock market index, and indicate the selected oil-importing countries have taken measures to hedge their stock market against the oil price shock during the crisis period. JEL Classification: C58, E44, G10, Q43

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