پیوندهای مفید
آمار
| تعداد نشریات | 21 |
| تعداد شماره‌ها | 641 |
| تعداد مقالات | 9,370 |
| تعداد مشاهده مقاله | 68,048,885 |
| تعداد دریافت فایل اصل مقاله | 30,810,401 |
Examination of the effect of asset price bubbles on the economic welfare indicators in terms of the monetary policies | ||
| International Journal of Nonlinear Analysis and Applications | ||
| مقالات آماده انتشار، اصلاح شده برای چاپ، انتشار آنلاین از تاریخ 30 بهمن 1403 اصل مقاله (597.64 K) | ||
| نوع مقاله: Research Paper | ||
| شناسه دیجیتال (DOI): 10.22075/ijnaa.2024.33955.5064 | ||
| نویسندگان | ||
| Farhad Jamshidi1؛ Mehrdad Sadrara* 2؛ Gholamreza Mahfouzi2 | ||
| 1Department of Financial Engineering, Faculty of Management and Accounting, Rasht Branch, Islamic Azad University, Rasht, Iran. | ||
| 2Department of Economics and Accounting, Faculty of Literature and Human Sciences, University of Guilan, Guilan, Iran | ||
| تاریخ دریافت: 10 فروردین 1403، تاریخ بازنگری: 18 اردیبهشت 1403، تاریخ پذیرش: 25 اردیبهشت 1403 | ||
| چکیده | ||
| This research aims to find the most effective components of the asset price bubble, economic welfare and monetary policies in Iran to investigate the effect of the asset price bubble on the economic welfare indicators in terms of the monetary policies and investigate its effect on the components of the economic welfare by specifying the characteristics of asset price fluctuations in different financial markets such as the currency market, stock market, gold market, housing market through the monetary indicators. The subject of price bubbles was stated historically for the first time in the early 17th century and scientifically for the first time in the US stock market crisis from October 1929 to June 1932. For the first time, Samuelson [18] showed that the bubbles complete the existing markets, and as a result, they can enhance welfare. Still, since the structure and components of the economy in Iran are different from many countries, the use of these indicators and tools will not be effective without paying attention to these differences and taking into account these special features. For this purpose, in the present research, the survey finds the effective components and finally, the formulation of hypotheses is done. Identifying the factors affecting the creation of a bubble in the asset prices and ultimately expanding it to the real sector of the economy of Iran is the fundamental goal of this research. The results of the study showed that income distribution and the poverty line are the most effective welfare indicators in the country. Furthermore, inflationary expectations are the most important indicators for measuring the asset bubble and government policy packages and liquidity are also the most prominent indicators of our country's monetary policy. Of course, among the welfare indicators, the intellectual property and environment, as well as among the asset bubble indicators, news and information, had the least weight and importance, and the exchange rate fluctuations index was also the least important monetary policy indicator. | ||
| کلیدواژه‌ها | ||
| Asset price bubbles؛ Economic welfare؛ Monetary policies؛ economy of Iran | ||
| مراجع | ||
|
[1] Z. Afshari, H. Tavakolian, and M. Bayat, The effect of stock price shock on macroeconomic variables: A DSGE approach, Econ. Res. (S. D. G.) 18 (2018), no. 2, 81–103. [2] J. Alba, J. Liu, W.M. Chia, and D. Park, Foreign output shock in small open economies: A welfare evaluation of monetary policy regimes, Econ. Modell. 86 (2020), 101–116. [3] H. Amiri and M. Beyranvand, The Impact of Monetary Policy Instruments on Stagflation in Iran, Iran. J. Appl. Econ. 7 (2017), no. 21, 19–32. [4] J.R. Blake, Introduction to bubble dynamics papers at IUTAM symposium on ‘free surface flows’, IUTAM Symp. Free Surface Flows: Proc. IUTAM Symp., Birmingham, United Kingdom, 10–14 July 2000, Springer Netherlands, 2001. [5] N. Bashirimanesh and H. Shahnazi, The impact of investor and managers’ behavioral bias on the stock price bubble in capital market of Iran, Financ.Knowledge Secur. Anal. 15 (2022), no. 53, 15–32. [6] J. Bonchi, Asset price bubbles and monetary policy: Revisiting the nexus at the zero lower bound, Sapienza Univ Rome 47 (2023), no. 6, 186–203. [7] S.T. Chen and K.Y.A. Haga, Using E-GARCH to analyze the impact of investor sentiment on stock returns near stock market crashes, Front. Psychol. 12 (2021), no. 12, 664849. [8] A. Christophe, P. Caraiani, A.C. Calin, and R. Gupta, Can monetary policy lean against housing bubbles?, Econ. Modell. 110 (2022), 105801. [9] D.E. Douglas, G.G. Kaufman, and G.M. Anastasios, Asset price bubbles: What are the causes, consequences, and public policy options?, Chicago Fed Letter, Federal Reserve Bank of Chicago 314 (2012), no. 1. [10] F. Fallah Shams, I. Shariatzadeh, and G. Mirzavand, The exploration of price bubble in housing market using of ARDL technique, Financ. Engin. Secur. Manag. 3 (2013), no. 3, 35–50. [11] J. Gali, G. Giusti, and C. N. Noussair, Monetary policy and asset price bubbles: A laboratory experiment, J. Econ. Dyn. Control 130 (2021), no. 4, 104184. [12] A. Graczyk and T. Phan, Regressive walfare effects of housing bubbles, Macroecon. Dyn. 25 (2021), no. 8, 2102–2127. [13] A. Graczyk and T. Phan, Regressive welfare effects of housing bubbles, Working Paper, Federal Reserve Bank of Richmond 18 (2018), no. 10. [14] M. Hatefi Madjumerd, G. Zamanian, and M. Shahiki Tash, Valuation of multiple bubbles in the stock market of Tehran, Quart. J. Quant. Econ. 14 (2017), no. 2, 85–110. [15] R. Jarrow and S. Lamichhane, Asset price bubbles, market liquidity, and systemic risk, Math. Finan. Econ. 15 (2021), no. 2, 5–40. [16] R. Jarrow and S. Lamichhane, Risk premia, asset price bubbles, and monetary policy, J. Financ. Stabil. 60 (2022), 101005. [17] P.K. Narayan, S.S. Sharma, and D. Phan, Asset price bubbles and economic welfare, Int. Rev. Financ. Anal.44 (2016), no. 8, 139–148. [18] P.A. Samuelson, An exact consumption-loan model of interest with or without the social contrivance of money, J. Politic. Econ. 66 (1958), no. 6, 467–482. [19] J. Scheinkman and W. Xiong, Overconfidence and speculative bubbles, Available at SSRN: https://ssrn.com/abstract=298865 or http://dx.doi.org/10.2139/ssrn.298865 [20] R.J. Shiller, Bubbles, human judgment, and expert opinion, Financ. Anal. J. 58 (2002), no. 3, 18–26. [21] J.E. Stiglitz, Symposium on bubbles, The Journal of Economic Perspectives 4 (1990), no. 2, 13-18. [22] J. Tirole, Asset bubbles and overlapping generations, Econometrica 53 (1985), no. 6, 1499–1528. [23] J. Ventura, Bubbles and capital flows, J. Econ. Theory 147 (2012), no. 2, 738–758. [24] S. Wang, L. Chen, and X. Xiong, Asset bubbles, banking stability and economic growth, Econ. Modell. 78 (2018), no. 10, 108–117. [25] T. Zhengxun, T. Qianqian, and M. Juang, The effect of monetary policy on China’s housing prices before and after 2017: A dynamic analysis in DSGE model, Land Use Policy 113 (2022), 105927. | ||
|
آمار تعداد مشاهده مقاله: 599 تعداد دریافت فایل اصل مقاله: 88 |
||