comparing effectiveness of liquidity growth on gdp, private investment and employment with assets market bubble

نویسندگان

حسین صمصامی

استادیار دانشکدۀ علوم اقتصادی و سیاسی، دانشگاه شهید بهشتی پرویز داودی

استاد دانشکدۀ علوم اقتصادی و سیاسی، دانشگاه شهید بهشتی هادی امیری جاوید

کارشناس ارشد برنامه ریزی سیستم های اقتصادی، دانشگاه شهید بهشتی

چکیده

today one of the major questions in the iranian economy is that do liquidity injected into the economy more effected productive activities or speculative activities .this study was conducted to compare the effects of liquidity growth on real sector and assets market bubbles in iranian economy during the period 1994(2)-2012(1). for this purpose, price index of four major assets in iranian economy (currency, housing, stocks and gold coin) were firstly combined through principal component analysis and one composite index called assets price index was provided. at the second stage, assets price index is estimated by ardl method and residual change of the calculated equation is considered as bubble component of the assets market (agiotage activities index). at the final stage of the study, the equation of assets market bubble component stands beside production equation, private sector investment and employment. it is estimated within the framework of simultaneous equations through 3sls systematic method. the findings of the study indicate that the effect of increased volume of liquidity on the assets market bubble is greater than gdp and investment in private sector during the aforesaid period. furthermore, increased liquidity has no significant effect on the employment during such a period. considering the results of the investigation, it is suggested to direct the resources correctly toward the manufacturing sector of the country.

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عنوان ژورنال:
تحقیقات اقتصادی

جلد ۵۱، شماره ۲، صفحات ۴۵۷-۴۹۳

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