The relationship between inflation and stock index in ten the last ten years, in Tehran stock exchange
Languages of publication
The present study investigated the relationship between inflation and stock index at Tehran Stock Exchange for the last ten years. For access to this aims are selected total of companies that their share is accepted in Tehran stock exchange in years 2005-2014. This research is based on the objective and the method of data collection is descriptive. Pearson correlation, regression equation and path analysis were used to determine the relationship between variables. The results of this study are indicated there are positive and meaningful correlations between inflation and stock index as well as industry index. With increase of inflation these index increase too.
-  Aga, Mehmet and KocamanBerna (2006). “An Empirical Investigation of the Relationship between Inflation , P/E Ratios and Stock Price Behaviors Using a New Series Called Index- 20 for Istanbul Stock Exchange”, International Research Journal of Finance and Economics , No 6 .(www.eurojournals.com)
-  Bhattacharya, B. and Mukherjee, J. (2002). “Causal Relationship beteen Stock Market and Exchange Rate, Foreign Exchange Reserves and Value of Trade Balance, A Case Study for India”, (www.igidr.ac.in).
-  Barro, R. (1995). “Inflation and Economic Growth”, Bank of England Quarterly Bulletin, May, pp. 166 -176.
-  Chakravarty S. (2006). “Stock Market and Macro Economic Behavior in India, Institute of Economic Growth, Discussion Paper Series No.106/2006.
-  Chakravarty S. and Mitra A (2010). “Growth, Prices and Poverty,” Journal of Modelling and Simulation of Systems, Vol. 1, Iss.4, pp. 235-251.
-  Desai, Nitin, (2011), Money Matters, Business Standard, May 19.
-  Fama Eugene (1970). “Efficient Capital market: A review of theory and empirical work”, Journal of Finance, Vol. 25, pp. 383-417 .
-  Famma, Eugene (1981). “Stock Returns, Real Activity, Inflation and Money”, American Economic Review, Vol. 71, pp. 545-564.
-  Famma, E. F and Gibbons, M. R. (1982). “Inflation, Real Returns and Capital Investments”, Journal of Monetary Economics,
-  Fung, H. C.Lee (1990). “Stock market and Economic Activity: A casual analysis in SG”, Rhee and R. P. Chang (eds), PacificBasin capital markets, Elsevier science publishers, North Holland.
-  Fischer, S. (1993). "The Role of Macroeconomic Factors in Growth", Journal of Monetary Economics, (32): 485-512.
-  Ioannidis, C. and Kontonikas, A. (2008). The impact of monetary policy on stock prices. Journal of Policy Modeling, 30(1), pp. 33-53
-  Ioannides, Dimitris, Costas Katrakilidis and Andreas Lake (2005). “The relationship between Stock Market Returns and Inflation: An econometric investigation using Greek data”, http://conferences.telecom-bretagne.eu/asmda2005/IMG/pdf/proceedings/910.pdf
-  Kannan, R and Joshi, H. (1998). “Growth-Inflation Trade-Off: Empirical Estimation of Threshold Rate of Inflation for India,” Economic and Political Weekly, Vol. 33, No. 42/43, pp. 2724-2728.
-  Kessel, R.A. (1956). "Inflation-Caused Wealth Redistribution : A Test of a Hypothesis", American Economic Review 46, pp. 128-141.
-  Naj, M. and Rahman, H. (1991). “Stock market volatility and macroeconomic variables: International evidence”, Journal of multinational financial management, Vol. 1(3), pp. 51-66.
-  Patnaik, Ila and Ajay Shah (2010). “Why India choked when Lehman broke?” Working Paper 2010-63, NIPFP-DEA Research Program on Capital Flows and their Consequences, National Institute of Public Finance and Policy, New Delhi.
-  Rangarajan, C. (1998). Iranian Economy: Essays on Money and Finance, UBS Publishers' Distributors, New Delhi.
-  Summers L.H. (1986). “Does the stock market rationally reflect fundamental variables?” Journal of Finance, pp. 591-601.
-  Toda, H.Y and Yamamoto, T. (1995). “Statistical inference in vector auto regressions with possibly integrated processes”, Journal of econometrics, Vol. 66, pp. 225-50.
Publication order reference