ارزيابي نقش نظارتي دولت در بورس اوراق بهادار ايران در چارچوب يك الگوي كنترل بهينه

The Role of Government in the Iranian Stock Market in the Framework of Optimal Control Theory

The aim of this paper is to investigate the impact of the control variables on the Iranian stock market by using optimal control theory. We try to determine the optimal path of the economic control variables like money stock, exchange rate, taxes, government expenditure and state variables such as market value of stocks and transactions during the third and fourth economic plans. The result shows that the fiscal policies has been chosen much more effective than the monetary policies. We study four different alternatives. Based on the first, second and third alternatives, the model reaches to the optimal path of the number of transactions while for the model does not reach the optimal path of the market value of stocks. In the fourth alternative the government can reach the optimal path of its economic variables by choosing expansionary monetary and fiscal policies along with depreciation of exchange rates simultaneously.