حساسيت بازار سهام نسبت به نوسانات مالي و پولي

The Sensitivity of Stock Market to Fiscal and Monerary Fluctuations

The development of financial markets is an important factor in economic development. More developed financial markets can absorb investment through demestic resources but also through foreign investment. the stock market and factors affecting it, play an important role in the economic studies. The main purpose of this article is to survey the effect of fiscal impulses and the other macroeconomic variable impulses on stock market. For empirical test, we use Vector Auto Regressive Model and for this reason we use time series data during 1369-79. we discussed various impulses and their immediate effects on different variables through application of impulse response and variance decomposition and tried to show how these variables changes affect on stock prices.