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Iranian Economic Review، جلد ۲۶، شماره ۴، صفحات ۷۵۱-۷۶۷
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عنوان انگلیسی Real Exchange Rate Shocks and Export-Oriented Businesses in Iran: An Empirical Analysis Using NARDL Model
چکیده انگلیسی مقاله In this paper by applying the NARDL approach, we revisit the “fear of appreciation” hypothesis in the case of Iran by analyzing the effects of exchange rate shocks (both appreciations and depreciations) on the various export-oriented industries in the Tehran Stock Exchange. To this aim, the data used include monthly data of both main variables, i.e. real exchange rate, different stock market indexes (which include Petrochemical, Basic Metal, and Mining industries indexes), and control variables, i.e. inflation, OPEC oil price, and international sanctions. Our findings illustrate that not only have exchange rate shocks significant effects on different stock indexes but also these relationships are asymmetric and nonlinear. Moreover, our results have confirmed the fear of depreciations hypothesis in the export-oriented industries in the Tehran Stock Exchange.
کلیدواژه‌های انگلیسی مقاله Exchange rate shocks,Export-Oriented Industries,Fear of Depreciation,NARDL model
نویسندگان مقاله Alireza Saadati |
Department of Accounting, College of Humanities, West Tehran Branch, Islamic Azad University, Tehran, Iran

Zahra Honarmandi |
Department of Accounting, College of Humanities, West Tehran Branch, Islamic Azad University, Tehran, Iran

Samira Zarei |
Department of Accounting, College of Humanities, West Tehran Branch, Islamic Azad University, Tehran, Iran

نشانی اینترنتی https://ier.ut.ac.ir/article_90653_263d19cc691772125aacb39b14c1b4c4.pdf
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