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Investigating the effect of central bank independence on Capital market performance (Comparison of developed and developing countries) | ||
| اقتصاد پولی مالی | ||
| Article 10, Volume 31, Issue 27, January 2024 | ||
| Document Type: Original Article | ||
| DOI: 10.22067/mfe.2024.82322.1300 | ||
| Authors | ||
| mahdieh rezagholizadeh* ; Morteza Abdolhosseini1; Hossein Jafari2 | ||
| 1University of Science and Technology | ||
| 2university of Mazandaran | ||
| Abstract | ||
| Considering that the macro-decisions of the central bank of any country can affect the capital market of country, in this study, the effect of central bank independence on the performance of the stock exchange in a selection of countries is investigated. These countries divided into two groups of developed and developing countries based on the FTSE Russell classification about their stock market value. The estimation of the research model is done using the method of generalized method of moments (GMM) and during the period of 2000-2017. The results of the model estimation show that the independence of the central bank has had a positive effect on the performance of the stock exchange in both groups of developed and developing countries. Considering that the macro-decisions of the central bank of any country can affect the capital market of country, in this study, the effect of central bank independence on the performance of the stock exchange in a selection of countries is investigated. These countries divided into two groups of developed and developing countries based on the FTSE Russell classification about their stock market value. The estimation of the research model is done using the method of generalized method of moments (GMM) and during the period of 2000-2017. The results of the model estimation show that the independence of the central bank has had a positive effect on the performance of the stock exchange in both groups of developed and developing countries. | ||
| Keywords | ||
| Central Bank Independence; Capital Market; Stock Exchange; Generalized Method of Moments (GMM); developed country and developing country | ||
| References | ||
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