عنوان مقاله [English]
نویسندگان [English]چکیده [English]
The government debt management policy is mainly based on capital market instruments. Under This mechanism, frozen and unproductive resources used for countercyclical fiscal policies. Nevertheless, the policy in Iran is mainly based on funds of the banking system and Nondepository Institutions, and capital market is passively influenced by it. This could lead to inefficiencies in government debt management policies as well as the volatility of the capital market. so, this study investigated direct and indirect effects of various Iranian government debt on stock market by using SVAR during 2005:q2-2016:q2.
The results showed that effects of government debt on stock market are mostly indirectly and through channel of economic variables. As real exchange rate, ratio of price of non-trade goods to trade and general level of prices has a negative effect and an increase in GDP has a positive effect on real price of the shares. These economic variables also significantly affected by government debts. Among types of government debt, only government debt to Nondepository institutions has a direct and significant effect on real price of shares. Based on these results, capital market is passively influenced by the government debt management, while development of government financial instruments in framework of capital market leads to 1) government to get flexible in itself debt managment and minimizes undesirable it’s outcomes, 2) it will contribute to the development of the capital market, if the capital market capacity is considered at issuance of government securities, and also government is disciplined in Settlement of securities.