1- , mmahmoudi.me@gmail.com
Abstract: (302 Views)
In this study, we estimate the effect of economic sanctions levied on Iran by developing a “Sanctions Index” using an automated content analysis method to analyze the content of Donya-e-Eqtesad newspaper for the period 2009 to 2018. We first document that the index corresponds to the historical events related to the sanctions. In the next step, using the ARDL error correction model, we estimate a long-run relationship between the sanctions index and the stock market index. The model shows that by controlling other macroeconomic variables, including exchange rate and inflation, our results demonstrate the sanctions index has a significant negative long-run effect on the Tehran stock market index.
Keywords: Sanctions, political events, stock market, ARDL error correction model, automated content analysis method
Type of Study: Research |
Subject:
financial economics
Received: Sep 08 2022 | Accepted: Feb 01 2025
Received: Sep 08 2022 | Accepted: Feb 01 2025
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