Effect of the Development of the Cryptocurrency Market on the Money Market in Iran and the European Union

Document Type : Original Article

Authors

1 Ph.D. student, Department of Accounting, North Tehran Branch, Islamic Azad University, Tehran, Iran

2 Assistant Professor, Department of Accounting, Central Tehran Branch, Islamic Azad University, Tehran, Iran.

3 Associate Professor, Department of Accounting, North Tehran Branch, Islamic Azad University, Tehran, Iran

4 Assistant Professor, Department of Accounting, Central Tehran Branch, Islamic Azad University, Tehran, Iran

10.30495/ijfma.2022.68762.1890

Abstract

In this study, the researcher tried to comparatively study the effect of the development of cryptocurrency market on the Money market in Iran and the European Union, while clarifying its effects in order to deal with the negative effects of cryptocurrency industry and its threats to the stock exchange and to encourage the stock exchange organization to consider cryptocurrencies as an alternative investment asset to diversification strategies in their portfolio. The statistical population in this study is the Money market in Iran and the European Union. The current research period for Iran and the European Union is 2013 to 2021. The method of data analysis based on the research paradigm has been a quantitative approach, so the method of vector regression has been selected using EViews software. In this model, using regression models and theoretical foundations of VAR method, long-term analysis was performed and using autoregressive vector and vector error correction model, as well as short-term analysis and using causal tests were examined to test research hypotheses. In the present study, the researcher presented an analytical model and estimated the research model and then, by selecting the appropriate variables and performing the stationary test, the variables were performed using the generalized Dickey-Fuller unit root test and the hypotheses were answered by determining the optimal interval length of the model and performing Granger stability and causality test and regression estimation.

Keywords

References

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