Investigating the circulation of funds between the coin market and the total index of the Tehran Stock Exchange according to the conditional heterogeneity variance model and the critical values test.

The purpose of this article is to investigate the amount of liquidity circulation between the capital market and the market by examining the correlation between the coin bubble and the total index of the Tehran Stock Exchange. The current research is applied development in terms of purpose and descriptive correlation in terms of data and information collection. The research articles are: capital market fluctuations, coin market fluctuations, price bubble. Socio-statistics and research data, including the changes in the existing price bubble and fluctuations in the capital market and market prices, have been collected from the beginning of January 2018 to the first half of January 2022. In this article, the research data was analyzed using linear regression in SPSS software, and the correlation between variables was analyzed using GARCH conditional heteroskedasticity variance model. The results of the research according to the GARCH model indicate that in general there is a negative correlation between the percentage of changes in the coin bubble and the changes in the total index, and this negative correlation can be proven according to the effect of heterogeneous variance according to the estimation model between the variable of bubble fluctuations and the price of the capital and coin market. In this regard, as mentioned, only a part of this amount of liquidity taken out of the market spreads to the target market and the main part of it is transferred to parallel markets.

Investigating the circulation of funds between the coin market and the total index of the Tehran Stock Exchange according to the conditional heterogeneity variance model and the critical values test. Keywords:

Capital market , coin market , parallel markets , price bubble , liquidity circulation