چکیده:
Since the advent of Islamic Revolution in 1979 and due to foreign exchange controls by the Central Bank of Iran, the black market value of the Iranian rial had declined substantially as compared to its official value. In several articles published in professional journals I have first identified factors which has caused the rial to decline. I have then investigated the impact on Iranian economy of the depreciation of the rial. This paper collects and reviews those articles and provides a comprehensive review of issues involved with some policy implications.
خلاصه ماشینی:
"In a recent article (Bahmani-Oskooee, 1995d), I established the empirical validity of (5) using co-integration analysis and showed that the relation between the rial-dollar rate, relative money supply, relative output, and relative interest rate (as a determinant of velocity) are in line with the monetarist prescription.
In a recent article (Bahmani-Oskooee 1996b) I investigated the Iranian experience by estimating a reduced form output model that took the following form: GDPt = F[ t, Gt, Mt, (P*R/P)t] + ωt (11) where GDP = Gross Domestic Product; t is the trend term; G = government spending as a measure of fiscal policy; M = money supply as a measure of monetary policy; P* = the U.
Furthermore, the exchange rate variable carried a positive coefficient indicating that as the Iranian rial depreciates (R) increases, demand for money increases, supporting the wealth effect argument in the literature.
4- Bahmani-Oskooee, Mohsen, “Black Market Exchange Rates versus Official Exchange Rates in Testing Purchasing Power Parity: An Examination of the Iranian Rial,” Applied Economics, Vol. 25 (1993b), pp.
7- Bahmani-Oskooee, Mohsen, ”Real Effective Exchange Rates and the Purchasing Power Parity:Experiences of 19 Industrial Countries,” Economic Notes, Vol. 24 (1995c), pp.
8- Bahmani-Oskooee, Mohsen, “The Decline of Iranian Rial During Post-Revolutionary Period: The Monetary Approach and Johansen''''s Cointegration Analysis,” Canadian Journal of Development Studies, Vol. 16 (1995d), pp.
12- Bahmani-Oskooee, Mohsen, “The Black Market Exchange Rate and Demand for Money in Iran,” Journal of Macroeconomics, Vol. 18 (Winter 1996c), pp."