THE EFFECT OF THE REAL EFFECTIVE EXCHANGE RATE MISALIGNMENT ON IRANIAN NON-OIL EXPORTS: THE BEER APPROACH

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KAZEROONI ALIREZA; MOZAFFARI ZANA; KARIMI KANDOLEH MARYAM; AMINI MOSLEM

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Journal: FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES) Year:2017 | Volume:9 | Issue:32 Page(s): 1-13

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Title

THE EFFECT OF THE REAL EFFECTIVE EXCHANGE RATE MISALIGNMENT ON IRANIAN NON-OIL EXPORTS: THE BEER APPROACH

Author(s)

KAZEROONI ALIREZA | MOZAFFARI ZANA | KARIMI KANDOLEH MARYAM | AMINI MOSLEM | Issue Writer Certificate

Keywords

REAL EFFECTIVE EXCHANGE RATEQ2

EXCHANGE RATE MISALIGNMENTQ2

BEERQ2

JOHANSEN METHODQ2

ARDLQ2

Abstract

The main objective of this study is to examine the effect of REAL EFFECTIVE EXCHANGE RATE misalignment on Iranian non-oil exports over 1982 - 2013.For this purpose, the equilibrium REAL EFFECTIVE EXCHANGE RATE has been estimated by BEER approach. The relevant literatures indicate that oil price, fiscal policy indicator, foreign capital flow, trade openness, and terms of trade are main determinants of the equilibrium exchange rate. Using Johansen test indicates that there exist a long run relationship between real exchange rate and other variables. By using predicted value of REAL EFFECTIVE EXCHANGE RATE and observe exchange rate the misalignment of REAL EFFECTIVE EXCHANGE RATE is calculated. The empirical result of the misalignment indicates that in 2006, the misalignment reached to highest point, 18.67 percent which presents the overvalued Iranian currency. Moreover, the results of estimation show that all explanatory variables in the long term have a significant effect on non-oil exports. In this regard, GDP has a positive impact; the misalignment of the REAL EFFECTIVE EXCHANGE RATE, real exchange rate and the terms of trade have a negative and significant effect on the non-oil exports.

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APA: Copy

KAZEROONI, ALIREZA, MOZAFFARI, ZANA, KARIMI KANDOLEH, MARYAM, & AMINI, MOSLEM. (2017). THE EFFECT OF THE REAL EFFECTIVE EXCHANGE RATE MISALIGNMENT ON IRANIAN NON-OIL EXPORTS: THE BEER APPROACH. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), 9(32), 1-13. SID. https://sid.ir/paper/356651/en

Vancouver: Copy

KAZEROONI ALIREZA, MOZAFFARI ZANA, KARIMI KANDOLEH MARYAM, AMINI MOSLEM. THE EFFECT OF THE REAL EFFECTIVE EXCHANGE RATE MISALIGNMENT ON IRANIAN NON-OIL EXPORTS: THE BEER APPROACH. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES)[Internet]. 2017;9(32):1-13. Available from: https://sid.ir/paper/356651/en

IEEE: Copy

ALIREZA KAZEROONI, ZANA MOZAFFARI, MARYAM KARIMI KANDOLEH, and MOSLEM AMINI, “THE EFFECT OF THE REAL EFFECTIVE EXCHANGE RATE MISALIGNMENT ON IRANIAN NON-OIL EXPORTS: THE BEER APPROACH,” FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), vol. 9, no. 32, pp. 1–13, 2017, [Online]. Available: https://sid.ir/paper/356651/en

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