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Information Journal Paper

Title

Investigation of the Effect of Exchange Rate determination on Economic Welfare

Pages

  97-132

Abstract

 The exchange rate is an important factor for the country's economic situation and its welfare. This study investigates the welfare effects of how exchange rate being determined, using a Macro-econometric Model. A more appropriate multidimensional index for welfare is used. The model is simultaneously estimated four times using based on data from 1358-96, each time with a specific exchange rate regime then the Economic Welfare is evaluated and compared. The regimes are, (1) exogenous and based on actual Central Bank open market (based version), (2) based on a monetary model of Exchange rate determination (indigenous), (3) on the basis of annual adjustment and equal to the difference between domestic and foreign inflation rate and (4) exogenously and ineffective on internal inflation rate. The results show that in comparison with the base version the welfare in the monetary model is low (lowest between all 4 methods). But the other 2 methods (if applied) could have brought high welfare (relative to based method); because of taking into account same of the economic effects of exchange rate and therefore are preferred to the based method. The 4th versions because of omitting inflationary effect of exchange rate data create a higher welfare but it makes the country such as closed one. So considering the economic conditions of Iran and its external restrictions such as sanctions, implementing a specific and invariant regime for all years is not always the best choice from the welfare view point. So in determining the exchange rate, it's all economic aspects (especially individual’ s welfare), should be considered. Exchange rate volatility should be avoided as possible.

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    • Cite

    APA: Copy

    Pourfathy, Naghmeh, & Kafaie, Seyyed Mohammadali. (2021). Investigation of the Effect of Exchange Rate determination on Economic Welfare. JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT), 14(53 ), 97-132. SID. https://sid.ir/paper/405038/en

    Vancouver: Copy

    Pourfathy Naghmeh, Kafaie Seyyed Mohammadali. Investigation of the Effect of Exchange Rate determination on Economic Welfare. JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT)[Internet]. 2021;14(53 ):97-132. Available from: https://sid.ir/paper/405038/en

    IEEE: Copy

    Naghmeh Pourfathy, and Seyyed Mohammadali Kafaie, “Investigation of the Effect of Exchange Rate determination on Economic Welfare,” JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT), vol. 14, no. 53 , pp. 97–132, 2021, [Online]. Available: https://sid.ir/paper/405038/en

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