INSULATIION PROPERTIES OF EXCHANGEREGIMES;CASEOF IRAN

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KOMIJANI AKBAR; ARAB H.

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Journal: JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH) Year:2002 | Volume:1 | Issue:4 Page(s): 5-28

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Title

INSULATIION PROPERTIES OF EXCHANGEREGIMES;CASEOF IRAN

Author(s)

KOMIJANI AKBAR | ARAB H. | Issue Writer Certificate

Keywords

EXCHANGERATE REGIMEQ4

OPTIMALEXCHANGERATE REGIME. INSULATION PROPERTIES OF EXCHANGE RATE REGIMES. CRAWLINQPEA(8QLRNEANDSTABILIZATIONOF PRODUCTIONANDPRICE.Q4

Abstract

The studies on Iran economy emphasize unified and adjustable exchange rate regime,particalarly the Crawling Peg,as well as the coordination of other policies.After brief reviw of the above studies and previous experinces,a theoretical model on the basis of insulationpropertyapproach ispresented.Since policy goal(loss functioni)n this research is taken as the variance of output and price,every regime that has the least variance of output and price is considered as optimal. Oil, governtment budget policy and wage shocks,as the most important real shock in the economy of Iran.influencing output and price.have been taken into consideration in the theoretical model.The model including aggregate supply and demand,and total level of priceand wage,has been solved for the loss function.This model has been estimated on the basis of information about Iran during1352-78. Using the estimated structural coefficients the loss function has been simulated at different scenarios. The result of these simulations is that at the present state of economy, the Crawling Peg regime may not be an optimal one.But in order for the regime to be performed with tthe least cost(the least variance of out put and price),all of the following conditions have to be satisfied:(1) the exchange rate IS adjusted biannually; (2) the monetary policy is coordinated witht the exchange rate regime;(3)the monetary policy is completely credible; (4)the income policy is successfulplly performed wher upon wage shocks are reduced:and(5) difference of the total level of domestic and foreign pricesis reduced at half.As long as all the above conditions have not boon sctisfiod, the fixd the exehang rate regime is optimal in stabilizing out put and price.

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APA: Copy

KOMIJANI, AKBAR, & ARAB, H.. (2002). INSULATIION PROPERTIES OF EXCHANGEREGIMES;CASEOF IRAN. JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH), 1(4), 5-28. SID. https://sid.ir/paper/86375/en

Vancouver: Copy

KOMIJANI AKBAR, ARAB H.. INSULATIION PROPERTIES OF EXCHANGEREGIMES;CASEOF IRAN. JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH)[Internet]. 2002;1(4):5-28. Available from: https://sid.ir/paper/86375/en

IEEE: Copy

AKBAR KOMIJANI, and H. ARAB, “INSULATIION PROPERTIES OF EXCHANGEREGIMES;CASEOF IRAN,” JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH), vol. 1, no. 4, pp. 5–28, 2002, [Online]. Available: https://sid.ir/paper/86375/en

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