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Exchange Rate Regime Considerations in an Oil Economy

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  • Oya Celasun
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    Abstract

    This paper provides a brief overview of the evolution of exchange rate policy in the Islamic Republic of Iran from 1993 to 2002 and reviews the basic criteria for the choice of the exchange rate regime in the medium term. The analysis highlights the merits of an intermediate regime which would allow the authorities to smooth out excessive short-term exchange rate fluctuations while letting nominal exchange rate movements facilitate real exchange rate adjustments called for by major oil price shocks.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=16241
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 03/26.

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    Length: 18
    Date of creation: 01 Jan 2003
    Date of revision:
    Handle: RePEc:imf:imfwpa:03/26

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    Related research

    Keywords: Iran; Oil; Real effective exchange rates; exchange rate; exchange rate regime; real exchange rate; foreign exchange; exchange rate regimes; exchange rate policy; exchange rate movements; exchange rates; exchange rate risk; oil prices; nominal exchange rate; foreign exchange market; exchange rate volatility; exchange rate flexibility; market exchange rate; oil revenues; exchange markets; domestic prices; exchange rate system; exchange rate fluctuations; exchange rate unification; foreign exchange markets; trade shocks; terms-of-trade shocks; basket of currencies; domestic demand; trading partners; floating exchange rate; real exchange rate appreciations; exchange rate path; exchange rate adjustments; fixed exchange rate; exchange restrictions; output growth; exchange rate appreciations; flexible exchange rates; official exchange rate; flexible exchange rate; output volatility; exchange rate policies; exchange rate peg; exchange rate rigidity; trade liberalization; exchange rate arrangements; price fluctuations; export sectors; import controls; real exchange rate appreciation; fluctuation margins; foreign exchange rate risk; import penetration; exporting countries; multiple exchange rate; open economies; foreign exchange reserves; prevailing exchange rate; multiple exchange rates; exchange arrangements; flexible exchange rate system; adjustable exchange rate; floating exchange rate regime; exchange rate depreciation; fixed exchange rate regime; real exchange rate movements; foreign exchange rate; exchange rate pegs; foreign exchange restrictions; exchange rate depreciations; exchange rate difference; openness to capital flows; bilateral real exchange rate; currency substitution; exchange rate rule; exchange rate adjustment; market exchange rates; equilibrium exchange rate; exchange rate appreciation; tradable goods; freely floating exchange rate; currency basket; commodity exporters; balance of payments; exchange rate pass; domestic market; foreign exchange transactions; exchange rate level; liberalization of trade; oil exporters; floating exchange rate system; exchange reserves; terms of trade; flexible exchange rate regime; nominal exchange rates; import liberalization; fixed exchange rate regimes; exchange transactions; exchange rate management;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Ricardo Hausmann & Michael Gavin, 1996. "Securing Stability and Growth in a Shock Prone Region: The Policy Challenge for Latin America," Research Department Publications 4020, Inter-American Development Bank, Research Department.
    2. International Monetary Fund, 1999. "Exchange Rate Unification, the Equilibrium Real Exchange Rate, and Choice of Exchange Rate Regime," IMF Working Papers 99/15, International Monetary Fund.
    3. Rolando Ossowski & Steven Barnett & James Daniel & Jeffrey M. Davis, 2001. "Stabilization and Savings Funds for Nonrenewable Resources," IMF Occasional Papers 205, International Monetary Fund.
    4. Ronald I. McKinnon, 2001. "After the Crisis, The East Asian Dollar Standard Resurrected: An Interpretation of High Frequency Exchange Rate Pegging," Working Papers 042001, Hong Kong Institute for Monetary Research.
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    Cited by:
    1. Aasim M. Husain & Ashoka Mody & Nienke Oomes & Robin Brooks & Kenneth Rogoff, 2003. "Evolution and Performance of Exchange Rate Regimes," IMF Working Papers 03/243, International Monetary Fund.
    2. Mehrara, Mohsen & Oskoui, Kamran Niki, 2007. "The sources of macroeconomic fluctuations in oil exporting countries: A comparative study," Economic Modelling, Elsevier, vol. 24(3), pages 365-379, May.

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