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Exchange Rate Regime Considerations in an Oil Economy: The Case of the Islamic Republic of Iran

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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: 35
    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;

    References

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    1. 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.
    2. 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.
    3. repec:imf:imfeci:2 is not listed on IDEAS
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    Citations

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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. Valadkhani, Abbas & Amin Reza Kamalian & Majid Nameni, 2009. "How can Iran’s black market exchange rate be managed?," Economics Working Papers wp09-07, School of Economics, University of Wollongong, NSW, Australia.
    3. 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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