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Exchange Rate Unification, the Equilibrium Real Exchange Rate, and Choice of Exchange Rate Regime


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  • International Monetary Fund
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    This paper reviews recent developments in the exchange system in the Islamic Republic of Iran and in the real effective exchange rate (REER). It also considers the determinants of the REER in connection with the choice of exchange regime after unification. The study illustrates how economic policy variables and exogenous shocks affect the real exchange rate primarily through the fiscal balance, and consequently, the savings-investment gap. It further illustrates that the appropriate level of REER and its medium-term path depend upon the mix of monetary, fiscal, and structural policies that underpin the evolution of inflation, balance of payments, and productivity growth.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 99/15.

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    Length: 41
    Date of creation: 01 Jan 1999
    Date of revision:
    Handle: RePEc:imf:imfwpa:99/15

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    Postal: International Monetary Fund, Washington, DC USA
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    Keywords: Exchange rates; Exchange rate unification; Real effective exchange rates; Exchange rate regimes; exchange rate; real exchange rate; oil exports; reer; real effective exchange rate; foreign exchange; exchange rate regime; export rate; effective exchange rate; current account balance; equilibrium exchange rate; exchange rate system; multiple exchange rates; multiple exchange rate; official exchange rate; exchange markets; exporters; exchange rate policy; oil export; exchange controls; exchange rate systems; nominal exchange rate; exchange rate developments; average exchange rate; floating exchange rate; real exchange rates; export performance; dual exchange rate; parallel exchange rate; exchange rate guarantees; market exchange rate; export sector; exchange rate adjustments; export receipts; exchange restrictions; exchange rate management; fixed exchange rate; exchange rate adjustment; fixed exchange rates; import prices; export sales; foreign exchange budget; unification of exchange rates; multiple exchange rate regimes; exchange rate target; exchange rate index; floating exchange rates; bilateral exchange rate; export competitiveness; exchange rate depreciation; exchange rate arrangements; currency boards; multiple currency practices; parallel exchange rates; foreign exchange markets; foreign exchange market; capital flight; export prices; capital flows; exchange arrangements; exchange rate dynamics; oil exporting; exchange earnings; surveillance over exchange rate policies; exchange rate mechanism; currency markets; amount of export; foreign exchange reserves; exports of oil; currency convertibility; export repatriation; exchange rate policies; export sectors; export price index; real exchange rate appreciation; exchange market intervention; exchange rate changes; multiple exchange rate regime; fixed exchange rate systems; export ? rate; exchange rate variations; domestic exchange rates; exchange rate guarantee; fixed exchange rate regime; exchange transactions; foreign exchange earnings; flexible exchange rate regime; currency devaluation; exchange rate flexibility; exchange rate misalignment; export price; nominal exchange rates; exchange reserves; foreign exchange transactions; exchange rate losses; exchange rate bands; net exports; exchange rate targets; oil exporter; trade taxes; exchange policy; exchange rate appreciation; exchange brokers; export transactions; oil exporters; flexible exchange rate; exporter; exchange risk; exchange rate level;


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    Cited by:
    1. Oya Celasun, 2003. "Exchange Rate Regime Considerations in an Oil Economy," IMF Working Papers 03/26, International Monetary Fund.


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