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An Empirical Analysis Of The Black Market Exchange Rate In Iran, Abbas Valadkhani
An Empirical Analysis Of The Black Market Exchange Rate In Iran, Abbas Valadkhani
Faculty of Commerce - Papers (Archive)
The Iranian rial has been depreciated on average about 13 per cent per annum against the U.S dollar during the last four decades. This paper examines the long- and short-run determinants of the black market exchange rate employing the cointegration techniques and the annual time series data from 1960 to 2002. Consistent with previous studies and the monetary approach to the exchange-rate determination, it is found that the black market exchange rate is cointegrated with the relative consumer price indices in Iran and the U.S., real GDP and the relative import prices. However, in the short run only the rising …
What Determine Private Investment In Iran?, Abbas Valadkhani
What Determine Private Investment In Iran?, Abbas Valadkhani
Faculty of Commerce - Papers (Archive)
Iran’s Third Five-Year Development (2000/01-2004/05) has considered a pivotal role for private investment in creating seven to eight hundred thousand jobs per annum to stabilise the rate of unemployment. This paper examines the long- and short-run determinants of the private investment function by employing the Johansen multivariate cointegration technique and a short-run dynamic model. Using annual data for the period 1960-2000, this paper finds, inter alia, that private investment is cointegrated with non-oil GDP, and the rate of inflation. It is found that a one per cent increase in inflation in the long-run can immediately result in a one per …