An empirical analysis of the black market exchange rate in Iran: Discussion Paper No. 144

Valadkhani, Abbas (2003) An empirical analysis of the black market exchange rate in Iran: Discussion Paper No. 144. [Working Paper]


The Iranian rial has been depreciated on average about 12 per cent per annum 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 2000. Broadly consistent with previous studies, it is found that the black market exchange rate is cointegrated with inflation, real GDP and the import price index. However, in the short run only high inflation and a meagre real growth in GDP are responsible for the depreciation of Iranian currency.

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ID Code: 422
Item Type: Working Paper
Refereed: No
Keywords: Black market, Iran, exchange rate
Subjects: Australian and New Zealand Standard Research Classification > ECONOMICS (140000)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Copyright Owner: Copyright 2003 (please consult author)
Deposited On: 10 Sep 2004 00:00
Last Modified: 02 Feb 2012 09:44

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