The Parallel Market for Foreign Exchange in an Oil Exporting Economy: The Case of Iran, 1978-1990

Adnan Mazarei

No 1995/069, IMF Working Papers from International Monetary Fund

Abstract: This paper provides a model for the determination of the parallel market exchange rate premium in a country where oil export earnings accrue directly to the government, and foreign exchange is centrally allocated for the importation of specific goods. Next, it studies the parallel market for foreign exchange In the Islamic Republic of Iran during the period 1978-90. The paper then examines the various time series properties of parallel market exchange rate in Iran, and the evidence of the role of oil and non-oil exports in the determination of the parallel market premium.

Keywords: WP; exchange rate; market premium; market rate; market clearing condition; predictable pattern; foreign exchange board; exchange rate system; Multiple currency practices; Exchange rates; Currency markets; Oil exports (search for similar items in EconPapers)
Pages: 38
Date: 1995-07-01
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