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Study of the effects of central bank policy intervention on the exchange rate and review of post-Keynesian views Study of the effects of central bank policy intervention on the exchange rate and review of the views of post Keynesian and financial auditors in Iran and financial auditors in Iran
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Mohmad Agamiri *   , Nemat Falihi , Marjan Damankeshide , Manighe Hadinejad |
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Abstract: (218 Views) |
- The Central Bank, as one of the most important financial institutions, has important tasks in the economy, which include equipping deposits, intermediation and facilitating payment flows, allocating credits, and so on. A look at the evolution of exchange rates over the past 40 years shows that the Iranian economy has seen three major leaps in this period. While the rate of exchange rate appreciation was not the same in each of the three jumps, and since the economic conditions and structure of countries play a decisive role in the relationship between economic variables, so the effects of central bank policy intervention on the exchange rate in Iran from the perspective of Keynesians and Auditors are one of the main goals of this article. Using Wimark (1995) model and vector self-regression based on quarterly data for the years 1370-1397 and annual data 1350-1398. First, using the Phillips-Perron test, it was shown that all variables are static at zero level. Then, using shock analysis and analysis of variance, it was shown that the price index and net export and interest rate have the greatest impact on the rate. They have currency. Based on the results of estimating the Wimark model (1995), the Iranian foreign exchange market has experienced an increase in pressure in the foreign exchange market in 91 out of 111 seasons in order to prevent the devaluation of the rial. Therefore, it can be concluded that with the increase in the momentum in government foreign exchange earnings, the growth of foreign exchange reserves of the central bank decreases. In other words, the government provides less foreign currency to the central bank for exchange in rials, and the central bank is forced to increase its intervention to reduce inflation in the foreign exchange market to prevent traders from attacking
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| Keywords: Influential factors, central bank policies, exchange rate, Keynesian post view. |
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Full-Text [PDF 1646 kb]
(56 Downloads)
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Type of Study: Research |
Subject:
Accounting
Received: 2021/12/4 | Accepted: 2021/12/7 | Published: 2022/12/22
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