خلاصه ماشینی:
"Monetary Policy in Iran: The Challenge of Reducing Inflation Leo Bonato and Abdelali Jbili1 Received: 23 Mar 2009 Accept: 1 Jun 2009 Abstract The conduct of monetary policy in an oil economy with a managed floating exchange rate regime can be challenging in an environment of fiscal dominance and incomplete transition to a market economy.
This paper looks at the recent performance of monetary policy by comparing actual outcomes for some key variables (inflation and money growth) with the targets formulated in the Five-Year Development Plans (FYDPs) (Section II).
The authorities have been unable to attain the intermediate monetary target since the inception of the FYDPs, 1- Other factors that contributed to disinflation in the early 2000s were the impact of favorable weather conditions on agricultural prices, the effects of trade liberalization, and stricter annual limits to the price increases for goods and services provided by public sector enterprises (Celasun and Goswami, 2002).
In fact, their main function consisted of providing an instrument to mop up excess liquidity, and help to reconcile the gradual exchange rate depreciation pursued by the authorities with increasing injection of government oil revenue in the system.
A clear definition of CBI responsibilities would increase monetary policy transparency and public 1- Bailén and Kramarenko (2004) present estimates of sustainable oil use consistent with different criteria, while Dhonte (2003) argues about the need for additional coordination between fiscal and monetary policy.
The difficulties encountered by monetary policy in controlling money supply and inflation stem from an unclear mandate and inadequate instruments, but also from inconsistencies in the policy mix, namely the expansionary fiscal policy, and the gradual exchange rate depreciation to preserve competitiveness."