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Heydarian, Samira, Pahlavani, Mosayeb, Mirjalili, Seyed Hossein. (1403). Financial Sanctions, Oil Revenues and Monetary and Fiscal policies in Iran: DSGE Model. نشریه علمی دانشگاه سیستان و بلوچستان, 16(2), 145-183. doi: 10.22111/ijbds.2024.49244.2134
Samira Heydarian; Mosayeb Pahlavani; Seyed Hossein Mirjalili. "Financial Sanctions, Oil Revenues and Monetary and Fiscal policies in Iran: DSGE Model". نشریه علمی دانشگاه سیستان و بلوچستان, 16, 2, 1403, 145-183. doi: 10.22111/ijbds.2024.49244.2134
Heydarian, Samira, Pahlavani, Mosayeb, Mirjalili, Seyed Hossein. (1403). 'Financial Sanctions, Oil Revenues and Monetary and Fiscal policies in Iran: DSGE Model', نشریه علمی دانشگاه سیستان و بلوچستان, 16(2), pp. 145-183. doi: 10.22111/ijbds.2024.49244.2134
Heydarian, Samira, Pahlavani, Mosayeb, Mirjalili, Seyed Hossein. Financial Sanctions, Oil Revenues and Monetary and Fiscal policies in Iran: DSGE Model. نشریه علمی دانشگاه سیستان و بلوچستان, 1403; 16(2): 145-183. doi: 10.22111/ijbds.2024.49244.2134

Financial Sanctions, Oil Revenues and Monetary and Fiscal policies in Iran: DSGE Model

International Journal of Business and Development Studies
مقاله 7، دوره 16، شماره 2، اسفند 2024، صفحه 145-183    اصل مقاله (1 M)
نوع مقاله: Research Paper
شناسه دیجیتال (DOI): 10.22111/ijbds.2024.49244.2134
نویسندگان
Samira Heydarian1؛ Mosayeb Pahlavani* 2؛ Seyed Hossein Mirjalili3
1Ph.D. Student of Economics, Department of Economic, University of Sistan and Baluchestan
2Associate Professor of Economics, Department of Economics, University of Sistan and Baluchestan, Iran. (Corresponding Author) Email: pahlavani@eco.usb.ac.ir
3Professor of Economics, Institute for Humanities and Cultural Studies, Iran, Email: h.jalili@yahoo.com
چکیده
Financial sanctions have many economic consequences for the oil exporting economies. The sanctioned economy adopts economic policies to deal with it. This paper examines the relationship between financial sanctions, oil revenues and monetary and fiscal policies in Iran and explicates how financial sanctions have affected Iran's access to oil revenues. It also examines the role of fiscal and monetary policies in financial stability and resilience in Iran's economy. To this end, we employed a DSGE model with the new Keynesian approach. The results indicate that the interest rate, consumption, imports and inflation have a positive reaction to the oil revenue shock resulting from financial sanctions. However, the production, export, private sector investment and oil sales indicate a negative reaction to the oil revenues’ shock.

Regarding the monetary policy shock, the reaction of production and consumption to the shock is positive. However, the reaction of oil sales and interest rate to this shock is negative. In terms of financial policy shock, production, consumption, investment and export indicated a positive reaction to this shock. However, the interest rate, imports and oil sales indicated a negative reaction to the fiscal policy shock. Monetary and fiscal policy shocks increase the effect of financial sanctions for a short period, while monetary policy shock has reduced the effect of financial sanctions for three periods. Therefore, monetary policy has been more effective than fiscal policy in reducing the effect of financial sanctions.
کلیدواژه‌ها
Financial sanction؛ Monetary policy؛ Fiscal policy؛ Oil revenue
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