Mundell-Fleming model of open econo

Mundell-Fleming model of open economy macroeconomics states that the direction of the causal relationship between money supply and exchange rate is dependent on the exchange rate regime. In fact, in the fixed exchange rate regime, there is a bidirectional causal relationship between these two variables, while floating regime is characterized with the unidirectional causal relationship from money supply to exchange rate. This paper investigates this problem regarding Iranian exchange rate regimes using quarterly time series data for the relevant variables. This relationship has been investigated during three periods (1974:1-1992:4,
1993:1-2001:4, 2002:1-2008:4). Toda-Yamamoto causality test results show that in the fixed regime, or first period, there is bidirectional causality between money stock and market exchange rate (RIAL/DOLLAR) in Iran. In the second period, when no fixed exchange rate policies have been followed regarding the exchange rate regime, the results represent no significant relationship between the variables. Also, in the floating regime, or third period, there is bidirectional causality between the variables.

Hasil (Bahasa Indonesia) 2:

Mundell-Fleming model makroekonomi perekonomian terbuka menyatakan bahwa arah hubungan kausal antara uang beredar dan nilai tukar tergantung pada rezim nilai tukar. Bahkan, dalam rezim nilai tukar tetap, ada hubungan kausal dua arah antara kedua variabel, sementara rezim mengambang ditandai dengan hubungan kausal searah dari suplai uang dengan nilai tukar. Makalah ini menyelidiki masalah ini mengenai rezim nilai tukar Iran menggunakan data time series triwulanan untuk variabel yang relevan. Hubungan ini telah diteliti selama tiga periode (1974: 1-1992: 4,
1993: 1-2001: 4, 2002: 1-2008: 4). Toda-Yamamoto hasil uji kausalitas menunjukkan bahwa dalam rezim tetap, atau periode pertama, ada kausalitas dua arah antara persediaan uang dan nilai tukar pasar (Rial / DOLLAR) di Iran. Pada periode kedua, bila tidak ada kebijakan nilai tukar tetap telah diikuti mengenai rezim nilai tukar, hasilnya mewakili ada hubungan yang signifikan antara variabel. Juga, dalam rezim mengambang, atau periode ketiga, ada kausalitas dua arah antara variabel.