بررسي عوامل موثر بر انتخاب نظام ارزي ( مروري بر ادبيات )

Examining the Factors Affecting the Adoption of Currency Regime

Why do different countries adopt different currency regimes? Why does a particular country adopt different currency regimes in different periods of time? This article attempts to find answers to these questions through studying policy objectives, structural features and shocks received by economy as factors affecting the adoption of a particular currency regime. The study concludes that while various criteria are presented in relatively vast literature concerning the adoption of currency regime unfortunately there is no complete agreement as to the conflicts, prioritizing and precise quantification of the above mentioned criteria. Furthermore, the results of the studies are entirely dependent on the hypotheses of the models with regard to the aims, structural characteristics and macroeconomic conditions. Therefore, when trying to choose a particular currency regime, the country must take the following measures: first, to clearly and specifically identify its policy objective(s); second, to identify existing structural peculiarities and macroeconomic conditions; thirdly, to identify economic shocks and measure them; and finally to decide on the appropriate currency regime on the basis of available data.