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Institutional Change, Policy Challenges, and Macroeconomic Performance : Case Study of the Islamic Republic of Iran (1979-2004)

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World Bank (WB)

Abstract: Debates over the nature and direction of economic policy in Iran have intensified rather than abated after the tumultuous changes brought about by the revolution in 1979. In the span of these three decades, Iran has witnessed sweeping institutional changes and has been affected by significant economic and political upheavals. At the macroeconomic level, too, there have been a number of shocks ranging from oil booms and busts, to war (with Iraq), trade sanctions, and internal political strife. This paper uses Iran's experience to reflect on growth and development in the context of political upheaval and an uncertain institutional environment. It is a premise of the paper that Iran's recent past presents a rare, 'laboratory' like, case for the study of growth and development in a broad context. This paper examines post-revolutionary Iran's macroeconomic policies and performance in a comparative context, appraising it against Iran's past trends and real potential. It shows how recurrent cycles of populism and pragmatism have characterized this period. The paper argues that two sets of factors have conditioned Iran's performance and will continue to taint her prospects for sustainable growth into the future. These are: (i) Iran's limited economic diversification and continued dependence on the oil sector, and (ii) the institutional setting in which post-revolutionary economic policies have been formulated and implemented for much of the last three decades.
Type: Working Paper
Publications & Research :: Working Paper
Publications & Research
Link: http://hdl.handle.net/10986/28004
Subject: ADVERSE CONSEQUENCES
AGGREGATE DEMAND
AGRICULTURE
ANNUAL % GROWTH
ANNUAL GROWTH
ANNUAL IMPORTS
AVERAGING
BALANCE OF PAYMENTS
BALANCE OF PAYMENTS CRISES
BANK CREDITS
BANK LOANS
BANKING
BANKING SYSTEM
BILL
BILLS
BLACK MARKET
BONDS
BRAIN DRAIN
BUDGET DEFICIT
BUDGET DEFICITS
CAPITAL ACCUMULATION
CAPITAL GOODS
CENTRAL BANK
CLARITY
COMMODITIES
COMMUNICATION
COMPETITIVENESS
CONSOLIDATION
CONSUMER PRICE INDEX
CONSUMPTION EXPENDITURE
CORRELATION COEFFICIENT
CORRELATION COEFFICIENTS
CREDIT
CURRENCY
CURRENCY CRISES
CURRENT ACCOUNT
DEBT
DEBT CRISES
DEBT CRISIS
DEBT SERVICE
DEBTS
DECISION MAKING
DEFICIT
DEMOCRACIES
DEMOCRACY
DEMOGRAPHIC
DEMOGRAPHIC CHANGE
DEPOSIT
DEPOSITS
DEPRESSIONS
DEVELOPING COUNTRIES
DEVELOPMENT
DEVELOPMENT AGENCIES
DEVELOPMENT PATH
DEVELOPMENT PROJECTS
DISTORTIONS
DIVIDEND
DOMESTIC MARKET
DOMESTIC MARKETS
DOMESTIC SAVINGS
ECONOMIC BOOM
ECONOMIC CRISIS
ECONOMIC DEVELOPMENT
ECONOMIC GROWTH
ECONOMIC HISTORY
ECONOMIC INTEGRATION
ECONOMIC ORDER
ECONOMIC POLICIES
ECONOMIC POLICY
ECONOMIC REFORM
ECONOMIC REFORMS
ECONOMIC RESEARCH
ECONOMIC RESOURCES
ECONOMIC STRUCTURE
ECONOMIC TRENDS
ECONOMIES
ECONOMY
EMPLOYMENT POLICY
EQUILIBRIUM
EQUITY
EXCESS LIQUIDITY
EXCHANGE
EXCHANGE RATE DETERMINATION
EXCHANGE RATE REGIME
EXCHANGE RATE SYSTEM
EXCHANGE REGIME
EXCHANGE RESTRICTIONS
EXPECTATIONS
EXPORT REVENUES
EXPORTS
EXPOSURE
EXTERNAL DEBT
EXTERNAL EQUILIBRIUM
FINANCIAL CRISIS
FINANCIAL REFORMS
FISCAL POLICIES
FISCAL REFORMS
FOREIGN CAPITAL
FOREIGN COMPETITION
FOREIGN DEBT
FOREIGN DIRECT INVESTMENT
FOREIGN EXCHANGE
FOREIGN EXCHANGE CONTROLS
FOREIGN EXCHANGE POLICY
FOREIGN EXCHANGE RESERVES
FOREIGN INVESTMENT
FOREIGN LOANS
FOREIGN TRADE
FUTURE
GDP PER CAPITA
GLOBALIZATION
GOODS
GOVERNMENT BUDGET
GOVERNMENT SUBSIDIES
GROWTH PERFORMANCE
GROWTH POTENTIAL
GROWTH RATE
GROWTH RATES
HIGH INFLATION
IMBALANCES
IMPORT
IMPORT COMPRESSION
IMPORTS
INCENTIVES
INCOME
INCOME GROWTH
INCOME LEVELS
INCOMES
INDUSTRIALIZATION
INEFFICIENCY
INFLATION
INFLATION RATE
INFLATIONARY PRESSURES
INSTITUTIONAL ENVIRONMENT
INSURANCE
INTEREST
INTEREST RATES
INTERNATIONAL BUSINESS
INTERNATIONAL ECONOMY
INTERNATIONAL MARKET
INTERNATIONAL MARKETS
INTERNATIONAL RESERVES
INTERNATIONAL TRADE
INVESTMENT
INVESTMENT CLIMATE
LABOR MARKETS
LDCS
LIBERALIZATION
LIQUIDITY
LIVING STANDARDS
M2
MACROECONOMIC BALANCE
MACROECONOMIC CONDITIONS
MACROECONOMIC INDICATORS
MACROECONOMIC LEVEL
MACROECONOMIC MANAGEMENT
MACROECONOMIC PERFORMANCE
MACROECONOMIC POLICIES
MACROECONOMIC POLICY
MACROECONOMIC REFORMS
MACROECONOMIC STABILITY
MACROECONOMICS
MANAGERIAL EFFICIENCY
MIDDLE INCOME COUNTRIES
MONETARY EXPANSION
MULTIPLE EXCHANGE RATE
NATURAL RESOURCE
NATURAL RESOURCES
OIL ECONOMIES
OIL ECONOMY
OIL EXPORT
OIL EXPORTER
OIL EXPORTS
OIL MARKETS
OIL PRICE
OIL PRICES
OIL REVENUE
OIL REVENUES
OUTCOMES
OUTPUT
OWNERSHIP
PAYMENTS
PER CAPITA INCOME
POLITICAL ECONOMY
POLITICAL STRIFE
POLITICAL UPHEAVAL
POLITICAL UPHEAVALS
POPULATION GROWTH
POSTWAR PERIOD
POSTWAR YEARS
POVERTY REDUCTION
PRICE CONTROLS
PRICE FLUCTUATIONS
PRICE INCREASES
PRICES
PRIVATE CONSUMPTION
PRIVATE PROPERTY
PUBLIC FINANCES
RAPID GROWTH
REAL GDP
REAL GROWTH RATES
REAL INCOME
RECESSION
REFORM PROGRAM
REJECTION
SHARE
SHORT-TERM DEBT
SHORT-TERM TRADE
SHORTFALL
SLOW GROWTH
STRUCTURAL REFORMS
SUBSIDIES
SUBSIDY
SUPPLY
SUPPLY SIDE
SUSTAINABLE GROWTH
TAX REFORMS
TOTAL EXPORTS
TOTAL INVESTMENT
TRACK RECORD
TRADE
TRADE BALANCE
TRADE FINANCE
TRADE POLICY
TRENDS
TROUGH
UNCERTAINTY
UNDUE INFLUENCE
UNEMPLOYMENT
UNIVERSAL SUFFRAGE
VARIABLES
VOLATILITY
WEALTH
WHOLESALE PRICE INDEX
WORLD DEVELOPMENT INDICATORS




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