10.04.2021 New Publication: The Impacts of Energy Sanctions on the Black-Market Premium

In a new study published in Economics Bulletin, Omid Zamani, Mohammad Reza Farzanegan, Jens-Peter Loy and Majid Einian show the international sanctions have (indirectly) contributed in the expansion of the shadow economy in Iran. This study extends the literature by analyzing the effects of energy sanctions on the black-market premium on the Iranian Rial – U.S. dollar exchange rate. Using a nonlinear autoregressive distributed lag (NARDL) model from 1959 to 2017, they find that falling oil revenues as a result of sanctions have an increasing impact on the black-market premium.


To read this open access study see: http://www.accessecon.com/Pubs/EB/default.aspx?topic=Abstract&PaperID=EB-20-00745

Citation: Zamani, O., Farzanegan, M.R., Loy, J-P.,  Einian, M., 2021. The Impacts of Energy Sanctions on the Black-Market Premium: Evidence from Iran. Economics Bulletin 41 (2), 432-443.