this paper tries to evaluate the nature of open market operation in the conventional banking system and to compare the usage of government securities and central bank securities for conducting this operation. in addition, the experience of the iranian central bank in using central bank musharakah certificates is reviewed. the main results of the paper, derived from an analytical- descriptive ap...

Bernhard and Leblang (1999) argue that since adopting a pegged exchange rate in an era of mobile capital inhibits the use of monetary policy for electoral purposes, elements of domestic political institutions that influence the expected utility of controlling office ought to help determine the choice of exchange rate regime. Clark (2001) argues that since adopting a pegged exchange rate enhance...

This paper provides an empirical assessment of the implications of delegating monetary policy to a central bank. We argue that the theoretical literature justifying central bank independence is highly stylised and is deficient in that it assumes there is only a single policy instrument under the control of a single policymaking authority and it typically assumes rational expectations. We are ab...

Once the responsibilities of central bank increases, developing good governance for achieving its different aims to satisfy the required statutory power becomes more complicated. In the case of the central bank of Islamic republic of Iran - as monetary policymaker and supervisor-this issue is valid as well. Considering the necessity of independency, accountability, and transparency for developi...