Munich Personal RePEc Archive

Iran and the Global Financial Crisis

Naghshineh-Pour, Amir (2009): Iran and the Global Financial Crisis.

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The global financial crisis is set to depress oil producing economies. As the crisis is already pushing down oil prices, a firm response to the fallout of the crisis from governments and central banks is expected. Oil prices have tumbled more than 70% since their July peak and there are fears they could continue their plunge because of diminishing demand caused by the current financial meltdown. Though, the Iranian government does not seem to be greatly concerned about the ongoing global situation, although many Iranian economists believe that sanctions and the international financial crisis will soon be taking their toll on Iran’s economy by unfavorably affecting oil, trade, and trade financing. Even if the relative isolation from the world’s economy may seem to protect Iran from the negative impact of the global financial crisis to a certain extend at least for now, plunging oil prices and a massive credit deterioration suggest otherwise.

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