Pages: 61-78

Abstract

During the six-year economic period (from 91 to 96), the longest recession with the greatest liquidity growth was created, with the most speculation and rents in the markets. The value of the national currency fell sharply. Due to the economic policies of governments, the volume of liquidity caused less real markets. Over the past few years, liquidity has increased in the money market and has been growing at an increasing rate. Because the value of the national currency was measured with money itself and did not enter the real sectors of the economy, its real value was hidden. With this accumulated liquidity, as soon as the uncertainty and expectations from US sanctions increased, monetary markets entered the currency and coin markets, its real value was apparent and then a portion of the liquidity flood entered the market for goods and services. The government's economic policies have worked to aggravate the recession, and the lack of coordination between monetary policies, trade (currency) and the fiscal state (budget) has been the main factor behind the economic downturn, the devaluation of the national currency and macroeconomic instability.