'U' profs: Iran


By SUE INGLIS
The United States' immediate release of an
estimated $9.2 billion in frozen Iranian assets
yesterday will have a relatively minor impact on
the value of the U.S. dollar and the international
money market, and may even have favorable
results, according to several University
economists.
The economic effects of the unfreezing "should
not be overestimated one way or the other," said
Gunter Dufey, professor of international business
and finance at the School of Business Ad-
ministration.
FIVE BILLION dollars doesn't move the
markets," Dufey continued, adding that the figure
isn't that much when compared to the $1 billion
traded in New York each day.
Dufey said he anticipates that the dollar will
strengthen because the resolution of the hostage
crisis "has just eliminated one additional pressure
cant." He added that speculation by investors
,tat Iran would convert its assets into another
currency has weakened the dollar temporarily.
The impact of the unfreezing will depend on
"what they (Iran) really want to do with these
dollars," said Economics Prof. Paul Degrauwe.
"They may want to keep a substantial part (of the

assets) in dollars.'
DUFEY SAID he saw no reason for Iran to con-
vert its dollars into another currency, explaining
that "by putting their dollars into non-U.S. banks
they can have them just as safe."
One of the problems initiated when the assets
were frozen was a "confidence shock" in the
dollar, according to DeGrauwe.
"Many countries have been scared this would
happen to them," he said, referring to nations
which converted dollars and put them into
European banks about 14 months ago when
Iranian assets were frozen.'
DEGRAUWE SAID the unfreezing of Iranian
assets, will not convince people who converted
American dollars to convert them back. He said
that possibility hinged on President Reagan's
domestic, monetary, and fiscal policies.
"If the Reagan administration can convince
foreign holders that inflation will go down, then I
think the dollar will strengthen," DeGrauwe said.
International Business Prof. Vern Terpstra said
many Iranians owed sizable debts to the United
States at the time the Carter administration

won't 11
decided to freeze the assets. Terpstra agreed with
'Dufey that claims against Iran by U.S. banks are
now less secure. Dufey added, "It appears that
bankers have something written into their con-
tracts to protect them."
Dufey said that the lifting of trade sanctions
against Iran included in the hostage deal would
have virtually no impact on Iranian trade because
American trade sanctions were not effective to
begin with.
"The Iranians got pretty much everything they
wanted from Dubai," he said. Dubai is "a small
state on the Arabian side of the (Persian) gulf
where moving goods under difficult circumstan-
ces has been developed into a fine art," Dufey
said.
"The economic implications of the whole affair
are minor relative to the political implications,"
Dufey said. "The real implication is a political one
because of a unique circumstance-we had to
bargain for the release of the diplomats." That
"break of principle," he continued, "violated
diplomatic immunity."

l

MONEY FOR THE HOSTAGES
U.SBANK: WHERE IT'S GOING
BRANCHES:
FEDERIAL
RESERVE BANKC
$1 BILLIONIN GOLD
IN CASH
$9 2 B IION
DEPOSITED
WIT H BANx Of
SENGEAND
U.S RBANKA
DOMESTIC
BR ANCH ES
s3 BILLON
b M O NTHS R ANCE VE5i
HALF OF RECEIVES
THE$3 EILIN.$6 BIL ON
HREM INDFRU$6 2 W H EN
WHER IT' COMNG FOM HFOR D CL AIMSHOSTAGE
AGANST FREED

The Michigan Daily-Wednesday, January 21, 1981-Page 7
iurt dollar

I

Profs say U.S.-Iran
future relations bleak

pA YELLOW RIBBON that encircles a tree outside the Michigan Union
welcomes the 52 American hostages home from Iran.
Hostage ho-mecoming
re leves students

Continued from Page 1)
BOTH LUTHER and Green theorized
that the hostage deal was struck at the
last minute because Reagan hinted he
might have chosen to start the
negotiations anew, thus prolonging the
ordeal. Iran may have been intimidated
somewhat by Reagan, luther added, but
he said, "the Iranian revolutionary par-
ty is defiant, and tends not to cower to
hard-line tactics."
Both faculty members agreed that
punishment of Iran by military means
would serve no useful purpose.
"It's barbarism; Luther said. "The
Iranian people didn't take the hostages,
they had nothing to do with it. Why
should they be punished?"
LUTHER SAID a U.S. attack of Iran
might cause the Persian Gulf nation to
bomb the oil installations of neigh-
boring countries. A U.S. military move
in the area could also prompt the Soviet
Union, using the retaliation as an ex-
cuse to gain a foothold in the Persian
Gulf, to invade Iran, he added.
"Our long-term policy objective in
the area is to keep the Soviets away
from the oil in the area," Luther said.
"It's in our best interests to improve
Scholarships/
Assistantships;
Applications are now being ac-
cepted for scholarships and as-
sistantships to the Graduate Man-
agement Program at Georgia Tech.
Outstanding seniors are encour-
aged to write: Director of Grad-
uate Admissions, College of Man-
agement, Georgia Tech, Atlanta,
Georgia 30332.

"In the end," summed up Greeen,
"the money we gave back to Iran was
rightfully theirs.
PAI

D ADVERTISEM

4ENT

Fastest way to a-
high paying job

relations with Iran."

(Continued from Page 1)
University students reacted to the
announcement of the hostages' release
with gratitude, relief, and calls for
retaliation.
Katayoun Amini, a student in the
University's theater department who
spent most of her life living in Iran, said
she was excited to see the hostages
released, but added she was hurt about
the entire episode because "it was
taken out on me as an Iranian."
"I FIN4D A lot of prejudice against the
Iranian-Persian community in the
United States," Amini said. "My paren-
ts and I came to this country in Sep-
tember 1978. My-father was the dean of
a university, and now he can't get a
job."
Amini said she was threatened by a
student.in Ann Arbor who discovered
she was Iranian. After she completes
her education, she said she plans to
return to Iran.
The Iranians who took the hostages,
she said, were filled with justified
anger. "In Iran under the shah we lived
in day to day fear of torture, afraid
we'd be taken to one of the shah's tor-
ture camps-no one ever came out,"
Amini said. "There isn't a mother in
Iran who hasn't lost a son to the shah's
regime."
"IT'S GREAT that they're coming
home," said LSA freshman Ed Siebert.
"I think a lot (of how the United States)
reacts depends on what the hostages
say about their captors. Some action
should be taken against Iran because
the Iranian government didn't take
control of the situation."
Daily reporters Nancy Bilyeau
and David Spak filed reports for

Amini
... hurt by prejudice


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