Stabilization Policies In Developing Countries With A Parallel Market For Foreign Exchange
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Stabilization Policies in Developing Countries with a Parallel Market for Foreign Exchange
Author | : Pierre-Richard Agénor |
Publisher | : International Monetary Fund |
Total Pages | : 44 |
Release | : 1990-03-01 |
Genre | : Business & Economics |
ISBN | : 1451923236 |
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The paper develops and tests a model of a developing economy that incorporates trade and capital restrictions, illegal transactions, a parallel foreign exchange market, currency substitution features, and forward-looking rational expectations. Temporary expansionary demand policies are associated with an increase in output and prices, a fall in the stock of net foreign assets, and a depreciation of the parallel exchange rate. The speed of adjustment is inversely related to the degree of rationing in the official foreign currency market. A once-for–all devaluation of the official exchange rate has no long-term effect on the premium.
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