Reserve and exchange rate cycles

• 成果类型: Article
• 署名作者: Flood, R; Perraudin, W; Vitale, P
• 署名单位: University of London; Birkbeck University London; International Monetary Fund; University of London; London School Economics & Political Science
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/S0022-1996(97)00045-7
• 发表日期: 1998
• 页码: 31-59
• 关键词: dual exchange rates; Latin America; regime shifts; reserves

摘要

Many Latin American countries appear locked into cycles of reserve loss, devaluation and temporary reserve gains. This paper shows how a dual exchange rate system with leakages may generate cycles in reserves and the premium between official and parallel exchange rates. We study the dynamics of these cycles and their asymptotic behavior both analytically and numerically. (C) 1998 Elsevier Science B.V. All rights reserved.