THE EQUIVALENCE OF TARIFFS-CUM-SUBSIDIES AND OFFICIAL EXCHANGE-RATE DEVALUATIONS UNDER DUAL EXCHANGE MARKETS
成果类型：
Article
署名作者：
MULLIN, JJ
刊物名称：
JOURNAL OF INTERNATIONAL ECONOMICS
ISSN/ISSBN：
0022-1996
DOI：
10.1016/0022-1996(93)90053-Z
发表日期：
1993
页码：
325-339
关键词：
摘要：
This paper demonstrates that, under dual exchange markets, explicit tariffs-cum-subsidies on merchandise transactions raise the spread between the parallel and official exchange rates and, thereby, create implicit tariffs-cum-subsidies on capital account transactions. This implies that merchandise tariffs-cum-subsidies assume more of the properties of official exchange rate devaluations under dual exchange markets than under unified exchange markets. The two policies are equivalent when there is a one-to-one correspondence between transactions that are subject to merchandise tariffs-cum-subsidies and transactions that are channeled by law into the official exchange market.