Exchange rate regime reforms with black market leakages

• 成果类型: Article
• 署名作者: Goldberg, LS
• 署名单位: National Bureau of Economic Research; New York University
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/0304-3878(95)00034-8
• 发表日期: 1995
• 页码: 167-187
• 关键词: exchange rate regimes; unification; foreign exchange surrender; black markets

摘要

Many countries have multiple exchange rate regimes, with black or secondary currency markets operating alongside an exchange rate pegged or determined in interbank or auction markets. Leakages occur across these markets, necessitating careful analysis of the dynamic effects of numerous policy instruments. Using a model with multiple exchange rates and leakages, we trace the dynamic effects on official and parallel foreign exchange markets of exchange rate unification, changes in foreign exchange surrender requirements, taxes on trade and capital account transactions, and official exchange rate devaluation. Simulations based on Russia's recent experience demonstrate the qualitative importance of the results.