Parallel Exchange Rates in Developing Countries

ISBN-13: 9781349255221 / Angielski / Miękka / 1997 / 399 str.

Miguel A. Kiguel; J. Saul Lizondo; Stephen A. O'Connell

Opis

'...the most definitive study of the subject, assembling an all-star cast to address the many outstanding questions and succeeding beyond expectations in combining elegant theory and state of the art econometrics to reach very sensible policy conclusions.' - Mohsin S. Khan, Deputy Director, Research Department, International Monetary Fund ' This book fills an important vacuum in the literature of the economic consequences of parallel markets and should prove of great value to students of economic development and to policy-makers in developing countries as they struggle to reform their exchange rate and trade incentive systems. Here they will find all that they need to know.' - Vittorio Corbo, Professor of Economics, Universidad Catolica de Chile 'A most comprehensive treatment of the relationships between parallel foreign exchange markets and macroeconomic policies, both across countries and over time. The book substantially enhances our understanding of how these systems work in practice and will be of great interest to policy-makers, researchers and graduate students of economic policy.' - Samuel M. Wangwe, Professor of Economics, University of Dar es Salaam and Executive Director, Economic and Social Research Foundation, Dar es Salaam, Tanzania This book examines extensive empirical evidence on the macroeconomic implications of parallel exchange rates in developing countries. Eight case-studies from Africa, Latin America, and Turkey provide detailed evidence on the emergence of parallel exchange rates, their impact on macroeconomic performance, and the criteria for successful exchange-rate unification. A chapter on European dual exchange rates summarizes the contrasting experience of industrial countries. An overview chapter lays out the analytical framework, assesses the evidence, and draws policy conclusions.

Spis treści

Overview; M.A.Kiguel, J.S.Lizondo & S.A.O'Connell - Parallel Exchange Rates in Developing Countries: Lessons from Eight Case Studies; N.Ghei, M.Kiguel & S.A.O'Connell - Parallel Markets and the Effectiveness of Exchange Controls: Argentina, 1981-1989; S.B.Kamin - Dual Exchange Rates: The Mexican Experience, 1982-1987; G.Kaminsky - Adoption, Management and Abandonment of Multiple Exchange Rate Regimes with Import Control: The Case of Venezuela; R.Hausmann - Macroeconomic Aspects of Multiple Exchange Rate Regimes: the Case of Ghana; Y.Ansu - The Parallel Market Premium for Foreign Exchange and Macroeconomic Policy in Sudan; I.A.Elbadawi - Exchange Controls and the Parallel Premium in Tanzania, 1965-90; D.Kaufmann & S.A.O'Connell - The Parallel Market Premium and Exchange Rate Unification: A Macroeconomic Analysis for Zambia; J.Aron & I.A.Elbadawi - Black Market Exchange Rates in Turkey; S.Ozler - European Dual Exchange Rates; N.P.Marion - Endnotes - Bibliography - Index