Foreign exchange controls and the parallel market premium

被引：0
|
作者：
Fardmanesh, Mohsen [2 ]
Douglas, Seymour [1 ]
机构：
[1] Cox Enterprises, Atlanta, GA 30319 USA
[2] Temple Univ, Dept Econ 004 04, Philadelphia, PA 19122 USA
来源：
REVIEW OF DEVELOPMENT ECONOMICS | 2008年 / 12卷 / 01期
关键词：
D O I：
暂无
中图分类号：
F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];
学科分类号：
0201 ; 020105 ; 03 ; 0303 ;
摘要：
This paper studies the relationship between the official and parallel exchange rates, using cointegration, Granger causality, and reduced form methods on data from three Caribbean countries, Jamaica, Guyana, and Trinidad & Tobago, for the period 1985-93. Where the central bank follows a passive policy of infrequent and large adjustments to the official rate, changes in the official rate Granger causes changes in the parallel rate, and larger disparities prevail between the two rates. Foreign exchange controls, expansionary fiscal and monetary policy, and changes of government mostly have a positive effect on the parallel market premium, with foreign exchange controls exerting the strongest impact.
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页码：72 / 89
页数：18
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