A Monetary Model of the Parallel Market for Foreign Exchange

Pierre‐Richard Agénor

23 citations0/0 files storedJournal of Economic Studies

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Monetary Policy and Economic Impact Global Financial Crisis and Policies Economic theories and models

Abstract

Develops and tests a monetary model of the parallel market for foreign exchange which incorporates forward‐looking expectations and currency substitution features. Econometric results using quarterly data for a group of 12 developing countries show that changes in official exchange rates and monetary disequilibria are the major determinants of the behaviour of parallel exchange rates. Changes in expected rates of return on domestic and foreign currency play a significant role only in middle‐income economies.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 23 citations exist upstream.

References

1988The Limits to Rational Expectations.1982The Efficient Estimation of Econometric Models with Rational Expectations 1983The Black Market for Dollars in Brazil 1976Rational Expectations and the Estimation of Econometric Models: An Alternative Procedure 1986Special Exchange Rates for Capital Account Transactions 1987Unification of dual exchange markets 1976Black market for foreign exchange, capital flows and smuggling 1975PURCHASING POWER PARITY AND BLACK-MARKET EXCHANGE RATES

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.