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| Author: | Lai, C. Chang, W. |
| Title: | Unification of foreign exchange markets: a comment on Agenor and Flood |
| Journal: | Staff Papers
1994 : MAR, VOL. 41:1, p. 163-170 |
| Index terms: | FOREIGN EXCHANGE MARKET EXCHANGE RATES MODELS |
| Language: | eng |
| Abstract: | Recently in an interesting paper in IMF Staff Papers, Pierre-Richard Agenor and Robert Flood (1992) set up a theoretical model of dual exchange rates and analyzed how the economy would work given the shock of an announcement to unify dual exchange markets. This paper is written for two purposes. First, the authors intend to show that the unified exchange rate of the post-reform regime is universely related to the date of reform. Second, they extend the graphical presentation of Agenor and Flood and trace the possible dynamic behaviour of relevant variables during the unified process. |
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