search query: @author Goldberg, L. / total: 7
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| Author: | Goldberg, L. Karimov, I. |
| Title: | Black markets for currency, hoarding activity and policy reforms |
| Journal: | Journal of International Economics
1997 : MAY, VOL. 42:3/4, p. 349-369 |
| Index terms: | ECONOMICS EXCHANGE RATES INTERNATIONAL |
| Language: | eng |
| Abstract: | In emerging market economies, under-development of financial markets leads to goods hoarding and foreign currecny accumulation as forms of investment. In this paper an asset market model, supplemented by explicit treatment of smuggling an second-economy activity, is used to study the paths of black-market exchange rates, second-economy prices, hoarding stocks, and privately held dollar balances following policy reforms. The authors discuss conditions for overshooting and related dynamics of exchange rates and prices following: official exchange- rate adjustments, price reforms, and altered risks of monetary confiscation of currency reforms. |
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