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| Tekijä: | Pinto, B. |
| Otsikko: | Black markets for foreign exchange, real exchange rates and inflation |
| Lehti: | Journal of International Economics
1991 : FEB, VOL. 30:1/2, p. 121-135 |
| Asiasana: | FOREIGN EXCHANGE EXCHANGE RATES INFLATION FINANCIAL MODELS EXPORTS REVENUE |
| Kieli: | eng |
| Tiivistelmä: | Attempts to unify official and black market exchange rates by officially floating the domestic currency have in two recent instances, Sierra Leone and Zambia, led to large increase in inflation. The foreign exchange premium is sought for in a model and causes of surge in inflation are investigated. The link between production and real exchange rate, inflation tax, portfolio balance and the foreign exchange premium is analysed, relationship between home goods and exports, and between premium and rate of crawl is discussed, dynamics of inflation upon floating are illustrated, exchange rate rules are derived. Inflation could rise substantially, if the lost revenues from exports are replaced with a higher tax on money. |
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