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A Monetary Model of the Parallel Market for Foreign Exchange

A Monetary Model of the Parallel Market for Foreign Exchange Develops and tests a monetary model of the parallel market forforeign exchange which incorporates forwardlooking expectations andcurrency substitution features. Econometric results using quarterly datafor a group of 12 developing countries show that changes in officialexchange rates and monetary disequilibria are the major determinants ofthe behaviour of parallel exchange rates. Changes in expected rates ofreturn on domestic and foreign currency play a significant role only inmiddleincome economies. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Economic Studies Emerald Publishing

A Monetary Model of the Parallel Market for Foreign Exchange

Journal of Economic Studies , Volume 18 (4) – Apr 1, 1991

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
0144-3585
DOI
10.1108/EUM0000000000153
Publisher site
See Article on Publisher Site

Abstract

Develops and tests a monetary model of the parallel market forforeign exchange which incorporates forwardlooking expectations andcurrency substitution features. Econometric results using quarterly datafor a group of 12 developing countries show that changes in officialexchange rates and monetary disequilibria are the major determinants ofthe behaviour of parallel exchange rates. Changes in expected rates ofreturn on domestic and foreign currency play a significant role only inmiddleincome economies.

Journal

Journal of Economic StudiesEmerald Publishing

Published: Apr 1, 1991

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