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 of Economic Studies – Emerald Publishing
Published: Apr 1, 1991
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