Cada semana que pasa la sensación de que la economía argentina se acerca a la que vivimos en los ochentas no se puede evitar. No quiere decir que la situación vaya a ser exactamente igual ni que no...
Parallel Exchange Rates in Developing Countries
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Parallel Exchange Rates in Developing Countries
Kiguel and O’Connell, 1995.
Dual exchange rates and black markets for foreign exchange are common in developing countries, and a body of evidence is beginning to emerge on the effects that such parallel foreign exchange systems have on macro-economic performance. This article presents a simple typology of parallel systems, discusses their emergence, and looks at why countries prefer these arrangements to the main alternatives. The article examines the ability of parallel markets to insulate international reserves and domestic prices from shocks to the balance of payments.