Exchange Restrictions and Devaluation Crises /

This paper develops a model of devaluation crises for an economy where foreign exchange restrictions lead to the emergence of a parallel market. The devaluation rule relates the size of the parity change to the spread between the official and parallel exchange rates. The mechanism that triggers the...

תיאור מלא

מידע ביבליוגרפי
מחבר ראשי: Agenor, Pierre-Richard
פורמט: כתב-עת
שפה:English
יצא לאור: Washington, D.C. : International Monetary Fund, 1990.
סדרה:IMF Working Papers; Working Paper ; No. 1990/084
גישה מקוונת:Full text available on IMF
LEADER 01705cas a2200241 a 4500
001 AALejournalIMF000907
008 230101c9999 xx r poo 0 0eng d
020 |c 5.00 USD 
020 |z 9781451954340 
022 |a 1018-5941 
040 |a BD-DhAAL  |c BD-DhAAL 
100 1 |a Agenor, Pierre-Richard. 
245 1 0 |a Exchange Restrictions and Devaluation Crises /  |c Pierre-Richard Agenor. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 1990. 
300 |a 1 online resource (40 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a This paper develops a model of devaluation crises for an economy where foreign exchange restrictions lead to the emergence of a parallel market. The devaluation rule relates the size of the parity change to the spread between the official and parallel exchange rates. The mechanism that triggers the devaluation relates credit policy and the inflation tax. A credit expansion leads to an increase in the spread and possibly to a fall in inflation tax revenue, as agents switch away from domestic currency holdings. A devaluation reverses temporarily the process of erosion of the tax base if the associated fall in the premium raises the credibility of the new parity. 
538 |a Mode of access: Internet 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 1990/084 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/1990/084/001.1990.issue-084-en.xml  |z IMF e-Library