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Alternative Dual Exchange Market Regimes: Some Steady-State Comparisons

Author

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  • J. Saúl Lizondo

    (International Monetary Fund)

Abstract

Two dual exchange rate regimes are compared. Under one, the official market clears through changes in international reserves. Under the other, the central bank implements a rationing scheme so as to keep international reserves constant. The paper discusses the effects on inflation, the balance of payments, the real exchange rate, and the spread between the free and the official exchange rate of various economic policies, including exchange rate policy, fiscal policy, and unification of the exchange markets. It concludes that the steady-state effects for most of those policies are qualitatively the same under both regimes.

Suggested Citation

  • J. Saúl Lizondo, 1991. "Alternative Dual Exchange Market Regimes: Some Steady-State Comparisons," IMF Staff Papers, Palgrave Macmillan, vol. 38(3), pages 560-581, September.
    • Handle: RePEc:pal:imfstp:v:38:y:1991:i:3:p:560-581
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    Cited by:

    1. repec:zbw:bofitp:2006_011 is not listed on IDEAS
    2. Kirill Sosunov & Oleg Zamulin, 2006. "The Inflationary Consequences of Real Exchange Rate Targeting via Accumulation of Reserves," Working Papers w0082, Center for Economic and Financial Research (CEFIR).

    More about this item

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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