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Parallel Currency Markets in Developing Countries: Theory, Evidence, and Policy Implications

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  • International Monetary Fund

Abstract

The paper reviews recent theoretical and empirical developments in the analysis of informal currency markets in developing countries. The basic characteristics of these markets are highlighted, and alternative analytical models to explain them are discussed. The implications for exchange rate policy —including imposition of foreign exchange restrictions, devaluation, and unification of exchange markets— in countries with a sizable parallel market are also examined.

Suggested Citation

  • International Monetary Fund, 1990. "Parallel Currency Markets in Developing Countries: Theory, Evidence, and Policy Implications," IMF Working Papers 1990/114, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1990/114
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=27536
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    Cited by:

    1. Linda S. Goldberg & Ildar Karimov, 1992. "Black-Markets for Currency, Hoarding Activity and Currency Reform," NBER Working Papers 4153, National Bureau of Economic Research, Inc.

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