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Shortages, Hoarding and Parallel-Market Premia in an Economy with Administered Prices

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  • Djajic, Slobadan
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    Abstract

    This paper examines the implications of a number of policy changes in the context of a dynamic model of an economy with administered prices. Official prices below the market-clearing level give rise to shortages hoarding, and parallel-market activity. The paper examines the implications for consumption, hoarding, and the parallel-market premium of changes in official prices and wages, a crackdown on hoarding, and a monetary reform. Copyright 1999 by Blackwell Publishing Ltd

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Review of Development Economics.

    Volume (Year): 3 (1999)
    Issue (Month): 1 (February)
    Pages: 1-10

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    Handle: RePEc:bla:rdevec:v:3:y:1999:i:1:p:1-10

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    1. de Macedo, Jorge Braga, 1987. "Currency inconvertibility, trade taxes and smuggling," Journal of Development Economics, Elsevier, vol. 27(1-2), pages 109-125, October.
    2. Kamin, Steven B., 1993. "Devaluation, exchange controls, and black markets for foreign exchange in developing countries," Journal of Development Economics, Elsevier, vol. 40(1), pages 151-169, February.
    3. Polterovich, Victor, 1993. "Rationing, Queues, and Black Markets," Econometrica, Econometric Society, vol. 61(1), pages 1-28, January.
    4. Van Wijnbergen, S., 1991. "Intertemporal Speculation , Shortages annd the Political Economy of Price Reform," Papers 9149, Tilburg - Center for Economic Research.
    5. Calvo, Guillermo A & Rodriguez, Carlos Alfredo, 1977. "A Model of Exchange Rate Determination under Currency Substitution and Rational Expectations," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 617-25, June.
    6. Sah, Raaj Kumar, 1987. "Queues, Rations, and Market: Comparisons of Outcomes for the Poor and the Rich," American Economic Review, American Economic Association, vol. 77(1), pages 69-77, March.
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