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Black Market Rates and Official Rates in Armenia: Evidence from Causality Tests in Alternative Regimes

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  • Nicholas Apergis

    ()
    (Department of Economics, University of Ioannina)

Abstract

This study investigates the causal relationship between the official and the black (market) rate in the foreign exchange market of Armenia, following the initiation of an independent foreign exchange market, after the country seceded from the Soviet Union and from the ruble zone in 1993, over three alternative time periods (regimes). The results suggest the presence of a causal relationship between the two rates with the course depending upon the period under investigation.

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File URL: http://college.holycross.edu/RePEc/eej/Archive/Volume26/V26N3P335_344.pdf
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Bibliographic Info

Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 26 (2000)
Issue (Month): 3 (Summer)
Pages: 335-344

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Handle: RePEc:eej:eeconj:v:26:y:2000:i:3:p:335-344

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Keywords: Foreign Exchange;

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Cited by:
  1. Ira Horowitz, 2007. "If you play well they will come-and vice versa: bidirectional causality in major-league baseball," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 28(2), pages 93-105.
  2. Mohsen Fardmanesh & Seymour Douglas, 2003. "Foreign Exchange Controls, Fiscal and Monetary Policy, and the Black Market Premium," Working Papers 876, Economic Growth Center, Yale University.
  3. Bahmani-Oskooee, Mohsen & Goswami, Gour Gobinda, 2004. "Long-run nature of the relationship between the black market and the official exchange rates," Economic Systems, Elsevier, vol. 28(3), pages 319-327, September.

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