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Dual Exchange Rates in Europe and Latin America

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  • Marion, Nancy P

Abstract

This article uncovers some important empirical regularities surrounding the operation of formal dual exchange rates in Europe and Latin America in the 1970s and 1980s. Although there are parallels between the European and Latin American experiences, there are also interesting differences in terms of the size and nature of the distortion created by two official exchange rates; the response of the distortion to foreign interest rates, real commercial exchange rates, and domestic budget deficits; and the motives for adopting this exchange rate regime. Empirical work on dual exchange rate regimes is made difficult by the transitory nature of these regimes and by frequent changes in institutional practices. Copyright 1994 by Oxford University Press.

Suggested Citation

  • Marion, Nancy P, 1994. "Dual Exchange Rates in Europe and Latin America," The World Bank Economic Review, World Bank, vol. 8(2), pages 213-245, May.
    • Handle: RePEc:oup:wbecrv:v:8:y:1994:i:2:p:213-45
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    Cited by:

    1. Ljungberg, Jonas, 2019. "Nominal and Real Effective Exchange Rates for Europe, 1870-2016: Some methodological issues," Lund Papers in Economic History 200, Lund University, Department of Economic History.
    2. Derrese Degefa, 2001. "The parallel foreign exchange market and macroeconomic performance in Ethiopia," Working Papers 107, African Economic Research Consortium, Research Department.
    3. Lopez-Calix, Jose R., 1998. "Are Pick data on parallel exchange rates misleading?," Economics Letters, Elsevier, vol. 59(2), pages 223-230, May.
    4. Carmen M. Reinhart & Kenneth S. Rogoff, 2004. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 119(1), pages 1-48.
    5. Flood, Robert & Perraudin, William & Vitale, Paolo, 1998. "Reserve and exchange rate cycles," Journal of International Economics, Elsevier, vol. 46(1), pages 31-59, October.

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