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Overinvoicing,U nderutilization, and Distorted Industrial Growth

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  • GoRDON c. WINSTON

    (at the Institute)

Abstract

With an artificial exchange rate, a government establishes a set of prices that makes certain transactions highly profitable at the same time that it establishes laws making those transactions illegal. We usually call it "corruption" when people follow the government's price incentives instead of its contradictory legal incentives. In Pakistan, the dollar sells for 4.75 rupees in the official market but for two to three times that much in the free market. Handsome profits are made by those who can trade in both.

Suggested Citation

  • GoRDON c. WINSTON, 1970. "Overinvoicing,U nderutilization, and Distorted Industrial Growth," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 10(4), pages 405-421.
    • Handle: RePEc:pid:journl:v:10:y:1970:i:4:p:405-421
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    File URL: http://www.pide.org.pk/pdf/PDR/1970/Volume4/405-421.pdf
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    Cited by:

    1. repec:ilo:ilowps:248521 is not listed on IDEAS
    2. Hiemenz U. & Langhammer, Rolf J., 1986. "Efficiency pre-conditions for successful integration of developing countries into the world economy," ILO Working Papers 992485213402676, International Labour Organization.

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