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The taxation implicit in two-tiered exchange rate systems

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Author Info
Huizinga, H. (Tilburg University, Center for Economic Research)

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Abstract

A two-tiered exchange rate system can be interpreted as a set of separate taxes on money and other financial assets. If the official two-tiered exchange rate system coexists with a black market for foreign exchange, then there is an implicit taxation of international goods trade as well. This paper presents some evidence on the tax rates and tax revenues implicit in the exchange rate systems of the Bahamas (from 1978 to 1995), the Dominican Republic (from 1970 to 1984) and South Africa (from 1973 to 1995). Only the Bahamas appears to have received positive tax revenues from the implicit taxation of international capital flows, while only South Africa is estimated to have obtained positive tax revenues from the implicit taxation of international goods trade.

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Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 100.

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Date of creation: 1996
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Handle: RePEc:dgr:kubcen:1996100

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Frenkel, Jacob A. & Razin, Assaf, 1989. "Exchange-rate management viewed as tax policies," European Economic Review, Elsevier, vol. 33(4), pages 761-781, April. [Downloadable!] (restricted)
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  2. Adams, Charles & Greenwood, Jeremy, 1985. "Dual exchange rate systems and capital controls: An investigation," Journal of International Economics, Elsevier, vol. 18(1-2), pages 43-63, February. [Downloadable!] (restricted)
  3. Jeremy Greenwood & Kent P. Kimbrough, 1987. "An Investigation in the Theory of Foreign Exchange Controls," Canadian Journal of Economics, Canadian Economics Association, vol. 20(2), pages 271-88, May. [Downloadable!] (restricted)
  4. Vito Tanzi, 1995. "Government Role and the Efficiency of Policy Instruments," IMF Working Papers 95/100, International Monetary Fund.
  5. Huizinga, H., 1996. "The dual role of money and optimal financial taxes," Discussion Paper 99, Tilburg University, Center for Economic Research. [Downloadable!]
  6. Joshua Aizenman, 1986. "On the Complementarity of Commercial Policy, Capital Controls, and Inflation Tax," Canadian Journal of Economics, Canadian Economics Association, vol. 19(1), pages 114-33, February. [Downloadable!] (restricted)
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  7. Stockman, Alan C & Hernandez D, Alejandro, 1988. "Exchange Controls, Capital Controls, and International Financial Markets," American Economic Review, American Economic Association, vol. 78(3), pages 362-74, June. [Downloadable!] (restricted)
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  8. Dornbusch, Rudiger, 1986. "Special Exchange Rates for Capital Account Transactions," World Bank Economic Review, Oxford University Press, vol. 1(1), pages 3-33, September.
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  9. Giovannini, Alberto & de Melo, Martha, 1993. "Government Revenue from Financial Repression," American Economic Review, American Economic Association, vol. 83(4), pages 953-63, September. [Downloadable!] (restricted)
  10. Huizinga, Harry, 1997. "Real exchange rate misalignment and redistribution," European Economic Review, Elsevier, vol. 41(2), pages 259-277, February. [Downloadable!] (restricted)
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  11. Huizinga, Harry, 1991. "Law enforcement and the black market exchange rate," Journal of International Money and Finance, Elsevier, vol. 10(4), pages 527-540, December. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Huizinga, H., 1996. "The dual role of money and optimal financial taxes," Discussion Paper 99, Tilburg University, Center for Economic Research. [Downloadable!]
  2. Huizinga, Harry & Schaling, Eric & van der Windt, Peter C, 2007. "Capital Controls and Foreign Investor Subsidies Implicit in South Africa's Dual Exchange Rate System," CEPR Discussion Papers 6347, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  3. Masahiro Hori & Yu Ching Wong, 2008. "Efficiency Costs of Myanmar’s Multiple Exchange Rate Regime," IMF Working Papers 08/199, International Monetary Fund. [Downloadable!]
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