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Do Exchange Auctions Work? An Examination of the Bolivian Experience

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  • Kathryn M. Dominguez

Abstract

The Bolivian experience suggests that, even in highly indexed economies, exchange rate auctions can work. After introduction of its auction, the Bolsin, not only did the parallel market premium for dollars all but disappear in Bolivia, but the Boliviano exchange rate remained surprisingly stable. This paper examines how the Bolsin accomplished this. The empirical evidence from daily auction data suggests that credit for the Bolsin's success should be attributed largely to central bank policy at the auction rather than the auction as an institution.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3683.

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Date of creation: Apr 1991
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Handle: RePEc:nbr:nberwo:3683

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  1. Granger, C W J, 1969. "Investigating Causal Relations by Econometric Models and Cross-Spectral Methods," Econometrica, Econometric Society, Econometric Society, vol. 37(3), pages 424-38, July.
  2. Paul Milgrom & Robert J. Weber, 1981. "A Theory of Auctions and Competitive Bidding," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 447R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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Cited by:
  1. Tornell, Aaron & Velasco, Andres, 1995. "Money-Based Versus Exchange Rate-Based Stabilization with Endogenous Fiscal Policy," Working Papers, C.V. Starr Center for Applied Economics, New York University 95-21, C.V. Starr Center for Applied Economics, New York University.

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