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Insulation Properties under Dual Exchange Rates

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  • Pablo E. Guidotti

Abstract

This paper reviews the insulation properties of a dual exchange rat e regime. It is shown that, in general, a dual regime is not successful in insulatin g the economy from monetary and real shocks of domestic and foreign origin. The existence of incomplete segmentation of markets, as well as the role played by real exchange rate changes as channels of transmission of disturbances to real equilibrium output, are discussed.

Suggested Citation

  • Pablo E. Guidotti, 1988. "Insulation Properties under Dual Exchange Rates," Canadian Journal of Economics, Canadian Economics Association, vol. 21(4), pages 799-813, November.
  • Handle: RePEc:cje:issued:v:21:y:1988:i:4:p:799-813
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    Cited by:

    1. Wen-ya Chang & Ching-chong Lai, 1998. "The dynamic unsubstitutability of sterilization operations and neutral-intervention operations under dual exchange rates," Journal of Economics, Springer, vol. 68(3), pages 235-253, October.
    2. Guillermo Vuletin, 2013. "Exchange Rate Regimes And Fiscal Discipline: The Role Of Capital Controls," Economic Inquiry, Western Economic Association International, vol. 51(4), pages 2096-2109, October.
    3. Goldberg, Linda S., 1995. "Exchange rate regime reforms with black market leakages," Journal of Development Economics, Elsevier, vol. 48(1), pages 167-187, October.

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