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Black Market Rates and Official Rates in Armenia: Evidence from Causality Tests in Alternative Regimes

Author

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  • Nicholas Apergis

    (Department of Economics, University of Ioannina)

Abstract

This study investigates the causal relationship between the official and the black (market) rate in the foreign exchange market of Armenia, following the initiation of an independent foreign exchange market, after the country seceded from the Soviet Union and from the ruble zone in 1993, over three alternative time periods (regimes). The results suggest the presence of a causal relationship between the two rates with the course depending upon the period under investigation.

Suggested Citation

  • Nicholas Apergis, 2000. "Black Market Rates and Official Rates in Armenia: Evidence from Causality Tests in Alternative Regimes," Eastern Economic Journal, Eastern Economic Association, vol. 26(3), pages 335-344, Summer.
    • Handle: RePEc:eej:eeconj:v:26:y:2000:i:3:p:335-344
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume26/V26N3P335_344.pdf
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    Citations

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    Cited by:

    1. Mohsen Fardmanesh & Seymour Douglas, 2003. "Foreign Exchange Controls, Fiscal and Monetary Policy, and the Black Market Premium," Working Papers 876, Economic Growth Center, Yale University.
    2. Mohsen Bahmani-Oskooee & Altin Tanku, 2006. "Do the black market and the official exchange rates converge in the long run?," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 30(1), pages 57-69, March.
    3. Mohsen Fardmanesh & Seymour Douglas, 2008. "Foreign Exchange Controls and the Parallel Market Premium," Review of Development Economics, Wiley Blackwell, vol. 12(1), pages 72-89, February.
    4. Ira Horowitz, 2007. "If you play well they will come-and vice versa: bidirectional causality in major-league baseball," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 28(2), pages 93-105.
    5. Fardmanesh, Mohsen & Douglas, Seymour, 2003. "Foreign Exchange Controls, Fiscal and Monetary Policy, and the Black Market Premium," Center Discussion Papers 28514, Yale University, Economic Growth Center.
    6. Minh Tam Bui, 2018. "Causality in Vietnam’s Parallel Exchange Rate System during 2005–2011: Policy Implications for Macroeconomic Stability," Economies, MDPI, vol. 6(4), pages 1-20, December.
    7. Bahmani-Oskooee, Mohsen & Goswami, Gour Gobinda, 2004. "Long-run nature of the relationship between the black market and the official exchange rates," Economic Systems, Elsevier, vol. 28(3), pages 319-327, September.

    More about this item

    Keywords

    Foreign Exchange;

    JEL classification:

    • P33 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - International Trade, Finance, Investment, Relations, and Aid
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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