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Macroeconomic Management with Informal Financial Markets

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  • Agenor, Pierre-Richard
  • Haque, Nadeem U

Abstract

Informal credit and foreign currency markets are a widespread phenomenon in developing countries. This paper begins by reviewing the scope and nature of these markets, and the channels through which they operate. It then examines their implications for macroeconomic management, particularly in the areas of monetary and exchange rate policies, interest rate liberalization, and foreign exchange market unification. The analysis emphasizes the importance of accounting for the presence of informal markets in the design of macroeconomic reform programmes. Copyright @ 1996 by John Wiley & Sons, Ltd. All rights reserved.

Suggested Citation

  • Agenor, Pierre-Richard & Haque, Nadeem U, 1996. "Macroeconomic Management with Informal Financial Markets," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 1(2), pages 87-101, April.
  • Handle: RePEc:ijf:ijfiec:v:1:y:1996:i:2:p:87-101
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    Cited by:

    1. Winkelried, Diego & Castillo, Paul, 2010. "Dollarization persistence and individual heterogeneity," Journal of International Money and Finance, Elsevier, vol. 29(8), pages 1596-1618, December.
    2. Kubo, Koji, 2015. "Transition from black to official markets for foreign exchange in Myanmar," IDE Discussion Papers 511, Institute of Developing Economies, Japan External Trade Organization(JETRO).

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