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Dual Exchange Rates in Europe and Latin America

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  • Marion, Nancy P

Abstract

This article uncovers some important empirical regularities surrounding the operation of formal dual exchange rates in Europe and Latin America in the 1970s and 1980s. Although there are parallels between the European and Latin American experiences, there are also interesting differences in terms of the size and nature of the distortion created by two official exchange rates; the response of the distortion to foreign interest rates, real commercial exchange rates, and domestic budget deficits; and the motives for adopting this exchange rate regime. Empirical work on dual exchange rate regimes is made difficult by the transitory nature of these regimes and by frequent changes in institutional practices. Copyright 1994 by Oxford University Press.

Suggested Citation

  • Marion, Nancy P, 1994. "Dual Exchange Rates in Europe and Latin America," World Bank Economic Review, World Bank Group, vol. 8(2), pages 213-245, May.
  • Handle: RePEc:oup:wbecrv:v:8:y:1994:i:2:p:213-45
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    Cited by:

    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2004. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," The Quarterly Journal of Economics, Oxford University Press, vol. 119(1), pages 1-48.
    2. Flood, Robert & Perraudin, William & Vitale, Paolo, 1998. "Reserve and exchange rate cycles," Journal of International Economics, Elsevier, vol. 46(1), pages 31-59, October.
    3. Samuel W. Malone & Enrique ter Horst, 2010. "The Black Market for Dollars in Venezuela," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 46(5), pages 67-89, September.
    4. Samuel W. Malone & Enrique ter Horst, 2010. "The Black Market for Dollars in Venezuela," Emerging Markets Finance and Trade, M.E. Sharpe, Inc., vol. 46(5), pages 67-89, September.
    5. Lopez-Calix, Jose R., 1998. "Are Pick data on parallel exchange rates misleading?," Economics Letters, Elsevier, vol. 59(2), pages 223-230, May.

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