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The Taxation Implicit in Two-Tiered Exchange Rate Systems

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  • Harry Huizinga

Abstract

A two-tiered exchange rate system can be interpreted as a set of separate taxes on money and other financial assets. If the official two-tiered exchange rate system coexists with a black market for foreign exchange, then there is implicit taxation of the international goods trade as well. This paper presents some evidence on the tax rates and tax revenues implicit in the exchange rate systems of The Bahamas (from 1978 to 1995), the Dominican Republic (from 1970 to 1984), and South Africa (from 1973 to 1995).

Suggested Citation

  • Harry Huizinga, 1996. "The Taxation Implicit in Two-Tiered Exchange Rate Systems," IMF Working Papers 1996/120, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1996/120
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    Cited by:

    1. Huizinga, H.P., 1996. "The Dual Role of Money and Optimal Financial Taxes," Discussion Paper 1996-99, Tilburg University, Center for Economic Research.
    2. van der Windt, P.C. & Schaling, E. & Huizinga, H.P., 2007. "Capital Controls and Foreign Investor Subsidies Implicit in South Africa's Dual Exchange Rate System," Discussion Paper 2007-91, Tilburg University, Center for Economic Research.
    3. Masahiro Hori & Yu Ching Wong, 2008. "Efficiency Costs of Myanmar’s Multiple Exchange Rate Regime," IMF Working Papers 2008/199, International Monetary Fund.
    4. Schaling, E., 2005. "Capital Controls, Two-tiered Exchange Rate Systems and the Exchange Rate Policy : The South African Experience," Other publications TiSEM ea18fcb8-feac-4f87-896b-3, Tilburg University, School of Economics and Management.
    5. Eric Schaling, 2009. "Capital Controls, Two‐Tiered Exchange Rate Systems And Exchange Rate Policy: The South African Experience," South African Journal of Economics, Economic Society of South Africa, vol. 77(4), pages 505-530, December.

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