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Terms of Trade, Commercial Policy, and the Black Market for Foreign Exchange: An Empirical Model of Real Exchange RateDetermination

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dc.contributor.author Elbadawi, Ibrahim A.
dc.date.accessioned 2018-11-11T09:02:41Z
dc.date.available 2018-11-11T09:02:41Z
dc.date.issued 1989-01
dc.identifier.uri http://repo.uofg.edu.sd/handle/123456789/2843
dc.description Center Discussion Paper, No. 570 en_US
dc.description.abstract A model of real exchange rate (RER) determination is presented. The model permits long run equilibrium movements in RER to be distinguished from its short run disequilibrium dynamics. An important aspect of the model is that it explicitly considers the black market premium as one of the fundamental determinants of RER. Especially in economies plagued with persistent excess aggregate demand, and rapidly depreciating domestic money under a regime characterized with currency inconvertibility and highly regulated current account transactions, the black market is usually a persistent and a growing part of the economy. The model is then applied to the case of the Sudan, a less developed country which approximates the economic environment described above. en_US
dc.language.iso en en_US
dc.publisher ECONOMIC GROWTH CENTER en_US
dc.subject Exchange rate en_US
dc.subject total economy
dc.title Terms of Trade, Commercial Policy, and the Black Market for Foreign Exchange: An Empirical Model of Real Exchange RateDetermination en_US
dc.type Article en_US


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