BLACK MARKET EXCHANGE RATES AND CAPITAL MOBILITY IN ASIAN ECONOMIES
This paper examines whether foreign exchange black markets have eroded the effectiveness of capital controls and contributed to an increase in the effective degree of capital mobility in a sample of Asian countries. Comparing the uncovered interest parity forecast errors between the official and black market exchange rates suggests that in those countries with more stringent capital controls, foreign exchange black markets have reached a maturity level to threaten the effectiveness of those controls. Copyright 1997 Western Economic Association International.
Year of publication: |
1997
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Authors: | WONG, CLEMENT YUK PANG |
Published in: |
Contemporary Economic Policy. - Western Economic Association International - WEAI, ISSN 1074-3529. - Vol. 15.1997, 1, p. 21-36
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Publisher: |
Western Economic Association International - WEAI |
Saved in:
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