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In 1992 Russia unified the multiple exchange rates that had applied to international transactions. This paper describes the multiple exchange rate system that existed in Russia prior to mid-1992 and undertakes a theoretical exploration of the effects of the exchange rate unification that took...
Persistent link: https://www.econbiz.de/10014396206
This paper develops a model of devaluation crises for an economy where foreign exchange restrictions lead to the emergence of a parallel market. The devaluation rule relates the size of the parity change to the spread between the official and parallel exchange rates. The mechanism that triggers...
Persistent link: https://www.econbiz.de/10014396010
This paper develops a small analytical model to explore the relationship between the dynamics of macroeconomic adjustment and the timing of the implementation of an adjustment program featuring a nominal devaluation. The effects of postponing adjustment depend on the source of the original...
Persistent link: https://www.econbiz.de/10014396111
This paper studies market expectations of a devaluation of the Irish pound from 1987 to 1993 and relates them to the evolution of Ireland’s competitiveness over the same period. Changes in expectations of the currency’s devaluation can be explained largely by developments outside Ireland,...
Persistent link: https://www.econbiz.de/10014395810
In pursuing a steady-state reserve target, policymakers in small open economies can resort to devaluation or to temporary increases in public saving. This paper contrasts the dynamic implications of these alternative policies in a model with optimizing agents who possess perfect foresight. In...
Persistent link: https://www.econbiz.de/10014395937
It is well established that a wide range of legal impediments in countries' domestic laws have prevented women from … reflect and perpetuate gender norms that limit women's economic participation, and removal of these impediments through legal … reform has been shown to be an effective method to catalyze greater participation of women in the economy-along with the …
Persistent link: https://www.econbiz.de/10013170246
specifications. The findings of this paper support the long-standing view that women empowerment contributes to the reduction of …
Persistent link: https://www.econbiz.de/10012103612
adequate collateral limits women entrepreneurs' ability to access formal finance, leaving them to rely on informal sources … gender gaps in financial access. Results suggest that an increase in women entrepreneurs access to formal credit results in …
Persistent link: https://www.econbiz.de/10011932241
Some central banks have maintained overvalued official exchange rates, while unable to ensure that supply of foreign exchange meets legitimate demand for current account transactions at that price. A parallel exchange rate market develops, in such circumstances; and when the spread between the...
Persistent link: https://www.econbiz.de/10012517937
This paper presents a stylized general equilibrium model of the Venezuelan economy. The model explains how the recent sharp fall in oil revenue combines with foreign exchange rationing to produce a steep rise in inflation. Counterintuitively, a devaluation of the official exchange rate could...
Persistent link: https://www.econbiz.de/10011715115