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Currency Incontrovertibility, Trade Taxes and Smuggling
Braga de Macedo, Jorge - 2010
In the classic analysis of smuggling importers choose the optimal mix of legal and illegal trade, given trade taxes and the technology of detection. This paper introduces an inconvertible currency in the framework, so that illegal trade is valued at a rate higher than the (fixed) official...
Persistent link: https://www.econbiz.de/10012762928
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A Model of the Black Market for Dollars
Dornbusch, Rudiger; Dantas, Daniel Valente; Pechman, Clarice - 2021
The paper develops an analytical framework to discuss the determinants of the premium in the black market for dollars in Brazil. While the specific details of the model were chosen with the Brazilian case in mind, the structure of the model is quite general and suitable for application to black...
Persistent link: https://www.econbiz.de/10013247441
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Moscow Black Markets and Official Markets for Foreign Exchange : How Much Flexiblity in Flexible Rates?
Goldberg, Linda S. - 2022
Flexible exchange-rate systems often are not recommended for countries undergoing economic transition. In late 1989, the former Soviet Union instituted exchange-rate flexibility on the limited share of enterprise international transactions channelled through the auction and. later, interbank...
Persistent link: https://www.econbiz.de/10013308348
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Fiscal Discriminations in Three Wars
Hall, George J. - 2013
In 1790, a U.S. paper dollar was widely held in disrepute (something shoddy was not 'worth a Continental'). By 1879, a U.S. paper dollar had become 'as good as gold.' These outcomes emerged from how the U.S. federal government financed three wars: the American Revolution, the War of 1812, and...
Persistent link: https://www.econbiz.de/10013082431
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Evolution and Revolution in the Argentine Banking System Under Convertibility : The Roles of Crises and Path Dependence
Alston, Lee J. - 2001
differs from the prevailing wisdom in its stress on the key roles played by convertibility and an independent Central Bank …
Persistent link: https://www.econbiz.de/10012787943
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Maximizing Seignorage Revenue During Temporary Suspensions of Convertibility : A Note
Bordo, Michael D. - 2010
convertibility. It also suggests a methodology for the interpretation of monetary behavior during historical periods of … revenue by generating an inflation, but the terminal condition of a return to convertibility implies that the price level must … drop at the point of suspension of convertibility, so that there is no discontinuity at the date of resumption. We then …
Persistent link: https://www.econbiz.de/10012763496
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Gaucho Banking Redux
della Paolera, Gerardo - 2009
interacts with a convertibility plan? We compare the 1929 and 2001 crises the two instances where rigid convertibility plans …-conceived approach to the problems of internal and external convertibility (or, to rephrase Gresham, bad inside money drives out good …
Persistent link: https://www.econbiz.de/10012767777
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Currency Inconvertibility, Portfolio Balance and Relative Prices
Braga de Macedo, Jorge - 2021
This paper analyzes regimes of currency inconvertibility in the frame-work of a simple general equilibrium model where an officially-traded good,a smuggled good and a non-traded good are produced and consumed by residents,who hold domestic and foreign currency in their portfolios. It is shown...
Persistent link: https://www.econbiz.de/10013222653
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Macroeconomic Policy Under Currency Inconvertibility
Braga de Macedo, Jorge - 2022
This paper analyzes the macroeconomics of currency inconvertibility, building on the role of relative prices in a portfolio balance model. The relationship between black markets for foreign exchange and smuggling is first analyzed from the perspective of an individual importer. According to the...
Persistent link: https://www.econbiz.de/10013324028
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The Welfare Effects of Ticket Resale
Leslie, Phillip - 2009
We develop an equilibrium model of ticket resale in which buyers' decisions in the primary market, including costly efforts to "arrive early" to buy underpriced tickets, are based on rational expectations of resale market outcomes. We estimate the parameters of the model using a novel dataset...
Persistent link: https://www.econbiz.de/10013155031