Researchers who have been concerned with the economic implications of military spending have mostly concentrated on its impact on economic growth, corruption, real exchange rate and inflation. In this paper we investigate the impact of military spending on black market premium, an area that has...

Investigating the impact of institutional factors on macroeconomic variables has gained momentum in recent years. In this paper we investigate the impact of political rights and civil liberties on the black market premium on foreign exchange. After taking account of other important determinants...

Many of the previous studies that tried to assess the contractionary or expansionary effects of depreciations or devaluations in less developed countries (LDCs) used official exchange rate data and concluded that devaluations are contractionary in LDCs. However, due to capital controls, there is...