Exchange rate differential and balance of payments under dual exchange markets |
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| Institution: | 1. Unidade de Endocrinologia do Desenvolvimento, Laboratório de Hormônios e Genética Molecular/LIM42, Hospital das Clinicas HCFMUSP, Faculdade de Medicina, Universidade de Sao Paulo, Sao Paulo, SP, Brazil;2. Department of Internal Medicine, Division of Metabolism, Endocrinology and Diabetes, University of Michigan, Ann Arbor, MI, 48109, USA;3. Laboratório de Sequenciamento em Larga Escala (SELA), Faculdade de Medicina, Universidade de Sao Paulo, Sao Paulo, Brazil;4. Disciplina de Ginecologia, Departamento de Obstetrícia e Ginecologia Hospital das Clinicas HCFMUSP, Faculdade de Medicina, Universidade de Sao Paulo, Sao Paulo, SP, Brazil;5. Unidade de Endocrinologia Genética/LIM25, Hospital das Clinicas HCFMUSP, Faculdade de Medicina, Universidade de Sao Paulo, Sao Paulo, SP, Brazil;1. Department of Orthopaedics and Sports Medicine, Harborview Medical Center, University of Washington, 325, 9th Avenue, Seattle, WA 98104, USA;2. Department of Orthopaedic Surgery, San Antonio Military Medical Center, 3551 Roger Brooke Drive, San Antonio, TX 78219, USA;1. University of Ljubljana, Faculty of Mechanical Engineering, Aškerčeva 6, SI-1000 Ljubljana, Slovenia;2. University of Ljubljana, Faculty of Education, Kardeljeva ploščad 16, SI-1000 Ljubljana, Slovenia;1. Department of Economics and Management \"Marco Fanno\", University of Padua, Via del Santo 33, 35123 Padua, Italy;2. University of Florence, Department of Business and Economics, Via delle Pandette, 9, 50127 Florence, Italy;3. University of Pisa, Department of Economics and Management, Via Cosimo Ridolfi, 10, 56124 Pisa, Italy |
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| Abstract: | This paper develops a model of an economy that uses two exchange markets: an official market in which the exchange rate is determined by central bank intervention, and a free market in which the exchange rate is determined by market forces. The official market handles selected imports and exports, while the free market handles the remaining imports and exports, and capital transactions. The model is used to discuss the effects of various policies on the differential between the free and the official exchange rates and on the balance of payments. |
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