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The evidence of black market exchange rate systems and their impact on macroeconomic performance is well documented in this fully researched study of the proble

The paper reviews recent theoretical and empirical developments in the analysis of informal currency markets in developing countries. The basic characteristics

This article analyzes the theory of equilibrium real exchange rates and defines misalignment as a deviation of the real exchange rate (RER) from its equilibrium

Some central banks have maintained overvalued official exchange rates, while unable to ensure that supply of foreign exchange meets legitimate demand for curren

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