| 来源类型 | Monograph (IIASA Working Paper)
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| 规范类型 | 论文
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| Black Markets for Currency, Hoarding Activity and Policy Reforms. |
| Goldberg LS; Karimov I
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| 发表日期 | 1992
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| 出版者 | IIASA, Laxenburg, Austria: WP-92-044
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| 出版年 | 1992
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| 语种 | 英语
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| 摘要 | In the former Soviet Union and throughout Eastern Europe, black-market exchange rates and second-economy prices often are interpreted by policy-makers as indicative of post-reform levels. However, these exchange rates and prices can provide highly-biased signals for policy setting. These biases are especially important when exchange rates fixed on the basis of these signals are expected to play a nominal anchor role during stabilizations. This paper traces the paths and biases in black-market exchange rates, second-economy prices, hoarding stocks, and privately-held dollars balances after policy-initiatives or other changes in the economic environment are implemented. The stimuli studied are official exchange-rate adjustments, price reforms, foreign-aid packages, altered risks of monetary confiscation or currency reforms, and goods-supply related initiatives. We provide the conditions under which announcements of reform lead short-run prices or exchange rates to overshoot or to undershoot their long-run equilibrium levels. |
| 主题 | Economic Transition and Integration (ETI)
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| URL | http://pure.iiasa.ac.at/id/eprint/3654/
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| 来源智库 | International Institute for Applied Systems Analysis (Austria)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/124038
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推荐引用方式
GB/T 7714 |
Goldberg LS,Karimov I. Black Markets for Currency, Hoarding Activity and Policy Reforms.. 1992.
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文件名：
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WP-92-044.pdf
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格式：
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Adobe PDF
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