Parallel Exchange Rates in Developing Countries

by Miguel A. Kiguel (Editor), José Saúl Lizondo (Editor), Stephen A. O'Connell (Editor)

This book examines extensive empirical evidence on the macroeconomic implications of parallel exchange rates in developing countries. Eight case-studies from Africa, Latin America, and Turkey provide detailed evidence on the emergence of parallel exchange rates, their impact on macroeconomic performance, and the criteria for successful exchange-rate unification. A chapter on European dual exchange rates summarizes the contrasting experience of industrial countries. An overview chapter lays out the analytical framework, assesses the evidence, and draws policy conclusions.

399 pages, Hardcover

First published June 15, 1997