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  • 标题:A Note on the Algebra of Multiple Exchange Rates
  • 本地全文:下载
  • 作者:Gabriel Di Bella ; Francesco Grigoli ; Rafael Romeu
  • 期刊名称:Economics Bulletin
  • 电子版ISSN:1545-2921
  • 出版年度:2020
  • 卷号:40
  • 期号:1
  • 页码:382-388
  • 出版社:Economics Bulletin
  • 摘要:A system of multiple exchange rates features segmented markets. Segmentation is achieved by the Central Bankcategorizing transactions between residents and non-residents according to the exchange rate at which they areliquidated; and, by impeding exchange rate arbitrage through administrative and other controls. Operationally, itrequires economic agents to use different accounts for each exchange rate. This paper develops the algebra of multipleexchange rates valid for any country with a multiple exchange rate system. It then applies it to Cuba, showing how itssystem boils down algebraically to a simple monetary rule, in which the Central Bank picks (i) the parity between thetwo domestic legal currencies; and (ii) the parity between the convertible domestic currency and foreign currencies, toensure that foreign exchange reserves are not depleted.
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