Do Exchange Auctions Work?: An Examination of the Bolivian Experience |
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01 level 1988 to August Akaike Information Criterion Alberto Alesina auction day AUCTION OUTCOMES August 16 average BCB's Bolivian Peso BOLIVIANOS PER DOLLAR Dani Rodrik demand for dollars demand to total denotes rejection Dependent variables depreciation devaluation dollars demanded dollars offered dollars supplied domestic prices EFFD/D¹ effective demand estimated using White's exchange rate auction expected post-auction parallel FIGURE foreign exchange heteroskedasticity correction hyperinflation hypothesis January 30 July 15 March 24 market exchange rate market participants MAX BID MAXIMUM AND MINIMUM MINIMUM BID PRICES monetary base natural logarithms nominal exchange rate number of lags official rate parallel market exchange parallel market premium parallel market price parallel market rate post-auction parallel market price variables quantity of dollars Ratio of effective rationing Regressions were estimated reserve price changes RESERVE PRICE INCREASES reserve price movements RESERVE RESERVE MAX SAMPLE PERIOD stabilization standard deviation subperiod runs SUPPLY DEMAND supply of dollars symmetric equilibrium Table total demand