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Alternative Dual Exchange Market Regimes
Economic Policy Under Dual Exchange Market Regimes
Unification of the Foreign Exchange Markets
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actual public sector adopting a rationing balance of payments central bank profits clears through changes condition for equilibrium demand for money denoted discussion domestic money domestic price ds/dgn dual exchange market dual regimes dual system economy exchange market regimes exchange rate defined exchange regimes expenditure on nontraded expenditure on traded exports floating exchange rate foreign exchange markets free exchange rate free market gn pn/P gt pt/P higher than unity implicit exchange tax implies increase in public Kharas and Pinto Lizondo lower than unity monetary expansion nontraded goods market official exchange rate official market official rate policies price of traded private sector transactions public sector deficit public sector expenditure public sector imports public sector transactions rate of crawl rate of inflation rationing scheme real exchange rate real quantity relative price reserves adjustment model reserves adjustment regime reserves rationing model reserves rationing regime spread increases steady state balance steady state equilibrium traded and nontraded