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The Nature of Black Markets
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assets Autocorrelation Functions average profit Bhagwati black foreign exchange black mar black market ex black market exchange black market rate Blejer Broschiert DM cent level countries cross-correlations Culbertson determinants domestic price efficient market hypothesis eign exchange equilibrium estimates exchange rate series filter rules flow foreign currencies foreign ex Foreign Exchange Market free market gold and silver income Indian rupee interest rate invoicing Korea and Taiwan legal trade Leinen DM market efficiency market exchange rate market in foreign martingale monetary Monthly Series official exchange rate official imports official rate partial equilibrium Plot of Black premium price of gold prices of tradeables quarterly average rates of return remittances Runs Analysis significant smuggling South Korea South Korean won Statistics supply of foreign Table Taiwan dollar tests tion transaction costs U. S. dollar under-invoicing of exports variable weak-form Weekly and Monthly world price level