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THE EFFECTS OF THE PREMIUM ON TRADE
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Alog auction period average Bank of Zambia black market premium black market rate black rate capital flight Central Bank coefficient copper exports copper price shock crawling peg currency decline deficit discrepancies dollar domestic inflation domestic price dummies Dutch Auction economic reform economy of Zambia effective exchange rate equation estimated exchange controls exchange rate episodes exchange rate policy exchange rate unification expected devaluation Figure foreign aid foreign exchange auction future devaluation illegal impact increased inflation tax influence interest rate kwacha Laffer Curve log RER long-run macroeconomic market for foreign misinvoicing monthly data nominal nontraded official rate official REER over-invoicing overvalued parallel market parallel premium parallel rate depreciation parastatal percent Pinto price controls real exchange rate real wealth regime shifts revenue Section seigniorage short-run significant smuggling incentive Statistics Table terms of trade trade ratios trading partners U.S. dollar under-invoicing variables Zambia Zambian Pound