Inflation and the Black Market Exchange Rate in a Repressed Market : A Model of Venezuela

This paper presents a stylized general equilibrium model of the Venezuelan economy. The model explains how the recent sharp fall in oil revenue combines with foreign exchange rationing to produce a steep rise in inflation. Counter intuitively, a devaluation of the official exchange rate could temporarily reduce inflation. The model also explains how the hyper-depreciation of the black market exchange rate reflects prices in the most distorted goods markets

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Year of publication:	2016
Authors:	Cerra, Valerie
Publisher:	[2016]: [S.l.] : SSRN
Subject:	Inflation \| Illegaler Handel \| Illicit trade \| Venezuela \| Wechselkurs \| Exchange rate \| Devisenkontrolle \| Foreign exchange control \| Erdölvorkommen \| Petroleum resources

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Extent:	1 Online-Ressource (53 p)
Series:	IMF Working Paper ; No. 16/159
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 2016 erstellt
Other identifiers:	10.2139/ssrn.2882596 [DOI]
Classification:	F40 - Macroeconomic Aspects of International Trade and Finance. General ; E10 - General Aggregative Models. General ; P40 - Other Economic Systems. General
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012977806