Bahmani-Oskooee, Mohsen; Miteza, Ilir; Goswami, Gour - In: Economics Bulletin 6 (2008) 13, pp. 1-9
expansionary. Thus, for an effective exchange rate policy the official and black market exchange rates should be unified. … devaluations in less developed countries (LDCs) used official exchange rate data and concluded that devaluations are contractionary … in LDCs. However, due to capital controls, there is a black market for foreign exchange in many of the LDCs. In this …