This paper presents further empirical evidence on the relationship between black market and official exchange rates in six emerging economies (Iran, India, Indonesia, Korea, Pakistan, and Thailand). First, it applies both time series techniques and heterogeneous panel methods to test for the...

Die wirtschaftliche Restrukturierung in Osteuropa wird meist als ein Prozeß des Übergangs von der staatssozialistischen Ordnung zu einer kohärenten marktwirtschaftlichen Ordnung begriffen. Demgegenüber zeigt die vorliegende Untersuchung über die Transformation des polnischen...

Illegal markets differ from legal markets in many respects. Although illegal markets have economic significance and are of theoretical importance, they have been largely ignored by economic sociology. In this article we propose a categorization for illegal markets and highlight reasons why...

Existing studies show a positive relationship between entrepreneurs' business performance and their conventional human capital as measured by previous business experience and formal education. In this paper, we explore whether illegal entrepreneurship experience (IEE), an unconventional form of...

This paper examines the relationship between the official and parallel exchange rates, in three Caribbean countries, Guyana, Jamaica and Trinidad, during the 1985-1993 period using cointegration, Granger causality, and reduced form methods. The official and parallel rates are cointegrated in all...

Dieser Artikel dokumentiert ein Interview zur Drogenpolitik. Erläutert werden die innen- und außenpolitischen Folgen der Prohibitionspolitik. Im Zentrum steht das Argument, dass Schwarzmärkte keinen Verbraucherschutz gewährleisten.

Agents operating in illegal markets cannot resort to the justice system to guarantee property rights, to enforce contracts, or to seek protection from competitors' improper behaviors. In these contexts, violence is used to enforce previous agreements and to fight for market share. This...

We study an economy where a required amount of household production can be carried out either by each household itself, or purchased in the regular or ”black” market. We assume that the economy has two types of individuals, one with low productivities, and another with high productivities...

This paper addresses informal cross-border trade in the Horn of Africa, with an emphasis on the Somalia borderlands. It will be shown that despite the collapse of a government in 1991, Somalia’s unofficial exports of cattle to Kenya have grown considerably during the past 13 years. It will be...

Legal and illegal markets often coexist. In theory, marginal legalization can either substitute for the remaining parallel market, or complement it via scale effects. I study migrants crossing without prior authorization at the US southwest border, where large-scale unlawful crossing coexists...