In this paper, we explore the determinants of black market (BM) exchange rates in India using annual data from 1955-1994 and integration and cointegration analysis. Two important factors, namely the import capacity of official foreign exchange reserves and restrictions on international trade,...

This article estimates a structural model for unofficial market foreign exchange (forex) rates "(E"U")" and examines the stability of the forex market in Bangladesh using an autoregressive distributed lag approach to cointegration analysis on quarterly data from 1976Q2-1995Q2. It also compares...