Review of World Economics

, Volume 116, Issue 2, pp 235–252 | Cite as

An application of the monetary approach to black market exchange rates

  • Sanjeev Gupta
Article

Zusammenfassung

Eine Anwendung des monetÄren Ansatzes zur ErklÄrung von Schwarzmarkt-Wechselkursen. — Dieser Aufsatz entwickelt einen monetÄren Ansatz zur Analyse der Schwarzmarkt-Wechselkurse unter besonderer Berücksichtigung Indiens. Der Gleichgewichtskurs auf solchen MÄrkten wird in einem Modell durch die Bedingungen des Bestandsgleichgewichts bestimmt. Berücksichtigt wird dabei das mögliche Zusammenwirken zwischen dem Schmuggel und dem Schwarzmarkt für Devisen. Die empirischen SchÄtzungen lassen vermuten, daΒ die Ausweitung der Geldmenge im Inland und der internationale Goldpreis neben anderen Faktoren einen bedeutenden EinfluΒ auf den Schwarzmarkt-Wechselkurs in Indien haben.

Résumé

Une application de l’approche monétaire aux taux de change sur le marché noir. —Cet article développe une approche monétaire pour l’analyse des taux de change sur le marché noir en considération particulière de l’Inde. Dans le modèle, le taux de change d’équilibre sur le marché noir est déterminé par les conditions d’équilibre de stock. Le modèle permet l’interaction possible entre la fraude et le marché noir pour les monnaies étrangères. Les estimations empiriques suggèrent que l’expansion monétaire locale et le prix mondial d’or (complémentairement aux autres facteurs) ont une influence significative sur le taux de change sur le marché noir indien.

Resumen

Una aplicación del aprocha monetaria a las tasas de cambio del mercado negro. — En este artículo se desarrolla un aprocha «monetaria» para el análisis de las tasas de cambio del mercado negro con especial referencia a la India. En el modelo, el equilibrio de la tasa de cambio del mercado negro se determina por las condiciones del equilibrio de stock. Se permite una posible interacción entre contrabando y mercado negro de monedas extranjeras. Las estimaciones empíricas sugieren que la expansión monetaria doméstica y el precio mundial del oro (agregados a otros factores) tienen una influencia significativa sobre la tasa de cambio de mercado negro en la India.

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Copyright information

© Institut fur Weltwirtschaft an der Universitat Kiel 1980

Authors and Affiliations

  • Sanjeev Gupta

There are no affiliations available

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