BLACK MARKET EXCHANGE RATES AND CAPITAL MOBILITY IN ASIAN ECONOMIES

Clement Yuk Pang Wong

Contemporary Economic Policy, 1997, vol. 15, issue 1, 21-36

Abstract: This paper examines whether foreign exchange black markets have eroded the effectiveness of capital controls and contributed to an increase in the effective degree of capital mobility in a sample of Asian countries. Comparing the uncovered interest parity forecast errors between the official and black market exchange rates suggests that in those countries with more stringent capital controls, foreign exchange black markets have reached a maturity level to threaten the effectiveness of those controls.

Date: 1997
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https://doi.org/10.1111/j.1465-7287.1997.tb00452.x

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