Insulation Properties under Dual Exchange Rates

Pablo Guidotti

Canadian Journal of Economics, 1988, vol. 21, issue 4, 799-813

Abstract: This paper reviews the insulation properties of a dual exchange rat e regime. It is shown that, in general, a dual regime is not successful in insulatin g the economy from monetary and real shocks of domestic and foreign origin. The existence of incomplete segmentation of markets, as well as the role played by real exchange rate changes as channels of transmission of disturbances to real equilibrium output, are discussed.

Date: 1988
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