The black market exchange rate and demand for money in sixteen developing countries

Augustine Arize and Steven Shwiff

International Advances in Economic Research, 1998, vol. 4, issue 2, 128-143

Abstract: Using data for a sample of 16 diverse countries, this study tests the hypothesis that it is the black market exchange rate, not the official rate, that should enter into the demand for money function of countries where there is a black market for foreign currencies. Using several cointegration methods and Hausman tests, it is shown that this hypothesis is strongly supported for most of the countries studied. Copyright International Atlantic Economic Society 1998

Date: 1998
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DOI: 10.1007/BF02295485

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