Suchergebnisse

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.

This paper studies China's foreign exchange market before and after the 1994 unification of the official and swap exchange rates. Examining segmentation as well as linkages among the foreign exchange adjustment centers (FEACs) reveals that the linkages were not strong enough to eliminate or narrow price differentials among FEACs. Hence, improving the foreign exchange market's efficiency requires a reform to unify the swap rates. This paper discusses the unification's implications for inflation, monetary policy, and current account convertibility.

Abstract.  This paper reports the findings of a survey of non‐tariff trade barriers (NTBs) that firms in the Pacific Rim region frequently encounter. NTBs are categorized into restrictions on market access, restrictions on personnel movement and transparency of regulatory information. We find that NTBs seem particularly prominent for the region, given the diverse character of the economies there. Many NTBs are implicit in the sense that they restrict trade by cumbersome administrative procedures and by various problems arising from interpreting or implementing government regulations. We further find that NTBs have a significant impact on firms' production costs, revenue and expansion plans.

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