دانلود مقاله ISI انگلیسی شماره 23727
عنوان فارسی مقاله

پویایی قیمت در بازار سیاه ارز خارجی بلاروس

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
23727 2014 22 صفحه PDF سفارش دهید 6540 کلمه
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Price Dynamics in the Belarusian Black Market for Foreign Exchange
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of International Economics, Available online 14 June 2014

کلمات کلیدی
بازار سیاه و سفید - پیشرفت های فن آوری - تعیین قیمت
پیش نمایش مقاله
پیش نمایش مقاله پویایی قیمت در بازار سیاه ارز خارجی بلاروس

چکیده انگلیسی

We empirically investigate the interplay between black market and official exchange rates in Belarus. We use information from Prokopovi.ch, an internet platform that was launched in April 2011. Prokopovi.ch allows Belarusian citizens to trade in a functioning two-way market which, as we show, incorporated publicly available information in an efficient manner. We were able to create a daily-level data set spanning a period of time which coincided with a currency crisis. An ongoing deterioration of the current account and diminishing official reserve assets in early 2011 led to increased dysfunction in the official foreign exchange market within Belarus, as banks increasingly refused to sell foreign currency at the official rates. Starting in May 2011, the Lukashenko regime repeatedly devalued the Belarusian ruble, and, in October 2011 finally abandoned fixed exchange rates that had significantly overvalued it. We use several statistical techniques to investigate how the official and black market exchange rates interacted during this period. Our data suggest that the devaluations and the transition towards a free floating regime were anticipated by the black market.

مقدمه انگلیسی

We empirically investigate the interplay between black market and official exchange rates in Belarus. We use information from Prokopovi.ch, an internet platform that was launched in April 2011. Prokopovi.ch allows Belarusian citizens to trade in a functioning two-way market which, as we show, incorporated publicly available information in an efficient manner. We were able to create a daily-level data set spanning a period of time which coincided with a currency crisis. An ongoing deterioration of the current account and diminishing official reserve assets in early 2011 led to increased dysfunction in the official foreign exchange market within Belarus, as banks increasingly refused to sell foreign currency at the official rates. Starting in May 2011, the Lukashenko regime repeatedly devalued the Belarusian ruble, and, in October 2011 finally abandoned fixed exchange rates that had significantly overvalued it. We use several statistical techniques to investigate how the official and black market exchange rates interacted during this period. Our data suggest that the devaluations and the transition towards a free floating regime were anticipated by the black market.

نتیجه گیری انگلیسی

Using data from the website Prokopovi.ch, we investigate the relation between black market and official exchange rates during the Belarusian currency crisis of 2011. Prokopovi.ch, which was set up in April 2011, allowed Belarusian citizens to find potential trading partners in the black market for foreign exchange. Technological progress has, thus, helped Belarusians get around government restrictions more easily: the creation of a website like Prokopovi.ch, which reduced transaction costs in the black market, would not have been possible a few years earlier.

خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.