The paper reviews recent theoretical and empirical developments in the analysis of informal currency markets in developing countries. The basic characteristics

The evidence of black market exchange rate systems and their impact on macroeconomic performance is well documented in this fully researched study of the proble

Some central banks have maintained overvalued official exchange rates, while unable to ensure that supply of foreign exchange meets legitimate demand for curren

This paper provides a theoretical framework to understand the way in which exchange controls modify the behavior of the different agents in the economy, leading