The black market exchange rate vs. the official rate in testing PPP: Which rate fosters the adjustment process?

被引：84

作者：

Bahmani-Oskooee, Mohsen ^{[1
]}

Tankui, Altin

机构：

[1] Univ Wisconsin, Ctr Res Int Econ, Milwaukee, WI 53201 USA

来源：

ECONOMICS LETTERS | 2008年 / 99卷 / 01期

关键词：

PPP; black market exchange rate; bounds testing approach; adjustment speed;

D O I：

10.1016/j.econlet.2007.05.024

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In testing the purchasing power parity theory (PPP) researchers hardly pay attention to the speed with which the exchange rate adjusts to a change in relative prices. In this paper we show that the speed of adjustment is faster when the black market exchange rate is used in testing the PPP as compared to the official exchange rate. This could be another reason as to why central banks should unify the two rates. (c) 2007 Elsevier B.V. All rights reserved.

引用

页码：40 / 43

页数：4

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