연구정보
[경제] Inflation and the Black Market Exchange Rate in a Repressed Market : A Model of Venezuela
베네수엘라 국외연구자료 연구보고서 International Monetary Fund International Monetary Fund 발간일 : 2016-08-03 등록일 : 2019-03-08 원문링크
This paper presents a stylized general equilibrium model of the Venezuelan economy. The model explains how the recent sharp fall in oil revenue combines with foreign exchange rationing to produce a steep rise in inflation. Counterintuitively, a devaluation of the official exchange rate could temporarily reduce inflation. The model also explains how the hyper-depreciation of the black market exchange rate reflects prices in the most distorted goods markets.
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