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| Fardmanesh, Mohsen; Tan, Li. |
| This paper studies the structural impact of wage and price control policies in socialist transitional economies using a two-sector three-factor small open economy model. It illustrates the results quantitatively via simulation exercises. At the earlier stage of the transition when labor is immobile, a strict control on the price of the non-tradables and the wage rate minimizes the fall in employment and output. Also, a more severe control on the price of the non-tradables than on the wage rate alleviates the fall in the real wage at negligible costs in lost employment and output. At the later stage of the transition when labor becomes mobile, the liberalization of the price of the nontradables can proceed faster than that of the wage rate. This policy... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Liberalization; Structural adjustment; Price policy; Wage policy; Socialist transitional economies; Labor and Human Capital. |
| Ano: 1996 |
URL: http://purl.umn.edu/28515 |
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| Fardmanesh, Mohsen; Douglas, Seymour. |
| This paper examines the relationship between the official and parallel exchange rates, in three Caribbean countries, Guyana, Jamaica and Trinidad, during the 1985-1993 period using cointegration, Granger causality, and reduced form methods. The official and parallel rates are cointegrated in all three countries, but with significant average disparity between them in Guyana and Trinidad, which unlike Jamaica applied infrequent and large adjustments to their official rates. The causation is bi-directional in the case of Jamaica and uni-directional, with changes in the official rate Granger causing changes in the parallel rate, in the cases of Guyana and Trinidad, reflecting the difference in their official exchange rate policies. Our reduced form estimates... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Foreign exchange controls; Black market exchange rate; Black market premium; Cointegration; Granger causality; Financial Economics; F31. |
| Ano: 2003 |
URL: http://purl.umn.edu/28514 |
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