Black Market Premia, Exchange Rate Unification, and Inflation in Sub-Saharan Africa
研究了世界银行和IMF推动的官方与黑市汇率统一政策在撒哈拉以南非洲的后果，发现当多重汇率作为征税手段时，统一会扩大财政赤字并推高通胀，以加纳、尼日利亚和塞拉利昂为例说明资源分配收益与通胀成本之间的权衡。
World Bank and International Monetary Fund (IMF) programs favor unification of official and black market exchange rates on the argument that multiple exchange rates misallocate resources. This article shows that such policy advice sometimes overlooks an important consideration: when multiple rates are a means of taxation, the widened deficit from unification increases inflation. This article uses the experience of Ghana, Nigeria, and Sierra Leone to illustrate the tradeoff between the benefits of unification for resource allocation and its costs for inflation.