Dual Exchange Rates in Europe and Latin America
研究了1970-1980年代欧洲和拉美正式双重汇率制度的运行规律，发现两者在汇率扭曲的规模、对利率和预算赤字的反应以及采用动机上存在异同，为理解这一短暂且多变的汇率制度提供了实证依据。
This article uncovers some important empirical regularities surrounding the operation of formal dual exchange rates in Europe and Latin America in the 1970s and 1980s. Although there are parallels between the European and Latin American experiences, there are also interesting differences in terms of the size and nature of the distortion created by two official exchange rates; the response of the distortion to foreign interest rates, real commercial exchange rates, and domestic budget deficits; and the motives for adopting this exchange rate regime. Empirical work on dual exchange rate regimes is made difficult by the transitory nature of these regimes and by frequent changes in institutional practices. Copyright 1994 by Oxford University Press.