Export adjustment to currency depreciation in the presence of parallel markets for foreign exchange: The experience of selected sub‐Saharan African countries in the 1980s
研究了平行外汇市场如何影响官方货币贬值对出口的调整效果，基于13个撒哈拉以南非洲国家的数据发现，平行汇率溢价上升会抑制官方出口，而能缩小汇率失调的官方贬值对出口的促进作用更大。
The primary focus of this study is an empirical investigation of the implications of parallel exchange markets for export adjustment to official currency depreciation. An econometric model incorporating the features of exchange control and credit constraint was estimated using pooled data from 13 Sub‐Saharan African countries. A rise in the parallel currency premium was found to adversely affect official exports; and the estimates suggest that official depreciations which are launched in the presence of large exchange‐rate misalignment and which succeed in reducing the latter are likely to exert greater favourable effects on export performance than otherwise equivalent depreciations.