Abstract:As in many other less developed nations, the imposition of foreign exchange controls promoted the growth of a foreign exchange black market in Jamaica. This article explains the structure and functioning of the market in recent years. Under controls initially imposed in 1954, this market grew to about US$1.7 billion of transaction value per year by 1990. During the 1980s the main participants in the market seeking to buy foreign exchange were Jamaican importers and savers who either were restricted from obtain… Show more
“…2/ It should be kept in mind that such losses complicate the measurement of seignorage as changes in reserve money in percent of output, as is done below. I/ See Grosse (1994) for a description of the exchange rate system in Jamaica during the 1980s. receipts were surrendered to the commercial banks at rates quoted by them.…”
Section: Gross Official Reserves (In Millions Of Us$)mentioning
This is a Working Paper and the author(s) would welcome IMF WORKING PAPER any comments on the present text. Citations should refer to a Working Paper of the International Monetary Fund, mentioning the author(s), and the date of issuance. The views
“…2/ It should be kept in mind that such losses complicate the measurement of seignorage as changes in reserve money in percent of output, as is done below. I/ See Grosse (1994) for a description of the exchange rate system in Jamaica during the 1980s. receipts were surrendered to the commercial banks at rates quoted by them.…”
Section: Gross Official Reserves (In Millions Of Us$)mentioning
This is a Working Paper and the author(s) would welcome IMF WORKING PAPER any comments on the present text. Citations should refer to a Working Paper of the International Monetary Fund, mentioning the author(s), and the date of issuance. The views
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