Efficiency costs of Myanmar's multiple exchange rate regime / / Masahiro Hori and Yu Ching Wong

• Record Nr.: UNINA9910463593803321
• Autore: Hori Masahiro
• Pubbl/distr/stampa: [Washington, District of Columbia] : , : International Monetary Fund, , 2008; ©2008
• ISBN: 1-4623-6184-6; 1-4527-3596-4; 9786612841507; 1-282-84150-5; 1-4518-7057-4
• Descrizione fisica: 1 online resource (32 p.)
• Collana: IMF Working Papers; IMF working paper ; ; WP/08/199
• Altri autori (Persone): WongYu Ching
• Disciplina: 332.45
• Soggetti: Foreign exchange rates - Burma - Econometric models; Economic policy - Econometric models; Foreign exchange rates - Econometric models; Electronic books.; Burma Economic policy Econometric models
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Description based upon print version of record.
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: Contents; I. Introduction; II. Multiple Exchange Rate Regime in Myanmar; Box 1. Myanmar's Multiple Exchange Rate System; III. A Model for Myanmar's Foreign Exchange Markets; A. Preliminary Considerations; B. Model Description; IV. Quantitative Analyses; V. Sensitivity Analysis; VI. Summary of Findings; References; Figures; 1. Segmented Foreign Exchange Markets and Conceptual Foreign Exchange Rates; 2. Myanmar's Parallel Market Exchange Rate and its Premium over the Official Exchange Rate from 1960; 3. Efficiency Effects in the Public Sector Trade; 4. Efficiency Effects in the Private Sector TradeTables; 1. Net Efficiency Losses Relative to the Value of Trade Flows; 2. Estimated Price Elasticities of Trade Flows in the Earlier Studies; 3. Net Efficiency Loss ; Estimates under the Baseline Parameters (2004/05-2006/07); 4. Net Efficiency Loss Estimates under the Baseline Parameters (2004/05-2006/07) (Relative to Estimated Nominal GDP); 5. Sensitivity of Estimated Net Efficiency Losses to Assumed Parameters (2006/07)
• Sommario/riassunto: Myanmar's multiple exchange rate system creates various economic distortions. This paper describes the exchange rate practices in Myanmar, develops a model of foreign exchange markets, and presents the efficiency costs imposed by quasi-fiscal operation under the current exchange rate regime. The results of our model-based analyses indicate that the equilibrium exchange rate under the unified market could be at around K 400-500 per U.S. dollar, and using the equilibrium exchange rate (instead of the official exchange rate) as the accounting rate increases trade openness to more than 20 percent