A General Equilibrium Model with Informal Financial Markets

50 Pages Posted: 15 Feb 2006

See all articles by Pierre-Richard Agenor

Pierre-Richard Agenor

University of Manchester - School of Social Sciences

Nadeem Ul Haque

Pakistan Institute of Development Economics

Peter J. Montiel

Williams College - Department of Economics

Date Written: February 1991

Abstract

The paper presents a general equilibrium framework for short-run macroeconomic analysis in a developing country context where controls on interest rates and foreign exchange restrictions lead to the emergence of informal financial markets. The complexity of the model precludes an analytical treatment. A simulation approach, based on parameters derived from estimates in the existing literature, is used to assess the properties of the model, which differ in important ways from those of standard open-economy models.

JEL Classification: 131, 431

Suggested Citation

Agenor, Pierre-Richard and Ul Haque, Nadeem and Montiel, Peter J., A General Equilibrium Model with Informal Financial Markets (February 1991). IMF Working Paper, Vol. , pp. 1-50, 1991. Available at SSRN: https://ssrn.com/abstract=884628

Pierre-Richard Agenor (Contact Author)

University of Manchester - School of Social Sciences ( email )

Oxford Road
Manchester, M13 9PL
United Kingdom

Nadeem Ul Haque

Pakistan Institute of Development Economics ( email )

Quaid-i-Azam University Campus, P.O. Box. 1091
Islamabad, Capital 44000
Pakistan
+92-51-9217879 (Phone)
+92-51-9210886 (Fax)

HOME PAGE: http://www.saneinetwork.net/structure/st_comm/NadeemUlHaque.asp

Peter J. Montiel

Williams College - Department of Economics ( email )

Fernald House
Office: Fernald 14
Williamstown, MA 01267
United States
413-597-2103 (Phone)
413-597-4045 (Fax)

HOME PAGE: http://www.williams.edu/Economics/faculty/montiel.htm

Register to save articles to
your library

Register

Paper statistics

Downloads
89
Abstract Views
582
rank
290,829
PlumX Metrics