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The Venezuelan Bolivar is pegged to the U.S. dollar and supported by foreign exchange restrictions. To assess the appropriateness of the peg during the current period of high oil export earnings and the likely consequences of a liberalization, this paper attempts to disentangle the effects of oil prices from other factors underlying the equilibrium real exchange rate, and examines the role of foreign exchange controls by extending the application of a vector error correction (VEC) model to parallel market exchange rates. Several findings are worth noting. First, oil prices have indeed played a significant role in determining a time-varying equilibrium real exchange rate path. Second, oil prices are not the only important determinant of the real effective exchange rate: declining productivity is also a key factor. Third, appreciation pressures are rising. Finally, the speed of convergence of a VEC model using parallel rather than official rates is higher, suggesting that the government has been able to maintain sharp deviations between the official and equilibrium rates because of Venezuela's oil dependency and the concentration of oil income in government hands.

While new conventional wisdom warns that developing countries should be aware of the risks of premature capital account liberalization, the costs of not removing exchange controls have received much less attention. This paper investigates the negative effects of exchange controls on trade. To minimize evasion of controls, countries often intensify inspections at the border and increase documentation requirements. Thus, the cost of conducting trade rises. The paper finds that a one standard-deviation increase in the controls on trade payment has the same negative effect on trade as an increase in tariff by about 14 percentage points. A one standard-deviation increase in the controls on FX transactions reduces trade by the same amount as a rise in tariff by 11 percentage points. Therefore, the collateral damage in terms of foregone trade is sizable.

We describe the history of Jamaica’s currency board system, which existed from 1920 to 1961; test how orthodox the currency board was; and compare some features of the currency board and the Jamaican economy during the currency board period to the Bank of Jamaica and to the Jamaican economy under central banking.

Digital facilities are changing the way companies market to consumers. The use of smartphones and what we called Internet of Things (IoT) are changing the way citizens consume. In this article we perform a cross-country panel data study to analyze how the implementation of business Internet use for buying/selling goods and services, and for interaction with customers influences, for example, the international travel and tourism incomes. Our results show that the use of electronic commerce attracts international tourism and increases tourism revenue, as well as decreases the degree of tourism specialization in the country’s export structure, the relative capability of tourism in generating foreign revenues decrease compare with the other sectors that become more powerful. Besides, we present one of the main political and governmental inhibitor that in this issue the companies must deal with in an international context, the currency exchange control, not yet greatly studied in previous literature.

This paper analyzes Zimbabwe's export performance in recent years and identifies the factors that could improve export performance, from both a quantitative and qualitative perspective. Improving export performance is critical to a turnaround in Zimbabwe's economic situation. The growth rate of total exports declined dramatically in the early 2000s, following a large real appreciation of the currency and the introduction of the fast-track land reform program. An important finding of the paper is that policies that reduce (eliminate) the parallel market premium and lower ethnic tensions would be key to promoting export growth.

Purpose This paper aims to discuss the compliance duties of Swiss banks toward the Chinese exchange control in case of PRC residents’ deposits. Design/methodology/approach The paper matches the Swiss regulatory framework and practice in matter of banks diligence with that of the PRC exchange control and tentatively identifies the consequences resulting thereof for Swiss banks. Findings The paper finds that exchange control does fall within the scope of the Diligence Code. It suggests that banks should broadly interpret the related provisions. While in case of infringement, Chinese penalties can still be rated as a remote and moderate threat, they might strengthen. Meanwhile, the Swiss ones, under the Code, are serious. Research limitations/implications The paper does not cover other forms of overseas investment from China, namely, commercial investment. Besides, there is no related jurisprudence or practice as of yet; therefore, the findings of the paper need to be tested. Practical implications The paper suggests that the compliance officers of Swiss banks should familiarize themselves with the specificities of the PRC exchange control to anticipate the related risks. Originality/value Sino-Swiss compliance and bilateral assistance in financial matters are still unchartered waters. Because the Greater China market is of growing significance for Swiss banks, they might welcome early guidance to avoid repeating their mistakes with the USA and the EU.

The risk transmission process between international construction projects largely contributes to the dilemma of risk management of international construction projects. Firstly, this paper adopts methods such as literature review and brainstorming to identify the risks in international construction projects from all aspects and all stages. Connections between risks is built by the Delphi method and further construct the international construction project risk network. Combined with “ucinet”, a network visualization analysis tool, overall feature parameters and local feature parameters are presented for analysis as the focus. Starting from this, the risk transmission in complex construction projects is analyzed to identify key risks and transmission relationships and reveal inherent laws of risk transmission. Accordingly, when formulating risk prevention strategies for international engineering projects, it is proposed that measures to curb risk transmission should be effectively adopted from both key risks and their transmission relationships.