Underinvoicing of exports, overinvoicing of imports, and the dollar premium on the black market

  • Fernando de Holanda Barbosa Fundação Getulio Vargas
  • Rubens Penha Cysne Fundação Getulio Vargas
  • Marcos Costa Holanda BANCESA
Keywords: exports, imports, Brazil, black market


This paper is divided into two parts. The first is a theoretical development of the question of under or over invoicing of exports and imports within the context of a model of choice between risky and secure assets. The second part attempts to ascertain the empirical evidence for the Brazilian economy. It is concluded that the hypothesis that the black market dollar premium plays a role in this process cannot be rejected.


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How to Cite
de Holanda BarbosaF., Penha CysneR., & Costa HolandaM. (1992). Underinvoicing of exports, overinvoicing of imports, and the dollar premium on the black market. Estudios Económicos, 7(1), 69-83. https://doi.org/10.24201/ee.v7i1.304
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