Factor

Effect

Pattern of Effect

Increase (decrease) in existing stock of dollars

Increase (decrease)

Jump

Increase (decrease) in nominal interest rate differential (adjusted) for official depreciation

" "

"

Increase (decrease) in stock of domestic assets

Decrease (increase)

"

Increase (decrease) in commodity export taxes

Increase (decrease)

"

Increase (decrease) in export documentation

" "

"

Increase (decrease) in import controls (tariff)

" "

"

Increase (decrease) in tourist allowances

Decrease (increase)

"

Expectation of future maxi devaluation/revaluation

Increase (decrease)

"

Actual devaluation

Decrease

Unchanged

Seasonal factors

Increase/decrease

Movement

Expansionary monetary policy/budget deficit

Increase

Jump

Appreciation of real exchange rate

Increase

Movement

Terms of trade improvement

Decrease

Jump

Increase in capital flight

Increase

"

Increase in aid

Increase/decrease

"