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 | " |