Building on the standard parity bounds model (PBM), a stochastic gradual switching model with three trade regimes is developed. The extended parity bounds model (EPBM) improves the standard PBM in two ways. First, it traces the time path of the effect of policy changes on spatia…
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The Government of Senegal is attempting to liberalize the groundnut market. In the past, this market was highly regulated with government-set producer prices, groundnut oil processing mills owned by parastatals, and requirements that all groundnuts be sold to these quasi-governm…